Banner Guaranteed Universal Life Insurance Review – Life Step

We constantly update our guide to the best guaranteed universal life companies HERE. Banner scores towards the middle.

Quick Summary: Banner's GUL life insurance policy leaves a a bit to be desired. The pricing is high and the options are limited. Banner underwriting is favorable for some specific health issues so may be worth considering for certain people. Most of our clients looking for guaranteed universal life insurance will be able to find better.

About the Company - Banner

Banner Life Insurance company logo

Banner may not be as well known to the public as companies like Prudential or Mutual of Omaha but make no mistake about it, this is a VERY strong life insurance carrier.

Banner's parent company, Legal and General America is the 

9th largest insurance company in the world, been in business since 1936, and has over 10 million customers.

Currently, with over $1.3 Trillion in assets, L&G receives superior grades from all the top financial stability agencies including A.M. Best, S&P, Moody's, and COMDEX.

Banner serves clients in all 50 states plus D.C. In New York, life insurance business is handled through their subsidiary company, William Penn Life Insurance Company of New York.

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What is Guaranteed Universal Life Insurance? (expand to learn more)

About the Banner Guaranteed Universal Life Insurance Policy

Product Name

Life Step UL

Death Benefit

$50,000 to $10,000,000+


20 to 85

Coverage Length

To age 90, 95, 100, 105, 110, or 121

Banner Underwriting Secrets

We consider Banner to be very fair overall when it's come to underwriting. Like any company, there are certain niches and health conditions that they are especially favorable towards. 


The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably.  Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.

Banner underwriting is competitive and forgiving for the following situations:

  • Family history of cancer is not considered  
  • Sleep apnea
  • Type 2 diabetics
  • Osteoporosis
  • Epilepsy and history of seizures

In terms of what Banner is NOT good for, we haven't come across anything specifically but depending on the health issue, often times there will be a better company so you must compare and consult an expert.

Cost - Sample Rates

Sample Banner guaranteed universal life insurance quotes:

45-year-old male at Preferred health class - pricing listed is per month

Death Benefit

to Age 95

to Age 110

to Age 121













43year-old female at Preferred health class - pricing listed is per month

Death Benefit

to Age 95

to Age 110

to Age 121













Our custom quote tool on this page displays only guaranteed universal quotes so you can cut through the clutter. Please note that some carriers do not allow us to display their rates online. We will discuss if there are other options that might be a better fit.

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Almost no cost difference between guaranteeing to age 121 vs age 110

Strong company with long history and high financial ratings

Lenient underwriting for a variety of health issues


Price of premiums is much higher than other competing GUL products

Does not include many riders and gives no options to purchase extra benefits

Extras, Options, and Flexibility

The "no lapse" GUL product from Banner has some options to customize your policy but is very limited in comparison to competing products from other top life insurance carriers.

Automatically Included at No Extra Cost

Accelerated Death Benefit - If the insured is diagnosed with an illness that has a life expectancy of fewer than 12 months, you will have the option to take some of the death benefit early. Use up to 75% of the death benefit to help with medical expenses or just enjoy the money for whatever you wish.

Any living benefits accessed will be subtracted from the eventual death benefit amount.

Short Pay Guarantee - Option to "pre-pay" your premiums faster, over a set amount of time so you don't have to worry about it later in the life. For example, pay more in premiums up until age 70 and then be done making monthly payments.  You would still have the guaranteed coverage for the rest of your life.

Check also: Banner 40 Year Term Life Insurance Review

How To Make Sure You Choose the Right Universal Life Insurance Policy

The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.

Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.

To get started, fill out a quote request and we'll be in touch soon to help.

independent life insurance agents helping to secure affordable life insurance coverage

No pressure or cost to use our help.

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  • Ty Stewart

    Ty Stewart is a founder and contributor of He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent he has helped clients nationwide to secure affordable coverage while making the process simple.

  • Bennett Bier

    I’m Bennett Bier, owner, author and fact checker of Simple Life Insure. I believe working with a small independent broker offers consumers more personal attention and superior customer service. As an independent agent licensed in all 50 states and the District of Columbia I have access to many of the top A+ rated life insurance carriers. This lets me locate a plan that you will qualify for while saving you money at the same time. Over the years I have mastered the art of underwriting, getting approvals even for my highest risk clients. I’m also likely the person that will answer the phone when you call.