Legal and General America History
Legal and General America was formed as a holding company in 1981 by Legal and General Group based out of London. They bought Government Employees Life Insurance Company (GELICO) and its NY affiliate.
In 1983, the name of GELICO was changed to Banner Life Insurance Company. In 1989, William Penn was purchased by Legal & General Group Plc as a subsidiary of Banner Life.
Banner Life and William Penn are the companies that underwrite and issue policies, they go to market under the name, Legal and General America.
Legal & General America Ratings
While most states have laws in place that provides protection to consumers if an insurance company go out of business, but it always best to choose a company with high ratings and will stand the test of time.
Strong ratings shows a life insurance company is capable of honoring its commitments when paying claims. Legal & General boasts some of the top ratings available:
Life Insurance Offered By Legal & General America (Banner Life)
Legal and General America, through Banner Life, offer 3 types of life insurance products. All of Legal & General America life insurance business is underwritten through Banner Life. Banner Life offers term life, universal life, and final expense insurance to consumers across America.
Legal & General America Term Insurance
Term life insurance offers the most coverage for the lowest premium and it’s a great for people looking to cover a temporary need or has a limited budget. Legal and General America offers the OPTerm which is one of the lowest priced term life products available.
Most life insurance companies offer 10-30 year term life insurance, but Legal and General goes a little further and offers a 40 year term to it’s consumers.
Legal and General America’s OPTerm comes in 5 year term increments from 10-40 years, with issue ages of 20-75. They also offer a unique rider that allows you to add a short term policy to cover additional needs. This rider keeps you from having to buy multiple policies.
Banner Life Sample Term Rates
25 year old- 20 year term- Preferred Rates
50 year old- 20 year term- Preferred Rates
Legal & General America Universal Life Insurance
The universal life insurance offered by Legal and General America is called Life Step UL. This product provides lifetime coverage and cash value accumulation.
The Life Step UL comes with a level guaranteed premium and is a very low cost adjustable life insurance policy. Do not confuse the Life Step UL with an indexed universal life which is more for building cash value.
With the Life Step UL, you can choose how long you want to guarantee the coverage, such as to age 95. You can also short pay your premiums for 10, 15, or even 20 years and stop paying.
Final Expense Offered By Legal & General America
Final Expense Insurance is used to pay for burial expenses, medical bills, or any other outstanding debts. The final expense product offered by Legal & General America has the following features:
- Guaranteed acceptance for ages 50 to 80—you can’t be turned down because of your health
- No medical exam or lengthy health questionnaire
- Best rates for non-tobacco users
- Premiums will never go up, even if your health status changes
- Approved claims paid within one business day
- Full coverage after two years, immediate coverage for accidental death*
- Coverage continues for your whole life, even though you only pay until age 95
- Build cash value over time that you can borrow against, if needed
- Save on premiums when you pay monthly from your checking or savings account
- Death Benefit up to $15,000
Check out our top final expense companies for 2020 here.
Riders Available with Legal and General America
Legal and General offers a variety of riders to help customize your life insurance policy to meet your specific needs. The three rider available for both the OPTerm and Life Step UL are:
- Accelerated Death Benefit
- Waiver of Premium
- Child Rider
Legal and General Favorable Underwriting
Legal and General America is unique to the life insurance industry with its different underwriting practices. Consumers with lower than average health, can qualify for standard rates with Legal and General.
One feature that Legal and General have been lagging behind is with no exam life insurance. With APPcelerate, this is changing.
For some clients, APPcelerate allows you to obtain coverage with just a simple phone interview. This plan is available for consumers age 20-50 with a maximum death benefit of $500K.
It’s understandable that purchasing life insurance can be overwhelming. There are so many different types of life insurance, not to mention all the companies to choose from.
That’s why we want to ensure that you feel fully comfortable before you make your final purchase decision. So, contact us today – we are here to help.
We also provide several company reviews for your reference so that you may feel more comfortable in knowing the company before you make your decision.
Frequently Asked Questions
Is Legal & General America the same company as Banner Life?
Legal & General America is the parent company to Banner Life. All life insurance written is underwritten through Banner Life.
Who owns Banner Life Insurance?
Banner Life is owned by Legal & General America.
Is Legal & General America a good company?
Legal & General America boasts some of the highest ratings in the insurance industry.
-A+ from AM Best
-AA- from S&P Global Ratings
-AA- from Fitch Ratings