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2023 Banner Term Life Insurance Review

Table of Contents

Term life insurance gives you peace of mind knowing that your family will be financially protected in the event of your passing. Unfortunately, finding the perfect term life insurance product can be a little overwhelming due to the variety of choices that are out there. 

It is always best to compare different policy options, including Banner term life insurance.

Banner offers a simple, straightforward term life insurance coverage with various contract options. While most term life policies allow you to obtain coverage for up to 30 years, Banner Life offers up to 40 years of coverage.

Yet, Banner term life insurance may not provide the perfect solution for everyone. Choosing the best insurance plan depends on various factors, including your age, health, and coverage needs. You also need to consider the features of the policy, such as the underwriting process and rates.

To help you with your decision, we created the following review of the Banner term life insurance product called “Banner OPTerm.” We provide a complete look at the main details of the OPTerm policy, including the advantages and disadvantages of the term life insurance product.

Here is what you should know about OPTerm to decide whether it is the best fit for your specific needs.

Banner Life Insurance Company

Banner Life Insurance Company started as the Government Employees Life Insurance Company (GELICO) in 1949. By 1975, the company had assets of over $124 million and $1.7 billion in insurance policies.

GELICO was acquired by the Legal & General Group in 1981 and renamed Banner Life Insurance Company two years later. In 1989, Banner acquired William Penn Life Insurance Company of New York.

The two companies consolidated into one entity in the US in 2011. As a result, Banner Life Insurance and William Penn became Legal & General America. However, the Banner Life and William Penn brands are still used for life insurance products, including Banner Life OPTerm.

By 2020, Legal & General America had over 1.5 million policyholders. Thanks to its financial stability and focus on delivering a superior customer experience, the company has a history of trust.

Banner Life Ratings & Reviews

The company’s financial ratings, reviews, and rankings provide a better look at its stability. Choosing an insurance company you can trust to honor any claims or policy requests is vital.

Banner Life Insurance Company has strong scores from the top independent financial strength rating agencies:

  • AM Best: A+ (Superior)
  • Fitch Rating: AA- (High Quality)
  • S&P Global Rating: AA- (High Quality)
  • COMDEX Score: 95 out of 100

Banner Life is a stable company backed by the seventh-largest insurer in the world. The Legal & General America company has over $6.8 billion in assets. The company also has $782 billion of coverage in force.

In 2020, Legal & General America was ranked second-best for new term life insurance coverage in the United States. Over $1.6 billion in new policies were created in 2020.

Banner Term Life Insurance: OPTerm

OPTerm is a term life insurance product offered by Banner Life Insurance Company, which is part of the Legal & General America insurance group.

Banner OPTerm insurance plans include a variety of contract lengths, policy riders, and a conversion option. Depending on your age and health, you may even qualify for one of two available no-medical exam underwriting options.

Banner OPTerm Policy Features:

  • Multiple contract options
  • 35-year and 40-year terms available
  • Two accelerated non-medical underwriting options
  • Term riders for laddering coverage without extra fees
  • Convertible to permanent coverage

Banner OPTerm includes many of the features found in other term life products. However, their coverage stands out from its competitors are the additional contract lengths to choose from and a unique rider for laddering coverage.

Now that you have a quick overview of what OPTerm offers, let’s take a detailed look at all parts of the coverage, including the eligibility requirements explained below.

Banner OPTerm Overview

Issue Ages:20-75
Contract Options:OPTerm 10: 20-75
OPTerm 15: 20-75
OPTerm 20: 20-70 (20-65 tobacco users)
OPTerm 25: 20-65 (20-55 tobacco users)
OPTerm 30: 20-55 (20-50 tobacco users)
OPTerm 35: 20-50 (20-45 tobacco users)
OPTerm 40: 20-45 (20-40 tobacco users)
Coverage Amounts:Minimum amount: $25,000
Maximum amount: $1,000,000+
Policy Riders:Accelerated Death Benefit Rider (Included)
Children's Rider (Optional)
Term Riders (Optional)
Waiver of Premium Rider (Optional)
Renewability:Renewable to age 95
Conversion Option:Convertible up to age 70
Accelerated Underwriting:
(No Medical Exam)
Ages 20-50 applying for up to $2,000,000
Traditional Underwriting:
(Medical Exam Required)
A medical exam will be required if an applicant does not qualify for the accelerated non-medical underwriting program.
State Availability:Available in all states

OPTerm - Issue Ages

OPTerm - Issue Ages

Banner term life policies are available for applicants between the ages of 20 and 75, depending on the contract length. Choosing a longer contract length decreases the cut-off age.

