Banner Life Insurance Review

For over 75 years, Banner Life Insurance has financially protected thousands of families after tragedies and accidents.

By: admin Posted: September 28, 2010

The Good

Rich History • Knowledgeable Staff • Rated A+ by Independent Reviewers

The Bad

No Major Cons. Any con is a case-by-case basis.

Overview

Banner Life was founded in 1949 by a different name of Government Employees Life Insurance Company (GLEICO). Eventually GLEICO split and became what are now Banner Life Insurance and Geico Insurance.
Banner Life Insurance receives excellent reviews from every independent insurance reviewer. They have maintained an A+ rating since 1976.

Policies / Plans

The policies offered by Banner Life are similar to those offered by other companies. There is term, whole, and universal life insurance. Term Life Insurance lasts for a term of 10,15,20 or 30 years. There is no cash accumulation but the policy can have the option to be automatically renewed. Whole Life Insurance obviously lasts until someone passes away. The cash accumulation is smaller but the policy is guaranteed as long as you pay your premiums. Universal Life Insurance is also a policy that lasts forever. Universal Life insurance offers a higher cash accumulation and covers more accidents/instances that occur which do not cause a death.

Pricing / Rates

Premiums are slightly below average when compared to other life insurance providers. The quote for the policy we requested offered us a $259 monthly premium. There was no cash value to the policy but the term was for an extended period of time.

Getting A Quote

Like Most other life insurance providers, you can a quote in a variety of methods. The easiest method is to get fill out their form online. The form has a variety of questions that are not really too intrusive on your medical history. However, I did notice that after filling out the form there was an asterisk around the quote. The quote you receive is not necessarily the final premium you will be required to pay. You do need to receive an updated medical examination so that Banner Life can evaluate you further to adjust your premium.
You can also receive a quote by calling one of their toll-free numbers. You can speak to a qualified agent who will be able to modify a plan to fit your needs.

Customer Service

Customer Service at Banner Life is superb. Their support is extremely knowledgeable and quickly identified a problem when prompted. Unlike other agents, the support staff at Banner Life offered a variety of solutions to fix the problem. The customer service agent was extremely friendly and was easy to understand. Banner Life definitely had better customer service then most other life insurance providers.

Summary

Overview:

Banner Life was founded in 1949 by a different name of Government Employees Life Insurance Company (GLEICO). Eventually GLEICO split and became what are now Banner Life Insurance and Geico Insurance. Banner Life Insurance receives excellent reviews from every independent insurance reviewer. They have maintained an A+ rating since 1976.

Policies / Plans Rating:

Policies / Plans:

Pricing / Rates Rating:

Getting A Quote Rating:

Getting A Quote:

Like Most other life insurance providers, you can a quote in a variety of methods. The easiest method is to get fill out their form online. The form has a variety of questions that are not really too intrusive on your medical history. However, I did notice that after filling out the form there was an asterisk around the quote. The quote you receive is not necessarily the final premium you will be required to pay. You do need to receive an updated medical examination so that Banner Life can evaluate you further to adjust your premium. You can also receive a quote by calling one of their toll-free numbers. You can speak to a qualified agent who will be able to modify a plan to fit your needs.

Customer Service Rating:

9.6

While Banner Life isn't a well-known life insurance provider, you can still receive excellent coverage at a price that can fit your budget. With excellent support, decent cash accumulation, and easy quote options, Banner Life is a top-notch provider of life Insurance. If you are in the United States, Banner Life should definitely be put on your top 10 if not top 5 providers you need to receive a quote.