Introduction: Banner Life Insurance
It is therefore important to be cautious when selecting a life insurance policy. As for the mentioned company, the firm is to introduce Banner Life Insurance that offers different types of plans. Still, should it be your cup of tea? This article will provide details of the different aspects of the program; the advantages and disadvantages of the same to assist you, the reader, to make the necessary decision.
What Is Banner Life Insurance?
Banner life Insurance is an affiliated company of Legal General America Company. It offers both term insurance and universal insurance policies. Due to relatively low costs of the services it offers and good financial credentials, this operator is always in demand among customers.
Types of Policies Offered
- Term Life Insurance
Term life policy from Banner is valid for a certain period, which is normally 10, 15, 20, 25, and 40 years. These policies are preferable for those who in search of an inexpensive insurance for a specified period of time.
- Universal Life Insurance
This type of policy is one that covers you for the entire of your expected lifespan without any fixed premium amount. It also contains a cash value that, over time, will increase as well as an added feature of a financial value.
The following paragraphs contain the main characteristics of Banner Life Insurance Co.
- Competitive Pricing: One of the most affordable life insurance providers.
- Flexible Term Lengths: Offers term policies up to 40 years.
- Strong Financial Ratings: Rated A+ by A.M. Best.
- Conversion Option: Policyholders gives an option to move from the term policies to a permanent policy.
- Accelerated Death Benefit: It is an option that allows the payment of benefits prior to the death of the member due to an illness that has a life expectancy not more than a certain period.
Pros and Cons
Pros
The premiums offered by the companies are relatively lower than those offered by its competitors. The coverage limits provided by the companies are also reasonably high. Companies offering term insurance have a relatively easy and speedy underwriting process.Term policie s can be converted to permanent ones. Insurance companies are financially strong and provide good consumer service.
Cons
The company does not offer whole life insurance. It offers comparatively fewer riders than other life insurers. The company demands medical exams in most of its policies.
- People who should consider taking the Banner Life Insurance are as follows;
- In the list below, potential clients that need the services of Banner Life Insurance are listed as follows:
- As we pointed out above, young families in search of term coverages will best be served when they embrace the following ideas.
- Employment seekers looking for their security along with favorable policies for flexibility on the job.
- The following are some of the people who would prefer the high coverage amounts at lower cost;
- Individuals who may require changing the term policies into whole life policies at a future point of their lives.
Asking such a question, one may expect the answer to refer to an average cost of a banner life insurance; however, it seems that the concept of average does not apply here, as the value varies depending on numerous factors.
The following are key causes of variation of the cost of life insurance:
- Age
- Health status
- Coverage amount
- Policy term
- Lifestyle habits (e.g., smoking)
The cost for a $500 000, 20 year term policy differs for an individual of the same age, a non-smoker; the approximate price per month being $20.
How to Apply for Banner Life Insurance
Sometimes the quotes are given online by the use of calculator or an agent.
- This involves filling in the application that has aspects to do with health and a few personal aspects of one’s life.
- Undergo a fee: A check may be necessary.
- Policy Approval: You may use this coverage once it has been approved.
Customer Reviews and Ratings
The insurance world, over the past few years, has had good things said regarding their policy on Banner Life Insurance regarding affordability and customer care. Nevertheless, the few negative comments that can be noted are that often the underwriting stage takes a long time. Altogether, it is a reputable organization possessing a good standing in the respective field.
Considering Banner Life Insurance
- So, to determine whether this firm is the best for you, consider the following factors:
- Your budget and financial goals.
- Irrespective of whether it concerns temporary or permanent replacement.
- The importance of a conversion option for future flexibility.
Conclusion
The insurance products offered by the company are quite cheap and accessible for individuals and families. Overall if you require a term or a universal life policy with good financial guarantee, it makes sense to purchase. However, to purchase Whole life Insurance or other policy riders, there are other possibilities that you may need to seek.