Banner Life Insurance Company

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Banner Life Insurance Company Details

Company Address & Information:

Company Contact Info:
Call: 800-638-8428 Toll Free
Fax: 301-294-6960
Office Hours: 8:00-5:00 ET, Monday – Friday
Email Address: customerservice@bannerlife.com
Office Headquarters Address:
3275 Bennett Creek Avenue
Frederick, Maryland 21704

Banner Life Insurance Company History:

The parent company that eventually became Banner Life was originally formed as Government  Employees Life Insurance Company (GELICO) was registered in 1949 and was started by Leo Goodwin, a Texas-based banker. By the year 1975, the company (GELICO) had assets in excess of $124 million. It also boasted of $1.7 billion of insurance. The company has since grown in leaps and bounds. In 2010, going by the GAAP consolidated basis, the company had assets of over $6.3 billion and a strong $415 billion of insurance.

GELICO’s phenomenal growth made it a prime target of many companies for mergers. In 1981, Legal & General Group Plc acquired the company and renamed it Banner Life. After the acquisition, the company began to market universal life insurance.

In 1989, William Penn Life Insurance Company of New York, joined the group as a subsidiary. This streamlined management of both companies making it lean. This merger strengthened the company as it took advantage of Banner’s presence nationally and William Penn’s 45 years plus experience in insurance brokerage service.

Company’s Financial Strength:

Banner Life Insurance is one of the most financially stable life insurance companies. This is due to prudent management of the company’s wide investment portfolio. They have diversified investments, such as grade corporate bond and other well-placed securities portfolio.

Banner Life Insurance Company’s Ratings:

Banner Life Insurance Company and William Penn Life Insurance Company of New York are both rated as A+ (Superior) by A.M. Best. This is in regards to operating performance and financial muscle. Standard & Poor’s, on the other hand, also rate Life and William Penn Life Insurance Company of New York AA- (Very Strong) in regards to financial strength.

Banner Life Insurance Consumer Ratings:

Banner Insurance is rated among the top 12% of U.S. life companies. A.M. Best ranked the company in 2010 as the 12th company in the US Life Insurance Companies in terms of new life coverage issued. This is a stable company and gets a star rating of 5.

Company’s Facts:

* Banner has in excess of $587 billion of life insurance in place.
* It also has assets of over $5.7 billion.
* Its major advantage is a diversified investment portfolio. Its investments are highly liquid consisting mainly of grade corporate bonds and also structured securities.

Products:

Term Life offers protection for a certain period of time and pays a benefit only if the insured dies during the “term.” Term periods run from one year to thirty years. Universal life insurance is a flexible product in terms of flexible premiums and death benefits and guarantees that are adjustable. One can choose to pay lower premium rates running through a shorter period or a much higher premium running a lifetime.

Banner Life Insurance Coverage Area:

Banner Life insurance has a nationwide presence. The company has spread its tentacles across the country through incorporation of a wide network of insurance agents and brokers right across the country. Banner outsourced its distribution network in 1995 to independent insurance brokers/agents. To date; Banner has a wide network of over 70,000 brokers in 49 states and the District of Columbia.

Process of Changing Policy:

Banner Life Insurance Company has an easy option allowing consumers to change term policy to a universal insurance policy; this is given at the same underwriting terms as the previous coverage. When changes in health occur between the times of application/conversion, one is exempted from underwriting the class change. Policies taken after 66 years can only be converted during the first five years. Conversion can be taken at any time.

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