Quick answer
Banner Life is the U.S. life insurance arm of Legal & General Group, a London-headquartered global insurer founded in 1836. Banner Life is consistently among the lowest-cost carriers for fully-underwritten level term life insurance, particularly on 30-year and 40-year terms. It is rated A+ (Superior) by A.M. Best. Banner Life also operates a no-medical-exam program called OPTerm Direct that offers up to $1,000,000 of accelerated-underwriting coverage for healthy applicants ages 20-45.
Our take on Banner Life Insurance (now Legal & General Life Insurance Co.)
Banner Life Insurance began as Government Employees Life Insurance Company (GEICO) in 1949, but in 1981, the company was acquired by Legal & General. Legal & General also acquired William Penn in 1989, which is why you will often see Banner Life, William Penn, and Legal & General America used almost interchangeably. However, the policies issued by Banner Life are unique and are actually among the industry’s best.
Policyholders may especially appreciate the flexibility of their stackable term riders, which gives them the ability to increase coverage when they need it most. If you’re looking for affordable life insurance, Banner Life would make an excellent choice.
Banner (Legal & General) Life Insurance Company Details
| A.M. Best Rating | A+ |
| S&P Rating | AA- |
| BBB Rating | A+ |
| Customer Service Phone | 800-638-8428 |
| Website | www.lgamerica.com |
| Address | Legal & General America 3275 Bennett Creek Avenue Frederick, Maryland 21704 |
What we like
Online Quotes
Though not quite the same as a no-exam policy, their APPcelerate is a no medical exam life insurance plan that lets you receive term coverage in as little as one business day.
Stackable Term Options
One of their term riders lets you stack term policies. For example, a 20-year level term life insurance policyholder can add an additional 10-year term, overlapping the first half of his 20-year policy and maximizing benefits during a period of pronounced financial need.
What we don’t like
No Whole Policies Offered
While Banner Life offers two different universal life insurance plans, customers will have to look elsewhere if they specifically need a whole life insurance plan.
Applicants Must Pay Reconsideration Fee
If applicants want to be reconsidered for their policies, they will be responsible for paying their own reconsideration fee.
Strict Eligibility
Banner Life’s simplified issue term life insurance policies offer great rates to the young and healthy but have a reputation for excluding those who have health conditions or a history of drug and alcohol dependence.
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Banner Life Insurance Products
Term Life
| Length of Coverage | 10, 15, 20, 25, 30, 35, or 40 years |
| Minimum Coverage | $100,000 |
| Maximum Coverage | $1,000,000 |
| Estimated Time to Approval | Up to a week or 1 day with APPcelerate plan |
| Product Features |
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Banner offers some of the most flexible term life insurance in the industry, with plans ranging from 10 to 30 years, as well as 40-year terms for residents outside of the state of New York. Coverage ranges from $100,000 to $2 million dollar life insurance and is available with no exam to applicants as old as 75, though term lengths will be reduced with age as follows:
| Coverage Length: | Applicant Age Range: |
| 10 Years | 20-75 |
| 15 Years | 20-75 |
| 20 Years | 20-75 (non-smoker); 20-70 (smoker) |
| 25 Years | 20-60 (non-smoker); 20-55 (smoker) |
| 30 Years | 20-55 (non-smoker); 20-50 (smoker) |
APPcelerate Plan
Banner Life doesn’t offer a traditional no-exam policy, but they do offer accelerated underwriting for certain applicants. While not an instant issue life insurance plan, applicants can expect to receive coverage within one business day, provided they meet the following criteria:
- A health interview passed
- Non-smoker
- Not a resident of Connecticut, Alaska, or Hawaii
Otherwise, Banner Life’s traditional underwriting can take weeks to complete.
Great Policy for Healthy Applicants
Banner Life’s term policy is great for younger, healthy applicants. You can generally expect to see the greatest value when you meet their health screening requirements, which include a comprehensive personal and family medical history.
