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Banner Life



  Banner Life Insurance Company is in the business to help American families secure their financial futures.  Banner Life provides low cost life insurance  

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Banner Life is financially strong, fiscally responsible and committed to the business practices that will make sure we will be here when you need us most. Banner life insurance policies are sold through independent agents and brokers. Because of that independence, you can trust that when an agent recommends Banner we’ve been compared to other companies and proved to be a good match for your life insurance needs.

At year-end 2008, Banner had more than $379 billion of life insurance in force; according to A.M. Best we ranked 11th among all U.S. companies for new coverage issued in 2008.

While Banner is licensed to conduct business in every state and the District of Columbia except New York, they have a subsidiary company to provide protection for families who live there. William Penn Life Insurance Company of New York has been our New York branch for twenty years. The executives who provide financial management for Banner do so for William Penn as well so policyholders in New York can share the national confidence in our financial strength. William Penn policies are also sold through independent agents and brokers who work in New York. At year-end 2008, William Penn had over $64 billion of life insurance in force.

Parent Company

  Banner Life is a subsidiary of Legal & General Group Plc which is headquartered in London. L&G calls its U.S. operations Legal & General America, Inc. and Banner is part of that corporate entity.

With its headquarters still in London, Legal & General Group Plc has over the years expanded its presence outside of the United Kingdom. It has operations in the United States, the Netherlands, France and Germany with over 6.5 million people relying on it for life insurance, pensions, investments and general insurance plans. The Legal & General Group is responsible for investing £280 billion worldwide (as of December 31, 2008) on behalf of investors, policyholders and institutions. Three of the world's leading independent rating agencies, Standard & Poor's, Moody's and A.M. Best, have recognized Legal & General Assurance Society Limited as one of the UK's top rated companies for financial strength.

Banner Life Insurance Brokerage Products And Services
  Banner Life insurance brokerage offers a wide range of products and services designed to fit your client.

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Term Life

As the name implies, term life insurance provides protection for a specific period of time and generally pays a benefit only if you die during the "term." Term periods typically range from one year to 30 years, with 20 years being the most common term.

Banner Life Insurance Company’s term products:

OPTerm 10®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for 10 years. Premiums increase annually in years 11 and later. The policy owner can apply for a new 10-year level premium by submitting evidence of insurability.

OPTerm15®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for 15 years. Premiums increase annually in years 16 and later. The policy owner can apply for a new 15-year level premium by submitting evidence of insurability.

OPTerm 20®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for 20 years. Premiums increase annually in years 21 and later. The policy owner can apply for a new 20-year level premium by submitting evidence of insurability.

OPTerm 30®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for 30 years. Premiums increase annually in years 31 and later. The policy owner can apply for a new 30-year level premium by submitting evidence of insurability.

Life Value Term 20
Is a term life insurance policy with a level death benefit and coverage to age 95. Premiums increase annually and are guaranteed. Life Value Term 20 allows one to purchase the coverage needed today at an affordable price. 

Life Value Term 30
Is a term life insurance policy with a level death benefit and coverage to age 95. Premiums increase annually and are guaranteed. Life Value Term 30 allows one to purchase the coverage needed today at an affordable price


Universal Life

Universal life insurance products are some of the most versatile products available because they provide flexibility in premium payments and adjustable death benefit guarantees to meet your changing needs. The purpose of universal life insurance, as with other forms of life insurance, is to provide protection for your family, business, or others that would experience a significant financial burden in the event of your death. With universal life insurance, you can choose to pay a lower premium for a shorter coverage guarantee or a higher premium for lifetime coverage.

Factors such as interest rates and cost of insurance will affect your premium amount and length of coverage. Your agent will provide a thorough explanation of these factors along with a supporting informational document, known as an illustration, when you apply for a universal life product.

Banner’s Life Umbrella® UL 120:
Is a flexible premium universal life insurance plan that provides lifetime guaranteed coverage with limited payment or lifetime payment options. The minimum premium guarantees coverage for 10 years while the lifetime premium will provide coverage for the rest of your life. A maximum premium will place emphasis on the cash accumulation aspects of the policy. Loans and withdrawals are permitted once the policy has accumulated a cash value.

The Life Umbrella UL 120's flexible benefits include:

  • 10 Year No-lapse Guarantee.  The minimum premium guarantees coverage for 10 years. The flexibility of the Life Umbrella UL 120 product allows you to begin coverage by paying a lower premium, and then increase the premium later to continue coverage on a non-guaranteed or lifetime-guaranteed basis.
  • Lifetime Guarantee.  Life Umbrella UL 120 is an excellent choice for people who are seeking long-term coverage. It provides an option to pay a level premium to guarantee the coverage for your entire lifetime. Paying this level premium will ensure that your policy will remain in force, regardless of future economic conditions.
  • Short Pay Guarantee.  The flexible premium and coverage guarantees allow you to design a premium payment over the number of years that you choose. For example, you may want to pay enough premiums in 10 or 15 years to guarantee lifetime coverage, or complete the payments of your lifetime premiums before you retire. A short pay allows you to do this by consolidating the premium payments required for a lifetime guarantee over a limited period of time. Your premium payments stop after the payment period has ended, but you will remain covered for life since you have “pre-paid” future premiums.


 

Banner Life
Address1 1701 Research Blvd
Address2 n/a
City Rockville
State MD
Zip 20850
Phone Number 800-638-8428
Fax Number -
Web Page www.LGAmerica.com/
 
 

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A Tale Of Two Agents


Captive Agent
 

An agent working exclusively for a single firm. He or she is obliged to submit business only to that firm, or at least give that firm first rights of refusal on the case.

Captive agents that are non-established are usually paid on a combination of salary and commissions earned from selling the policy contract. Also, the firm usually provides its captive agents with an allowance for office expenses as well as employee benefits such as pensions, life insurance, and health insurance. 

The established captive agent is usually paid exclusively on a commission basis.  This type of agent will tend to have more in-depth knowledge of that firm's policies, however, he or she will hardly ever be equipped to offer the industries' best price on any particular product offering.


Independent Agent Broker

Simply said, independent agents are appointed to sell policies from many insurers. The agent is independent from all the companies thus, the independent agent's responsibility is solely focused on evaluating the client's needs and the pricing of the product chosen.

While searching for the brokerage market's best place for a client's business, independent agents pay all their own expenses and keep their own records and earn their income from brokerage commissions on the policies they sell.




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