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 option. 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 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.
Riders that Banner life 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.
Advantages and Disadvantages of purchasing a policy
Like other insurance companies, there are certain advantages and disadvantages of purchasing a Banner 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.
Now the presumed cons or disadvantages of Banner are 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 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.
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 superiors financial rating. So, before purchasing, you can rely upon Banner’s and its parent company’s financial standing in the market.