The flip side, of course, is that Banner Life tends to be more challenging for those who have health conditions, along with those who have family members with health issues such as heart disease or cancer. In order to be reconsidered, the applicant must pay fees.
Annual Policy Fee
Banner Life’s term policies come with a $60 annual fee, though this is built into the term price.
Conversion Options
Term life policyholders have the option of converting their policy into a universal life policy at any time prior to their 70th birthday.
Laddered Options
Banner Life gives their term policyholders the option to “ladder” their policy using additional riders. This means that you can increase your death benefit during times of greater financial need, such as when your mortgage is at its highest or when your kids are preparing for college.
Universal Life Insurance
Universal life insurance is a type of life insurance policy, which means that the policy will last as long as the premiums are paid for.
Banner Life’s universal policy can be issued up to age 85 and will remain in effect to age 121. The minimum death benefit is $50,000.
Banner Life offers two different universal life policies: Life Step and Life Choice. Both policies can be issued to applicants between the ages of 20 and 85, though they differ in their benefits.
Life Step UL
Life Step UL offers the flexibility to surrender your policy earlier, and you can also pay for your policy over a shorter period of time (e.g., 10 years) and still lock in lifetime coverage. This can be a good choice for those who prefer the lower minimum death benefit amount of $50,000. The flip side is that Life Step UL has 20-25% higher premiums and a lower guaranteed interest rate.
Life Choice UL
Life Choice UL has lower premiums, as well as a higher guaranteed interest rate. However, this policy is only available to those seeking a minimum death benefit of $100,000 or higher.
Policy benefits
Riders
Accelerated Death Benefit
This rider will pay you an advance on your death benefit if you are diagnosed with a qualifying illness. You can use this to cover medical expenses, groceries, debts, and any end-of-life expenses you incur from your illness.
Children’s Term Rider
With this rider, your children are covered until age 25.
Waiver of Premium Rider
If you become disabled by a qualifying illness or injury, your premiums are waived.
Stacking Term Rider
This rider can provide an additional term period on top of an existing term. For example, if you have a 30-year term policy, you can purchase an additional 10-year rider to increase coverage during a specific period. This can be useful early in your policy when your financial obligations tend to be higher.
Conversion Options
As we mentioned, term policies can be converted to a universal life insurance policy (either Life Step or Life Choice UL) at any point prior to your 70th birthday.
Cost
For healthy applicants, Banner Life’s monthly premiums tend to be lower than industry averages. For a 20-year, $500,000 policy, Banner Life offers consistently competitive premiums across a range of ages:
| Age Range | Banner Life | Industry Average |
| 20s | $24/mo | $28/mo |
| 30s | $28/mo | $32/mo |
| 40s | $55/mo | $61/mo |
| 50s | $135/mo | $152/mo |
| 60s | $474/mo | $504/mo |
*Please consult Banner Life for precise quotes.
However, many third-party reviews indicate that Banner Life’s monthly rates can increase sharply for applicants who smoke or have a history of health problems.
Performance
Financial ratings
Banner Life has received consistently high scores from third-party consumer agencies, including:
- S&P Rating: A+ (superior)
- A.M. Best Rating: AA-
- BBB: A+
These ratings indicate strong financial performance, illustrating the reliability of Banner Life.
Frequently Asked Questions
Is Banner Life a good life insurance company?
Yes. Banner Life is the U.S. subsidiary of Legal & General Group, one of the largest life insurance and asset management groups in the world (over $1 trillion in AUM globally). Banner Life is rated A+ (Superior) by A.M. Best - the second-highest of 13 financial-strength ratings. The company has been writing life insurance in the U.S. since 1949 and is licensed in all 49 states plus DC (not available in New York; New York residents can use William Penn Life of New York, a Banner Life affiliate).
Is Banner Life and Legal & General the same company?
