Banner Life company evaluation and product introduction

Credit rating and financial strength

Banner Life has extremely strong (Extremely Strong) financial strength and was rated "A+" by AMBest.The Fitch rating is "AA-" and the Standard & Poor's rating is "AA-".Such a rating means that Banner Life has the highest rating provided by an internationally reputable rating agency.

The following is a summary of Banner Life's ratings:

• AM Best – A+
• Fitch/Fitch – AA-
• Standard & Poor's – AA-

Banner life currently underwrites US$6424 billion in insurance policies, and its net income in 2016-2017 exceeded US$8200 million.At the same time, Banner Life also adopted the method of signing independent insurance brokers, which effectively reduced operating costs to sell its life insurance products.

The company not only received unanimous praise in the international credit rating, but also won many praises in the industry in a low-key manner. In 2017, the company won the "Best Term Life Insurance Supplier" and the extremely high honor of Moneyfacts Award.This is inseparable from the company's dedicated and pragmatic style. It strictly focuses only on life insurance products, and the company's growth is strictly based on the field of life insurance.

For example, many other well-known life insurance companies are mostly part or branch brands of a parent company engaged in comprehensive financial services; and in terms of business, these life insurance companies often also engage in this kind of investment business or retirement wealth management business, but Banner Life and its sister companyWilliam pennLife (due to legal reasons, this company only does business in New York State), focusing on providing core life insurance products that are sustainable and affordable for everyone in the United States.

Banner Life Product Introduction

Banner Life mainly deals in two types of life insurance products. They are:

• Term life insurance
• Universal insurance

At first glance, these two types of products seem to be suitable for anyone, but there are obvious differences between the two.Our next review will help you understand the detailed product line of Banner Life.

Term life insurance products

Banner Life's term life insurance is famous for its low prices.It is the most basic choice of life insurance products, suitable for customers who want to get the maximum guarantee with the minimum expenses.In the unfortunate event of an accident, this deposit can be used to pay for housing loans or provide a source of income for the family.

On the other hand, if a customer has a higher insurance risk, he can only get a "standard" rating from other insurance companies, and pay a relatively high premium for this rating, but in Banner Life, although the rating is also It may be the same "standard" rating, but the price may be given a preferential price corresponding to the "excellent" level.

The core products of Banner Life's term life insurance are called: OPTerm® ,include:

• OP Term 10®
• OP Term 15®
• OP Term 20®
• OP Term 30®

这4款产品分别对于10年，15年，20年以及30年的保障期。

Universal Insurance Products

As the first life insurance company to provide universal insurance products in history, Banner Life's lifetime universal insurance products: Life Step UL®, Provides considerable flexibility and cost-effectiveness, and is even more affordable than many competitor's participating whole life insurance (Whole Life) products.

Like other universal insurance products, users can deposit money in this policy to gain cash value growth; they can also flexibly pay more or less premiums according to your ability to pay. Banner Life’s additional clauses also allow you to pay in one lump sum in 10-15 years.

Life Step UL® Another aspect of the product features is that you can also treat it as a term life insurance with a lifetime validity period, regardless of the cash value.As long as you continue to pay the premium, this product will always guarantee a fixed death benefit.The biggest feature is that no matter what changes in the future market, your minimum payment will never change.

At the same time, Banner Life also provides universal insurance products with a smaller sum assured, with an insured amount as low as $5. Compared with the universal insurance products of most other companies, almost all of them are sold starting at $10.

Supplementary Regulations for Banner Life Product Line

Banner Life's life insurance products also have a wealth of additional terms for policyholders to choose:

1. Premium waiver clause -If you are disabled and unable to pay your premiums, this clause guarantees that your policy will remain valid until you can resume paying premiums.
2. Policy conversion clause – If you consider converting term life insurance to whole life insurance, such as Banner's universal insurance product, then you can choose to directly implement the clause without re-applying. Re-rating, you will directly get the rating when you applied for the old policy.This can save money.
3. Flexible payment plan terms – Banner provides a variety of payment methods and payment options.The most cost-effective annual payment.
4. Term clause -Sometimes you need to add some additional benefits in certain years of your life. This clause allows you to apply for additional protection in the policy.
5. Expedited Death Payment Clause -If you are diagnosed as terminally ill, or if your life cannot be sustained for one year, you can get death compensation immediately.
6. Child Clause – Your young children may also need basic protection. This clause allows them to be insured until they are 25 years old.

Life insurance products that do not require physical examination

Banner Life's parent company, Fatong Insurance, provides term life insurance for insured persons between the ages of 20 and 50 without medical examination. The insured amount is limited to between $10 and $50. Banner Life has also implemented this type of term life insurance policy that does not require physical examination for relatively healthy user groups.

As long as you are under the age of 50 and are relatively healthy, you only need to answer a few health questions and get a call, and the insurance policy will be issued within a few days or on the same day.This kind of approval process for insurance policies that do not require a physical examination removes the process of experience, laboratory testing, and retrieval of medical records.This type of product is a good choice for a user who is in good health and is too busy to choose and apply for a suitable one.

Banner Life's classification of customers' health ratings

• Preferred ➕ Non-smoking customer/Preferred Plus Non-Tobacco
• Preferred Non-Tobacco
• Standard➕ Non-smoking customers/Standard Plus Non-Tobacco
• Standard Non-Tobacco
• Preferred Tobacco/Preferred Tobacco
• Standard Tobacco/Standard Tobacco

Banner Life is one of the few companies that do not require a physical examination and may rank users as "Preferred➕” company, so as to provide better premium rates and product choices. If you apply for BannerLife’s health-free periodical life insurance products online or by phone, you can get approval as soon as possible within a few hours. The following are the conditions for applying for such products:

• Apply toOPTerm® 10, 15, 20, and 30.
• Applicants are between 20 and 50 years old.
• The sum assured (death benefit) is in$100,000-$500,000.
• Only acceptPreferred ➕ non-smokers, preferred non-smokers 和 Standard ➕ Non-smoker customers.

Under the same protection period and insured amount, the premiums of term life insurance products exempted from experience are exactly the same as those of term life insurance products applied for through other procedures.

>>>Free online quotation tool for term life insurance

inSurGuru©️Comprehensive Evaluation

Banner Life's professionalism and healthy financial rating made us place it among the most recommended term life insurance brands in 2018.Advertising and marketing are not factors that we consider.At the same time, Banner Life also has a long tradition of giving back to the society, such as the annual reward plan: for every 1 yuan a company employee donates to his/her favorite charity, the company donates the same amount.

At the same time, the core underwriting philosophy of this insurance company is also very different from other companies in the life insurance industry.For customers who are rated as not so healthy, conventional insurance companies either refuse to insure or significantly increase the insurance premiums of the insured.And Banner Life’s approach, compared with other insurance companies, gives certain discounts to such policies, allowing policyholders to enjoy higher-rated premiums.

Although Banner Life is not a company with a century-old history, its own reputation and reputation have definitely surpassed many insurance companies in the same industry.If you consider basic term life insurance products, we might recommend this company.