Banner Life Insurance is a trusted name under Legal & General America. It has been providing life insurance solutions for over 40 years. Known for its focus on simplicity and affordability. Banner Life specializes in term life insurance, offering policies that provide financial security for a specific period.
Whether you’re looking to cover a mortgage, fund your children’s education, or ensure your family’s financial stability, Banner Life’s term life insurance is designed to meet your needs. This guide explores the features, benefits, and process of securing term life insurance with Banner Life, helping you make an informed decision.
Table of Contents
Overview of Banner Life Insurance
Banner Life Insurance was founded in 1982. It is headquartered in Frederick, Maryland, and operates as a subsidiary of Legal & General America, a company with over 70 years of experience in the insurance industry. Banner Life serves over 1.4 million policyholders across 49 states and Washington, D.C., with its sister company, William Penn Life Insurance, covering New York residents. With assets exceeding $11 billion, Banner Life is a major player in the life insurance market, particularly known for its term life insurance products.
In 2025, Legal & General America was acquired by Meiji Yasuda Life Insurance Company, a Japanese insurer. While this change may impact future operations, Banner Life continues to offer competitive term life insurance, with a focus on affordability and flexibility.
What is Banner Term Life Insurance?
Banner Life’s term life insurance provides coverage for a set period, ranging from 10 to 40 years. Suppose the policyholder passes away during the term, in that case. In that case, the policy pays a tax-free death benefit to the beneficiaries, helping to cover expenses such as mortgages, education costs, or daily living expenses. The policies are straightforward, with level premiums that remain consistent throughout the term, making budgeting easier.
Key Features of Banner Life’s Term Life Insurance
Banner Life’s term life insurance is packed with features that cater to a wide range of needs:
- Flexible Term Lengths: Choose from 10, 15, 20, 25, 30, 35, or 40-year terms. The 40-year option is particularly unique, as few insurers offer such extended coverage, making it ideal for long-term financial obligations, such as a 30-year mortgage or supporting young children.
- Coverage Amounts: Policies start at a minimum of $100,000, with no specified maximum, allowing you to secure the coverage you need, subject to underwriting approval.
- Affordable Premiums: Premiums start as low as $8 per month, depending on factors such as age, health, term length, and coverage amount. Banner Life is recognized for its competitive rates, particularly for individuals aged 30 to 60.
- Stackable Term Riders: You can enhance your policy by stacking additional term coverage. For example, a base policy of $250,000 for 20 years can be paired with a 20-year rider of $750,000, providing a total of $1 million in coverage during the rider’s term. This flexibility lets you adjust coverage as your needs change.
- Age Eligibility: Coverage is available for individuals aged 20 to 75, ensuring accessibility for people at various life stages.
- Tax-Free Death Benefit: The payout is generally tax-free, although exceptions may apply; therefore, consulting a tax professional is recommended.
Available Riders
Banner Life offers several riders to customize your policy:
- Policy Conversion Option: Convert your term policy to a permanent life insurance policy without a medical exam, providing flexibility if your needs change over time.
- Accelerated Death Benefit Rider: If diagnosed with a terminal illness, you can access a portion of your death benefit early to cover medical or other expenses.
- Children’s Life Insurance Rider: Provides coverage for your children until age 25, offering added protection for your family.
- Waiver of Premium Rider: Waives premium payments if you become disabled and unable to work, keeping your policy active without additional cost.
Please note that not all riders may be available in every state; for specific availability, please check with Banner Life.
Benefits of Choosing Banner Life
Banner Life’s term life insurance offers several advantages that make it a compelling choice:
- Extended Term Options: With terms of up to 40 years, Banner Life offers coverage for more extended periods than many of its competitors, making it ideal for individuals with long-term financial responsibilities.
- Competitive Pricing: Banner Life consistently ranks among the top insurers for affordable term life insurance, particularly for healthy individuals aged 30 to 60 years old. This makes it an attractive option for families or individuals on a budget.
- Financial Strength: With an A+ rating from A.M. Best and high ratings from Standard & Poor’s (AA-) and Fitch (AA-), Banner Life demonstrates strong financial stability, ensuring reliable claim payments.
