Banner Life Insurance Review

Banner Life Insurance Company is one of the leading insurance companies in providing life insurance coverage to individuals and families. It has become a great choice for customers due to various reasons. For these reasons, there comes competitive prices, commitment to the customers, and comprehensive coverage options. Here, we will provide a review of the Banner Life Insurance Company. In this review, we will cover its insurance products and customer reviews. After reading this review, you can decide whether it is the right choice for you or not.

Company Overview

Banner Life Insurance Company was founded in 1949. The headquarter of this company is in Frederick, Maryland. It is a Legal and General America subsidiary company. It has a license to conduct business in the District of Columbia and 49 states of America. As a customer, if you are looking for affordable life insurance coverage, it is the best choice for you. With their dependable life insurance products and excellent customer service, they are helping people to secure a better financial future.  

This company is also providing flexible options to the clients. These flexible options meet the needs of the clients. The design of their policies is customizable. As a result, they get peace of mind for the protection of their families. It means that their families will get financial help in the case of their death. The assets of this company are over $7 billion and has an A+ rating with A.M. Best.


Banner Life Insurance is a subsidiary of Legal and General America that was established in 1949. The main aim of this company is to provide reliable and affordable life insurance services to individuals and families. This company has grown as a well-respected insurer that is serving thousands of customers across the US. The main focus of this company is on providing exceptional customer service to the clients. Moreover, it is also providing a diverse range of insurance products to clients. They are catering to the different needs and budgets of the clients. This company has a 74-year long history. That’s why it has also gained a reputation for stability and reliability in the industry. The longevity and commitment to customer satisfaction have also made it a top choice for life insurance seekers.

Types of Coverage Offered

Term Life Insurance

With the help of this plan, this company is providing a death benefit to beneficiaries. The beneficiaries will get this benefit only if the insured person passes away during the term of the policy. The insurers can choose this life insurance policy to get some specific financial obligations. For example, they can pay off a mortgage. The dependents can also get help in meeting their educational expenses.

Whole Life Insurance

Banner Life Insurance is also providing a whole life insurance policy to the customers. With the help of this policy, insurers can get lifelong coverage. Anyhow, they can also get this benefit as long as they pay premiums. The most important benefit of this policy is that it not only provides a death benefit but it also accumulates cash value over time. Banner Life Insurance company is allowing the policyholders to get access to this cash through loans or withdrawals.

Universal Life Insurance

With the help of universal life insurance, Banner Life Insurance company is offering flexibility in premium payments. Moreover, they can also get death benefit amounts. The policyholders can use it in various ways. For example, they can adjust their premium payments. They can also use the accumulated cash value to cover premiums. Anyhow, they can do it only if sufficient funds are available.

Indexed Universal Life Insurance

Banner Life Insurance Company is also providing indexed universal life insurance to customers. It means that they can get a combination of the flexibility of life insurance with the stock market index. The policyholders can allocate premiums in a fixed account. They call it an indexed account. The company provides an opportunity for the policyholders to earn interest based on the performance of the specified index.


Banner Life Insurance offers various discounts for policyholders. Customers can save money on their premiums by choosing to pay annually, having a preferred underwriting risk class, and being a non-smoker. Banner Life also offers a loyalty discount to customers who have been with the company for a certain amount of time. These discounts can make life insurance coverage more affordable for families on a budget. Be sure to ask your Banner Life agent about available discounts when applying for a policy.

Application Process

Applying for life insurance with Banner Life Insurance is a simple process that can be done online or through an agent. The first step is to complete an application, which can take about 20-30 minutes. You will be asked to provide basic personal and medical information. Depending on the coverage amount and age, a medical exam may be required. Once the application is submitted, Banner will review the information and determine if coverage can be offered. If approved, the applicant will receive a policy for review and sign-off. The entire process can take a few weeks to complete.


Financial Protection: Banner Life Insurance offers financial protection to family members. Anyhow, they will get this financial protection in the case of your untimely death. It offers a lump-sum payout, known as the death benefit, to your beneficiaries, which can help cover expenses such as mortgage payments, education costs, and everyday living expenses.

Competitive Premiums: Competitive premium is also an amazing offer of Banner Life Insurance company. They have added it to their life insurance policies. By providing affordable rates, Banner Life makes it easier for individuals and families to obtain the coverage they need without breaking the bank.

Customizable Policies: Banner Life understands that everyone’s insurance needs are different. That’s why they offer customizable policies that allow you to tailor your coverage to suit your unique circumstances. You can choose the coverage amount, policy duration, and additional riders to enhance your policy’s benefits.