Banner Life is the U.S. life insurance subsidiary of Legal & General Group, the London-headquartered global insurer. In the U.S., the company is also known as "Legal & General America" or "LGA," with Banner Life as the consumer-facing product brand outside New York and William Penn Life of New York as the brand in New York. The products are written on the same paper and underwritten by the same team.
What life insurance products does Banner Life offer?
Banner Life offers four main product types: (1) OPTerm - fully-underwritten level term life in 10/15/20/25/30/35/40-year durations, coverage up to $10M+, (2) OPTerm Direct - no-medical-exam term up to $1M for ages 20-45, (3) Life Step UL - guaranteed universal life with no-lapse guarantee to age 121, (4) Survivorship Universal Life - second-to-die UL for estate planning. Banner Life is best-known for OPTerm, particularly the 30-year and 40-year terms.
Is Banner Life the cheapest term life insurance?
For healthy applicants ages 25-55 seeking 30-year or 40-year term life, Banner Life OPTerm is consistently among the LOWEST-cost carriers in the U.S. market. For 10-year and 20-year terms, Banner is competitive but Pacific Life, Protective, and Symetra are sometimes lower. Always compare 3-5 carriers; the rate spread for healthy applicants can be $200-500/year on the same coverage amount.
How much does Banner Life insurance cost?
Sample monthly rates for a healthy non-smoking 35-year-old: $500K 30-year OPTerm, around $30-38/month (female) or $34-44/month (male). $1M 30-year OPTerm, around $52-65/month (female) or $60-78/month (male). $500K Life Step UL to age 100, around $200-280/month. Tobacco users pay 100-200 percent more. Always shop multiple carriers because Banner is most competitive on long-duration term, less so on short-duration.
Does Banner Life require a medical exam?
OPTerm Direct (no-exam) offers up to $1,000,000 of coverage for healthy ages 20-45 using accelerated underwriting (prescription history, MIB records, motor vehicle records, LexisNexis risk score). Standard OPTerm requires a paramedical exam for most applicants. Life Step UL typically requires an exam for face amounts above $250,000. The exam includes blood draw, urine sample, vitals, and a brief health questionnaire.
How long does Banner Life take to approve an application?
OPTerm Direct (no-exam) typically returns a decision within 24-48 hours. Standard OPTerm with a paramedical exam takes 2-6 weeks depending on exam scheduling and lab work. Life Step UL takes 4-8 weeks because the underwriting is more comprehensive for permanent products. Banner Life's underwriting team is generally considered one of the more efficient in the industry, with consistent decision timelines compared to peers.
Who should buy life insurance from Banner Life?
Banner Life is best for: (1) Healthy applicants ages 25-55 seeking 30-year or 40-year fully-underwritten term life at the lowest possible cost, (2) Applicants ages 20-45 seeking no-exam term up to $1M via OPTerm Direct, (3) High-net-worth applicants seeking large face amounts ($2M+), (4) Estate-planning buyers needing guaranteed universal life. Banner Life is NOT the best fit for older applicants (60+), applicants with significant health conditions, or applicants needing simplified-issue or guaranteed-acceptance products.
Can I convert Banner Life term to permanent insurance?
Yes. All Banner Life OPTerm policies include a conversion privilege that allows you to convert to a permanent policy (Life Step UL or Survivorship UL) without a new medical exam. The conversion deadline is typically the policy anniversary nearest the insured's 70th birthday OR the end of the level-term period, whichever comes first. This is a particularly valuable rider for buyers who may want to lock in permanent coverage later in life regardless of future health.
How do I file a claim with Banner Life?
Beneficiaries can file a claim by calling Banner Life at 1-800-638-8428 or by visiting LGAmerica.com/claims. Required documentation includes the certified death certificate, the policy number, and the beneficiary's ID. Banner Life typically pays approved claims within 14 to 30 days of receiving complete documentation. Beneficiaries can elect lump-sum payment or various settlement options including life-only annuity and fixed-period annuity payouts.
