Good life insurance gives you the peace of mind that your family will be taken care of when you are away. Depending on your policies, this can also be a great way to save money and protect your finances. Banner life insurance is a great mix of value and affordability, with several reasonable insurance options to choose from.
Today I’m going to look at everything Banner has to offer so you can decide if it’s right for you and your family. Let’s dive in!
What is Banner Legal and General Life Insurance?
Banner life insurance falls under the umbrella of the parent company Legal and General. In addition to life insurance, Legal and General also offers old-age pensions.
Banner operates in all 50 states except New York, while Banner’s sister companies William and Penn operate only in New York. Legal and General was founded in London in 1836 and has been providing financial products, including life insurance, for nearly 200 years.
How does Banner’s legal and general life insurance work?
Banner offers two types of life insurance: term life insurance and universal life insurance. There is a simple online initial application process to get an offer for term life insurance. First click on the “Get a quote” button on the home page:
You will then be asked to enter some personal information about yourself, including your age, height, weight, gender and whether you smoke or not. You also need to decide how much coverage you need and how long you want your term to be.
After providing this information, you will receive a preliminary quote and the option to further customize your policy. You need to provide your name and contact information and then you can submit your application!
Once you’ve submitted your application, a representative will give you a call within one business day to help you create your plan.
If you’re interested in universal life insurance, you can also give Banner a call to get a quote on your policy and set up coverage. In some cases, you may need to have a free medical examination to determine your final premium amount.
What does Banner Legal and General Life Insurance cost?
The cost of Banner life insurance will vary based on a number of factors including the policy you choose, your coverage, your term and other factors such as age, health and gender. Term life insurance starts at just $ 7 per month. For 10 year life insurance with a coverage limit of $ 250,000, Banner’s offerings are only $ 14 per month.
In general, universal life insurance is usually more expensive than term life insurance. So if you choose a universal policy, you can be sure that your premium will be higher.
Banner Legal and general life insurance functions
Banner offers both term life insurance with an adjustable term limit and universal life insurance with lifelong coverage as long as you pay your monthly premium.
Term life insurance
Term life insurance is an affordable form of life insurance that is a great choice if you are looking for easy coverage and are on a budget. You can adjust your coverage and duration depending on your personal circumstances.
Banner offers terms between 10 and 40 years. You can get a quote online quickly and easily. A banner representative will then call you to discuss your reporting and finalize your application. In some cases, you may need to have a free medical exam.
Universal life insurance
In contrast to term life insurance, universal life insurance has no term limit and instead offers life-long cover as long as you continue to pay your premium. Banner’s universal life insurance offers a guaranteed cash value, a lifetime guarantee and a short-term guarantee with which you can purchase lifetime cover early on.
Educational resources
In addition to its life insurance products, Banner also offers a lot Educational resources to help you understand life insurance, investing and beyond. These articles and guides answer everything from cost to final cost, to definitions of common life insurance terminology and advice on choosing the type of insurance policy.
Premium waiver
If you are injured or disabled, Banner will waive your award as long as you are unable to work, as long as you provide evidence of complete disability. This can help ensure continued coverage for your family and keep you safe during difficult times.
Policy conversion
If you originally opted for term life insurance, you can convert this policy into universal life insurance in the same underwriting class as your existing policy. This means that even if you have noticed changes in your health since purchasing your original policy, you are still convinced to bring prices down.
Flexible payment plan
Banner gives you options for paying your monthly premiums with various payment plans available. You can pay the premiums monthly, quarterly, semi-annually or annually. There is also the option to set up automatic bank bills so you don’t miss any payment.
My experience researching Banner Legal and general life insurance
When researching Banner’s life insurance policies, I was impressed with the simplicity and attention to detail that Banner offers. The two main offerings include cheaper term life insurance for people on a budget, and more comprehensive universal life insurance for people who want to maximize their coverage and protect their finances.
Another area that Banner excels in is customer service. They pride themselves on personal approach to their clients and are committed to high quality life insurance.
For term life insurance as well as for universal life insurance there is no way to complete the application process completely online. While this isn’t a major inconvenience for some buyers, I was a little frustrated that there wasn’t a way to fill out an application entirely online.
Another area that Banner fell short of was the payoff potential of its universal life insurance policies. While some other life insurers offer customers the option of withdrawing funds or borrowing against their existing policy, Banner does not appear to offer this option. Again, this isn’t necessarily a bad thing as withdrawing from your life insurance policy may not be a good idea for most.
Overall, Banner offered adequate insurance coverage at a very affordable price. However, if you want to maximize your investment potential or apply for insurance entirely online, you should look elsewhere.
Who is Banner Legal and General Life Insurance best for?
Banner life insurance is a great option for anyone looking for high quality, affordable life insurance coverage.
People who are looking for affordable politics
With term life insurance starting at just $ 7 a month, Banner is a truly affordable option for customers interested in life insurance and on a budget. For a low monthly premium, customers can rest assured that their family will be looked after in the event of illness or an accident.
People who want to pay in advance
A unique feature of Banner’s universal life insurance is that customers have the option to pay at short notice. This means that they can consolidate their premium payments to ensure upfront lifelong coverage.
People who are looking for good customer service
Banner receives great ratings for its customer satisfaction, which makes it a great option for those who value customer friendly service.
Who shouldn’t use Banner’s legal and general life insurance?
While Banner Life Insurance is a pretty good option, there are some instances when it may not be the best solution.
People looking to apply online
Regardless of which policy you choose at Banner, you will not be able to complete the application process completely online.
People who want to borrow against their policies
Banner does not appear to offer the option to withdraw funds or borrow against universal life insurance.
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