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Legal & General America Life Insurance Review 2019

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.


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.

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.

» MORE: The best life insurance companies

Find out more about each element that goes into our Legal & General review by clicking below.

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 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.

More about Legal & General

Types of life insurance soldOther products & services
  • Term life.
  • Universal life insurance.
  • Whole life for final expenses.
  • Annuities.
  • Term life: Terms of 10, 15, 20, 25, 30, 35 and 40 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.

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