Legal & General (formerly Banner Life) Life Insurance Review

By Policy Scout
Updated Jul 8, 2022
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AM Best Rating
Sample Costs
Term Life Insurance: 37 Permanent Life: 327
Customer Satisfaction

Banner Life Insurance Review


Founded in 1836, Banner Life Insurance Company has a long history and a strong reputation in the life insurance business. The firm underwrites and issues life insurance policies under the Legal & General America brand. Banner’s history extends nearly 200 years, and the company has high rankings for financial strength and stability.

Banner has an A+ rating from A.M. Best and a stellar AA- rating from Standard & Poor’s, which indicates it is a reliable company with the means to pay out claims to customers and policyholders as needed.

Banner has a reputation for being willing to take on risks by covering people who other insurers might turn away. This insurance agency is known to be among the most competitive on pricing, particularly for high-risk applicants such as smokers or those living with health conditions like diabetes, but also for standard applicants.

PolicyScout Review

Overall, Banner is a cost-efficient life insurance provider that doesn’t hold medical conditions against potential policyholders. That, along with their high customer rating and reasonable rates, makes Banner an excellent choice for life insurance policies that don’t hold previous medical conditions against you. Reasonable rates coupled with a high consumer rating make Banner one of the top life insurance carriers.


  • Affordable and competitive premium prices

  • Leniency in underwriting allows coverage for those with existing medical conditions and risky lifestyle

  • Allows clients who have filed for bankruptcy (many competitors do not)

  • Flexible payment options. Policyholders can adjust payments to suit your budget as needed

  • Long-standing provider in the industry with excellent financial strength

  • Claims paid out quickly

  • Strong customer ratings/reviews


  • Most expensive policy for pregnant women

  • Underwriting process must be paid for by applicant if you want to readjust your policy or reapply if previously rejected

  • Most policies require a full medical exam and bloodwork

  • Annual fee for all policyholders of $60/year.

If you’re in the market for term or universal life insurance, Banner is a strong contender with competitive rates, comprehensive plans, and lenient underwriting. Though you need to pay an annual fee (on top of your premiums) to maintain your policy and almost all products require a full medical exam, strong customer service and outstanding financial ratings make this company worth considering.