When it comes to securing reliable life insurance coverage, understanding your options is crucial.
Banner Life Insurance Company, owned by Legal & General America, stands as a prominent choice for individuals seeking term and universal life insurance policies.
In this detailed overview, we delve into the key aspects that set Banner Life apart in the insurance landscape.
Banner Life Insurance Company Contact Information And Address
| Contact Information | Address |
|---|---|
| (727) 669-4777 | 3632 Land O Lakes Blvd Suite 105, Land O Lakes, FL 34639 |
Here is the contact information for Banner Life Insurance Company:
| Contact Information | Address |
|---|---|
| Toll-free: 800-638-8428 | 3275 Bennett Creek Ave, Frederick, MD, 21704 |
Legal & General America owns Banner Life Insurance Company and William Penn Life Insurance Company of New York.
Banner operates nationwide, with the exception of New York, while William Penn serves New York and Washington, D.C.
Moreover, Banner mainly provides term life and universal life policies.
Customers can request online quotes; however, they must work with an agent to complete their purchases, setting them apart from some of the companies we evaluate.
Key Takeaways
- Policy options are available for those up to age 85
- Coverage starts at $50,000 for universal life and $100,000 for term
- Applicants may not need a medical exam for term insurance
- Both policies provide tax-free death benefits
Banner Life offers term life insurance policies in 10 to 40-year increments, which can be renewed or converted to universal life.
Term policy death benefits are tax-free, and premiums remain level throughout the policy.
Applicants can receive quotes and apply online, often without a medical exam.
Banner’s universal life policy offers permanent life insurance, ensuring lifelong coverage with continued premium payments and providing flexible payment options over time.
Policies
Banner Life provides two main life insurance policy types: term and universal life.
These policies are available in all states except New York, where they are offered by its affiliate, William Penn Life Insurance Co.
Coverage Limits
Limits for Banner’s term policies start at $100,000, while universal life policies can be purchased for $50,000 or more.
Coverage Restrictions
For term insurance, applicants should fall within the age range of 20 to 75, whereas universal life applicants can be as old as 85.
Universal life policies remain in effect until the insured reaches the age of 121.
- Type of policy
- Age
- Gender
- Location
- Medical history
- Health conditions
- Lifestyle and hobbies
Banner Life Insurance Costs for Females
|
|
COMPANY |
AGE 35 FEMALE |
45 FEMALE |
55 FEMALE |
65 FEMALE |
|---|---|---|---|---|---|
| Banner Life » | $48.01 | $104.54 | $240.13 | $755.62 |
Banner Life Insurance Costs for Males
|
COMPANY |
AGE 35 MALE |
45 MALE |
55 MALE |
65 MALE |
|
|---|---|---|---|---|---|
| Banner Life » | $63.31 | $136.84 | $341.54 | $1,129.64 |
How Much Does Life Insurance From Banner Life Cost for Adults?
| Medical Exam Required | |||||
|---|---|---|---|---|---|
| 65 | $500,000 | OPTerm 10 | $251.73 | $338.25 | Yes |
| 70 | $500,000 | OPTerm 10 | $372.82 | $589.43 | Yes |
| 75 | $500,000 | OPTerm 10 | $669.66 | $1,144.05 | Yes |
| 80 | $500,000 | OPTerm 10 | N/A | N/A | Yes |
While older applicants may require a medical exam, younger and qualified candidates can often bypass this step.
Furthermore, transitioning from a term life policy to a universal life policy typically doesn’t necessitate a medical exam.
It’s worth noting that coverage begins at $100,000, and there is no specified upper limit.
Additionally, Banner Life offers the option to stack term riders onto the base policy.
This unique feature enables policyholders to secure additional coverage with distinct expiration dates, catering to changing financial needs.
For example, you can stack a term rider on your base policy to cover a mortgage until it’s paid off, aligning the rider’s expiration with the last loan payment.
When the rider term ends, the total death benefit reverts to the base policy amount, ensuring the continuity of the original term length.
Banner also provides several other riders for their term policies, including a waiver of premium for critical disability.
Furthermore, all term policies come with an automatically included accelerated death benefit rider, allowing you to access a portion of the death benefit if you’re terminally ill.
Additionally, there’s an option for a children’s life insurance rider, providing coverage for children until they reach age 25.
How Do I Buy Life Insurance From Banner Life?
If term life insurance piques your interest, Banner Life’s website enables you to obtain an estimate, but you must engage with an agent to complete your application.
Presently, online applications for Banner Life’s plans are not available.
Banner Life assesses your coverage requirements by considering your age and financial needs, thus narrowing down your plan options.
Typical financial factors encompass:
- Funeral expenses
- Settling a mortgage or other debts
- College education costs for dependents
- Income replacement
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I am Jeremiah Onywere, a dedicated insurance blogger deeply passionate about the realm of insurance.
My journey in the insurance industry has been both thrilling and purpose-driven, focused on unraveling the complexity of insurance concepts.
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