Considering the ranking from our analysis, Banner Life comes under the list of top life insurance companies of 2021. The base of information on which we rank companies lies between June 01, 2021, to August 19, 2020.
What Is Banner Life?
Legal & General America is the parent company of Banner Life. The options for life insurances provided by Banner life are just two, universal and term. However, the freedom to customize the policies is few comparatively. Individuals who seek practical and extremely easy procedures of purchasing life insurance will like the option of Banner Life. On the contrary, people who want customizable life insurance may get discouraged. However, persons planning to buy life insurance under their budgets should consider Banner Life since it is placed on spot 1 in our Cheapest Life Insurance Companies ranking 2021.
Banner Life Review
Banner Life is a choice for most as it has grabbed spot 4 on the Best Overall Life Insurance list made by our team. Making it the top company in the list of cheapest life insurance companies, Banner Life offers a monthly sample at only $47 per month. Learning about the products of Banner Life is simple and quick since it doesn’t have a vast range to know about. Only two choices are available, which are Term Life and Universal Life policy. In addition, customers are permitted to customize their plans with the help of basic riders, such as an accelerated death benefit. Certain products facilities or products provided by Banner Life may vary according to the state. For example, there are 49 states along with Washington D.C., where Banner Life provides coverages. At the same time, its sister company William Penn offers similar coverages for New Yorkers.
Is Banner Life the Correct Choice?
- Certain plans are offered to cancer suffering applicants.
- Simple and quick application available.
- To the point product offering services.
- No dividends are provided.
- Individuals with complex requirements may not be satisfied.
The most beneficial product offered by Banner Life is named Term Insurance plan. The plan provides a series of facilities such as accelerated death benefit, conversion options, option to renew, online estimates, and riders for waiver of premium. A more streamlined product including fewer features from Banner Life is its universal life plan known as Life Step UL. It provides flexible premiums in addition to an accelerated death benefit rider. However, whole life insurance is not available. Banner Life does not arrange the facilities in terms of online tools and for better convenience. While the quotes for universal and term insurances are available online, the company’s estimation for customer’s requirements is not offered. Bill payment can be done through several choices in the universal plan.
What types of Life Insurances does Banner Life offer?
As already mentioned above, there are only insurances that Banner Life offers, which are universal and term life insurance policies. One of the most cost-efficient choices offered by Banner Life is Term Life Insurance. The insurance provides a death benefit or a particular payout. The choice to opt for a specified duration lies with you. Some of the options specified durations are 10, 15, 20, 25, 30, 35, and 40 years. However, the term policies of duration 35- and 40-year term are not offered in New York. In addition to providing a particular payout, Universal Life Insurance also serves as an investment product. For the duration you maintain your continuous payment of premiums, you are insured without worrying about the policy’s expiration date. In addition, a tax-deferred cash value is also accumulated with time in the policy.
Term Life Insurances by Banner Life
The company provides OPTerm for term policies. Following are the features and characteristics of the policies:
- The facility to transform a term policy to a permanent one without any fee or medical exam is available.
- The coverage age criteria range for individuals from 20 to 75.
- The beginning coverage value is $100 000.
- Assured level premiums.
- Term periods offered are 10, 15, 20, 25, 30, 35, and 40 years.
Universal Life Insurances by Banner Life
Universal life policies provided by Banner Life are also called by the name Life Step UL. Following are the features and the characteristics of the mentioned policy:
• Withdrawal of cash amount is possible, but the current amount varies according to the policyholders.
• Tax-deferred cash amount accrues.
• Annual modification of premium payments is allowed under the facility of varying the payments.
• Lifelong periods are provided.
• $50,000 is the starting amount of policies.
• Age eligibility criterion ranges from 20 to 85.
How to Buy Life Insurance from Banner Life?
The facility of online application for life insurance is presently not provided to potential customers these days. Therefore, consultation through an agent is the only way possible. The customers can use a form available on the Banner Life company website to obtain a free quote. Or they may contact the agents. Details including gender, tobacco use, weight, date of birth, height, term length, location, and coverage amount will be asked in the form. After answering the queries mentioned above, you will give a quote for your life insurance rate. A worksheet to download is also available for you to deduce your coverage requirements. For deciding the coverage requirements, factors considered by Banner Life are the age of the applicant and financial requirements to gather suitable options. Other such aspects are:
- Income replacement.
- Funeral expenses.
- College education expenses of dependents.
- Paying mortgages or remaining debts.
FAQ’s related to Banner Life
What life insurance products and riders are offered to me according to my state?
Each of the 50 states has all the products available from Banner Life except the 30 and 40-year terms in New York.
What advantages will I obtain from Banner Life insurances?
A tax-free benefit for the beneficiaries of policyholders is offered in both universal and term life insurances.