Your age also determines whether you qualify for accelerated underwriting. For example, if you are over the age of 50, you need to complete a full medical exam.

Yet, if you are under the age of 60, you may skip the medical exam requirement by submitting an exam completed within the past 18 months with your primary care physician.

OPTerm - Contract Options

OPTerm - Contract Options
10, 15, 20, 25, 30, 35 or 40 years

Banner OPTerm is available in seven different contract lengths, ranging from 10 years to 40 years, offered in 5-year increments. Each contract length has a different maximum age cutoff.

Here are the cut off ages for each contract option offered on Banner OPTerm plans:

  • OPTerm 10-year policy: 20 to 75 years old for all underwriting classes
  • OPTerm 15-year policy: 20 to 75 years old for all underwriting classes
  • OPTerm 20-year policy: 20 to 70 years (non-tobacco) / 20 to 65 years (tobacco)
  • OPTerm 25-year policy: 20 to 60 years (non-tobacco) / 20 to 55 years (tobacco)
  • OPTerm 30-year policy: 20 to 55 years (non-tobacco) / 20 to 50 years (tobacco)
  • OPTerm 35-year policy: 20 to 50 years (non-tobacco) / 20 to 45 years (tobacco)
  • OPTerm 40-year policy: 20 to 45 years (non-tobacco) / 20 to 40 years (tobacco)

The contract length also largely influences the premiums that you pay. Longer contract lengths increase the risk of the insurance company needing to pay a death benefit, which increases the cost of the policy.

OPTerm - Coverage Amounts

OPTerm - Coverage Amounts
Minimum Amount: $100,000
Maximum Amount: $1,000,000+

The amount of coverage you choose is the amount of money you intend for your beneficiary to receive should you pass away. It is also referred to as the death benefit and is paid out in one lump sum payment free from taxes.

With Banner OPTerm plans, the minimum coverage amount starts at $100,000. There is no maximum coverage amount, but Banner underwriting will determine that any amount applied does meet the company’s financial justification guidelines.

Financial justification guidelines can be based on numerous factors but are commonly based on a multiplier of annual income. So, for example, someone between the ages of 30-39 can apply for up to 30x their annual income, whereas someone between the ages of 65-70 may receive up to 5x their annual income. 

In most cases, applicants will not need 30x their annual income in life insurance coverage. For most people and often recommended by most life insurance experts, 10-15x annual income is a good amount of life insurance coverage to have in place.

If you need help figuring out how much life insurance is the right amount of life insurance coverage to have, be sure to reach out to one of our licensed life insurance agents to discuss your life insurance needs.

Also, we offer a life insurance needs calculator that can help figure out important life needs that require financial protection.

OPTerm - Policy Riders

OPTerm - Policy Riders
Accelerated Death Benefit Rider (Included)
Children's Rider (Optional)
Term Riders (Optional)
Waiver of Premium Rider (Optional)

All Banner OPTerm come with a free policy rider and three optional riders that can be added to the base coverage. The four riders include:

  • Accelerated Death Benefit Rider (Included)
  • Children’s Life Insurance Rider (Optional)
  • Term Riders (Optional)
  • Waiver of Premium Rider (Optional)

Accelerated Death Benefit Rider

The Accelerated Death Benefit Rider is included at no extra charge. It allows you to access your death benefit in advance after being diagnosed with a qualifying terminal illness. The maximum payout for this rider is $500,000 or 75% of the policy’s face value.

The accelerated death benefit is treated as a lien with interest. Therefore, if the death benefit is accelerated, the total amount of money plus interest will be subtracted from the death benefit upon the insured’s death.

Children’s Rider

The children’s life insurance rider is another optional rider that you can include on your base policy. The children’s rider provides coverage for all eligible children until their 25th birthday or the insured’s 65th birthday. For a child to be eligible, they must be a child, stepchild, or legally adopted child of the primary insured and be under the age of 18.

Child coverage is available in either death benefit amounts of either $5,000, which adds $27.50 to the annual cost of the insured base coverage, or $10,000, which would add $55.00 to the annual cost of the insured base coverage.

The child rider is also convertible to permanent coverage when the child reaches the age of 25.

Term Riders

The Term Riders is a unique policy rider that allows you to structure the death benefit by stacking lower contract lengths to the base policy to meet changing life insurance needs rather than purchasing multiple policies.

