Banner Life Insurance and its sister brand, William Penn Life Insurance Company, are both owned by Legal & General America, a major London-based insurance company. The banner is licensed to do business in the District of Columbia and in all states of the United States except New York.
William Penn, on the other hand, is the New York branch of the company that opened in 1989. The life insurance policies issued by both companies are sold under the Legal & General brand.
Banner life insurance
In this post, we’ll deep dive into the Banner life insurance options and we’ll offer you a review of this life insurance in order to let you choose the option that most suits you.
Banner Life Insurance policies
Term life: Both Banner and William Penn offer 10, 15, 20, 25 and 30-year terms for life insurance. Unlike William Penn, outside of New York, Banner also offers periods of 35 and 40 years.
The annual price remains the same for the entire period, regardless of the duration. People over 75 can purchase a policy, with shorter terms for older buyers. All forward policies are, as almost always in this case, convertible. It means that, until your 70th birthday, you can turn them into a permanent policy. Coverage amounts range from $ 100,000 to $ 10 million.
Term policies also include accelerated death benefits, which give you access to up to 75% of the policy’s death benefit or $ 500,000, whichever is less, if you are terminally ill. It may not be available in all states.
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If you want, you can also add optional paid features, called life insurance riders, to the term policy for an additional fee. Banner and William Penn offer:
- Children’s term rider: this is not available in New York, and this covers all of your children up to age 25.
- Waiver of premium rider: which allows you to skip premium payments if you have faced “a long-term illness or serious injury and became completely disabled” for at least six months.
- Stacking term rider: which gives you more coverage over a period of time. For example, you could buy a 25-year policy with a 10-year rider, giving you a higher total death benefit in the first 10 years of coverage while your mortgage is paid off.
Universal Life: Banner and William Penn’s universal life insurance policies give you the option to choose to pay the same price every year or pay more upfront for a number of years. The “short-pay” option allows the policyholder to complete payments early and still have lifetime coverage. This is a great option if you know you are in a thriving period of your professional life.
Coverage is issued until the age of 85 and remains in effect until the age of 121. Death benefits have a minimum of $ 50,000, and timely payments guarantee a death benefit payment, even if your account value falls below the amount required to cover your costs.
Customer complaints for Banner Life
Both Legal & General’s owned insurances, namely Banner Life Insurance and William Penn Life Insurance have received fewer than expected number of complaints to state regulators for companies of their size, according to data from the past three years of the National Association of Insurance Commissioners.
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More about Banner Life
The Legal & General website is very well done. It offers, in fact, the possibility of obtaining a term life insurance quote from Banner or William Penn. You can purchase universal life insurance by contacting an agent, which can be found via the website’s agent locator.
The website also has an online portal to pay your bill, manage a policy, and file a claim, and features educational content on how life insurance works.
In short, a really solid online presence that would convince even the most skeptical person.
Banner Life pros and cons
|Wide range of lengths for term life insurance, including terms up to 40 years.||Minimum term policy amounts may be higher than what some people want.|
|Term policies include accelerated death benefits.|
|Fewer complaints to state regulators than expected for a company of its size.|
I hope this brief review of Banner Life Insurance helps you make a better choice before signing the agreement or completing the paperwork for your life insurance. Always make sure you read and understand what comes with your insurance premiums. Read among our many insurance reviews to help you make the right choice.