Banner Life Insurance Company is one of the oldest and most established life insurance providers in the United States. Founded in 1949, the company has over 70 years of experience in the industry. Banner Life offers term life insurance policies and has received high ratings from various rating agencies. In this article, we will take a closer look at Banner Life Insurance and provide reviews and ratings based on customer feedback and industry standards.
History
Banner Life was established in 1949 as Government Employees Life Insurance Company (GELICO) and was created to provide life insurance policies to federal government employees. Over the years, the company expanded its portfolio and services and rebranded itself as Banner Life in 1981. Today, Banner Life is a subsidiary of Legal & General America and is headquartered in Frederick, Maryland. The company has over $703 billion of life insurance in force and has paid over $8 billion in claims to its policyholders.
Financial Strength Ratings
One of the key factors that customers should consider when choosing a life insurance provider is its financial strength. Banner Life Insurance has received high ratings from various rating agencies, which is a testament to the company’s strong financial position. The following are the ratings given by the top rating agencies:
Rating Agency |
Rating |
|---|---|
A.M. Best |
A+ |
Moody’s |
A1 |
Standard & Poor’s |
A+ |
These ratings indicate that Banner Life is financially stable and has the ability to pay its policyholders’ claims. Customers can have peace of mind knowing that their policy is backed by a financially strong company.
Products
Banner Life Insurance offers a variety of term life insurance policies to meet the needs of its customers. The company offers level term policies, which means that the premium and coverage remain the same throughout the policy term. The following are the types of term life insurance policies offered by Banner Life:
Opterm 10
Opterm 10 is a 10-year term life insurance policy that offers coverage for a specific period. The policy comes with level premiums and coverage, which means that the premiums and coverage stay the same throughout the policy term. Opterm 10 is an ideal policy for individuals who need temporary coverage for a specific period, such as a mortgage term or a child’s college education.
Opterm 15
Opterm 15 is a 15-year term life insurance policy that offers coverage for a specific period. Like Opterm 10, the policy comes with level premiums and coverage, which means that the premiums and coverage stay the same throughout the policy term. Opterm 15 is an ideal policy for individuals who need temporary coverage for a little longer than 10 years.
Opterm 20
Opterm 20 is a 20-year term life insurance policy that offers coverage for a specific period. The policy comes with level premiums and coverage, which means that the premiums and coverage stay the same throughout the policy term. Opterm 20 is an ideal policy for individuals who need temporary coverage for a longer period, such as until their children are financially independent or until their mortgage is paid off.
Opterm 25
Opterm 25 is a 25-year term life insurance policy that offers coverage for a specific period. Like other Opterm policies, the policy comes with level premiums and coverage, which means that the premiums and coverage stay the same throughout the policy term. Opterm 25 is an ideal policy for individuals who need temporary coverage for a longer period than 20 years.
Opterm 30
Opterm 30 is a 30-year term life insurance policy that offers coverage for a specific period. The policy comes with level premiums and coverage, which means that the premiums and coverage stay the same throughout the policy term. Opterm 30 is an ideal policy for individuals who need temporary coverage for a longer period, such as until their retirement or until their children are financially independent.
Application Process
The application process for Banner Life Insurance is simple and straightforward. Customers can apply for a policy online or through an agent. The following is the process of applying for a Banner Life Insurance policy:
Step 1: Get a Quote
Customers can visit the Banner Life Insurance website or speak to an agent to get a quote for a policy. The quote will provide an estimate of the premium and coverage amount based on the customer’s age, health, and other factors.
Step 2: Complete the Application
Customers can complete the application online or through an agent. The application requires the customer to provide personal information, such as name, address, date of birth, and social security number. The application also requires the customer to answer health-related questions and undergo a medical exam.
Step 3: Underwriting
After the application is submitted, Banner Life Insurance will review the application and medical exam results to determine the customer’s risk level. Based on the risk level, the company will determine the premium and coverage amount.
Step 4: Policy Issuance
If the application is approved, Banner Life Insurance will issue the policy and provide the customer with the policy documents. The customer will also be required to make the first premium payment.
FAQ
1. What is Banner Life Insurance?
Banner Life Insurance is a life insurance provider that offers term life insurance policies. The company was established in 1949 and has over 70 years of experience in the industry.
2. What types of term life insurance policies does Banner Life offer?
Banner Life offers Opterm 10, Opterm 15, Opterm 20, Opterm 25, and Opterm 30 policies. These policies provide coverage for a specific period and come with level premiums and coverage.
3. How do I apply for a Banner Life Insurance policy?
Customers can apply for a policy online or through an agent. The application requires the customer to provide personal information, such as name, address, date of birth, and social security number. The application also requires the customer to answer health-related questions and undergo a medical exam.
4. What is the underwriting process?
The underwriting process is the process of reviewing the customer’s application and medical exam results to determine the risk level. Based on the risk level, the company will determine the premium and coverage amount.
Customers can make a premium payment through the Banner Life Insurance website or through an agent. The company accepts various payment methods, such as credit cards, bank transfers, and checks.
Conclusion
Banner Life Insurance is a reputable life insurance provider that offers term life insurance policies. The company has over 70 years of experience in the industry and has received high ratings from various rating agencies. The application process is simple and straightforward, and customers can apply online or through an agent. If you’re in the market for a life insurance policy, Banner Life Insurance is worth considering.