Before you buy life insurance, you need to make some fundamental decisions. The main one is the insurance carrier. There are plenty to choose from. Banner is one of the most popular companies on the market.
History of Banner Life Insurance Company
Banner Life Insurance company has an interesting history.
Legal & General Group is a holding company which was formed in 1981. They bought Government Employees Life Insurance Company (GELICO). In 1983, they changed the GELICO name to Banner. Today, Banner and William Penn are the companies who issue the insurance plans, they are marketed by the single name of Legal & General America.
The parent company, Legal & General, was formed in 1863 by several lawyers in a London coffee house. Originally, they were named the Legal & General Life Assurance Society.
Their headquarters is in London, but they offices all over the country and they are one of the largest international insurance companies across the world.
In fact, as a company, they have over 10 million customers across the globe.
Banner Life Insurance Products
Banner has two different kinds of life insurance plans you can buy:
- Term Life Insurance
- Universal Life Insurance
Each of these plans has different advantages you’ll need to compare when trying to decide which plan will fit your needs.
Term Life Insurance
If you want the cheapest coverage, a term insurance plan is going to be the best choice for you. These plans are bought with a pre-determined expiration date attached to the plan. With Banner, you can buy a plan which will last anywhere from one year to 30-years. Once the time has passed, you have to reapply for life insurance if you still want protection. The longer the term is, the more expensive the premiums are going to be.
Universal Life Insurance
The other type of life insurance from Banner is universal insurance. Unlike term insurance, universal life insurance is a permanent form of coverage, and it never expires. As long as you pay the monthly premiums, you’ll have protection. These plans have several benefits you won’t find with a traditional policy.
If you’re looking for some flexibility in your life insurance, then a universal life insurance is the way to go. These plans give you some flexibility in how much coverage your plan has and how much you pay every month in premiums. Because your life continues to change, you should be able to change your insurance plan as well.
Another benefit of these policies is they have cash value inside of the plan. A portion of your monthly premiums get put into a cash value component which continues to grow every month.
Deciding Which Type is Best for You
Deciding between these two kinds of plans can be difficult. They are each excellent options for life insurance, but they are very different.
If you’re a younger applicant with young children, then more than likely, a term insurance policy is going to be a better choice. These plans are drastically more affordable than whole life insurance plans. If you’re trying to get the most insurance bank for your buck, go term.
If you have more money to spend on your life insurance policy (typically older couples with adult children), universal plans can give you flexibility and more advantages than just insurance protection. These plans offer a little bit of investment potential and can help supplement a retirement nest egg and give your family some permanent coverage, regardless of how long you live.
Where Banner Life Insurance Shines
Every insurance company has specializations or areas make them stand out from the competition. For Banner, this area is giving life insurance to people with severe health complications. They tend to offer the lowest insurance rates for applicants with health complications, like diabetes, a history of cancer, or other pre-existing conditions.
When you apply for life insurance, The biggest factor they are going to look at is your health. The worse your health is, or the more complications you have on your medical records, the more you’re going to pay every month. If you have a serious health condition, most companies are going to jack up your rates, but Banner Life is different. Yes, you’re still going to pay more, but they offer cheaper coverage for people with health issues.
Every insurance company has different medical underwriting and rating standards they use to determine insurance rates. Finding the best company for anyone with a health problem is the difference in getting declined for life insurance versus getting an affordable policy.
Not only are they good for people with pre-existing health conditions, but they are also excellent for people in good health. While every applicant is different, and everyone will receive different rates, Banner tends to be at the top of the list for lowest rates.
Getting the Lowest Insurance Rates
The most common reason people don’t buy life insurance is they assume it’s going to be too expensive. This is especially true if they have health problems. In most cases, life insurance is much more affordable than you might think. Our clients are shocked to see how much their insurance coverage can be. There are several ways you can secure lower rates and keep more money in your pockets.
The best way to save money on life insurance is to cut out smoking or chewing tobacco. Anyone who uses tobacco has a higher chance of being diagnosed with severe health problems, like lung cancer or a heart attack.
This means smokers are going to pose a higher risk to the insurance company, and they are going to offset by charging you higher premiums. In fact, life insurance for smokers is going to cost twice as much compared to what non-smokers pay. If you want to save money, cutting out cigarettes is going to be the best way to do it.
Another way to save money is to improve your overall health. Before you get life insurance, you have to take the medical exam. It’s a simple exam, not strenuous. But the better your results the better your premiums.
The two best ways are to get exercise and stick to a healthy diet. If you’re overweight, then you’re going to pay 50% more for your life insurance policy.
How We Can Help You
The best way to get the cheapest life insurance is to get dozens of life insurance quotes before you pick one.
There are 8,000 companies. Banner is only one of them. Maybe they would be good for you, maybe not. If they don’t work for you, don’t worry, there are plenty of other choices.
If you don’t want to worry about having to search through those companies alone, we can help. Give us a call and we can get the process started.