Banner Life Insurance Review & Complaints (2024)

Premiums
Claims
Feedback
Financial Strength

Operating under the name of its parent company, Legal & General, Banner Life writes a variety of life insurance products. They are licensed in all states with the exception of New York, where another Legal & General subsidiary operates.

What is Banner Life Insurance?

Banner Life Insurance was founded in 1949 as Government Employees Life Insurance Company (GELICO). The company was acquired by Legal & General in 1981, and the name change to Banner took place in the period of time two years later.

While Banner still underwrites under its own name, all of the marketing and the online presence are under the Legal & General America name. The company does not operate its own website. They are the main underwriter of life insurance for Legal & General, with the exception, noted above, of New York.

Banner writes several types of life insurance including term life insurance, universal life insurance, and final expense. Products are sold through independent agents across the country.

When looking for life insurance coverage, it pays to shop around. Enter your ZIP Code above to get quotes from multiple life insurance carriers in your area.

What types of insurance products does Banner Life offer?

Banner Life’s life insurance products fall into three categories: term, universal, and final expense.

Term Life

Banner Life offers term life policies with terms including a 20-year term life policy, a 30-year term policy,  and a 40-year term life insurance policy. The site does not offer much more detail than the basics, not listing the term life insurance policy options specifically nor the range of death benefits.

In the quoting system, death benefits listed for quotes range from $100,000 up to $10 million. The policy terms in the quoting system range from 10 to 40 years, going up by five.

Universal Life Policy

Step UL is the universal life insurance policy from Banner Life. The policy features flexible premium options and a cash accumulation account that can grow as an additional death benefit or be used to pay premiums later in life or in a time of difficult financial conditions.

There is not a list of the death benefit range here, and this universal life insurance policy did not have an online quote so we were unable to investigate Banner universal life insurance coverage options further.

Final Expense

Banner Life’s Final Expense life product is available to those between the ages of 50 and 80 and offers death benefits of up to $15,000. This is meant to provide for the funeral and other final expenses.

This product is a simplified issue, which means it does not require a medical exam; the site states that acceptance is guaranteed regardless of health. It is worth noting, however, that guaranteed acceptance does not mean they cannot charge a higher premium based on health information.

Does Banner Life offer competitive rates?

Both the term and final expense policies can be quoted online.

For term life insurance, we quoted a 30-year-old male, 6′ tall and weighing 180lbs, non-tobacco, and in average health. We used our usual sample ZIP code in Southern California. We first quoted a $100,000 policy, at 10 and then at 30 years. The 10-year term policy came back at $10.19 a month. The 30-year came back at $14.62 a month. (For more information, read our “How much does a $100000 life insurance policy cost?”).

We then quoted a $1 million policy with the same term lengths. The 10-year policy returned a rate of $39.99 and the 30-year policy a rate of $74.91.

For final expense insurance, we were unable to quote in our usual zip code as the product is not currently available there. We used the suggested zip code in Maryland (the company’s headquarters location) and pre-set sample of a 50-year-old female non-smoker for our quotes. A $2,000 policy was quoted at $8.80 a month, and a $15,000 at $61.49.

We found the term rates here to be very reasonable, but we have seen better rates on final expense insurance elsewhere. Rates, of course, are not the whole picture, and many companies make up for a higher premium with service.

Banner Life Insurance Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Banner Life Insurance offers a straightforward and user-friendly claims process. Whether you prefer the convenience of filing a claim online, over the phone, or via mobile apps, Banner Life Insurance has you covered. Their commitment to customer satisfaction extends to the ease of initiating a claim, ensuring that policyholders can access support through their preferred method.

Average Claim Processing Time

Policyholders often wonder how long it takes for their claims to be processed. Banner Life Insurance strives to expedite this process efficiently. While actual processing times may vary depending on the complexity of the claim, the company’s dedication to swift and accurate claim processing is evident. They work diligently to ensure that beneficiaries receive the financial support they need promptly.

Customer Feedback on Claim Resolutions and Payouts

The true measure of an insurance company’s reliability lies in its ability to deliver on its promises when policyholders need it most. Banner Life Insurance boasts an impressive A+ rating with the Better Business Bureau, reflecting its commitment to resolving claims efficiently and fairly.

Customer feedback on claim resolutions and payouts has generally been positive, highlighting the company’s reputation for providing dependable support during challenging times.

Discover the Digital and Technological Features Offered by Banner Life Insurance

Mobile App Features and Functionality

Banner Life Insurance understands the importance of convenience in today’s digital age. Their mobile app is designed to make managing your insurance policies a breeze. With a range of features and user-friendly functionality, the app allows policyholders to access their policies, make payments, and even initiate claims from the palm of their hand.

It’s a valuable tool for those seeking on-the-go access to their insurance information.

Online Account Management Capabilities

For policyholders who prefer to manage their insurance accounts online, Banner Life Insurance offers a comprehensive online account management system. This platform enables you to review your policy details, update information, and make payments with ease.

The user-friendly interface ensures that policyholders can efficiently handle their insurance-related tasks from the comfort of their own home.

Digital Tools and Resources

In addition to their mobile app and online account management system, Banner Life Insurance provides policyholders with a range of digital tools and resources. These resources are designed to enhance your insurance experience, offering valuable insights, educational materials, and calculators to help you make informed decisions about your coverage.

Banner Life Insurance is committed to ensuring that policyholders have access to the information and tools they need to protect what matters most.

Are the ratings and consumer reviews positive?

Banner Life has an A+ rating with the Better Business Bureau (BBB) and there are only three customer service complaints on file in the complaint history for the past three years. There is only one negative review on the page, citing a problem with clerical errors on a policy at issue that were not easily fixed.

We were unable to locate any other customer complaints or even customer reviews, which is generally a good thing for an insurance company. We also searched under the Legal & General name and again found very little on Banner Life Insurance customer service.

What’s the bottom line?

Banner Life Insurance Company has a long history and a good reputation. Their rates, particularly for term life, are very reasonable, with a good selection of term policy options and death benefit amounts. This is a company well worth considering for your life insurance needs.

We hope this Banner Life Insurance review has been helpful. But Banner may not be the best choice for life insurance for you. It’s always good to do your research before buying any form of life insurance.

If you are looking to lower your life insurance premiums, see what other life insurance options are available near you. Use the box below to get life insurance quotes from companies in your area.