Banner Life Insurance
A.M. Best: A+
S&P Global: AA-
Banner Life Insurance Company has low term life insurance and a wide array of universal life insurance products. They do not have whole life insurance policies.
Table of Contents:
- Is Banner Life Insurance a Good Company?
- How long has Banner Life been in Business?
- Banner Life Products
- Life Insurance with Health Conditions
- Is Banner Life for You?
Is Banner Life Insurance a Good Company?
The Banner Life insurance company has a Superior Financial strength rating and they are considered excellent.
This is a very important factor for you to consider when evaluating different policies because the financial strength of a company is indicative of how well that life insurance company will be able to cover any claims that you submit upon your passing.
They have a great financial rating and they have a stable history of financial strength which means that they will be around long after your policy comes up for payment.
They have fewer complaints compared to the national average. This national average is taken by the National Association of Insurance Commissioners and it is based on the relative size of the company and how much of the market share the company has.
The median average for complaints is one. Any company that scores is lower than one has received fewer complaints than the average.
Any company with a score higher than one has received a higher-than-average array of complaints. This company has a score of .16 which puts them on the low end of complaints and therefore begets higher customer satisfaction.
How Long has Banner Life Been in Business?
Banner Life Insurance Company has been in business for more than 60 years.
Banner Life is owned by Legal and General America, who has been around since the 1800’s!
Banner Life Insurance Products
This company primarily sells term life insurance and universal life insurance. Their term life insurance policies are set up in increments of 10 years, 20 years, or 30 years.
There are specific rules about whether applicants qualify for coverage and how much they end up paying on their premiums. This company is very concerned with driving records and blood pressure.
The term and universal life insurance policies they offer are broken down into different classes with preferred being the top tier with the lowest premiums. Behind that is standard which is still good coverage but will simply cost more.
The class into which your application is put is based upon your personal information including things like your driving record and your health.
Banner Life Insurance With Health Conditions
High Blood Pressure
Banner Life Offer some of the best rates for non-smokers who have maintained average readings for their blood pressure over the last 2 years.
Average readings are no higher than 136/86. if you have this level or better you can qualify for the preferred plus coverage.
Anything higher than 156/94 will qualify for standard coverage.
Bad Driving Records
Anyone who was convicted of reckless driving or has a DUI on their record from the last two years will not be given coverage. However, anyone having a clean record for the Last 5 Years can receive a preferred category policy with preferred rates.
If you have gone 2 years without conviction for reckless driving or having your driver’s license suspended or revoked, you will still qualify for standard rates. Obviously, those who have something on their record from 3 or 4 years ago might be better off waiting one year before they apply so that they can fit into the preferred category.
Obviously, non-smokers are given the best rates, but this company is rather lenient with regard to those who might be quitting. Anyone who has avoided nicotine products or tobacco products at all for the last 36 months will fall under the preferred category.
The company does allow for occasional cigar use so long as your net average is no more than one cigar per month. You will have to undergo a lab test to prove that your blood work is negative for nicotine. If you have no more than 12 cigars in the last year you can qualify for preferred rates.
Substance Abuse Problems
The best-preferred category rates will be provided to those who have no history of drug abuse or substance abuse. This applies specifically to those who have a clean record for the last 7 years.
However, they will provide term policies if you have one of these problems listed on your record, even something like tobacco use or a problem with your license. However, in most of these cases, you will end up in the standard category.
With regard to substance abuse if you have a history of alcohol abuse from five years back you can receive coverage at the standard rates. But, if you wait two years you will be bumped into the preferred rate so that you can choose better prices and hire policy options.
This is something you can do with any of the categories listed above. Someone who is a smoker can quit smoking and wait 2 years or 3 years to apply.
Someone who has again, a bad mark on their driving record, can wait a few years until that mark is older and no longer counted against the category you receive.
Is Banner Life for You?
Banner Life Insurance is an affordable life insurance option for term life insurance for both healthy people and people with health complications.
However, because there are many life insurance providers in the market, we recommend working with an independent life insurance agent who can help you compare life insurance rates for your particular situation.