Term Life Insurance

Thursday, December 08, 2016
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Company/Policy Information

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Banner Life Insurance Company

Banner Life Insurance Company

1701 Research Boulevard
Rockville, MD 20850
Banner Life Insurance Company was established in 1949 and is a Legal & General America company since 1981, a wholly owned subsidiary of Legal & General Group Plc., which was founded in 1836. Banner Life is domiciled in Maryland and is licensed to do business in 49 states and the District of Columbia.

At year-end 2007, on a GAAP consolidated basis, Banner Life had:
  • Over $344 billion of life insurance in force
  • Over $4.6 billion in assets
  • An investment portfolio that consisted of virtually all investment grade assets, including 10% U.S. government and U.S. government agency holdings
  • No real estate or commercial mortgages

And on a statutory basis had:
  • Capital & surplus of over $225 million
  • Assets equal to 121% of liabilities

Banner Life Insurance Company is rated

A+ Superior by A.M. Best Company, 2nd highest of 16 ratings for financial strength (as of 6/10/2008)
AA Very Good by Standard & Poor's, 3rd highest of 21 ratings for financial strength (as of 6/10/2008)
These ratings are opinions of the rating agencies and are not warranties of the company’s ability to perform its financial obligations.

Policy Description OPTerm

Term insurance with guaranteed level premiums during the initial 10, 15, 20 or 30-year period. Premiums increase annually in years after the initial guaranteed level period and later. Re-entry is available with evidence of insurability. Policy Form No. RT-97 or state variations

Conversion Feature

Conversions on the OPTerm products are available for the duration of the guaranteed level premium period, or up to attained age 70, whichever comes first. When a policy is issued for an insured age 66 or greater, then the policy is convertible for the first five years.

Available Options

Spousal Discount
Not Available

Children's Insurance Option (Additional Cost)
Not Available

Accelerated Death Benefit
Not Available

Waiver of Premium Option (Additional Cost)
Issue ages: 20-55 for OPTerm 10,15, and 20
20-50 for OPTerm 30 Accidental Death Benefit Option (Additional Cost)
Not Available

The Banner Life term life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual rates will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria. You can return a policy without obligation within 20 days of receipt. Please refer to the policy form for full disclosure of benefits and limitations. Forms and policy provisions may vary by state. Please contact the brokerage agency responsible for this website to confirm appropriate licenses for your state and contractual authorization to represent Banner Life.

OPTerm policy form #RT-97. Not Available in all states. Policy descriptions provided here are not a statement of contract and are not for public distribution. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$999,999 or $1 million and above. Premiums quoted include $50 annual policy fee. Premiums are guaranteed to stay level for 10, 15, 20, or 30 years, and will increase annually after the initial guarantee period. OPTerm policies can be issued in preferred plus non-tobacco (no nicotine use in past 36 months), preferred non-tobacco (no nicotine use in the last 24 months), standard plus non-tobacco or standard non-tobacco (no nicotine use in past 12 months) and standard tobacco classes. OPTerm 10, 15, 20 and 30 substandard policies can be issued through Table 12, subject to underwriting discretion. Coverage can be renewed to age 95. Issued and underwritten by Banner Life Insurance Company, Rockville, MD. Rates are effective as of 2/25/08.