Contract lengths are available in 10, 15, or 20 years. You can add multiple Term Riders to the base policy, but they must be of shorter duration than the base contract length.

Waiver of Premium Rider

The waiver of premium rider is an optional rider available for all contract lengths. However, you need to be between the ages of 20 and 55 for non-tobacco underwriting classes or 20 to 50 for tobacco underwriting classes.

The waiver of premium waives the premiums if you become totally disabled for at least six months. The waiver ceases at the age of 65. The cost of adding this rider depends on the underwriting classification that you receive.

OPTerm - Underwriting Categories

OPTerm - Underwriting Categories
Preferred PlusPreferredStandard PlusStandardPreferred TobaccoStandard Tobacco

Banner uses six underwriting classifications, along with a substandard category, when issuing its term life insurance plans. The substandard category is reserved for those who do not meet the standard eligibility requirements and comes with higher premiums as it is generally reserved for high-risk applicants.

The six traditional underwriting classes include:

  • Preferred Plus Non-Tobacco
  • Preferred Non-Tobacco
  • Standard Plus Non-Tobacco
  • Standard Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco

As with any life insurance policy, your underwriting classification sets the rates for how much you pay for your life insurance coverage. Your underwriting classification is determined once underwriting has been fully completed.

OPTerm - Renewability

OPTerm - Renewability
Renewable to age 95

Banner term life insurance plans are renewable until the age of 95. After the initial contract length, also known as the level premium period, you can continue to renew the policy each year.

If you choose to continue with renewing the term insurance contract after the level premium period has expired, the premiums will continue to increase each year. However, you will not need to complete another medical exam.

Renewing an expired term contract is generally not recommended if you can requalify for a new level premium term contract. Choosing to keep paying on an expired term contract will become very expensive.

OPTerm - Conversion Option

OPTerm - Conversion Option
Convertible up to age 70

Banner offers a conversion option on its OPTerm plans that allows you to exchange your term policy for a permanent life insurance policy. This feature is a guaranteed exchange for coverage, meaning you cannot be denied a plan even if you have had severe health changes.

The only requirement is that you must convert the OPTerm policy before the level premium period ends and before your 70th birthday, whichever occurs first. You also need to wait at least five years after the policy is issued before converting it.

If the policy is issued at age 66 or older, you do not need to wait five years to convert the policy. The cut-off for converting the term life is still 70 years of age.

OPTerm - Medical Exam Requirements

OPTerm - Medical Exam Requirements
Accelerated Underwriting: Available to eligible applicants ages 20-50 applying up to $2,000,000 in coverage.Traditional Underwriting: A medical exam will be required if an applicant does not qualify for the Banner OPTerm accelerated non-medical underwriting program.

Previously, a medical exam was required for all applicants applying for a Banner OPTerm policy. However, the company recently implemented two accelerated non-medical underwriting options that may potentially allow you to skip the need for a life insurance medical exam altogether.

No Medical Exam Option One: Banner can offer eligible applicants exam-free approval for coverage through a digital application process. Minimum guidelines include that an applicant is between the age of 20-50 and is applying for $2,000,000 or less in coverage. 

No Medical Exam Option Two: If an applicant has had a medical exam completed within 18 months of applying for a Banner OPTerm policy, Banner may waive the medical exam and use the exam conducted by your medical provider. This option is available to applicants aged 20-60 and applying for $2,000,000 or less in coverage.

Applicants who do not meet either accelerated underwriting options or have a history of pre-existing health conditions will likely be required to complete a traditional life insurance medical exam.

Application Process for Banner Term Life Insurance - OPTerm

The application process for Banner term life insurance is straightforward to complete.

Banner Life uses an AppAssist electronic submission platform for all digital applications. The electronic submission process is available for all issue ages and coverage amounts.

The application process begins with the help of a qualified agent. The agent submits a ticket to Banner notifying the insurance company that there is a request to apply for coverage. That request has some basic information, such as your contact information and details pertaining to the coverage you wish to apply for.

After the ticket has been submitted to Banner Life, you will receive an email to complete an online application or have an option to complete a telephone application conducted with an experienced interviewer. 

Most online applications take about 20 minutes to complete, with the telephone application averaging around 45 minutes. Regardless of the type of application you choose, you will be required to provide personal information and personal health-related information.

The information you submit allows Banner to begin reviewing your eligibility instantly. You may receive a decision on whether you need a medical exam within a few minutes or hours.

