Banner life insurance company provides insurance coverage for its umbrella or parent company – Legal & General. It formally operates in all states of the United States, except in New York and the district of Columbia. It promises several insurance plans, including term life insurance and universal insurance options. However, banner life insurance companies only allow purchasing policies via contact with their concerned agents and after prior medical examination of the customer.
Although Banner life insurance company is a relatively smaller insurance-providing company, compared to other companies like American General or North American Life, its higher consumer rating, low complaint rations, and good insurance policy packages have made a name and standing for itself in this industry.
Policies and Plans Available
Whole life insurance is not available in the insurance coverage plans of Banner opterm life insurance; however, the insurer is given to choose between ‘universal life coverage’ and ‘term life coverage.’ The term life insurance coverage lasts for a certain agreed-upon time duration, and each package available is costume designed to facilitate insurers in the best way possible.
OPTerm 10, OPTerm 15, OPTerm 20, OPTerm 25, and so on, till OPTerm 40 are some of the few insurance plans that Banner life insurance offers. Each plan comes with distinct health, salary, and age conditions but can be altered as per preference after discussing details with the company’s agent.
Another available plan is the life step universal plan, and it provides universal insurance coverage beginning at $50,000 for insurance applicants from age 20 to 85. It includes two additional riders in plans, and death benefits are guaranteed through age 121. It is a relatively better-performing policy of Banner Life insurance company than any other.
Available Riders
Riders that Banner life opterm insurance includes optional benefits but have no additional charges. Accelerated death benefits are available for all term and universal life insurance policies. It also allows the insurer to withdraw almost 75% of their promised death benefits before their death. However, to withdraw such a large sum of benefits, the insurer should be terminally ill.
Moreover, if an insurer is indeed diagnosed with a fatal medical condition, waiver of premium rider will waive the mandatory premiums due on your policy purchased while still keeping the plan arrangements intact.
Term rider is another available rider in Banner’s insurance plans; it allows the insurer to purchase temporary supplemental coverage in 10-, 20- or 30-years increments. This option can be availed if you have to pay off loans or debts for a specific period. Furthermore, Banner life insurance also offers Children’s riders for minor-aged children of the insurer. This specific rider can be later converted into a formal insurance plan for these children who are 25 years old or above.
Does Banner Life Insurance Require a Medical Exam?
Banner Life Insurance typically requires a medical examination as part of their underwriting process. This medical exam helps the insurance company assess your overall health and determine the appropriate premium rates for your policy. The exam may include a review of your medical history, blood tests, and a physical examination.
However, it’s essential to note that not all applicants may be subject to a medical exam. Banner Life offers various types of policies, including term life insurance and universal life insurance, and the specific requirements can vary based on the type of coverage and the individual’s health history.
If you’re concerned about undergoing a medical examination, Banner Life also offers options for simplified issue policies, which do not require a full medical exam. These policies may involve answering some health-related questions but can be a more accessible choice for those who prefer to avoid medical exams.
Pros and Cons of Banner Life Insurance
Pros:
- Long Term Coverage: Banner Life stands out by offering term life insurance coverage for up to 40 years, which is longer than what many other insurers provide. This extended coverage can be advantageous for individuals looking for more extended protection.
- Quick Claim Processing: Banner Life has a reputation for processing approved claims promptly. In many cases, claims are paid within one business day, ensuring that beneficiaries receive the financial support they need without unnecessary delays.
- Financial Stability: Banner Life operates under the umbrella of Legal & General, a company with a superior financial rating by AM Best. This financial stability offers peace of mind to policyholders.
Cons:
- Limited Availability: Banner Life Insurance is not available in New York and the District of Columbia. Residents in these areas may need to explore other insurance options.
- No Online Purchasing: Policies from Banner Life cannot be purchased online. Instead, they require direct contact with a licensed agent, either through email or phone, which may be less convenient for some customers.
- Annual Fees: Banner’s term life policies come with an annual fee, which can add to the overall cost of the policy. While the coverage terms are competitive, the annual fee is something to consider.
Banner Life Insurance offers several advantages as well as some disadvantages. However, it’s important to be aware of its limited availability, the need for a medical exam in some cases, and the annual fees associated with its term policies. It’s crucial to evaluate your specific needs and circumstances before choosing a Banner Life Insurance policy.
Is Banner Life Insurance worth buying?
Like other insurance companies, there are certain exciting reasons for purchasing a Banner opterm life insurance policy.
For instance, term life coverage for Banner customers is open for up to 40 years, while most other companies in the market provide coverage for only 30 or max 35 years. Banner goes a step ahead in facilitating its customers and offers terms of life insurance for as long as 40 years. Moreover, approved claims by Banner’s customers are usually paid within one business day. Without any delay of one or more than one working day, they can be paid without hindrance.
But the drawback of Banner is that it is not available in New York and the district of Columbia. Therefore, residents of those states and districts can not purchase Banner. However, Legal & General policies are still available in New York and are provided by William Penn; thus, if someone is eager to purchase an insurance policy from this particular agency, they can look into that. Policies are not purchased online; they are to be purchased through a licensed agent after proper paperwork. Either via email or phone call. Moreover, Banner also doesn’t offer whole life insurance policies, and their term policies have an annual fee, up to $60.
How can you purchase Banner Life Opterm Insurance Plan?
Agents and reps of Banner life insurance are available from 8:00 a.m. to 5:00 p.m. ET, from Monday to Friday. In addition, there’s a toll-free contact number available on the official website of Banner life insurance that can be dialed to arrange for an appointment, or you can write an email at [email protected].
Moreover, suppose you are already an insurer at Banner. In that case, you can personally manage your policy preferences through an online logging portal or by connecting via the company’s automated telephone line.
Rating
National Association of Insurance Commissioners (NAIC) Banner Life has performed exceptionally compared to what was expected, based upon competition, size, and market share. Usually, the average rate of complaints expected from a company is 1.00, as per NAIC’s system. But currently, the complaint index of Banner is only 0.07, which is a reflection of its exceptional performance in the market.
Additionally, as per another third-party ration mechanism in the market, AM Best has given Legal and General a superior financial rating. So, before purchasing, you can rely upon Banner’s and its parent company’s financial standing in the market.