Banner Life Insurance Review | Money

Best for top protection limits

Banner Life Insurance Company is a trusted life insurance coverage firm that provides protection beginning at $100,000 and as much as greater than $10 million to qualifying policyholders. While many suppliers have strict protection limitations that could be inadequate to exchange your revenue should you’re now not capable of work, Banner Life Insurance is an exception to this.

Read on to be taught if Banner Life Insurance is among the many greatest life insurance coverage firms and the way resolve whether or not the corporate is best for you.

Banner Life Insurance execs and cons

Pros defined

Quick and simple claims processing

Banner Life can course of claims as quickly as sooner or later after they’re submitted. The firm additionally declares to have paid out 99% of submitted claims, as of this writing. These two information point out that should you ever must submit a declare by way of Banner Life, it’s more likely to be paid out and is perhaps accomplished so shortly.

Multiple time period lengths to select from

Banner Life presents protection phrases as much as 40 years, which is uncommon amongst life insurance coverage firms. Overall, the supplier has plans out there for 10, 15, 20, 25, 30, 35 and 40 years.

Coverage quantities begin at $100,000 and may exceed $10 million

Banner Life makes it straightforward to decide on the protection quantity that works greatest for you. Plans begin at $100,000 in protection and go over $10 million for time period life plans. What’s extra, Banner Life doesn’t require a life insurance coverage medical examination, making it among the finest choices if you would like high-coverage life insurance coverage. Still, you’ll want to satisfy sure well being necessities to qualify for the utmost protection quantities.

Cons defined

Online quotes solely out there for time period life insurance policies

Term life protection will probably be your solely choice if you would like a Banner Life Insurance quote on-line. These plans have a protection finish date, versus entire life or common life insurance coverage, which lasts till you die in case your coverage continues to be energetic. You need to contact a licensed monetary advisor over the cellphone to get a quote for a common life insurance coverage plan.

Few life insurance coverage riders and different add-on choices

Banner Life Insurance gives fewer rider and add-on choices to select from than many opponents. For instance, there isn’t any return of premium rider choice out there by way of Banner, and you’ll have hassle customizing your insurance coverage plan to satisfy your customized wants.

No entire life insurance coverage insurance policies out there

Banner Life Insurance doesn’t supply entire life insurance policies. However, the corporate does present common life insurance coverage, which is one other kind of everlasting life insurance coverage with fewer ensures.

Whole life insurance coverage insurance policies have predictable premiums and assured dying profit quantities. Universal insurance policies provide the flexibility to pay totally different quantities towards life insurance coverage in any given 12 months (inside limits) however are credited based mostly on rates of interest. This makes premiums fluctuate and may result in plans being underfunded.

Banner Life Insurance plans

While many life insurance coverage firms supply a number of plan choices to select from, Banner Life has solely two: time period life and common. Here’s what Banner Life presents:

Term life insurance coverage

Banner time period life insurance coverage is obtainable for durations starting from 10 to 40 years. It’s an excellent match if you would like protection throughout a selected a part of your life, equivalent to elevating youngsters or till retirement. Term life insurance coverage premiums are decrease than common life insurance coverage, and you may convert your plan right into a everlasting common plan should you ever select to take action.

Banner can also be among the finest no-exam life insurance coverage choices, that means you gained’t need to endure a medical examination to qualify for protection. However, these plans can expire with out delivering any advantages to you. You’ll need to undergo the underwriting course of once more should you select to resume after an present plan has already reached its conclusion.

Universal life insurance coverage

A common life coverage gives insurance coverage protection that lasts till your dying. You get to decide on your cost quantities and construct up a money worth in an effort to borrow in opposition to your life insurance coverage if wanted.

In addition to providing such a coverage, Banner Life has a threshold on these plans known as the “Lifetime Guarantee Amount.” Essentially, should you pay sufficient common life insurance coverage premiums, you will have assured protection for the remainder of your life, even should you cease paying.

Banner Life Insurance pricing

Banner Life’s pricing is inexpensive however can range based mostly in your private well being historical past and different elements. For instance, your premiums could also be larger if you would like no-exam life insurance coverage than if you’re keen to finish a medical examination. Your costs might be impacted by he following elements::

• Age
• Gender
• History of alcohol and tobacco use
• Family and private medical historical past
• Whether you will have an present terminal sickness
• Occupation
• Where you reside

While charges can range, Legal & General, which is Banner Life’s mum or dad firm, has listed some pattern presents on its web site. These are summarized beneath:

Based on these pattern charges, you must count on to pay a bit extra for long-term protection. It’s additionally value reiterating right here that common life insurance coverage from Banner Life presents versatile premiums, so you’ll be able to set your individual worth so long as you keep inside the firm’s limits.

