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 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.
What is Guaranteed Universal Life Insurance? (expand to learn more)
Also known as GUL or "No Lapse", these policies are a simplified version of traditional universal life insurance. A good fit for people who desire the peace of mind of permanent life insurance and want to know the death benefit will always be there.
With guaranteed universal policies, there is no investment component so you don't have to worry about performance of interest rates. These products are attractive because they are simple and easy to understand. There is a guaranteed premium payment that doesn't change and a guaranteed death benefit that will cover you up to age 121, so basically for "life"
Expect the cost to be higher than basic term life insurance but much cheaper than whole life or non-guaranteed universal life policies. Learn more about the Pros and Cons of guaranteed universal life insurance.
About the Banner Guaranteed Universal Life Insurance Policy
Life Step UL
$50,000 to $10,000,000+
20 to 85
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:
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
to Age 95
to Age 110
to Age 121
43year-old female at Preferred health class - pricing listed is per month
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.
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.
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.