Banner Life Insurance Review: The Inside Report 2025

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Are you doing your homework on Banner Life Insurance? Smart move. We’ll help you cut through the noise with a professional, firsthand review that skips the hype and gives you real insight.

Banner Life Insurance Company, part of Legal & General America, doesn’t rely on flashy commercials or household name recognition. Instead, they focus on delivering strong life insurance products backed by excellent financials and a commitment to underwriting flexibility—especially for people with medical conditions.


Who Is Banner Life?

Legal & General’s U.S. Branch Banner Life has over 60 years of experience and is owned by Legal & General Group, one of the world’s largest insurers. They acquired Government Employees Life Insurance Company in 1981 and rebranded it as Banner Life in 1983. William Penn Life Insurance also operates under this umbrella.

Financial Strength Banner holds an A+ rating from A.M. Best—an elite mark of financial health. That means they’re built to pay out claims and are among the most stable life insurance providers in the country.


Life Insurance Products from Banner

Term Life Insurance (OpTerm)

Banner’s flagship product, OpTerm, is available in 10, 15, 20, 25, 30, 35, and 40-year terms. Key highlights:

  • Convertible to permanent insurance without a medical exam
  • Renewable up to age 95 (most stop at 90)
  • Highly competitive premiums for both standard and substandard health classes

Universal Life Insurance (Life Step UL)

Banner’s Life Step UL is designed for permanent protection:

  • Level premiums to age 121
  • Options for early payoff (great for retirees)
  • Minimum face amount: $50,000—ideal for budget-conscious clients

If you’re shopping for life insurance with health concerns, Banner is often a top pick. Why? Because they actually take a nuanced look at your situation—not just rubber-stamp denials.

We frequently use Banner for clients with:

  • Atrial Fibrillation (AFib): Often results in standard ratings instead of expensive table ratings
  • Tobacco Use: Preferred plus after 3 years tobacco-free (vs. 5+ with most)
  • Controlled Cholesterol or Blood Pressure: May still qualify for preferred plus
  • Mental Health: Mild depression or anxiety? Still eligible for preferred
  • Sleep Apnea & Asthma: Reasonable underwriting
  • Type 2 Diabetes: Standard plus possible with controlled A1C and no complications
  • Family History: More liberal than most carriers—focus is on you, not just your family

If you’re high-risk, Banner should be on your radar.


How does Banner compare to other major insurers?

CompanyStrengthsWeaknesses
BannerFlexible underwriting, competitive ratesUses “nearest age” (may cost more)
ProtectiveStrong term pricing, great for healthy applicantsStricter underwriting on chronic illness
PrudentialGood for age-saving strategiesMore expensive at standard rates
MetLifeSolid diabetic underwritingLess agent flexibility

Application Experience

Banner’s electronic application process is smooth and user-friendly. Since their 2023 updates, we’ve had overwhelmingly positive client feedback about how fast and painless it is.


Pros and Cons

✅ Pros:

  • A+ financial rating
  • Great for impaired-risk applicants
  • Long-term term coverage (up to 40 years)
  • Easy online application

❌ Cons:

  • Uses nearest age for pricing (can increase rates for some)
  • Not as widely known—which can be a trust hurdle for new buyers

Final Verdict: Is Banner a Diamond in the Rough?

Absolutely. Banner Life is one of the best-kept secrets in the life insurance world. Their term insurance is aggressively price, the application simple and fast, their underwriting is very fair, and the pricing is strong across most health classes.

Still, they’re not always the best fit for everyone. That’s why we shop the market across dozens of top-rated carriers to make sure you’re getting the best possible deal based on your unique risk profile.


Get a Banner Life Quote Now

Use our free instant quote tool on this page to get real-time rates from Banner and other top insurers. Prefer a personal touch? Call us at (269) 230-3464 and we’ll guide you through your options.

💬 Need help figuring out if term or universal life is right for you? Learn more here.


FAQs About Banner Life Insurance

Is Banner Life a legitimate insurance company?

Yes. Banner Life is part of Legal & General America and holds an A+ rating from A.M. Best.

Does Banner Life offer no-exam life insurance?

Yes, but only for certain applicants. Contact us to see if you qualify.

Is Banner good for diabetics?

Absolutely. Banner often provides better-than-average rates for well-controlled diabetic applicants.

Is Banner Life cheaper than State Farm or Colonial Penn?

In most cases, yes. Especially for people with any health risks.

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