Banner Life company reviews and product introductions

Credit rating and financial strength

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

Here's an overview of Banner Life's ratings:

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

Banner life currently underwrites $6424 billion in policies, with net income of more than $2016 million in 2017-8200.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 has not only received unanimous praise in international credit ratings, but has also quietly won many accolades in the industry. The company won the "Best Term Life Insurance Provider" in 2017, the highest honor of the Moneyfacts Award.This is inseparable from the company's focused and pragmatic style. It is very strictly focused only on life insurance products, and the company's growth is strictly based on the life insurance field.

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 are often also engaged in such investment business or retirement wealth management business, but Banner Life and its siblingsWilliam pennLife Insurance (which, due to legal reasons, operates only in New York State), is focused on delivering core life insurance products that are sustainable and affordable across the United States.

Banner Life Product Introduction

Banner Life operates two types of life insurance products, which are:

• Term life insurance
• Universal insurance

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

Term life insurance products

Banner Life term life insurance has a reputation for being cheap.It is the most basic life insurance product option and is suitable for customers who want to obtain maximum protection with minimum expenditure.In the unfortunate event of an accident, this security deposit can be used to pay a home loan or provide a living 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 here at Banner Life, although the rating is also It may be the same "standard" rating, but the price may be a preferential price corresponding to the "excellent" level.

The core products of Banner Life Term Life Insurance are called: OPTerm® ,include:

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

這4款產品分別對於10年，15年，20年以及30年的保障期。

Universal Insurance Products

As the first life insurance company in history to provide universal insurance products, Banner Life's whole-life universal insurance products: Life Step UL®, offers considerable flexibility and value for money, and is even more affordable than many competing Whole Life products.

Users can deposit money into this policy like other universal insurance products to obtain an increase in cash value; they can also flexibly pay more or less premiums according to your ability to pay. Banner Life's rider terms also allow you to pay in one lump sum over 10 to 15 years.

Life Step UL® Another aspect of the product's features is that you can also use it as a term life insurance that is valid for life, regardless of the cash value component.This product guarantees a fixed death benefit as long as you keep paying premiums.The biggest feature is that your minimum payout will never change, no matter what the market changes in the future.

At the same time, Banner Life also offers universal insurance products with a smaller sum assured, as low as $5. Compared with the universal insurance products of most other companies, almost all of them sell from $10.

Riders for Banner Life Product Lines

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

1. Premium Waiver Clause – If you become disabled and cannot pay your premiums, this clause guarantees that your policy will remain in force until you can resume paying your 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 this clause without re-applying and re-rating, you will directly get the rating when you applied for the old policy.This saves money.
3. Flexible Payment Plan Terms – Banner offers a variety of payment methods and payment options.Annual payment is the most economical.
4. term term – Sometimes you need to add some extra payouts for certain years of your life, this clause allows you to apply for increased coverage in your policy.
5. Accelerated Death Benefit Clause – If you are diagnosed with a terminal illness, or if you cannot live for more than a year, you can get immediate death benefit.
6. Children's Clause – Your young children may also need basic coverage, which allows them to be insured until they turn 25.

Life insurance products without medical examination

Banner Life's parent company, Fartong Insurance, provides term life insurance that does not require medical examination for policyholders aged 20 to 50, with the insurance amount limited to US$10 and US$50. Banner Life also implements this type of "no physical examination" term life insurance policy for relatively healthy user groups.

As long as you are within 50 years of age and are relatively healthy, you only need to answer a few questions about your health, answer a phone call, and the policy will be issued within a few days, or immediately the same day.This approval process for policies that do not require a medical examination removes the experience, laboratory tests, 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 with work to choose and apply for one that suits their affordability.

Banner Life's classification of customers' health ratings

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

Banner Life is one of the few companies that can classify users as "Preferred➕" companies, thereby providing better premium rates and product choices. If you apply online or over the phone for BannerLife’s no-medical examination term life insurance products, you can be approved immediately within a few hours. The following are the conditions for applying for such products:

• Suitable forOPTerm® 10, 15, 20, and 30.
• Applicants are between 20 and 50 years old.
• Sum Assured (Death Benefit) at$100,000-$500,000.
• Only acceptPreferred ➕ Non-smoking client, preferred non-smoking client 和 Standard ➕ Non-smoking customers.

Under the conditions of the same coverage period and sum assured, the premiums for term life insurance products without experience are exactly the same as the premiums for term life insurance products applied for through other processes.

>>>Free Online Quote Tool for Term Life Insurance

inSurGuru©️Comprehensive evaluation

Banner Life's professionalism and healthy financial ratings put 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 giving back program: for every RMB 1 an employee donates to his/her favorite charity, the company will donate an equal amount.

At the same time, the insurance company's core underwriting philosophy is very different from other companies in the life insurance industry.For customers rated as not-so-healthy, conventional insurers either deny coverage or significantly increase policyholders' premiums.Compared with other insurance companies, Banner Life's approach gives certain discounts to such policies, allowing policyholders to enjoy premiums corresponding to higher ratings.

Although Banner Life is not a company with a century-old history, its reputation and reputation have definitely surpassed many insurance companies in the same industry.We might recommend this company if you're considering a basic term life insurance product.