Is Banner Life a Good Insurance Company?
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Is Banner Life a good insurance company? At Diversified Insurance Brokers, we work with over 100 top-rated carriers to help clients protect their loved ones, plan for the future, and find the right coverage at competitive rates. Banner Life Insurance Company, part of Legal & General America, is widely recognized for its strong financial ratings, affordable term life insurance, and flexible policy options. With a history dating back to 1949, Banner Life has earned a reputation for delivering dependable life insurance solutions tailored to a wide range of needs and budgets.
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About Banner Life Insurance Company
Banner Life is headquartered in Maryland and operates as part of the Legal & General Group, one of the largest global insurance and investment management companies. They specialize in term life and universal life insurance, focusing on providing high coverage amounts at competitive premiums.
Popular Products from Banner Life
- Term Life Insurance: Flexible term lengths up to 40 years with affordable premiums.
- Universal Life Insurance: Permanent coverage with cash value accumulation and flexible payment options.
- High Coverage Amounts: Ideal for income replacement, mortgage protection, and estate planning.
Who Banner Life Is a Good Fit For
- Individuals seeking high-value term life coverage at low rates
- Families wanting long-term financial protection
- Business owners needing key person insurance
- People who value financial strength and stability in their insurer
Pros of Banner Life
- Competitive pricing for term life insurance
- High maximum coverage limits
- Financial strength ratings from leading agencies
- Part of a globally respected insurance group
Considerations
- Limited selection of permanent life insurance products compared to some competitors
- No whole life insurance offerings
Our Take
At Diversified Insurance Brokers, we consider Banner Life an excellent option for individuals and families seeking affordable term life insurance from a financially strong and reputable company. Their competitive rates, generous coverage amounts, and long history of stability make them a top choice for life insurance shoppers.
FAQs: Is Banner Life a Good Insurance Company?
What is Banner Life’s financial strength rating?
Banner Life has an A+ (Superior) rating from A.M. Best. Fitch Ratings also affirms it at AA- (Very Strong). These high ratings suggest robust financial health and ability to meet policyholder obligations.
How many consumer complaints does Banner Life have?
Over the past three years, Banner Life has had 18 complaints filed with the BBB. Most are related to billing, product issues, and customer service. Many have been answered or resolved.
What product options does Banner Life offer?
Banner Life offers a range of term life insurance policies (10–40 year terms), conversion options to permanent policies, accelerated death benefits, and various riders. It is also part of Legal & General America, giving it access to broad resources.
Is Banner Life available nationwide?
Yes — Banner Life is licensed in 49 states plus Washington, D.C. William Penn (its sister brand) covers New York.
What do users say about Banner Life’s customer service?
Reviews are mixed. Some customers praise Banner Life’s financial strength and policy options, while others report frustrations with billing, confusing policy communication, or delays. Overall, their complaint volume is relatively low compared to peers.
Are there any concerns or risks to be mindful of?
Yes. Banner Life’s ratings are under review due to a planned ownership change (Legal & General America’s protection business being sold). Some customers note that riders and optional features may not be available in all states, and premium pricing can increase upon conversion or renewals.