If you qualify for an exam-free underwriting process, you should receive a decision on your application within a few days. If you do not qualify for a non-medical underwriting process, you will have the option to schedule a life insurance medical exam provided at no cost.

After the policy is issued, you receive a digital copy sent to your email.

Banner Term Life Insurance Frequently Asked Questions

While the first part of this review focused on providing a detailed overview of Banner term life insurance, OPTerm, you may have a few general questions about the coverage.

Use the following frequently asked questions and answers to address any additional concerns. If you still have questions about OPTerm, do not hesitate to leave a comment at the end of the review.

Is Banner Life a Good Company?

Banner Life is a reputable insurance company with over seven decades of experience in the insurance industry. In addition, Banner acquired William Penn, another respected insurance provider responsible for issuing life insurance policies purchased by residents of the state of New York.

Both companies operate under their parent company, Legal & General America, the seventh-largest insurance company in the world.

With high financial strength ratings received from multiple independent rating organizations, Banner comes easily recommended when buying their life insurance products. 

What Determines Eligibility for Banner Term Life Insurance Coverage?

Banner term life insurance plans are not guaranteed approval.

Eligibility depends on multiple underwriting factors such as your age, height/weight ratio, medical history, etc. As a result, not every person that applies for a policy will qualify.

Qualification requires meeting the company’s underwriting guidelines. For that to happen, Banner reviews the answers you have provided on your application to determine eligibility and select an underwriting class if you qualify for a term insurance plan.

To help verify the authenticity of application responses, such as the lifestyle and health questions, Banner Life will use the help of third-party sources to pull data and match it to your application responses.

This can be data from your Medical Information Bureau (MIB), prescription check, driving record, medical exam (if required), and in some cases, even medical records.

Certain medical conditions may also disqualify you from obtaining a policy. For example, applicants diagnosed with a terminal illness are unlikely to have their applications approved. While Banner Life will consider a wide variety of health conditions, it’s always best to speak with an agent if you have health risks. 

In addition to lifestyle and health qualification requirements, you also need to be between the ages of 20 and 75 to apply for coverage.

Is a Medical Exam Required to Apply for Banner Term Life Insurance?

A medical exam is not needed for applicants that meet specific requirements. According to Banner, over 50% of applicants are approved without exams or labs. Generally, healthy males and females between the ages of 20 and 50 qualify for an exam-free underwriting process.

Some of the health standards that you need to meet include:

  • Blood pressure of 140/90 or less
  • Cholesterol of 120 to 300 with or without treatment
  • No major medical conditions
  • Standard Plus or better underwriting class

If you are over the age of 50 or need more than $2 million in coverage, you need a medical exam. However, healthy females ages 50-55 may qualify for a no-medical exam application with coverage up to $250,000.

The following medical conditions require a medical exam:

  • Alcohol or drug abuse treatment
  • Blood clotting disorders
  • Bipolar disorder
  • Cancer (except basal or squamous cell)
  • COPD
  • Emphysema
  • Crohn’s disease
  • Diabetes
  • Hepatitis B or C
  • Heart disease
  • Muscular dystrophy
  • Rheumatoid arthritis
  • Stroke
  • Sickle cell anemia
  • Systemic lupus
  • Ulcerative colitis

If you have epilepsy, gestational diabetes, multiple sclerosis, overactive thyroid, or sleep apnea, you must complete a medical exam. These conditions usually, but not always, require an exam.

Do I Need a Medical Exam If I Already Took One with My Doctor?

Banner also offers a second non-medical option called Lab Lift which is a feature that not many life insurance providers are currently using. With Lab Lift, if you had a comprehensive blood work completed in the last 18 months, Banner Life will consider using those results rather than you having to take a life insurance medical exam.

The Lab Lift program is available to eligible applicants ages 20-60 who are applying for up to $2 million in term life insurance coverage. It is an excellent alternative for applicants who went through the digital application process and were not approved for immediate approval.

Just remember that to qualify for the Lab Lift program, the medical exam must have been a fully comprehensive medical exam with full blood work done in the last 18 months.

How Quick Is Approval for Coverage?

The quickness of the approval process depends on whether you need to complete a medical exam. Individuals who qualify for exam-free underwriting or the Lab Lift exam substitution program should get a decision within just a few days.

If you need to take a medical exam, your application will go through the traditional underwriting process. A traditional application process can slow down the approval time. There will need time to schedule an exam date, process the lab results, and then underwriting reviewing the lab results.

