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Financial strength rating
Financial strength rating
Banner Life Insurance is owned by Legal and General America and offers life insurance in 49 U.S. states, including the District of Columbia. William Penn, a sister brand of Banner Life, offers life insurance to its New York customers.
Banner life insurance
Banner Life earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Banner life insurance policies
Term life insurance. Coverage is available in terms of 10, 15, 20, 25, 30, 35 and 40 years. The annual price stays the same throughout the initial term. People from 20 to 75 can apply for a term life insurance policy. Term policies are convertible, which means you can turn them into a permanent policy. Coverage amounts range from $100,000 to $10 million.
Term policies include accelerated death benefits, which allow you to access up to 75% of the policy’s death benefit (minus any policy loans) or $500,000, whichever is less, if you’re terminally ill.
You can also add optional life insurance riders to your term policy for an extra charge. Depending on your state, you may be able to add:
Children’s term rider which covers all your children until they turn 25.
Waiver of premium rider, which allows you to skip all premium payments six months after being deemed totally disabled.
Stacking term rider, which gives you more coverage for a period of time. For example, you could buy a 25-year term policy with a 10-year term rider, giving you a higher total death benefit in the first 10 years of coverage while your mortgage is being paid off.
Universal life insurance. The company’s universal life insurance policies offer flexible premium payments and death benefit as your needs change. The “short-pay” option lets the policy owner complete payments early and still have lifetime coverage.
Coverage is issued up to age 85 and stays in effect until age 121. An accelerated death benefit comes included in a universal life policy.
Banner life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from Banner. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Monthly rate - man
Monthly rate - woman
Source: Quotacy. Rates reflect the super preferred class and were generated on 7/5/23.
Banner customer complaints and satisfaction
Over three years, both Banner Life and William Penn have drawn fewer complaints to state regulators than expected for companies of their respective sizes, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
More about Banner life insurance
By visiting parent company Legal & General’s website, you have the ability to get a term life insurance quote. You can purchase a universal life policy by contacting an agent, who can be found through the website’s agent locator.
The website also has an online portal to pay your bill, manage a policy and file a claim, and features educational content on how life insurance works.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.