Banner Life Insurance Review

You may have received a quote for life insurance and are trying to find out if Banner Life Insurance is the best life insurance company for you. In this blog post I’ll provide you with some historical information on Banner Life Insurance, I’ll review their financial strength rating, I’ll write about their products and some unique features they provide, and example of pricing for life insurance with Banner Life. If you would just rather get a quote for life insurance and compare life insurance rates among Banner Life, as well as other top life insurance carriers, then you can get an instant life insurance quote right below this paragraph, or contact us with specific questions. Otherwise keep reading for the Banner Life Insurance Review.

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Who is Banner Life Insurance?

Banner Life was founded in 1949 and was originally called Government Employees Life Insurance Company (GELICO) which was actually part of the same company as GEICO. Legal & General Group bought GELICO in 1981 and changed the name to Banner Life. Banner is headquartered in Maryland and has over $400 Billion of life insurance policies in force.

Besides being in business for over 60 years and having over $400 billion in life insurance in force, Banner Life insurance also has an A+ rating from A.M Best. An A+ rating means “Superior” and indicates that Banner Life is very strong financially.

Key Features of Banner Life Insurance

Banner Life is known for their competitive term life insurance prices. They are one of the top term life insurance companies in the U.S.

Banner offers level term life insurance for 10,20, or 30 year term periods. One of the nice features of Banner Life is that you can convert their term life insurance to a permanent Universal Life policy (called Life Choice UL). You can convert your term policy to their Universal Life policy at anytime during the length of your term insurance, up to age 70. The nice thing about converting your life insurance policy is that you don’t need to have a medical exam done, and you get the same health rating that you received when you originally bought your life insurance policy.

Examples of Pricing with Banner Life Insurance

If you would like a life insurance quote for your specific age and coverage amount, please use our instant quote form below this blog post. You can also call us 800-574-0245 Ext 101 so that we can help you figure out which health rating you will likely qualify form.

For the purposes of example I’ll include monthly premium pricing for a $250,000 20 year term policy for a 30,40,and 50 year old non-smoker male with Banner Life at various health ratings.

$250,000 20 Year Term for 30 Year old Male with Banner Life

Preferred Plus: $13. 56
Preferred: $17.50
Standard Plus: $20.34
Standard: $27.13

$250,000 20 year Term for 40 Year old Male with Banner Life

Preferred Plus: $18.38
Preferred: $23.63
Standard Plus: $29.75
Standard: $37.63

$250,000 20 year Term for 50 Year old Male with Banner Life

Preferred Plus: $44.84
Preferred: $52.72
Standard Plus: $68.91
Standard: $84.00

While Banner is a financially strong, competitive company for term life insurance, they may not be the best life insurance company for you. For example, if you have a pre-existing health condition, it is very important to match you with the right company that will approve you at the best possible rates. If you are in that position, Banner Life may, or may not be the best company for you. I encourage you to fill out our contact-us form, or call us at 800-574-0245 Ext 101 to help match you with the right company.

I also encourage you to get an instant life insurance quote below, and find out which life insurance company is best for you, based on your coverage amount, age, and health.

Instant Life Insurance Quote
State: 
Birthdate: 
Gender:  Male     Female 
Smoker/Tobacco:  Yes    No 
Health Class: 
 Type of Insurance:   
Face Amount: 
Your Name: 
Phone Number: 
E-mail Address: 

Author: Liran Hirschkorn

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Liran Hirschkorn

Liran Hirschkorn is the founder of Chooseterm.com. His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.

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