Banner No Exam Life Insurance

Banner Life Insurance has been offering life insurance policies since 1949 when it was known as  GELICO Life. The company has grown and changed significantly over the decades. Today, Banner life operates under their parent company, Legal & General. Banner policies are sold in every state except New York, which is served by the company’s partner William Penn. Banner offers both Universal and Term Life insurance policies. Banner’s term life insurance policies are called Banner OPTerm. OPTerm policies offer accelerated underwriting and don’t always require a medical exam.  Keep reading to learn more about no exam life insurance from Banner.

Banner OPTerm Overview

Banner’s OPTerm policies offer up to 10 million dollars in coverage to applicants who qualify. Banner is notable for some of the longest available term lengths in the industry. You can get a policy with a term length of up to 40 years.  Terms of 10, 15, 20, 25, 30, and 35 years are also available. Additionally, Banner’s underwriting standards are friendlier to applications with well-controlled medical conditions than many competitors.

You can read more key details about BannerOPTerm below:

• Coverage type – Term
• Coverage range – $100,000 – $10,000,00
• Age range – 20-75
• Medical exam – Might not be required. Banner will look at your application to determine if you need to take a medical exam. If you’re under 50 and applying for less than 1 million dollars in coverage, you might qualify for accelerated underwriting without an exam.
• Health questions – Yes
• Application process – You can get a quote online, but you’ll need to speak to an agent to complete your application. Some applications might need a medical exam.
• Underwriting – Accelerated
• Approval time – Decisions can be reached during your phone call with an agent in some cases. In other instances, you might need to wait a few hours or wait on the results of a medical exam.
• Riders included – Accelerated death benefit
• Riders offered – Child rider, waiver of premium, stacking term
• Option to convert policy – No

How much does Banner no exam life insurance cost?

Your rate for a no exam policy from Banner will depend on multiple factors. These include:

• The amount of coverage you purchase
• Your term length
• Your life insurance rate classification

Your life insurance rate classification is the group you’ll be assigned to after you application goes through the life insurance underwriting process. Your rate group is based on the risk of issuing you a policy. Your age, health, smoking status, hobbies, job, and even your criminal background and credit rating are all used to assign you to a life insurance rate classification. People who are young and healthy and who don’t have what the insurance company considers to be a risky lifestyle will qualify for the top rate class and receive the best rates.

You’ll receive an initial quote before you begin your life insurance application. You’ll see your final price after your application is underwriting and approved. You’ll be able to accept your price before your signoff on your new policy.

You can compare rates for Banner OPTerm with other popular policies in the chart below.

The following rates are for a 55-year-old man in very good health looking for a 20-year term life policy.

Coverage Amount	Banner	Haven	Mutual Of Omaha	Protective	Prudential
100,000	39	N/A	45	41	49
200,000	73	N/A	85	82	90
250,000	73	100	87	79	96
300,000	86	119	103	95	114
400,000	113	156	136	127	150
500,000	134	196	162	149	186
750,000	199	291	240	224	275
1,000,000	270	388	310	284	349

What questions does the application ask?

Banner will ask you health questions. These questions will be about your current health, your health history, and your family health history. It’s important to answer these questions truthfully. Even if you’re not required to take a medical exam, Banner will underwrite your application and check consumer databases to verify your information.

Questions that disqualify you if you answer yes

You won’t be able to get a no exam policy from Banner if you:

• Are currently abusing alcohol or any drugs other than cannabis?
• Are less than three years clean of an addiction to a single drug
• Are less than four years clean of addiction to multiple drugs
• Have a severe major depressive disorder
• Have had a suicide attempt within the two years
• Have had multiple suicide attempts
• Have Alzheimer’s or dementia
• Have an aortic aneurysm
• Currently use an automatic implantable cardioverter-defibrillator
• Are currently being evaluated for or treated for cancer
• Have a history of multiple cancers
• Are HIV positive
• Have chronic renal failure and/or receive dialysis treatments
• Have cirrhosis of the liver
• Have uncontrolled diabetes with significant complications
• Are under 50 and have had multiple strokes
• Are a transplant recipient (not including kidney or bone marrow/stem cell)
• Have COPD and oxygen or have been recently hospitalized
• Have cardiomyopathy
• Have severe and untreated sleep apnea
• Have schizophrenia with less than five years of treatment compliance
• Are currently in jail
• Have multiple past felony charges

