When shopping for life insurance, it is essential to choose the policy that best fits your specific protection needs. This entails determining the proper amount of death benefit coverage, as well as the correct type of coverage.
There are a number of questions that you should ask yourself when seeking coverage, such as:
- Do you need pure death benefit protection, or do your needs entail death benefit protection as well as a cash value or investment component?
- Do you need coverage for a certain number of years, or do you alternatively need coverage for an indefinite period of time (i.e., for the remainder of your life)?
- Are you covering for a specific need such as mortgage payoff, final expenses, estate taxes, and / or income replacement?
- How much coverage do you need – and will this amount be sufficient over time, or will your coverage needs grow as your life changes?
Yet, even when you have all of these pertinent questions answered, there is still an important factor that you need to keep in mind prior to moving forward with making your final coverage decision. That is the insurance company that you choose.
Why You Should Consider Banner
Today, there are literally hundreds of insurance companies in the market place that are available. Many can provide you with coverage. So, why consider a policy from Banner Life Insurance Company? There are several good reasons.
One reason is because Banner offers a variety of different coverage options – including both term and permanent. The company’s term policies are available to clients up to age 95 – which is far beyond the typical age 65 to 75 where most other insurers cut off applications.
Each of these policies provides policy holders with a level premium that is guaranteed throughout the duration of the term policy. Likewise, reapplying is a simple process for the policy holder.
Banner Life offers term life insurance in lengths of 10-years, 15-years, 20-years, and 30-years (depending on the age of the applicant). Policy premiums are guaranteed throughout the duration of the policy’s term. When the term comes to an end, the policy is renewable. However, like most other term policies, the rates will increase annually, based upon the policy holder’s then current age and health condition. If you are searching for a life insurance without a medical exam, we can help you find the best carrier for your needs.
One particular option that is available through Banner Life is the company’s Life Value policy. This plan is available in both a 20 and a 30 year option. Unlike regular term policies, these particular plans have premiums that start out low and scale up through annual increases.
In addition to term life policies, Banner Life also offers universal policies for sale. These permanent plans provide an investment component in addition to the death benefit feature.
Rather than offering coverage for only a certain amount of time as term life does, universal policies remain in force for as long as the premium payments are made.
These plans also have a cash value feature through which funds may be borrowed against or withdrawn if the policy holder is in need of cash. One feature that is unique to Banner Life is the short pay guarantee. This feature allows the policy holder to choose how many years they would like to pay their premiums in return for lifetime coverage.
For those who wish to customize their coverage, Banner Life can offer a nice array of options here – especially with this universal life policy. Clients can opt for smaller premiums for a shorter policy term, or alternatively, they may go with a higher premium amount and obtain a permanent policy. Many people choose to do a combination of the two polices. For example, a person with young children will take out a one million dollar 15 year term life insurance policy and a permanent policy at the same time. This way he has the greater coverage until his children are out of college and then the permanent to cover him the rest of his life.
With both its term and permanent life insurance policies, Banner Life has relatively favorable underwriting guidelines. This can allow for those who are healthy, as well as those who may have various health related issues to feel confident when applying for life insurance coverage with this particular insurer.
In addition to just life insurance protection, Banner also offers its clients MediGuide with policy purchases. For those who have been diagnosed with a life threatening illness and need a second opinion from a qualified medical professional, Banner will assist these individuals with identifying the top three medical centers that can handle the particular medical condition.
Once the policy holder and his or her local physician have identified the appropriate medical center, MediGuide – with the assistance of Banner – will obtain the second option from a top medical center. Such a center may even have access to various medical technologies that the policy holder’s local physician does not currently possess. The MediGuide service is free of charge.
Banner Life – The Company
Banner is a subsidiary of Legal and General, which is actually a multinational insurance company that has its headquarters in London, England. The company has operations in numerous countries, including the United States, the U.K., Egypt, France, Germany, India, and the Netherlands.
The company was initially founded in 1949, and its United States home office is located in Urbana, Maryland. Currently, Banner Life holds in excess of $415 billion in life insurance policies.
Since 1995, Banner has used independent brokerage operations to sell and service its policies. At present, there are roughly 70,000 active brokers that offer the Banner Life products throughout the United States.
Banner has very good ratings from the financial services ratings agencies, with an A+ (Superior) from A.M. Best, an A from Fitch Ratings, and an AA- from Standard & Poor’s. In addition, the company also has an A+ rating from the Better Business Bureau (BBB).
The Bottom Line
Given its unique customization of policies, its allowance of older ages to its term life coverage, and its additional services such as MediGuide, there are a number of very good reasons to consider going with a life insurance policy from Banner.
The company has policy prices that are very competitive in comparison to a number of other life insurance companies in the market today. Also, Banner Life has a very solid claims paying record, and the company has very few complaints that have been filed against it. This is a good sign in the life insurance industry as a whole.
Policies can be purchased either through a Banner Life Insurance Company affiliated broker or via online brokers. When going with an online service, it may be easier to compare several different policies, side-by-side, in order to determine which will work the best for you.
For current policy holders, death benefit claims can be filed directly on the Banner Life website. This is an easy process that requires the filling out of a one-page form asking for information about the insured, the beneficiary (or beneficiaries), and the individual who is actually filing the claim.
In addition to its products and policies, Banner is also known for its excellent customer service. This can be welcome news, as in the complicated world of life insurance, finding a helpful customer service representative can be a real plus.
Overall, Banner appears to be a very solid company from a financial and a claims paying standpoint. The company’s rates have also remained stable, which is a positive sign for both current and potential future policy holders.
How to Obtain the Life Insurance Coverage That You Need Right Now
When seeking the best life insurance coverage and rates, it is always best to compare policies, companies, and premiums through a company that works with more than just one insurer. That way, you can get an unbiased view of what is available to you and at what price. We can even help you with more specific needs such as burial insurance plans or life insurance for those with diabetes, do not hesitate to get help!
If you’re ready to begin your life insurance policy search, I have partnered with a top independent agency that can help. They work with the top life insurance companies in the marketplace today, and can get you all of the essential information that you need quickly, easily, and conveniently, all directly from your home computer and without you having to meet in person with a life insurance agent. When you’re ready to get the process started, all you need to do is use the form on this page.
I understand that the purchase of any type of insurance can be a big decision, such as auto insurance, health insurance, or life insurance. It is also understandable that it can, at times, seem overwhelming and entails many questions and concerns. If that is the case for you, contact my endorsed partner when you’re ready to obtain a quote, or even if you just need more details on good quality insurance coverage.