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This Banner Life Insurance reviews looks at the award-winning Banner Life Insurance Company that has been doing business for over 60 years. With policies sold in 49 states plus DC, you are sure to find a Banner life insurance agent living in your area.
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Banner is a subsidiary of Legal and General Group, a company that has been in business since 1836 selling insurance products. Although they stated out in the UK, by absorbing other companies, they have expanded quite successfully into the US.
Banner Life Insurance Company was one of the first insurance companies ever to sell universal life insurance, an insurance product that allows you to take money from your policy when you need it. Now universal life insurance is a standard option among life insurance companies.
Banner Life Insurance Review of Website Navigation
The website for Banner Life Insurance Company is quite comprehensive and goes a long way towards answering any questions that you may have regarding your life insurance questions. Their website is easy to navigate with clear button options that make sense in relation to what you might be looking for.
Their website is also uncluttered and simple, which can be a relief compared to some other very busy life insurance websites. Not only can you navigate through the Banner Life Insurance Company webpage, you can also link to the Legal and General Group website if you are interest in other products.
You can also manage your insurance policy on their website. This is the place where you can speak to an agent, pay your premiums and so on. You can also get a quote directly on their website, although it does require you to share your personal information in order to receive your quote.
Banner Life Insurance Review Based on the Financial Outlook
According to the industry standard rating companies, Banner Life Insurance Company has an excellent outlook in terms of finances. What this means is that they are able to pay all of their current bills, insurance payouts and more while still maintaining their current growth and development.
From A.M. Best, Banner receives an A+ rating. They also receive an A+ rating from Standard and Poor’s. These ratings not only reflect the financial stability of Banner, but of their parent company as well.
Something Unique about Banner Life Insurance Company
Having something special is important to the financial stability of a life insurance company. The reason for this is that the competition is fierce in the insurance world. When a company can set itself apart, then they stand a better chance of surviving in this industry.
In the case of Banner, they were initially called the Government Employees Life Insurance Company or (GELICO). If this seems familiar, it should. GELICO was once a part of Geico. The company decided that it would be better to separate the two from each other to better focus on their areas of specialization. The result was Geico becoming a blockbuster vehicle and home insurance company that doesn’t sell life insurance at all.
GELICO became Banner Life Insurance and then eventually was absorbed by Legal and General Group. This provided them with the financial backing that they needed to provide the kind of services that they do today.
Banner Life Insurance Review of Your Service Options
If you were to glance at the Banner Life Insurance Company website, you would see that they only offer term life and universal life insurance and you might assume that they don’t have enough products to sell.
The truth is, however, that they offer term life insurance options as no other insurance company does. With their 6 term life insurance options, you are sure to find a policy that fits your needs.
You see, Banner will offer term life insurance coverage until the insured person turns 95. In the insurance world, this is unusual. Most insurance companies stop offering term options between the ages of 65-75.
Banner also offers flexible payment options and term limits for each of the policy options.
Banner isn’t perfect, however, and they don’t get the highest marks in their customer service category. A quick check online shows that people complain about being cancelled for no apparent reason, being told their policy has lapsed even though they have paid and getting premium increases when they have a fixed option.
This is just something that you should consider before you make your life insurance purchase.
In addition, you need to take the time to compare rates between companies. You can compare life insurance rates online right now by entering in your zip code!