Having life insurance means coverage that those you love and care about won't have to face financial hardship in case of the unexpected. This is because the proceeds that come from life insurance coverage can be used for some important things, including the payoff of a home mortgage or other debts, and the replacement of income that is needed for everyday living expenses.
When you are shopping for the right life insurance protection, it is important that you obtain the proper type and amount of coverage. Otherwise, the plan may not fit with your and your beneficiary's needs.
It is also essential that you review the insurance company through which you will be purchasing the coverage. This is so that you can be more assured that the insurance carrier is strong and stable financially, and that it also has a positive reputation for paying out its policyholder claims on time. One insurance company that fits these parameters is Banner Life Insurance Company.
There are other company no exam life insurance reviews available to you. Reading these will help you make a more educated decision.
Banner Life Insurance Company has been offering wealth building and protection products to its customers for more than 60 years. Banner is a subsidiary of Legal and General America, a company that has also been in the insurance and financial business for approximately 180 years. The company has its headquarters in Frederick, Maryland.
With Banner Life Insurance, customers know that they can obtain affordable life insurance protection. This is the case when it comes to regular, standard life insurance coverage, as well as with "rated" coverage for those who may have certain adverse health conditions.
In fact, Banner Life has made a name for itself in the life insurance industry as a company that can be relied upon for offering coverage to applicants who may not be in the best of health. This can, in turn, provide peace of mind for policyholders and their loved ones, as coverage can still be acquired for future financial needs. Just some of the health conditions that may be considered in a life insurance applicant with Banner Life include diabetes, as well as sleep apnea.
As the parent company of Banner Life, Legal and General America has more than $620 billion of life insurance coverage in force. This entity also has over $6 billion in total assets. Due to its strength and stability from a financial standpoint, Legal and General America has earned very high ratings from the insurer rating agencies. These include an AA- (Very Strong) from Standard & Poor's, and an AA- (Very Strong) from Moody's.
Likewise, Banner Life Insurance Company is also a strong and stable insurance carrier. Due to this, as well as its timely payment of insurance claims to its customers, Banner Life Insurance Company has received a rating of A+ from A.M. Best Company. At this time, Banner Life Insurance Company is not accredited with the Better Business Bureau (BBB).
Banner Life Insurance Company offers both term and permanent life insurance coverage. Term life insurance provides the most basic form of life insurance coverage, as these policies provide death benefit protection, without any cash value or savings build up. Because of this, term life insurance coverage is typically much more affordable than permanent coverage - with all other factors being equal.
Term life insurance policies will remain in force for a set number of years - or term. These may include just a few years, or up to 30+ years, depending on the insurance carrier, and on the health and age of the applicant at the time the application is completed.
Permanent life insurance coverage also offers death benefit protection. However, these types of policies also provide a cash value component in the policy where funds are allowed to grow and compound on a tax-deferred basis. This means that there is no tax due on these funds - even as they continue to grow - unless or until the money is withdrawn.
The cash that is inside of a permanent life insurance policy may be either withdrawn or borrowed for any reason, such as the supplementing of retirement income, and for paying off large or higher interest debt obligations. While there are several different types of permanent life insurance protection that are available in the marketplace today, Banner Life Insurance Company primarily focuses on Universal Life coverage.
With universal life insurance, there is both death benefit coverage, and cash value build up. These plans are considered to be quite flexible, as the policyholder is able to choose the premium due date (within certain parameters), as well as determine how much of his or her premium will go towards the death benefit and how much will go into the policy's cash value component.
Policyholders have several different options when considering a term life insurance policy from Banner Life. These include policies that run for ten years, 15 years, 20 years, and for 30 years. The company's term life insurance plans are as follows:
The term life insurance policy options from Banner Life are convertible. This means that the insured can choose to convert his or her "temporary" term life insurance protection over to a permanent form of life insurance coverage. In this case, it is likely to be a universal life insurance policy through Banner.
In addition, there are also other riders that may be added to Banner Life Insurance Company's life policies, which can essentially allow the insured to "customize" his or her coverage. Just some of the riders can include the following:
All of the term life insurance policies that are offered by Banner Life Insurance Company are available to applicants who are up to age 95. This far surpasses most of the other life insurance carriers, which will typically cut off the term life application process when an individual is in their late 60 or early to mid-70s.
In general, the term life insurance coverage that Banner Life Insurance Company provides could be a good option for those who have various health related issues. While all insurance carriers have some way of evaluating those who apply for coverage, there are some that tend to be more stringent than others when it comes to certain health conditions. The good news is that Banner Life is more flexible in this particular area.
With that in mind, though, when you are shopping for a life insurance policy - regardless of whether you have good or not-so-good health, it is still important to compare the policies, the benefits, and the premium prices of several different insurers. That way, you can get a better idea of the coverage that is available to you, and an approximate cost.
In addition to term life insurance protection, Banner Life Insurance Company offers permanent life insurance - primarily via universal life insurance. Because Universal life is a form of permanent life insurance coverage, these policies will remain in force for the insured's lifetime, provided that the premium continues to be paid.
The Banner Life Insurance Company Life Step UL policy offers a flexible premium payment option in that the policyholder can opt to pay a lower amount of premium in conjunction for a shorter policy duration. This plan also offers a provision for a guaranteed cash value.
Also, the parent company of Banner Life - Legal and General America - offers products that can help to ensure a comfortable retirement. This is through retirement annuities. An annuity is a type of insurance product that will pay out income, and can also be used as part of an overall retirement strategy, as the funds that are inside of an annuity are allowed to grow tax-deferred.
If the insured chooses the lifetime income option with their annuity, the product will continue to pay out an income stream for as long as the individual lives - regardless of how long that may be.
If you are seeking the best premium rates on Banner Life Insurance Company's term life insurance coverage - or quotes on any life insurance protection - we can help. We are an independent life insurance brokerage, and we work with many of the top-rated life insurance carriers in the industry.
Because of this, we can show you different policies, features, and premium prices all in just one convenient place - and, because we are not tied to just one insurance company, you can be assured that you will receive unbiased information and advice. If you are ready to move forward with this no obligation quote process, then all you have to do is just take a moment to fill in the needed information on the quote form on this page.
Should you find that you still have any additional questions or concerns regarding the term life insurance coverage from Banner Life - or even if you just happen to have a question about life insurance coverage in general - please feel free to call us directly. Our experts are here and available to walk you through the information that you require. We can be reached by phone, toll-free, by dialing 541-400-9040.
We understand how overwhelming it can sometimes seem when you are seeking life insurance coverage. There are a lot of different parameters to be familiar with - and you want to be sure that you are choosing the right type and amount of life insurance for your specific needs, whether that be $100,000 or $1,000,000 life insurance coverage. But the good news is that this process can be so much easier when you have an ally on your side. So, contact us today - we're here to help.