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.
How much does life insurance cost?
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.