Banner Life Insurance

Banner Life Insurance sells life insurance products through 12 marketing groups made up of independent brokers across the country. The company offers a variety of term and universal life insurance policies. Our Banner Life Insurance review finds that despite the company's financial strength, its customer service experience is lacking. Scroll down for reader reviews and company overview.

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 24, 2021

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Company Details
Address: 3275 Bennett Creek Avenue
City: Frederick
State: MD
ZIP Code: 21704
Phone Number: 800-638-8428
AM Best Rating: A+
URL where was collected the AM Best Rating:
Lines of Insurance: life
States Licensed To Sell Insurance In: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Type of Insurance Company: Stock
Parent Company: Legal & General Group Plc
Top executive Contact: James D. Atkins
Title of Top executive: CEO and President
Ticker Symbol: LON: LGEN
Assets & Premiums:

$587 billion of life insurance in force$5.7 billion in assets

Insurance subsidiaries:
  1. William Penn Life Insurance Company of New York
Company Rating 1.98 (42 reviews)

Company Overview:

Company History: Banner Life Insurance Company was chartered in 1949 under the name Government Employees Life Insurance Co. (GELICO) as part of the Government Employees Group. GELICO was rated A+ (superior) for the first time in 1976 and was acquired as a subsidiary by Legal & General Group PLC in 1981. In 1983, the company changed its name to Banner Life Insurance Company. In 1989, the company acquired William Penn Insurance of New York. And in 2010, Banner Life Insurance ranked 12th among all US companies that issued new life coverage that year. Now Banner has an investment portfolio that is 94% investment-grade assets; mortgage-backed securities holdings, of which 98% are rated A or better at 87% are rated AAA; commercial mortgage-backed securities holdings of which 86% are rated A or above and 76% are rated AAA; and asset-backed securities holdings that are diversified and of which 86% are rated AAA.
Principle Sales Methods: Today Banner Life Insurance sells individual life insurance policy coverage through 12 marketing groups. These groups have 300 member agencies and 60 other general independent brokerage agencies. Banner Life Insurance Company employs around 70,000 brokers.
Life Annuity Business: Banner offers a variety of Term Life and Universal life policies.

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