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Banner Life Insurance Review 2024
Lead Writer | Life insurance, auto insurance, insurance data
Andrew Marder is a former lead writer for NerdWallet focusing on insurance and data analysis. He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. His work has appeared in The Week, The Washington Post and other national news outlets. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex.
Assigning Editor
Erica Corbin is a former assigning editor at NerdWallet. Erica joined NerdWallet in 2020 as an assistant assigning editor at large. In 2023, she was promoted to assigning editor and helped lead the credit cards vertical at NerdWallet Canada. She previously wrote and edited content at companies such as GOBankingRates and Nasdaq. Her work has been syndicated to USA Today, Yahoo Finance, MSN and more.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Banner
4.5
on Nerdwallet
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Pros
- Fewer complaints to state regulators than expected for a company of its size.
- Wide range of lengths for term life insurance, including terms up to 40 years.
- Term and universal life policies include accelerated death benefits.
Cons
- Depending on the state, some life insurance riders may not be available.
on Nerdwallet
Banner
4.5
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Pros
- Fewer complaints to state regulators than expected for a company of its size.
- Wide range of lengths for term life insurance, including terms up to 40 years.
- Term and universal life policies include accelerated death benefits.
Cons
- Depending on the state, some life insurance riders may not be available.
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
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 rating
4.5
NerdWallet ratingBanner 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.
» MORE: Best life insurance companies
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 features, called life insurance riders, to your term policy for an extra charge. Depending on your state, you may be able to add:
Child term rider, which covers all your children until they turn 25.
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 benefits 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.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $18.37 | $15.03 |
30 | $18.79 | $15.86 |
40 | $29.75 | $23.97 |
50 | $69.44 | $54.49 |
60 | $207.40 | $140.47 |
70 | $790.18 | $697.27 |
Source: Quotacy. Rates reflect the super preferred class and were generated on 1/10/24. | ||
Banner customer complaints and satisfaction
Over three years, both Banner Life and William Penn have drawn fewer then the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Banner | New York Life | MassMutual | |
|---|---|---|---|
Star rating | 4.5 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data. | 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data. | 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data. |
Financial strength | Exceptional. | Exceptional. | Exceptional. |
NAIC complaints | Fewer than expected. | Fewer than expected. | Far fewer than expected. |
J.D. Power ranking | N/A | #8 out of 22. | #3 out of 22. |
Policy types offered | Term, permanent. | Term, permanent. | Term, permanent, no-exam. |
Read full reviews |
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 2020-2022. 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.