Banner (William Penn) Life Insurance Reviews [Pros + Cons +Tips]


Banner and William Penn life insurance reviews 2019

Banner and William Penn Life Insurance Reviews 2019

How many different Banner and William Penn Life Insurance reviews have you stumbled across?

Probably hundreds.  Banner life insurance reviews are all over the internet and we want to help you out.

In this Banner, Life Insurance Review will cover everything in-depth to end your research.

As far as reviews go, we always strive to deliver the best in class on all life insurance companies.

Banner (William Penn) did not make our list for best life insurance companies list but they are still very good.

Especially in some niche underwriting areas such as type 2 diabetics. However, we always recommend comparing rates with all life insurance companies. At least 50 or more.

This ensures you aren’t throwing away premium dollars and getting the best possible price on your life insurance. You can do easily by using our instant quote form below.

Not to mention it will provide your rates in a matter of about 10 seconds to get you off in the right direction.


When it comes to shopping, nothing can be more complex than life insurance. You must get your decision spot on because it will affect the financial decisions you make for the rest of your life.

There are a lot of different life insurance companies in the market, which makes it difficult to make the right choice.

It is advised that you conduct thorough research on any insurance company you want to work with before you choose to commit to working with them.

One of the best life insurance companies operating in the United States currently is Banner Life Insurance Company (William Penn).

The insurance carrier is highly regarded and extremely popular among the masses. If you haven’t heard about Banner Life Insurance Company, it is because their marketing and advertising are different than other insurance companies.

However, when it comes to their insurance products and policies, you will struggle to find ones that are better and cheaper in the industry.

We wanted to provide all customers with comprehensive reviews of the leading insurance companies in the industry.

So, check out our detailed review of the insurance products, financial strength, and customer reviews of Banner Life Insurance Company.

Here is what you need to know.

Banner and William Penn Life Insurance Reviews 2019

Founded in 1949, Banner Life Insurance Company had been a successful insurance carrier before it was acquired in 1981, by Legal and General Group, which is one of the biggest international insurance conglomerates in the world.

The headquarters of the parent company of Banner Life Insurance, Legal and General, is in London, and William Penn Life Insurance Company of New York is a subsidiary of the conglomerate.

Legal and General manage over $746 billion in assets and have operations in North America, Europe, and Asia.

Banner Life Insurance has incredibly strong financial numbers, and have more than $624 billion in life insurance policies, and recorded a net income of more than $82 million in the last year.

One of the best things about the insurance carrier is that it is committed to growing its business, which is why they offer some of the best life insurance products around.

Banner Life sells insurance plans through a network of independent insurance agents, and they have more than 70,000 licensed independent agents to sell their life insurance plans in the United States.

William Penn is a subsidiary company of Banner Life and operates solely in New York. It has been in business for over 27 years and sells insurance plans primarily in New York.

Banner and William Penn Life Insurance Reviews and Company Overview

There are very few insurance companies with stronger financial numbers and more experience than Banner Life.

The company has only been in operation for over 60 years, but its parent company Legal and General America has been around since the early 1800s.

That means the entire life insurance history of the company extends to nearly 180 years.

Banner Life and William Penn are commonly known as Legal and General America, and the main headquarters of the company is in London, but it has several offices in America.

Legal and General is a gigantic conglomerate, and is ranked as a top 10 global asset manager. It is also the seventh-largest life insurance carrier in the World!

Banner and William Penn Life Insurance Company Financial Strength Ratings

Banner Life has exceptionally strong financial numbers, and that has seen the company awarded with an ‘A’ grade or even higher from all 4 major insurance rating agencies in the United States.

The insurance carrier has more than $624 billion of in-force policies, which is easily more than most of its competitors.

This clearly showcases the exceptional product performance and pricing of Banner Life, which saw it bring $82 billion in net income last year.

The financial strength and customer service ratings awarded to Banner Life from the 4 biggest insurance rating agencies in the United States are as follows:

  • A.M. Best: A+ (Superior) as of August 2016
  • Standard &Poor: AA- (Very Strong) as of July 2016
  • Fitch: AA- (Very Strong) as of July 2016
  • COMDEX score 94
  • BBB Rating A+

Banner Life Insurance Company is among a select group of insurance companies, who are only focused on offering life insurance products to customers.

Most life insurance carriers offer different retirement and investment products along with life insurance, but Banner Life and it’s sister company William Penn Life Insurance (New York) do not offer these services.

Legal and General America, which is the parent company of Banner Life is also the corporate center of operations.

The conglomerate ranks are the seventh-largest insurance company in the world and have locations in France, Egypt, and India.

Banner and William Penn Life Insurance Reviews of Life Insurance Products Offered

Banner Life Insurance Company offers an exceptional line-up of products, which cover the basic life insurance needs for consumers and businesses in the United States.

One of the key strengths of Banner Life has been underwriting, and the pricing schedule of the company is different from other insurance carriers.

So, let’s check out the leading life insurance products you can expect to buy from Banner Life Insurance Company below.

Banner Life Insurance (William Penn) Term Life Insurance Reviews

Banner Life offers various products under its term life insurance product line. They are known as the OPTerm® series, and the main items, include the following:

  • OPTerm 10®
  • OPTerm 15®
  • OPTerm 20®
  • OPTerm 30®

The best thing about these products is they have level premiums for the duration of the policy, after which it will rise annually. These term products are available for all health classes. Apart from the term products, Banner Life also offers different riders with each policy.