Plus, if medical records are required, it will depend on when the medical facility will copy the records and return them to Banner Life for review. Traditional underwriting is likely to take a few weeks before approval for coverage can be made.

What Happens After You Are Approved for Coverage?

If you have applied for a Banner term life insurance policy through the digital application process, after you are approved for coverage, Banner Life sends a digital copy of the policy.

You need to provide an electronic signature to acknowledge receipt of the policy. Coverage begins after you complete a payment. You can arrange payments directly through the company’s website.

Paper policies can also be mailed upon request.

Once your policy has been activated and placed in force, you will have the option to register your customer login account, where you will have online access to your policy information and policy forms. 

Is There a Paper Application Option?

Paper applications are available when applying for Banner term life insurance plans. Banner, however, does encourage the use of digital applications, as it has been developed to provide an all-around better experience to applying for their term life insurance.

Applicants who wish to apply through a paper application process will still be eligible for the Lab Lift accelerated non-medical program provided they meet the program’s requirements.

How Does The Banner Term Riders Option Work?

Term riders allow you to ladder your term life with different contract lengths and coverage amounts without obtaining separate policies or working with multiple insurance companies.

You start with a base contract length and coverage amount and then can add term riders with different coverage amounts structured to end at different years. When a term rider ends, the coverage for the rider ends without affecting the base policy. This allows you to add coverage for specific events or periods of your life. Term Riders come in contract lengths of 10-year, 15-year, or 20-year periods.

Example of how Term Riders works: Let’s say you’re 35 years old, both you and your spouse are working, and have two young children. You know you need a $1,000,000 life insurance policy right now to take care of immediate needs, and you also want your coverage to last 30-years ending right about the same time you enter retirement.

As you do your life insurance needs planning, you realize you don’t need a $1,000,000 policy for the next 30-years. With Banner Term Riders, you can choose a base contract length, in this case, 30 years, and a death benefit amount that is needed for the entire 30 years, let’s say $250,000. 

Because you need $1,000,000 for the next 20-years, you add a 20-year Term Rider with a death benefit amount of $750,000. After 20 years from now, your life insurance needs lessen, and the $750,000      automatically reduces to the base coverage of $250,000.

With the decrease in death benefit, your premiums also decrease for the remaining 10-years of your 30-year OPTerm contract.

Check out the below Banner Term Riders video below which gives a great example of how beneficial adding these riders can be to laddering your life insurance coverage at an affordable cost.

Is Banner the only company to offer a 40-year term contract length?

The 40-year term insurance contract option is not a standard contract length but is not exclusive to Banner Life. While Banner Life was the first to offer a contract option longer than 30-years, Protective Life also offers the 40-year contract option.

What Happens After the Level Premium Ends?

After the level premium ends, your policy ends. You do not pay any more premiums, and your policy will lapse and terminate. However, you also have the option to renew or convert your policy if needed.

Conversions must be completed before the level premium ends or by age 70, whichever occurs first. Renewing the policy allows you to keep your coverage, but with an increasing premium that goes up each year. OPTerm plans are renewable up to the age of 95.

If you’re wondering if you will receive any money if you outlive your Banner term insurance policy, the answer is no. Term insurance, in general, does not earn cash value growth. It is pure death benefit protection.

If you want a life insurance policy that provides a cashback feature, we recommend looking into a return of premium term insurance policy.

Is Banner Term Life Insurance Good for People with Pre-Existing Health Conditions?

As mentioned, Banner OPTerm is a fully underwritten policy, and not all applicants that apply will qualify. However, that does not mean they will not approve applicants with certain health risks or pre-existing health conditions.

For example, if you have manageable type II diabetes, asthma, or hypertension, you may find that you get better rates compared to other insurance options.

Suppose you have a pre-existing health condition, we highly advise working with one of our experienced agents. Since we are contracted with multiple insurance providers, we can shop your coverage with providers that will offer the best rates based on your health.

Is a Banner Term Life Insurance Plan Affordable?

Banner term life is an affordable choice when comparing rates to the leading competitors. Banner Life OPTerm prices rank top in the nation 71% of the time and in the top three in the nation 92% of the time.

Below is a sample of Banner term life insurance rates showing the monthly cost for a $500,000 policy. Be sure to use the quote button to view rates for particular insurance needs.

