Know all about Banner Life
Banner Life or Banner Life Insurance Company is a part of parent organization Legal & General America as a subsidiary. The company is a potential life insurer that provides both term and permanent life insurance policies and riders.
With over 1,140,000 U.S. customers they are considered to be the 5th best seller of life insurance products in the country. In 2013, the company got $437 billion of insurance in force and sold over $50.1 billion in new coverage for the fiscal year 2015 which is itself a record.
Banner Life Insurance Company came in 1949
Banner Life came to be originally known as Government Employees Life Insurance Company (GEICO) in 1949. It was later acquired as a wholly-owned subsidiary in 1981 by Legal & General Group PLC thus changing its name officially to Banner Life in 1983.
The company has a history of more than 60 years in the insurance market whereas its parent organization has been around since the 1800s. Banner Life Insurance Company and William Penn collectively refer to their parent organization, Legal & General America in the market.
The parent organization is headquartered in London, England and is operating in the United States, U.K., Egypt, Germany, India, the Netherlands, and France. Banner Life has its home office in Urbana, Maryland with approximately 70,000 active brokers.
What are Banner Life's products in the market?
Banner Life Insurance Company and William Penn offer their products in the market under the marketing brand Banner Life. The offices of the company in Garden City, New York, and Urbana, Maryland carry out these duties with full transparency. They are financially strong and fiscally responsible to carry out insurance business practices.
Banner Life Insurance is licensed to sell out its products in almost 49 states of the United States whereas products by William Penn are provided only in New York.
The company is in demand to offer term life and universal life insurance at the lowest prices and with favorable underwritings.
In this way, their customers are benefited from low premium outlay on a large number of death benefits in the policy.
Banner Life's universal insurance products are quoted to cover the term up to the insured's age 120. For non-smokers, they provide terms of 10 to 30 years in five-year increments which is another great option.
Banner Life’s newly introduced products
• Banner Life has introduced APPcelerate policy in the market. Using this one can easily get access to a life insurance policy by making a simple phone call.
This plan is active for ages of 20-50 offering protection up to $500,000. No medical exam is required for a normal term plan and one can choose the options of different lengths as per their need.
• Another is OPTerm policy which one can renew reaching up to age 95 but without changing the insured underwritings. According to the market survey, it is the best choice if one is planning for longer protection.
• They also have to Step Up universal life under which they offer the facility to convert term policies to universal life coverage thus building up cash value as long as one pays the premiums.
Can we trust the company for insurance?
Yes, Banner Life is trustworthy for its exceptional service to their clients. It is facing tough competition in the market but differs by its flexible payment options and term limits of the policy. Some points that place them as first preference are;
• They offer term life policy to all their clients up to age 95 which is far past the usual 65-75 range by other companies.
• Their reapplication process is not so tedious after one’s term gets over and the guaranteed level premium is activated for each policy.
• Banner Life shows genuine concern about their clients by finding them the right policy with customization.
• They are also the only ones in the insurance market to offer MediGuide with all its policies at no cost. Under this scheme, they reach you with help by identifying the topmost medical centers with advanced technological facilities.
How do financial rating companies view Banner Life?
Banner Life is ranked superior considering its financial strength and the ability to pay claims. It has got the following;
• A+ from A.M. Best,
• AA- from Standard & Poor's
• AA- from Fitch and
• 94 score from COMDEX
The above ratings bring proud to Banner Life by further strengthening its operating performances to fulfill the promises and commitments made by them to life insurance policyholders.
Banner Life’s newsroom
The parent organization of Banner Life recently awarded $10,000 life lessons scholarship to UMBC sophomore on 19th September 2019.