Questions that can affect underwriting if you answer yes

Your rates might go up if you answer yes to any of these questions. In some cases, they might even cause a decline:

• Have kidney disease
• Have had a stroke
• Have heart or blood vessel disease
• Have muscular dystrophy
• Have multiple sclerosis
• Have a mood disorder
• Have liver disease
• Have inflammatory bowel disease

However, Banner says that they try to assign applications to the best rate class possible. If you have one or even multiple health conditions but they are well-controlled, Banner might group you in one of their top rate classes. You can call a Banner agent to get a better idea of where your health, age, and lifestyle might fall.

How to buy Banner no exam life insurance

You can buy a life insurance policy from Banner a few different ways. Options include:

• Contact Banner directly – You can get a quote If you like what you see, you can submit your contact information to Banner so that an agency can contact you. You need to speak to an agent before you purchase a plan.
• Work with an independent agent – Independent insurance agents are a great resource. They can help you find the best policies for you and can walk you through the application process. You can use one to secure a Banner policy.
• Use an online broker – Online life insurance broker websites are a smart way to comparison shop. They allow you to see quotes from multiple insurance companies all at once so you can pick the terms that work best for your budget. If you select Banner, the online broker can submit you information directly to Banner on your behalf.

Banner financial ratings

Insurance companies are rated by financial reviewers on the ability to meet their financial obligations both now and in the future. The financial rates an insurance company receives are a good indicator of its reliability. Banner’s parent company Legal & General has strong financial ratings from major financial rating companies. They currently have an A+ from A.M. Best and are rated AA- by both Fitch and S&P Global.

Banner complaints

In the life insurance industry, complaints are tracked by The National Association of Insurance Commissioners (NAIC). The NAIC averages all complaints and their resolutions each year to give insurance companies a score. This score is called the NAIC complaint index. An average score on the complaint index is 1.0. Any company with a score below 1.o has received fewer complaints than average. While any company with a score above 1.0 has received more complaints than average. Banner currently has a complaint index of .15. This means customers complained much less about Banner than other insurance companies.

How to cancel Banner life insurance

There are a few ways to cancel a Banner policy. One of the quickest ways is to call Banner customer service so they can help you get the process started. You can also send Banner’s customer service team an email or fax. Banner customer service agents will initiate your cancellation and let you know if they need any forms or documentation.  You can find contact information for Banner customer service at the end of this review.

How to file a life insurance claim with Banner

You can start a life insurance claim with Banner in two ways. You can fill out the claim form online or contact Banner and speak to a claims specialist by calling 1-800-638-8428, ext. 6974.  Banner will need some standard information from you no matter how you contact them. This information will help Banner begin the claims process. This information will include the policyholder’s:

• Name
• Date of birth
• Date of death
• Cause of death (if known)
• Policy number
• Social Security number

You’ll also need to provide information about yourself and any beneficiaries such as:

• Your name
• Your relationship to the policyholder
• Your contact information
• The names of any beneficiaries
• The beneficiary’s contact information
• The beneficiary’s relationship to the policyholder

In addition to the claim form, Banner will ask for a death certification and for the original insurance policy. If you don’t have access to the policy, a Banner claims specialist will help you fill the correct form. Banner will begin reviewing your claim right away. A claims specialist will contact you if they need any additional information.

How long does it take for Banner to pay?

Banner will pay within 24 hours once your claim is approved. The amount of time it takes for a claim to be approved depends on the policy amount, the time it takes for all appreciated paperwork to be filed, and on if an investigation is needed. A Banner claims specialist might be able provide you with a timeline when you speak to them.

Banner customer service contact info

You can contact Banner using these methods:

• Customer service phone: 800-638-8428
• Customer service email: customerservice@bannerlife.com
• Claims help: 1-800-638-8428, ext. 6974
• For additional coverage: 888-934-3393