Banner Term Life Insurance Rate Chart

MaleOPTerm 10-YearOPTerm 20-YearOPTerm 30-Year
Age 30$16.34$19.37$29.75
Age 35$16.79$21.11$34.76
Age 40$23.71$30.79$53.12
Age 45$30.60$46.62$78.62
Age 50$44.62$71.20$131.32
Age 55$67.32$114.48$231.98
Age 60$120.27$226.95Not Available
Age 65$188.69$384.80Not Available
FemaleOPTerm 10-YearOPTerm 20-YearOPTerm 30-Year
Age 30$12.18$16.36$25.07
Age 35$14.25$17.97$29.21
Age 40$18.91$24.54$40.19
Age 45$27.11$36.95$60.86
Age 50$36.99$57.80$95.51
Age 55$54.06$84.13$176.00
Age 60$83.30$142.24Not Available
Age 65$146.41$328.31Not Available

*Preferred Plus Non-Nicotine underwriting classification. Monthly Male/Female premium rates are current as of 1/5/2022, representing the cost of a $500,000 Banner OPTerm 10, 20, and 30-year life insurance policy.

How are Banner Term Insurance Plans Compared to Competitors?

All term insurance includes level premiums based on contract lengths, making Banner OPTerm no different.

However, if we look a coverage features and what makes Banners features different from its competitors, we would start with the available contract lengths.

As mentioned, Banner OPTerm offers both a 35 year and 40-year contract option where most of its competitors offer a maximum term contract length of 30-years. 

Their renewability and conversion options are pretty standard to what other competitors offer. 

When we look at available riders, most companies will also offer an accelerated death benefit rider for terminal illness, children’s term insurance, and waiver of premium. However, their Term Riders option is unique to Banner, and we are unaware of any competitors offering the option.

Lastly, if we look at non-medical underwriting potential, we like what Banner offers on a competitive scale. No medical underwriting is becoming very common when applying for term insurance with most providers. 

However, with Banner, you’re getting two potential options to qualify for a no medical underwriting experience which places them at the top of our list as a top choice term life insurance coverage that doesn’t require a medical exam.

How Do You Get a Banner Term Life Insurance Quote?

Getting a Banner term life insurance quote is not difficult. Because the insurance provider is such a popular choice for term insurance coverage, most agents and agencies are contracted with the provider to offer their products.

You can also receive a Banner Life quote by visiting the company’s website and applying directly online. However, we don’t recommend this to our customers.

When you apply with a provider directly, and should underwriting not come out as expected, the provider will not be able to help you shop your coverage to see if you can get a better offer with another provider.

Banner is one of many providers that No Medical Exam Quotes is contracted with. We have placed several policies with the provider and are experienced with the quoting, application, and underwriting process.

If you want a quote on Banner term life insurance today, use our online quoter. We can also assist with your electronic online application. Use the quoter today to view rates for OPTerm.

What Is Banner Life Insurance Company’s Cancellation Policy?

You can cancel a term life policy at any time by stopping your premium payments or contacting Banner Life. However, you also have a two-week period to cancel the policy after it is issued without paying any administrative fees.

How Do You Contact Banner Life Customer Service?

Banner Life customer service is available at:

  • 1-800-638-8428

You can email customer service any time and call Monday through Friday between the hours of 8 am and 5 pm.

Advantages of Banner Term Life Insurance

Banner stands out from other options for several reasons, including:

  • Backed by a strong company with a long history
  • Accelerated underwriting options
  • Multiple contract options
  • Laddering coverage without multiple policies
  • Conversion option after the level premium ends

Banner term life is backed by one of the largest insurance companies. You may also qualify for accelerated underwriting options. The no-medical exam underwriting process allows for faster decisions.

Banner offers additional contract options, including 35-year and 40-year contracts. It is also one of the few companies with a term rider that allows laddering coverage without obtaining a separate policy. When the policy ends, you can easily convert it to a permanent insurance policy.

Disadvantages of Banner Term Life Insurance

Banner offers a quality term life product with no major disadvantages. Yet, it may not fit your specific needs. Every insurance company uses different criteria to determine eligibility and rates, which is why you need to compare options to ensure that you receive the best value. If you have existing health issues, you may find cheaper rates elsewhere.

Conclusion: Is Banner Term Life Insurance Worth it?

Yes, Banner Term Life Insurance is worth getting for most people. The company offers flexible solutions and a unique term rider for extra coverage. Over half of applicants also qualify for accelerated underwriting with no medical exam.

In the end, Banner is a trusted company with a quality term life product, but you still need to review and compare other quotes.

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Picture of Jeffrey Manola - Life Insurance Expert
Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

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