Banner Life Insurance monetary stability

Banner Life is a particularly dependable and respected insurer from a monetary stability standpoint. The firm earned an A+ (Superior) ranking for monetary power from AM Best and a 95 COMDEX Score, which is a composite of all main monetary power scores. Banner Life additionally earned a really robust ranking (AA-) for its monetary power from Fitch and Standard & Poor’s (S&P).

Banner Life Insurance was based in 1949 and has an extended monitor report of stable monetary administration. There’s no purpose to imagine Banner Life Insurance will mismanage your funds, and it ought to be capable of pay out any claims you’re entitled to obtain with out difficulty.

Banner Life Insurance accessibility

Banner Life Insurance is obtainable in 49 states and D.C., however not New York. Its buyer help crew is obtainable throughout its common enterprise hours.

Availability

The greatest household life insurance coverage firms attempt to supply protection to as many sorts of Americans as attainable. Banner Life Insurance isn’t any exception, providing plans in 49 states and Washington, D.C.

New York residents can’t get protection by way of Banner Life Insurance. However, they’ll pursue a life insurance coverage plan from William Penn, which is owned by the identical mum or dad firm, Legal & General, and should supply related plans.

Contact info

Although there’s no chat-based help choice, you’ll be able to contact Banner Life over the cellphone or by sending an electronic mail. The firm presents a toll-free cellphone quantity (800-638-8428), a direct cellphone quantity (301-279-4800) and a fax quantity (301-294-6960). Representatives can be found from 8 a.m. to five p.m. ET, Monday by way of Friday. You also can contact Banner through electronic mail at customerservice@bannerlife.com.-

User expertise

Banner Life Insurance strives to offer the perfect consumer expertise attainable by providing a wide range of digital instruments. These embody:

• A mobile-friendly app
• Telephone-based AppAssist for shoppers who need assistance navigating the corporate’s purposes
• Digital supply of paperwork and kinds

The firm additionally presents accelerated underwriting and will pay out claims as quickly as sooner or later after they’re authorized. However, Banner Life doesn’t have a web-based chat choice.

Banner Life Insurance buyer satisfaction

Banner Life Insurance opinions are tough to search out for the corporate itself, as most customers appear to submit opinions for its mum or dad firm, Legal & General. That firm has a Trustpilot ranking of “Excellent,” with a median of 4.1 out of 5 stars throughout greater than 1,375 user-submitted opinions.

Banner Life Insurance opinions from the Better Business Bureau (BBB) are much less favorable However, there are solely three as of this writing, which is inadequate to attract any conclusions. The firm has an A+ ranking from the BBB however isn’t presently accredited.

How we evaluated Banner Life Insurance

We thought-about the next elements whereas evaluating Banner Life Insurance and its mum or dad firm, Legal & General America:

• Banner Life Insurance scores from actual clients
• Plan choices and add-ons
• Average premium quantities
• Policy exclusions and restrictions
• Third-party scores
• Financial stability scores from trusted analysts

As you carry out your evaluations, you’ll be able to place your individual private weights on every issue. This will play a task in figuring out whether or not Banner Life Insurance is the suitable match to your insurance coverage wants.

Summary of Money’s Banner Life Insurance evaluate

Banner Life Insurance has a 50-year monitor report of offering time period and common life insurance coverage insurance policies to residents of the U.S. It receives stable opinions from clients and monetary stability analysts and presents a number of the longest protection lengths and highest protection quantities of any supplier within the trade.

However, the corporate presents fewer sorts of life insurance coverage than opponents and has no entire life plans. You’ll need to consider carefully about time period vs. entire life insurance coverage earlier than selecting it. It additionally has fewer riders and add-ons out there than different firms, making it tough to really personalize a Banner Life Insurance time period coverage.

If you desire a kind of life insurance coverage plan that Banner Life presents, the corporate is usually a nice choice. But as a result of its choices are restricted, the corporate isn’t the suitable selection for everybody — particularly should you’re fascinated about a personalized plan.