- Flexible Coverage: The ability to stack term riders and convert policies to permanent coverage provides unmatched flexibility, allowing you to adapt your policy as your life changes.
- Nationwide Availability: Banner Life operates in 49 states and Washington, D.C., with William Penn covering New York, ensuring access to coverage across the U.S.
The Importance of Term Life Insurance
Term life insurance is a critical financial tool for many Americans, yet coverage gaps remain. According to the 2023 Insurance Barometer Study by LIMRA and Life Happens, only 52% of Americans have life insurance, leaving millions of families vulnerable to financial hardship if a breadwinner passes away. Additionally, 41% of Americans feel they lack adequate coverage, highlighting the need for accessible options like Banner Life’s term life insurance.
In 2024, the life insurance industry saw record premiums of $16.2 billion, reflecting growing awareness of the need for protection. Banner Life’s affordable premiums and flexible terms make it easier for individuals to secure the coverage they need to protect their loved ones.
How to Determine Your Coverage Needs
Choosing the right amount of coverage is essential to ensure your family’s financial security. Here are some factors to consider:
- Income Replacement: A common guideline is to have coverage equal to 10 times your annual income. For example, if you earn $50,000 per year, a $500,000 policy could provide sufficient support.
- Outstanding Debts: Include debts like mortgages, car loans, or credit card balances to ensure they’re covered.
- Future Expenses: Factor in costs like college tuition or retirement savings for your spouse.
- Lifestyle Needs: Consider your family’s current standard of living and how much they’d need to maintain it.
Banner Life’s flexible coverage options, starting at $100,000, allow you to tailor your policy to your specific needs. The stacking feature further enhances flexibility, letting you add coverage for specific periods, such as during your children’s college years.
| Factor | Consideration |
| Income Replacement | Aim for 10x your annual income to support your family’s needs. |
| Debts | Include mortgage, loans, and credit card balances. |
| Future Expenses | Account for education costs, retirement savings, or other long-term goals. |
| Lifestyle | Ensure your family can maintain their current standard of living. |
| Stacking Option | Add term riders for temporary increases in coverage (e.g., $250,000 + $750,000). |
How to Get a Quote and Apply
Securing term life insurance with Banner Life is straightforward:
- Get a Quote Online: Visit the Legal & General America website and use the online quote tool to obtain a quote. Enter details like your age, gender, height, weight, ZIP code, and whether you use nicotine.
- Select Coverage: Choose your term length (10 to 40 years) and coverage amount (starting at $100,000).
- Review Your Quote: You’ll receive an estimated monthly premium. For example, a 30-year-old non-smoker might pay $8 per month for a $100,000 policy, though rates vary.
- Complete the Application: Answer health questions and, if required, undergo a medical exam. Accelerated underwriting may be available for faster approval.
- Start Your Policy: Once approved, your coverage begins, providing peace of mind for your family.
The website is user-friendly, with a “contact us” link for customer support and an agency locator to find a representative near you.
Customer Feedback and Reputation
Banner Life enjoys a strong reputation, with high ratings on platforms like Trustpilot and the Better Business Bureau. Customers praise the company for its competitive rates, easy application process, and responsive customer service. For example, one policyholder noted, “The online quote was quick, and the premiums were much lower than I expected. The process was smooth, and I feel confident in my coverage.”
Banner Life’s financial strength, backed by high ratings from A.M. Best (A+), Standard & Poor’s (AA-), and Fitch (AA-), further enhances its trustworthiness.
Why Term Life Insurance is a Smart Choice
Compared to permanent life insurance, term life insurance is more affordable and straightforward, making it an ideal choice for individuals with temporary financial obligations. Banner Life enhances this with long-term lengths, conversion options, and competitive pricing, ensuring you get the coverage you need without unnecessary complexity.
Conclusion
Banner Life Insurance offers a robust term life insurance solution with terms ranging from 10 to 40 years, premiums starting at $8 per month, and customizable riders, including the Accelerated Death Benefit and Children’s Life Insurance.
With a strong financial rating, nationwide availability, and positive customer feedback, Banner Life is a reliable choice for securing your family’s financial future. To explore your options, visit Legal & General America for a free quote or contact a licensed insurance agent today.
