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Banner Life Insurance Review (2026)

Written and reviewed by Hans Goldstein, licensed insurance producer, NPN 20602398 · CA Insurance License #4273294
Last reviewed October 3, 2026 · Published October 3, 2026

Editorial review by a licensed agent who may earn a commission. No insurer pays for placement or grades. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy.

Short answer: Banner Life, part of Legal & General America, is a term specialist: it says it and William Penn rank as the No. 2 provider of individual term life in the US, with over 1.6 million policyholders. AM Best rates it A (updated 3/13/2026). Its OPTerm converts until the earlier of the level period or age 70 (first 5 years if issued at 66 or older), into its LifeStep UL. For a healthy buyer who wants low-cost term, it belongs on the quote list.

Banner Life (Legal & General America) at a glance

Companies: Banner Life Insurance Company; William Penn Life Insurance Company of New York

AM Best financial strength: A, updated 3/13/2026, per Banner Life (Banner Life: financial strength ratings (AM Best A, updated 3/13/2026)).

A term-first carrier

Banner's ratings page lists AM Best A (updated 3/13/2026), Fitch A+ (2/4/2026) and S&P A (1/27/2026), and says Banner and William Penn rank as the No. 2 provider of individual term life insurance in the US, with about $17 billion of assets at year-end 2025 (Banner Life). The ranking is the company's own claim. Its consumer term page shows no return-of-premium option (Banner term page).

Conversion: where your term can go

OPTerm converts until the earlier of the end of the level period or age 70; if you were 66 or older at issue, only in the first 5 years (Tritium, April 2024 compilation; confirm the rule in your own contract). The conversion product is LifeStep UL, a universal life policy. Two questions to ask before you need it:

What does LifeStep UL look like at my age today (premium to keep it to 90 or 100, guaranteed column)?
Can I convert part of the face and keep the rest as term?

A term-focused carrier's conversion menu is usually narrower than a full-line carrier's. That is fine if you plan to keep term only, and worth knowing if there is a chance you will want permanent coverage later. How term conversion works.

Own Banner Life?

Get your policy graded.

Send your email and I'll send the in-force illustration request letter. Return it and I'll grade the policy within one business day.

We’ll email it to you. Hans Goldstein · NPN 20602398.

Rather talk it through? Or book 15 minutes on Hans’s calendar.

No-exam underwriting

Legal & General America's accelerated program is reported to run ages 20 to 50 up to $3,000,000 (secondary source, BestGuide). Accelerated underwriting prices at full-underwriting rates if you qualify. No-exam life insurance explained.

Who Banner fits

Healthy buyers who want large term coverage at a low price and will likely keep it as term.
Applicants under 50 who prefer to skip the exam.
Less ideal for someone who expects to convert into a broad permanent menu later.

Own a Banner Life policy, or comparing one?

Send the policy or quote. Within one business day you get a written read on the Goldstein Index and two alternatives from other carriers.

Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.

Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer

Frequently asked questions

Is Banner Life a good company?

Banner Life holds an AM Best A rating, updated March 13, 2026, and says it ranks No. 2 in US individual term life with Legal & General America's William Penn.

Can I convert Banner OPTerm?

Yes, until the earlier of the level period or age 70, or within the first 5 years if issued at 66 or older, into LifeStep UL, per the April 2024 compilation.

Does Banner offer return of premium term?

Its consumer term page shows no return-of-premium option.

Does Banner offer no-exam coverage?

Legal & General America's accelerated program is reported to run ages 20 to 50 up to $3 million, per a secondary source.

Is Banner Life the same as Legal & General?

Banner Life is part of Legal & General America, with William Penn as its New York company.

Sources

Hans Goldstein, CA Insurance License #4273294 · NPN 20602398 · Goldstein & Co. LLC dba Goldstein Insurance Services, CA License #6016830

Contact: hans@hansgoldstein.com · 213-414-2808

General education, not tax or legal advice. Tax treatment depends on your facts and on current law, which can change. Talk to your CPA or estate attorney. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Guarantees apply only to the contractual terms of the policy. Caps, participation rates, loan rates, charges and dividends are not guaranteed and can change. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy. Product and company names are trademarks of their owners. Goldstein Insurance Services is an independent agency, not affiliated with or endorsed by any insurer named here. Life insurance requires underwriting; not everyone qualifies. This page describes products in general terms; read the policy and the insurer's disclosures before you buy.