Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Aug 31, 2021

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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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The Truth in a Nutshell

  • Banner Life Insurance offers term life and universal life policies with flexible coverage options.
  • Pay as little as $9 a month for term life insurance depending on age, sex, and state variables.
  • Banner Life Insurance does not sell insurance online, you must contact an agent to apply.
  • Banner Life does not offer insurance without medical exams and their underwriting process can take weeks.

Banner Life Insurance is a highly rated insurance company that offers both term life and universal life insurance products. The Better Business Bureau (BBB) rates Banner Life Insurance an “A+.”

Banner Life Insurance may not be as well-known as some of the bigger insurance companies, but healthy adults, or those with a single controlled health condition, usually qualify for lower rates with Banner Life Insurance than with many competitors.

Banner Life Insurance does not offer insurance without medical exams. The company does offer online rate quotes, but you cannot purchase a policy online. To purchase a Banner Life Insurance policy, you must speak with one of the company’s agents.

Our Banner Life Insurance review explains Banner Life Insurance rates, including the riders they offer for more flexible coverage options.

Many people wonder why is insurance so expensive, and Banner Life Insurance offers quality life insurance coverage at affordable rates.

Use our free comparison tool to compare multiple insurance companies and find the best option for you.

What products are available at Banner Life Insurance?

Affordable Banner Life insurance is available in either term life or universal life policies. Applicants aged 20-75 can purchase term life insurance, while universal life insurance is open to applicants aged 20-85.

Both Banner Life Insurance’s term life and universal life policies include an Accelerated Death Benefit for those who are terminally ill. Policyholders can access up to 75 percent of the policy, with a maximum of $500,000, prior to death.

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What term life insurance options does Banner Life Insurance offer?

Banner Life Insurance’s term life policy is called OPTerm. You can buy terms from 10-40 years, in increments of five years. Coverage amounts start at $100,000.

Banner Life Insurance allows you to stack term coverage for more protection when you need it. This is a cost-effective way to buy term insurance.

A term life policy with Banner Life Insurance can be converted to a permanent policy with no medical exam or fee up until age 70. OPTerm offers tax-free death benefits.

What universal life insurance options does Banner Life Insurance offer?

Banner Life Insurance offers a universal life insurance option called Life Step UL. Coverage starts at $50,000 and cash value accumulates tax-deferred. The cash value can be withdrawn as loans from Life Step UL.

Life Step UL offers lifetime term periods with flexible premium payments and a tax-free death benefit for survivors.

It also offers a short-pay option, allowing policyholders to pay off premiums in a shorter period of time than the term of the insurance. This means you can pay all of your premiums before your retirement.

What riders are available at Banner Life Insurance?

Banner Life’s OPTerm offers several riders, including:

  • A Waiver of Premium allowing you to skip premium payments if you become disabled for longer than six months
  • A Term rider that allow you to stack terms when extra coverage is needed in shorter time frames
  • A Children’s Term that ends when the child turns 25 or the policyholder turns 65 

How do you choose the right kind of life insurance?

If you are looking for a way to protect your family, then it is important that you get the best type of financial protection. This will ensure that they have enough money in case something happens to you and also make sure that their financial situation does not become too difficult after your death. There are many different types of life insurance available on the market today but which one should you go with?

Term life insurance policies are cheaper and offer coverage for a limited period of time. These are flexible policies that tend to be good for younger people.

Whole life insurance policies offer permanent coverage for your entire life and the premiums remain the same. This can give you added peace of mind.

A universal life policy is a type of life insurance that features a cash value component via investments. This policy is best for those who are not risk averse.

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How much does Banner Life Insurance cost?

U.S. News ranked Banner Life Insurance #1 on its list of Most Affordable Life Insurance Companies of 2021.

Banner Life Insurance offers quotes online, but the final price of coverage depends on the insurance chosen, your medical information, records from your doctors, and medical exam results.

Banner Life Insurance Average Monthly Rates for Non-Smokers

Excellent Health
Male or Female
Average Monthly Rates for $100,000 Death BenefitAverage Monthly Rates for $250,000 Death BenefitAverage Monthly Rates for $500,000 Death Benefit
25 year-old (Male)$7.57$11.18$16.77
35 year-old (Male)$8.47$11.73$17.42
45 year-old (Male)$11.10$19.44$32.35
55 year-old (Male)$20.16$40.20$70.00
25 year-old (Female)$6.99$8.53$11.67
35 year-old (Female)$7.10$10.00$14.83
45 year-old (Female)$10.15$16.12$26.01
55 year-old (Female)$17.60$33.75$60.20
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How much life insurance do I need?

Banner Life Insurance offers an online downloadable worksheet to help you estimate your needs.

Banner Life Insurance has affordable life insurance rates, even for people with conditions like high blood pressure, high cholesterol, or diabetes, as long as the conditions are well managed. Compared to other life insurance companies in the industry, Banner offers competitive rates.

What do you need to know about Banner Life Insurance?

Banner Life Insurance Company opened its doors in 1949 as Government Employees Life Insurance Company (GELICO). Legal & General, a British company, purchased Banner Life Insurance Company in 1981. Legal & General has been around since the 1830s.

Banner Life Insurance sells term life and universal life insurance in 49 states and the District of Columbia, but it does not sell insurance in New York. William Penn Insurance Company, also a part of Legal & General, only sells insurance in New York.

Banner Life Insurance: What’s the bottom line?

Most people buy life insurance to protect their family from financial burdens if they die prematurely. Unmarried people may ask, do I need life insurance if I’m single? If relatively healthy, both married couples and singles can secure low-cost life insurance at Banner Life Insurance.

The BBB has only registered four complaints on Banner Life Insurance over the past three years, all of which have been resolved. This suggests the company has good customer service. Banner Life Insurance received an “A+” (Superior) financial strength rating from A.M. Best. Over 1.3 million Americans currently hold Banner Life Insurance policies.

There are some cons to Banner Life Insurance. The company does not sell insurance products directly through its website, though you can use your Banner Life Insurance login to pay insurance premiums online.

The company’s term life and universal life policies may not work for people needing more sophisticated insurance products.

Banner Life Insurance does not offer discounts for bundling multiple policies and its underwriting process can take several weeks while waiting for medical exam results and doctor reports.

Ready to compare Banner Life Insurance Company’s rates? Enter your ZIP code to get quotes for affordable life insurance rates.

Frequently Asked Questions: Banner Life Insurance

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#1 – Does Banner Life Insurance offer final expense insurance?

Yes, Banner Life Insurance offers final expense insurance to help with funeral expenses or medical debt to people aged 50-80, with no medical exam needed. Coverage begins at $1,000 and goes up to $15,000, in increments of $1,000. You cannot be turned down for this insurance because of your health.

#2 – Does Banner Life Insurance offer whole life insurance?

No, Banner Life Insurance does not offer whole life insurance.

#3 – Do Banner Life Insurance policies pay dividends?

Banner Life Insurance does not pay dividends.

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#4 – Is Banner Life Insurance Company any good?

Banner Life Insurance offers affordable rates for term life and universal life policies. The company has only had four complaints registered with the BBB.