
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
Banner Life Underwriting: Where They Shine
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.
Banner vs. Competitors
How does Banner compare to other major insurers?
Company | Strengths | Weaknesses |
---|---|---|
Banner | Flexible underwriting, competitive rates | Uses “nearest age” (may cost more) |
Protective | Strong term pricing, great for healthy applicants | Stricter underwriting on chronic illness |
Prudential | Good for age-saving strategies | More expensive at standard rates |
MetLife | Solid diabetic underwriting | Less 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.

Special Risk Life is a veteran independent life insurance agency that specializes in guiding people with even the toughest health conditions thru the life insurance process. We are very passionate about helping people get the financial protection they want while delivering affordable coverage people can absolutely count on.