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 every U.S. state and the District of Columbia, 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.
A.M. Best financial strength rating: A+ (superior)
Banner’s and William Penn’s financial strength are both “superior,” according to ratings agency A.M. Best.
Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company because claims might not be made until decades after a policy is purchased.
Consumer complaints: Better than the median
Banner Life and William Penn drew fewer complaints to state regulators in 2016 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 0.015, and William Penn’s complaint ratio score was 0.13 for 2016. 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.
More about Legal & General
|Types of life insurance sold||Other products & services|
Term life: Legal & General offers term options of 10, 15, 20, 25 and 30 years. 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.