Banner Company Life Insurance Review

Written by Jeff Root

Banner Life Insurance Company has low term life insurance and a wide array of universal life insurance products. They do not have whole life insurance policies.

The Banner Life insurance company has a Superior Financial strength rating and they are considered excellent. This is a very important factor for you to consider when evaluating different policies because the financial strength of a company is indicative of how well that insurance company will be able to cover any claims that you submit upon your passing.

They have a great financial rating and they have a stable history of financial strength which means that they will be around long after your policy comes up for payment.

Company Financial Ratings
A.M. Best A+
Moody’s N/A
Fitch AA-
Standard & Poor’s AA-

They have fewer complaints compared to the national average. This national average is taken by the National Association of Insurance Commissioners and it is based on the relative size of the company and how much of the market share the company has.

The median average for complaints is one. Any company that scores is lower than one has received fewer complaints than the average. Any company with a score higher than one has received a higher-than-average array of complaints. This company has a score of .16 which puts them on the low end of complaints and therefore begets higher customer satisfaction.

Banner Life Insurance Products Review

This company primarily sells term life insurance and universal life insurance. Their term life insurance policies are set up in increments of 10 years, 20 years, or 30 years.

There are specific rules about whether applicants qualify for coverage and how much they end up paying on their premiums. This company is very concerned with driving records and blood pressure.

The term and universal life insurance policies they offer are broken down into different classes with preferred being the top tier with the lowest premiums. Behind that is standard which is still good coverage but will simply cost more.

The class into which your application is put is based upon your personal information including things like your driving record and your health.

Life Insurance for People with High Blood Pressure

Banner Life Offer some of the best rates for non-smokers who have maintained average readings for their blood pressure over the last 2 years.

Average readings are no higher than 136/86.  if you have this level or better you can qualify for the preferred plus coverage. Anything higher than 156/94 will qualify for standard coverage.

Life Insurance for People with Bad Driving Records

Anyone who was convicted of reckless driving or has a DWI on their record from the last two years will not be given coverage. However, anyone having a clean record for the Last 5 Years can receive a preferred category policy with preferred rates.

If you have gone 2 years without conviction for reckless driving or having your driver’s license suspended or revoked, you will still qualify for standard rates. Obviously, those who have something on their record from 3 or 4 years ago might be better off waiting one year before they apply so that they can fit into the preferred category.

Life Insurance for Smokers

Obviously, non-smokers are giving the best rates, but this company is rather lenient with regard to those who might be quitting. Anyone who has avoided nicotine products or tobacco products at all for the last 36 months will fall under the preferred category.

The company does allow for occasional cigar use so long as your net average is no more than one cigar per month. You will have to undergo a lab test to prove that your blood work is negative for nicotine. If you have no more than 12 cigars in the last year you can qualify for preferred rates.

Life Insurance for People with Substance Abuse Problems

The best-preferred category rates will be provided to those who have no history of drug abuse or substance abuse. This applies specifically to those who have a clean record for the last 7 years.

However, they will provide term policies if you have one of these problems listed on your record, even something like tobacco use or a problem with your license. However, in most of these cases, you will end up in the standard category.

With regard to substance abuse if you have a history of alcohol abuse from five years back you can receive coverage at the standard rates. But, if you wait two years you will be bumped into the preferred rate so that you can choose better prices and hire policy options.

This is something you can do with any of the categories listed above. Someone who is a smoker can quit smoking and wait 2 years or 3 years to apply.

Someone who has again, a bad mark on their driving record, can wait a few years until that mark is older and no longer counted against the category you receive.

Banner Life Insurance Rates

Banner Life has very good offerings for many people, often one of the least expensive options on the market. As mentioned, what you pay in your premiums is contingent upon your health and your personal situation.

Let’s look at pricing for 30 year term life insurance policies for males and females. The male applicant is 5’9”, 165 pounds. The female applicant is 5’4”, 135 pounds. Both applicants are in great health.

