Life Insurance Review: Legal & General America

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About the Company

Legal & General America | Banner Life | William Penn

Founded: 1981
Headquarters: Frederick, MD
U.S. customers: 1.5 million
Assets: $6.8 billion
Coverage in force: $782 billion
Claims paid in 2021: $1.2 million+
% of claims paid: 99.9%
Underwritten by: Banner Life Insurance + William Penn Insurance (NY)


  • Term and universal life insurance policies available
  • Accelerated death benefits included at no cost
  • Wide range of term lengths, from 10 to 40 years in 5-year increments
  • Term life available for applicants age 20 to 75; universal life available for applicants age 20 to 85
  • Term policies are convertible until your 70th birthday; convert with no fee or medical exam
  • Term coverage amounts: $100,000 and up
  • Universal coverage amounts: $50,000 and up

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Financial Ratings

Your guide to an insurer's financial strength

Legal & General America

AM Best: A+
Fitch/S&P: AA-
COMDEX Score: 95 (out of 100)

What do these ratings mean? They’re meant to help you get a fuller picture of a company’s financial strength. When you buy a policy, you’re trusting that the insurer will be there for your loved ones. Companies with good ratings – like the ones above – are financially sound. This means they have a good track record of managing assets so families like yours can trust in their ability to pay a claim.

Term Life Insurance from Legal & General America

Affordable coverage that's easy to understand

Term life insurance is the most affordable type of protection you can buy. It’s simple and straightforward, designed to protect you for the duration of a specified term. Legal & General America offers a wide range of term lengths, including 10, 15, 20, 25, 30, 35, and 40 years. These are what we call “level” term policies, meaning the price is locked in when you buy the policy. You’ll pay the same amount, every month, no matter what – even if you develop health issues in the meantime.

If you pass away during your term, they will pay your beneficiary (or beneficiaries) the full face value of the policy. In almost all cases, your loved ones won’t pay income tax on that money. They can use that money for anything, with no restrictions: to cover your final expenses, replace your lost income, pay off the mortgage, or send the kids to college, for example.

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Universal Life Insurance from Legal & General America

Coverage that changes with your needs

A universal life insurance policy will cover you for the rest of your life. This is ideal if you want a guaranteed death benefit for your loved ones no matter when you pass away.

One added benefit of a universal life policy is the option for flexible payments. You can pay the same amount every month or year...or you can choose to raise or lower those payments based on your needs. The caveat? Lowering payments may affect the total amount of death benefit your loved ones receive when you pass away.

Let’s look at two examples to see how this works.

  • Are you an empty nester in good financial shape? The mortgage is paid, the kids have been through college, and you don't have as many financial commitments as you did earlier. With a universal policy, you could reduce the amount of your payment (and the death benefit) to accommodate your changed financial situation.
  • Got a big raise or a new job? You also have the option to pay more than you were paying – essentially, to pay off your policy sooner rather than later. This ensures your coverage lasts for the rest of your life (up to age 121), but you can stop making payments once that policy is “paid up.”

The bottom line? It’s all up to you – and that flexibility is what makes universal life insurance different.

Accelerated Underwriting (No Medical Exam)

A fast, convenient way to buy life insurance

Traditional life insurance policies require a medical exam as part of the underwriting process. This helps the insurer get a better picture of your overall health so they know how much of a risk they’re taking by insuring you. The insurance company always pays for the exam, which involves measuring your height and weight as well as collecting blood and urine samples.

After they collect this information, the insurance company will assign you a risk class (which is what determines your rate). If they need more information, like doctor’s records, they’ll request them and finish evaluating your case when the records arrive. If it sounds like a long process, it can be! Traditional underwriting can take weeks or even months – and you’re not insured in the meantime. But...

  • What if you need coverage as soon as possible?
  • What if you don’t have time to schedule an exam?
  • What if you don’t like needles?
  • What if you're not comfortable with an examiner coming to your home?

Accelerated underwriting lets you skip the medical exam.

Instead, the insurer uses alternate sources of information about your health, such as automated database and public records checks. The approval process takes hours or days – not weeks or months. You can even sign for your policy digitally or by voice.

