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Legal & General America Life Insurance Review

Jan. 2, 2019
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at a glance

  • Offers wide range of term lengths for term life insurance.
  • Offers universal life and guaranteed-acceptance whole life.


Amid the COVID-19 pandemic, not all companies are accepting new life insurance applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Legal & General America overview

Legal & General America owns Banner Life Insurance Co. and its subsidiary, William Penn Life Insurance Co. of New York. Banner Life is licensed to do business in the District of Columbia and every U.S. state except New York. William Penn has been the company’s New York branch since 1989. Life insurance issued by both companies is sold under the Legal & General brand. Legal & General America is a holding company owned by Legal & General Plc in London.

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NerdWallet does not score Legal & General for our life insurance company rankings because customer satisfaction ratings for the company are unavailable. Legal & General is not included in the annual J.D. Power U.S. Life Insurance Study, a customer satisfaction survey.

Consumer complaints: Better than the median

Banner Life and William Penn drew fewer complaints to state regulators in 2017 than the national median for life insurance companies of similar sizes, according to the National Association of Insurance Commissioners.

Banner Life’s complaint ratio score for individual life policies was 0.02, and William Penn’s complaint ratio score was 0.07 for 2017. The complaint ratio score is the number of complaints adjusted for market share. The national median is 1. Scores lower than 1 mean fewer complaints.

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Legal & General life insurance coverage options

Term life: Terms of 10, 15, 20, 25, 30, 35 and 40 years are available for term life insurance. The annual price stays the same throughout the term.

Universal life: Legal & General’s universal life policy gives the choice of paying the same price every year or paying more upfront for a certain number of years. The “short-pay” option lets the policy owner complete payments early and still have lifetime coverage.

Whole life: Banner Life offers guaranteed-acceptance whole life insurance policies of up to $15,000 for people ages 50 to 80.

More about Legal & General

Types of life insurance soldOther products & services
  • Term life.
  • Universal life insurance.
  • Whole life for final expenses.
  • Annuities.