Age Face Amount Male Rate Female Rate
25 $100,000 $12.81 $11.18
$500,000 $31.23 $24.85
$1,000,000 $51.80 $40.85
35 $100,000 $13.93 $11.97
$500,000 $37.39 $34.07
$1,000,000 $66.65 $55.66
45 $100,000 $24.21 $23.35
$500,000 $81.27 $63.31
$1,000,000 $153.51 $118.25
55 $100,000 $68.63 $20.38
$500,000 $239.94 $73.14
$1,000,000 $471.71 $335.83

Now, let’s compare these same details for male and female applicants, but for smokers. All other information is the same. It is a 30 year term policy, and each applicant is from Los Angeles, California.

Age Face Amount Male Rate Female Rate
25 $100,000 $26.49 $19.35
$500,000 $97.18 $67.08
$1,000,000 $187.48 $127.28
35 $100,000 $35.52 $28.12
$500,000 $145.34 $103.69
$1,000,000 $275.20 $200.08
45 $100,000 $83.97 $62.09
$500,000 $345.85 $237.48
$1,000,000 $685.51 $461.03
55 $100,000 N/A N/A
$500,000 N/A N/A
$1,000,000 N/A N/A

Banner Life Term Life Insurance Rates for People with Health Problems

Clearly, age impacts life insurance rates, as does lifestyle choices such as smoking.

Here are some rates for some other life insurance policies offered by Banner Life for people with health conditions:

Relative health impacts the average premiums you are given. Consider the comparisons below for a $500,000 20-year term policy.

Health Issues Gender/Age Average Annual Price

Health Issue Age/Gender Annual Premium
High Cholesterol 45, Male $575
High Blood Pressure  45, Male $690
Smoker  45, Male $2,400
Diabetes  45, Male $1,700

How Banner Life Insurance Compares

Let’s compare Banner Life Insurance’s term life insurance rates with their competitors for a 30 year term life policy with $500,000 in coverage for a 45 year old male. 

Company Monthly Premium
Banner Life $81.27/mo.
Prudential $82.69/mo.
Pacific Life $84.15/mo.
Mutual of Omaha $84.66/mo.
AIG $84.68/mo.
Lincoln Financial $88.03/mo.
Protective $88.15/mo.
SBLI $90.51/mo.
Transamerica $99.33/mo.

As you can see, Banner life is clearly competitive when it comes to affordable term life insurance rates for both healthy individuals and those with health complications.

Let’s see how Banner Life compares to the competition in terms of policy offerings.

Policy Offerings

Company Policies Offered A.M. Best Rating
Banner Life
  • Term Life Insurance
  • Universal Life Insurance
A+
Lincoln Financial Group
  • Term Life
  • Universal
  • Variable Universal
A+
MetLife
  • Term Life
  • Universal Life
  • Guaranteed Acceptance Whole Life
A+
Prudential
  • Term Life
  • Whole Life
  • Survivorship Life
  • Universal Life
  • Indexed Universal Life
  • Variable Universal Life
A+
AIG
  • Term Life
  • Whole Life
  • Universal Life
  • Indexed Universal Life
  • Variable Universal Life
A

Banner Life Insurance Company Review – Takeaway

Banner Life Insurance is an affordable life insurance option for term life insurance for both healthy people and people with health complications.

However, because there are many life insurance providers in the market, we recommend working with an independent life insurance agent who can help you compare life insurance rates for your particular situation.

Finding the Best Life Insurance Coverage for You

When it comes to finding the best rates, work with a professional.  Not only is it free to speak with one of our agents, it is also extremely helpful.  You will learn about all of your life insurance policy options, and how each of them can protect your family.

You will also be able to compare the best life insurance rates from dozens of the best life insurance companies on the market, to get an unbiased look at your coverage options.

Give our agents a call today to get started, or use our online quoting engine to compare life insurance rates instantly.

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