Plus, Legal & General America doesn’t charge more for non-med term policies, unlike many other carriers. If you’re in good health, get regular check-ups, and have few or no prescription medications, you may qualify.

Interested in a no-medical exam policy? Call 800-823-4852 to find out if you qualify...and you could be covered in as little as 48 hours.

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Accelerated Death Benefits

Extra protection that's there if you need it

Both term and universal policies from Legal & General America come with an accelerated death benefit rider. This means that if you’re diagnosed with a qualified terminal illness, you can access a portion of your death benefit in advance. You can use it to help pay for treatment, cover your medical expenses, or just take a memorable family trip to cross an item off your bucket list.

Not available in all states. Contact us for details.

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Customize your coverage

Riders are add-ons to your policy that help customize it to meet your needs. Here’s what Legal & General America offers:

  • Child rider. If you’re between the ages of 20 and 55, you can buy a child rider that provides a small amount of coverage for each of your kids (even if you’re planning on having more in the future). All your children are included, including stepchildren or legally adopted children. They're covered until they turn 25 or until you turn 65, whichever happens first. Your child can also convert the rider into their own policy with no re-application or medical exam.
  • Stacking term rider. Let’s say you know your coverage needs will change over time. Right now, you have young children and a mortgage, so you want at least $1M in coverage...but when those kids are grown and the house is paid off, you won’t need nearly so much. Stacking term riders give you that flexibility. For example, you can buy a 30-year $500,000 policy and stack it with a 15-year term rider for an additional $500,000 to give you a total of $1M coverage for the next 15 years. Once that rider expires, your coverage drops to the initial face amount of $500,000. This means you’re only paying for the amount of coverage you really need.
  • Not all riders available in all states. Contact us for details.

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Sample Rates

If you're like most of our clients, you want dependable coverage at an affordable rate. If you use our quoter, chances are you'll see one of Legal & General America's companies in our top 3 results: Banner Life Insurance or William Penn Insurance (if you're in New York). Remember, all life insurance rates depend on your age, sex, health, desired coverage amount, and the insurer's specific underwriting policies. Here's how their rates stacked up in a few sample quotes.

Banner Life Sample Rates

Male, 30, non-smoker, Preferred Plus health class, $500,000 policy, 20-year term
Banner Life: lowest quoted rate of 40+ insurers
$19/month or $225/year

Female, 30, non-smoker, Preferred Plus health class, $500,000 policy, 20-year term
Banner Life: 2nd lowest quoted rate of 40+ insurers
$16/month or $190/year

Sample Rates for Health Conditions (Impaired Risk)

Male, 40, non-smoker, diabetes – well controlled, Standard health class, $250,000 policy, 30-year term
Banner Life: lowest quoted rate of 40+ insurers
$140/month or $1,650/year

Female, 40, non-smoker, mild persistent asthma with steroid inhaler use, rated Table 4, $250,000 policy, 30 year term
Banner Life: 2nd lowest quoted rate of 40+ insurers
$68/month or $795/year (next lowest rate is $5 less per month)

Sample Rates for Seniors

Male, 55, non-smoker, Preferred health class, $100,000 policy, 10-year term
Banner Life: lowest quoted rate of 40+ insurers
$73/month or $856/year

Female, 55, non-smoker, Standard health class, $100,000 policy, 30-year term
Banner Life: lowest quoted rate of 40+ insurers
$73/month or $856/year

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Why Work with

Our awesome staff & licensed agents are here to help you get the right policy at the right price! Let us do the heavy lifting for you - we'll shop the nation's top carriers and show you the policies that meet your needs and your budget. Call 800-823-4852 now to get your free quote!