Financial Strength and Stability: Legal & General is backing up this insurance company. It is a financial services company that has a strong reputation and stability. That’s why policyholders don’t need to worry about the credibility of this insurance company. The support of a reliable and trustworthy institution provides insurance that can fulfill the commitments of the policyholders.


Limited Policy Options: One disadvantage of Banner Life Insurance is the limited range of policy options available. While the company offers term life insurance policies, which provide coverage for a specific period, they do not offer whole life or universal life insurance policies.

Strict Underwriting Guidelines: Banner Life has relatively strict underwriting guidelines, which can make it challenging for some individuals to qualify for coverage. The company evaluates various factors such as age, health condition, and lifestyle habits when determining premiums and eligibility.

Limited Online Presence: Another drawback of Banner Life is its limited online presence. The company does not offer online quoting or purchasing options for its life insurance policies, requiring potential customers to contact a licensed agent or broker directly. This lack of digital accessibility may be inconvenient for individuals who prefer to research and compare life insurance options online or who prefer a streamlined, self-service experience.

BBB Accreditation

Banner Life Insurance Company has been accredited by the Better Business Bureau (BBB) since 1955 and holds an A+ rating. This accreditation indicates that the company meets high standards for honesty, integrity, and transparency in business practices. The BBB takes into account various factors such as the company’s complaint history, how it responds to complaints, and whether it resolves them satisfactorily. Banner Life has resolved the majority of the complaints filed against it on the BBB website. Being accredited by the BBB can give customers peace of mind that they are dealing with a trustworthy and reliable company.


While Banner Life Insurance Company has received generally positive reviews, there are still a few complaints worth noting. Some customers have expressed frustration with the length of the underwriting process and the communication from the company during that time. Others have reported issues with their premiums increasing significantly over time, or their policies being canceled unexpectedly. It is worth noting, however, that these complaints are relatively rare compared to the overall number of customers who are satisfied with the company. Banner Life Insurance Company has an A+ rating from the Better Business Bureau, indicating that they are committed to resolving any customer concerns.

Financial Strength and Stability

Banner Life Insurance Company is a subsidiary of Legal & General America. It has been in business since 1836. This long-standing reputation has translated into a strong financial position for Banner Life Insurance Company. A+ rating from A.M. Best has also increased its reputation. This rating reflects the company’s ability to meet its financial obligations and pay out claims. In addition, Banner Life’s parent company has more than $700 billion in assets under management. This thing provides an additional level of stability and financial strength. The customers can get peace of mind knowing that their life insurance policies are backed by a financially stable company. This company can withstand economic uncertainties.

How to File a Claim

In the unfortunate event of the policyholder’s death, beneficiaries can file a claim with Banner Life Insurance. The process is straightforward and begins with contacting the company by phone or email to notify them of the policyholder’s death. The beneficiary will be required to provide the death certificate and any other relevant documents that the company may request. Banner Life Insurance’s customer service team will guide the beneficiary through the process of completing the claim forms. The claim is usually paid out within 30 days of submission. The beneficiary may have some questions or concerns about the claim process. To get assistance, they can contact the team members of their customer support service.

Customer Experience

If we take an overview of the reviews of the customers, they are mostly positive. Customers have praised the company for its affordable premiums.  The ease of application and the efficient claims process is also increasing the satisfaction level of this company. Most of the customers are also appreciating the support and communication level of Banner Life Insurance company. Anyhow, there are also some negative reviews about the company. These negative reviews are relevant to policy cancellations and delays in the processing of claims. Banner Life Insurance has a solid reputation for customer service and satisfaction. Their website provides a wealth of information and resources for policyholders, including FAQs, a glossary of terms, and a customer portal for managing policies.


Banner Life Insurance Company has a lot to offer to potential policyholders. With a rich history dating back to 1949, the company has proven to be a reliable and trustworthy source of life insurance coverage. The application process is straightforward, and the discounts available make it an affordable option for many. Plus, its financial strength and stability provide policyholders with peace of mind that their loved ones will be taken care of financially in the event of their death.

The customer experience with Banner Life Insurance is positive overall, and the company has received high ratings from BBB. However, there are some complaints regarding delays in processing claims and difficulty reaching customer service. If you’re in the market for life insurance, Banner Life Insurance Company is certainly worth considering. Be sure to weigh the advantages and disadvantages, read reviews, and compare policies before making your decision. With their solid financial standing and strong customer satisfaction ratings, you may find that Banner Life Insurance is the perfect fit for your needs.