Banner Life Insurance: Analysis, Policy, Address

Banner Life Insurance Company is a subsidiary of Legal & General America, which also holds ownership of William Penn Life Insurance Company of New York.

While William Penn operates in New York, Banner Life conducts business in all states except New York and includes Washington, D.C.

Banner life insurance received an A+ AM Best ranking, which means it has an excellent ability to honor its ongoing insurance obligations
Banner life insurance: Source (Facebook)

Unlike certain companies we assess, Banner specializes in providing a restricted selection of insurance products, specifically term life and universal life policies.

For obtaining a quote, customers have the option to make online requests, but the purchase process necessitates their engagement with an agent.

  Here are the main points to remember

  • Individuals up to age 85 have access to policy choices.
  • Universal life policies begin with a minimum coverage of $50,000, while term policies start at $100,000.
  • Potential applicants may be exempt from a medical examination when applying for term insurance.
  • Both policy types offer death benefits that are free from taxation.

Banner Life offers term life insurance policies in 5-year increments, spanning from 10 to 40 years. These policies offer the flexibility to renew or convert to universal life coverage

Term life policies provide tax-free death benefits, and premium rates are guaranteed to remain steady throughout the policy term.

Applicants for term policies can conveniently obtain a quote on the Banner website and apply online, often without the need for a medical examination.

Banner’s universal life insurance is categorized as a form of permanent life insurance, ensuring coverage for the lifetime of the insured, as long as premium payments are made.

Policy Types:

Banner Life offers two primary categories of life insurance policies: term and universal life.

In the state of New York, these policies are available through its affiliated company, William Penn Life Insurance Co.

Policy Limits:

Banner’s term policies offer a minimum coverage of $100,000.

Universal life policies can be purchased with a minimum coverage amount of $50,000.

Eligibility Criteria:

For term insurance, applicants must fall within the age range of 20 to 75 years.

Universal life policy applicants can apply for coverage up to the age of 85.

Universal life policies provide coverage that remains in effect up to age 121.

How Much Does Life Insurance From Banner Life Cost?

The cost of life insurance depends on several factors:

Type of policy
Medical history
Health conditions
Lifestyle and hobbies

Term Life Insurance Options From Banner Life

though older individuals will need to take a medical exam, qualified applicants who are younger may not need to take this step.

A medical exam is also not required if you switch from a term life policy to a universal life one. Coverage starts at $100,000, with no upper limit listed.

Banner Life includes the option to stack term riders to supplement a base term life policy.

You can add additional coverage with a different expiration date, providing more coverage when needed for your loved one’s financial needs.

For instance, you can stack a term rider on top of your base policy to cover a mortgage until it’s paid off, aligning the rider’s expiration with the loan’s last payment.

When the rider expires, the death benefit reverts to the base policy amount, and the original term length continues without interruption.

Banner’s term policies offer various other riders, including a waiver of premium for critical disability.

An accelerated death benefit rider, which is automatically included in all Banner term policies, allows you to receive part of your death benefit if you’re terminally ill.

There’s also a children’s life insurance rider, covering your children until they turn 25. Premiums remain level, and death benefits are tax-free for beneficiaries.

How Do I Buy Life Insurance From Banner Life?

If you are interested in term life insurance, you can use Banner Life’s website to get an estimate, but you will need to speak with an agent to apply.

Potential customers cannot currently apply for Banner Life’s plans online.

For coverage needs, Banner Life considers your age and financial needs to narrow down plan options. Common financial considerations include:

Funeral expenses

Settling a mortgage or other debts

College education costs for dependents  and Income replacement

When applying for a quote, Banner Life provides the option to have one of the company’s agents reach out to you.

You can also use its website to find a nearby agent.

If you know the name of an agent you would like to work with, you can contact that person directly.

Contact our Customer Service team

Contact the Banner Life Insurance to talk to our helpful service team, or send us a detailed email.

If you’re in New York, you can reach out to our William Penn Life Insurance phone number or send a message to that email.

Banner Life Insurance contacts.
800-638-8428 Toll Free
301-279-4800 Direct Phone
Fax: 301-294-6960
Hours: 8:00–5:00 ET, Monday–Friday

Spread the love