Meet the Team

Christine Orris Debby Strouse Tammy Walde
Christine Orris
Team Lead

“I’ve been in the life insurance industry for 25 years. In addition to life insurance, I’m also experienced in disability and property & casualty insurance (home & auto coverage). I especially enjoy helping my higher risk clients find the best possible coverage. The whole purpose of buying life insurance is to protect the ones you love! After hours, you can find me camping, gardening, hiking, boating, and spending time with my wonderful husband, two children, and fur babies.”
Debby Strouse
Insurance Advisor

“I have 17 years of experience in the life insurance industry. I come from a teaching background, so my favorite part of this job is being able to teach someone who’s new to life insurance. I explain that life insurance is for protection. It prevents families from the financial trauma of losing a loved one so their focus can stay on mourning. My mother passed with no insurance, and we had to sell her things to pay for final expenses. I really do care about helping my clients and I don’t want them to go through that. When I’m not at work, my grandchildren and my kids are my world.”
Tammy Walde
Insurance Advisor

“I started in the insurance industry when I was still in high school. Shortly after, I obtained my license and I’ve been helping families with their insurance needs ever since. No one can truly predict the future. But life insurance means you and your loved ones can prepare for the loss of income. I have a client that wanted to set aside money for his daughter’s wedding, if he was not able to be there. That brought me to tears. When I’m not helping clients, I love fishing in local rivers and lakes. Everybody can see me coming with my pink fishing jacket.”

*Quoted rates valid as of 5/11/22. Quoted companies include Banner Life Insurance, Haven Life, Transamerica, AIG, Assurity, Symetra, SBLI, Pacific Life, Transamerica, North American, American National, and others. Quoted rates do not included any policy fees. The number of underwriting classes and class criteria varies by company. Your actual whole life insurance premium can only be determined by a full application and the carrier's underwriting process, which may include some medical testing at their expense. Depending on the carrier, premiums can be paid on an annual, semi-annual, quarterly or monthly basis. Monthly premium rates may be available via EFT (electronic funds transfer). Not all carrier policies are available at all durations for all ages in all states. By providing your phone number and the name of your wireless carrier, you agree to's privacy policy and terms of use. You also agree to receive communication from us at the phone number(s) you provide. Our communication with you may include autodialed or pre-recorded calls, emails, and SMS or MMS messages. You may opt out at any time. You may also call us directly at (800) 823-4852.

Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.

OPTerm policy form # ICC21-DTCV and state variations. In New York, OPTerm policy form # DTCV21-NY.

The Banner OPTerm life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual premiums will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria. OPTerm 10, 15, 20, 25, 30, 35 and 40 are term life insurance policies. OPTerm 10 issue ages are 20-75 all classes. OPTerm 15 issue ages are 20-75 all classes. OPTerm 20 issue ages are 20-70 for nontobacco classes and 20-65 for tobacco classes. OPTerm 25 issue ages are 20-60 for non-tobacco classes and 2055 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. In New York, the following issue ages apply: OPTerm 10 issue ages 20-75 non-tobacco classes; 20-75 tobacco classes. OPTerm 15 issue ages 20-71 non-tobacco classes; 20-71 tobacco classes. OPTerm 20 issue ages 20-65 for non-tobacco classes, 20-64 for tobacco classes. OPTerm 25 issue agesare 20-58 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages 20-51 for nontobacco classes; 20-50 for tobacco classes. OPTerm 35 issue ages 20-50 for non-tobacco classes; 20-45for tobacco classes. OPTerm 40 issue ages 20-45 for non-tobacco classes; 20-40 for tobacco classes Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999,$1,000,000 and above. Premiums quoted include a $60 annual policy fee. Initial premiums remain level for 10, 15, 20, 25, 35 and 40 years respectively. After the initial level term period, premiums increase annually to age 95. OPTerm 10, 15, 20, 25, 30, 35 and 40 can be issued in preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco, and standard tobacco rates. Substandard policies can be issued through table 12 subject to underwriting discretion. Policies can be returned without obligation within 30 days of receipt.

An Accelerated Death Benefit Rider, policy form # ICC10 ADB and state variations, is included with all policies. If the Accelerated Death Benefit is paid, it may affect the policy's cash value, death benefit, premium and policy loans or liens. Additional Insurance Riders, form # ICC11 AIR and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term Riders issue ages vary from base plan. A Waiver of Premium Benefit Rider is available, policy form # ICC09 WPTR and state variations. Children’s Life Insurance Rider, form # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. Children’s Life Insurance Rider is not available in New York or Maryland and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination.

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