Banner Life

Banner Life

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Why Banner Life Life Insurance?

Legal & General Group formed Legal & General America as a holding company in 1981, and bought GELICO. The GELICO name changed to Banner in 1983. William Penn was purchased by Legal & General Group Plc as a wholly-owned subsidiary of Banner Life Insurance Company in 1989. While Banner and William Penn remain the companies that underwrite and issue the policies, Banner Life goes to market under a single name, Legal & General America.

Banner Life has a great term life product called OPTerm. You can run quotes using the Web Quoting tool.

You can download marketing materials promoting the term product in the agent portal. Here's a link to the Banner Life agent portal.

Banner Life Life Insurance Products

Banner Life offers three life insurance options:

  • OPTerm
  • A-List Term
  • Life Step UL

Here at New Horizons, the product we write the most, by far, is the OPTerm.

OPTerm

The OPTerm product is a level premium term with a guaranteed death benefit.

  • 10, 15, 20, 25, 30, 35 and 40 year plans.
  • Minimum face: $100,000
  • Market leading guaranteed level premiums.
  • High maximum issue ages.
  • Renewable and convertible.
  • Level death benefit to age 95 (premiums increase after level premium period expires).
  • Standard Plus Non-Tobacco Class: Applied to most rated cases.
  • $60 annual policy fee.
  • A history of family cancer does not prevent applicants from consideration for the preferred underwriting classes.

This policy is convertible for level premium period or up to attained age 70, whichever comes first. Policies issued at age 66 or over are convertible during the first 5 policy years.

A-List Term

A-List Term is a Group Term Carve Out - Individual term life insurance for highly compensated employee. Premium guaranteed for first three policy years.

  • Minimum face: $50,000
  • Issue ages: 20-75
  • Average age of group cannot exceed age 50 for groups of 10-24 – can't exceed age 55 for groups of 25 or more.
  • Individuals in white-collar jobs making $75k or more annually.
  • High death benefits up to $3 million or more based on group size.
  • Portable. Individual ownership at same rates means it’s portable at termination of employment or retirement.
  • Minimum participation requirement is 10 lives.
  • Underwriting 10-24 lives, simplified issue including MIB, MVR and prescriptions. Underwriting 25 or more lives, one medical question for ages. 20-70; simplified issue forages 71-75.
  • $60 annual policy fee.
  • Less taxable income. Imputed income is lower because in virtually every case A-List premiums are less than Table I. A $30 administrative fee per participant is collected annually by Dye & Eskin.
  • A history of family cancer does not prevent applicants from consideration for our preferred underwriting classes.

Life Step UL

Life Step UL is a flexible premium universal life policy with a focus on providing death benefit guarantees.

  • Minimum face: $50,000
  • Issue ages: 20-85
  • Designed for term conversions or for new sales with face amounts as low as $50,000.
  • Coverage guarantee to maturity at age 121.
  • On-time premium payment guarantees cash values that equal the death benefit at age 121.
  • Standard Plus Non-Tobacco Class: Applied to most rated cases.
  • A history of family cancer does not prevent applicants from consideration for our preferred underwriting classes.

Designed for term conversions or new policies with face amounts as low as $50,000. Exclusive conversion product for A-List Term policies.

Banner Life State Availability

Banner Life offers life insurance in most states. You can check out their comprehensive state availability and approvals chart here (you must be signed into the Banner Life agent portal to view).

New to Senior Market Life Insurance Sales?

Life insurance sales don't have to be overwhelming! In fact, we do everything we can to make it easy here at New Horizons.

Check out the Quick Training Guide available as part of the Life Insurance Marketing Kit:

In addition, a great place to start is our Ultimate Guide to Selling Life Insurance in the Senior Market.

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This product may be available in other states not listed. Please contact us to inquire.