Banner Life vs SBLI Which is Better?

If you have been comparing prices for term life insurance rates you may have noticed that Banner Life and SBLI often have the best quotes. In this blog post I’ll compare Banner vs SBLI and highlight some of the differences between the companies.  While we represent both companies and think they are excellent, we’ll highlight both companies and make it easier for you to decide. If you would like to compare life insurance rates, you can use click right below, or keep reading for more on Banner Life vs SBLI.

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Banner Life vs SBLI

Company History and Financial Strength

SBLI (Savings Bank Life Insurance Company of Massachusets) has been in business since 1907. They have an A+ rating from A.M Best, which stands for “Superior” financial strength. They have over $125 Billion in life insurance policies in force.

Banner Life has been in business since 1949. Originally they were called GELICO part of the same company that is GEICO today, the company is called Banner today and is owned by Legal & General Group. Banner Life also has an A+ rating by A.M Best. They are a bigger company than SBLI, having $425 Billion in life insurance policies in force.

Banner Life vs SBLI Conversion Options

With SBLI you can convert a term policy to a universal life, or whole life policy up to age the expiration of your term, or age 70 – which ever comes first.

Banner Life also allows conversion up to age 70 or up to the expiration of the policy, whichever comes first. If you purchase a policy at age 66, they will allow you 5 years to convert, which means an extra year to convert. The distinction between SBLI and Banner is that with Banner you can convert to a universal life policy, while SBLI allows conversion to both universal life and whole life.

Term Length Options

SBLI offers 10,15,20,25,and 30 year term life.

Banner offers 10,20 and 30 year term life, and does not offer 25 year term life.

If you happen to be a type 2 diabetic, Banner will usually offer a better underwriting class than SBLI and would be my recommendation of the life insurance company to choose.

Underwriting Guidelines and Differences Banner vs SBLI

When it comes to underwriting, SBLI is a bit more strict than Banner Life.

With SBLI if you have used tobacco within the past five years, you won’t qualify for Preferred Plus (their best rate). If you haven’t used tobacco for three years you can qualify for Preferred Non Tobacco (2nd best rate).

Total cholesterol needs to be under 225 and Cholesterol to HDL ratio of 5.0 or less to qualify for Preferred Plus rates.

 

Family History – To qualify for the best rates you need to have no history of cardiovascular disease and cancer with parents or siblings prior to age 60.

 

You can qualify for Preferred Plus with Banner Life as long as you haven’t used tobacco for 3 years. If you haven’t used tobacco in the last 2 years, you can still get Preferred Non Tobacco, and as long as you haven’t used tobacco in the last 12 months, you can qualify for Standard Plus Non Tobacco.

Cholesterol – Banner is more liberal than SBLI in this category. They allow a maximum cholesterol of 300 and to qualify for Preferred Plus the Cholesterol to HDL ratio needs to be 4.5 or less.

Family History – While you can’t qualify for Preferred Plus with SBLI with a family history of cancer, you can with Banner. Banner doesn’t discriminate based on history of cancer. They do however have the same guidelines as SBLI when it comes to a history of cardiovascular disease.

 

Banner vs SBLI – Compare Rates

Banner Life and SBLI are both excellent companies that are financially strong with excellent rates.You can use our quote tool below to compare rates among Banner, SBLI and other top life insurance companies or call us at 800-574-0245 ext 101, and we can help you get the best rates on term life insurance.

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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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