These include the following:

Waiver of premium

This is great for when you’re unable to pay premiums and become disabled.

The Waiver of Premium rider guarantees that your policy remains active until you can start making premium payments.

Policy conversion

If you want to convert your term product into a permanent product, like the Universal Life product from Banner, you can do it easily without having to re-quality.

You will also be given the same health class as the one for your older term policy.

Flexible payment schedule

You don’t have to worry about making payments on time, since Banner offers you an extensive range of payment methods, with different frequencies. You can also save more money by paying annually as well.

Banner Life Term Life Insurance Riders Review

If you’re looking for additional coverage for a limited amount of time, then you can choose various term riders that come with the option to ladder your death benefit.

Accelerated death benefit

The accelerated death benefit rider helps you access your death benefit if you have been diagnosed with a terminal or critical illness and have less than a year to live.

Children’s rider

The children’s rider helps children acquire basic insurance coverage, and it is available for children till the age of 25.

Banner Life Insurance Universal Life Reviews

Banner Life is one of the pioneers of the universal life insurance product. It offers the Life StepUL®, which is a permanent life insurance policy that is more affordable than whole life insurance products.

You have the flexibility to change payments and have a locked-in flat rate.

You can take advantage of Banner’s Short Pay Guarantee to pay off the policy in 10 or 15 years.

Banner’s Step-Up UL® offers you with guaranteed minimum death benefits if you make your payments.

The minimum payment doesn’t change based on anything that happens in your future.

Apart from that, you can enjoy the lifetime premium product, which guarantees you with cash value growth in the policy.

No Exam Life Insurance from Banner Life Insurance Company (William Penn)

Banner Life offers a cutting-edge no exam insurance policy, and in 2016 the company launched its Appcelerate product.

This is the first automatically underwritten system and is like Haven Life.

It offers instant approvals and helps people who haven’t qualified in the underwriting process to get approval for life insurance as well.

Banner Life Insurance Company uses independent insurance agents to sell their products to consumers, who can complete applications over the phone, without a medical, no Attending Physician’s Statements, and no blood tests as well.

The great thing about Banner Life is that they have approved more applications in a few hours than most insurance carriers manage to do in a full day.

Here is further information about the no exam insurance products:

  • Available forOPTerm® 10, 15, 20, and 30 product lines.
  • Applicants must be between the ages of 20 and 50
  • Death benefits available for coverage are between $100,000-$500,000
  • Preferred Plus Non-Tobacco, Preferred Non-Tobacco, and Standard Plus Non-Tobacco rate classes only

The best thing about the no exam life insurance product from Banner and William Penn is that the prices remained the same throughout the duration of the policy.

If applicants fail to qualify for no medical policy from Banner Life, they still have a chance to get approval through the underwriting process.

Reviewing Other Products Offered By Banner Life Insurance Company (William Penn)

Apart from life insurance products, Banner Life also offers MediGuide to clients who purchase insurance policies from them.

This product is ideal for someone who is diagnosed with a critical or terminal illness, and require a second opinion from a medical professional.

Banner Life will help individuals find the top three medical centers that specialize in that medical condition.

After the appropriate medical center has been identified through MediGuide, Banner Life will acquire a second opinion from the medical center.

The best thing about the MediGuide service is that it is offered completely free and ensures that people can get the very best medical opinions for life-threatening illnesses and diseases.

This clearly shows that Banner Life places the needs of their consumers before everything else, and is completely committed to helping them acquire the best life insurance products.

Banner and William Penn Life Insurance Company Contact Information

Company NameCompany RatingsHeadquartersPolicy Types Available
Banner Life Insurance Company

William Penn Life Insurance Company of NY

A.M. Best (A+)

Fitch (AA-)

Moody’s Investors Services (N/A)

Standard &Poor’s (AA-)

Comdex (94)

3275 Bennett Creek Avenue

Frederick, Maryland 21704

Phone: (301) 279-4800


The Bottom Line, Banner, and William Penn Life Insurance is Great But You Can Do Better

Don’t waste your time on hundreds of other Banner Life Insurance reviews.

We hope we provided you with the information needed to understand Banner Life Insurance Company/ William Penn Insurance Co.

There are a lot of insurance companies that are highly rated in the industry, which makes it harder to choose for consumers.

Banner Life has an exceptionally strong product line for life insurance, and the number of underwritings that the company manages clearly shows that people love their products.

The company also has a long-standing history of charitable nature and has hosted its Annual Giving Campaign, where company employees donate to their favorite charities, and the company matches their donations.

The most unique aspect of Banner Life is that its core underwriting practices are vastly different than other insurance companies.

If there are people, who don’t manage to qualify for life insurance due to their health class, Banner Life offers them with a Standard Plus rating table.

This ensures they can acquire discounted premiums for their health class, even if they aren’t healthy.

That means the insurance policy you will buy from Banner Life is going to be cheaper than the ones offered by other insurance carriers.

Banner Life is a great insurance carrier and with extremely strong financial strength, it is a safe option for a lot of people.

The company may not have been in the industry for a long time, but have consistently delivered exceptional insurance products with excellent pricing models.

We will highly recommend Banner Life and its sister company William Penn Life Insurance Company for anyone who is looking for outstanding and affordable life insurance products.

Did you enjoy our Banner Life Insurance Review? 


Resources –  LGAmerica