Banner Life Insurance Company is one of the few marijuana welcoming life insurers. Even though you will discover “marijuana friendly” has a relatively informal definition among life insurance companies. While Banner Life and marijuana are suitable, it depends on how often you smoke it. We have found that Banner Life Insurance and marijuana use go together well.
In deciding whether this company right for you, we’ll take a peek at who they are, what they offer, and how they will underwrite life insurance for marijuana users.
We’ll also look at the company’s financial strength and exactly how their term life insurance rates compare with other insurers.
About Banner Life
Banner Life Insurance Company formally started in the United States back in 1949. Initially, the pioneers referred to the company as GELICO. GELICO is an acronym for “Government Employees Life Insurance Company.”
Legal and General Insurance Company purchased GELICO in 1981. Then GELICO formally became Banner Life Insurance in 1983. The organization now operates in every state in the U.S. The company does, however, sells life insurance in New York under William Penn Life Insurance Co.
Banner Life’s Rating
Banner Life Insurance is a subsidiary of Legal & General America. Legal & General America is presently the 5th top supplier of life insurance products, and the company has more than $7.3 billion in assets.
Almost every publicly traded company on the stock market is given reviews from a few financial rating agencies. These agencies examine the financial stableness of the companies on an annual schedule. Review agencies consider Banner Life’s portfolio “well diversified” and the company carries 94% investment grade corporate bonds.
Why is this important to consumers? The reason why you ought to always review the financial strength of the insurance company where you purchase your policy is to make certain they will be in a position to pay their claims.Here are our results of the most recent financial review of Banner Life from 4 rating agencies:
A.M. Best – A+
Standard and Poor’s – AA-
Fitch – AA-
Comdex Score – 94
If you are potentially interested in Banner Life as a marijuana friendly insurance company, these ratings demonstrate that the organization is financially strong as well as stable and dependable. We are very confident that Banner Life will be able to pay any and all life insurance claims for the immediate future.
Products that Banner offers Applicants who use Marijuana
Currently, Banner Life offers both term and permanent life insurance products. These products are offered for recreational users of marijuana and medicinal users also.
The company offers the following types of insurance which include Term Life insurance, Universal Life insurance, and annuities.
Banner Life Term Life Insurance
Applicants buy term life insurance in units of time. These units (blocks) of time are also referred to as terms that usually range from 10 – 30 years. Term is a simple policy offering only a death benefit but also available with several riders. A term policy is the very least expensive type of life insurance.
Permanent insurance policies are considerably more expensive than term insurance. Permanent policies cover your entire lifetime and never expire as long as the periodic premium is paid by the policy owner. They provide death benefit coverage, and they also include a cash value component that accumulates interest over time. This is an extra part of the policy which builds in value during the life of the policy and can be accessed by the policy owner.
Term insurance can save you substantial money because it’s so straightforward. Individuals mostly use term insurance to cover something specific like a person’s lost income after death, family debts, and living expenses.
The term policies offered by Banner Life for marijuana use are for 10, 15, 20, 25 and 30 years. These are level term insurance policies which mean the rates and death benefits remain the same throughout the life of the policy.
All Banner term policies contain a conversion privilege that allows the policyholder to convert their policy to a permanent policy without needing to undergo a medical examination. You can also renew it as a term policy if you choose to do so. The biggest advantage of a conversion feature is you will convert with the same health classification when you purchased the policy.
Banner Life Insurance also offers no-medical exam policies that are actually affordable. If you are looking for something without a medical exam requirement, it is doable, just a little more difficult with life insurance for recreational marijuana.
Banner Life Universal Life Insurance
Banner Life’s universal life insurance products are regarded by many agents to be very flexible products. Universal life insurance is significantly different than Whole life insurance because they are typically more flexible for policyholders.
The Universal Life insurance available through Banner Life permits greater flexibility in premium payment and offers the insured adjustable death benefits. Their Universal life policies will allow the policyholder to pay a lower premium for a shorter coverage guarantee, or a larger premium for permanent coverage.
Banner Life Insurance Policy Features and Riders
Banner Life insurance also provides its clients a method to enhance their coverage through a wide array of various riders. A life insurance rider is a specific form of insurance coverage sold on an individual basis in addition to your primary coverage. It will broaden your coverage and enhance your Banner Life Insurance and marijuana use. The riders that Banner offers include the following:
- Waiver of Premium – This component provides insurance coverage should you become totally disabled, have a significant injury or long term illness. The insurance premiums will be taken care of during this duration of disability which consists of a minimum period of 6 months.
- Policy Conversion – This component applies only to term insurance policies The conversion enables the policyholder to convert their term policy to a Universal Life policy anytime during the period of the guaranteed level premium and until to age 70. The underwriting method used will be the same as your existing term policy. Those who buy a policy at age 66 or over can convert their policy within the first five years of coverage.
- Accelerated Death Benefit – This rider will provide the policyholder with up to 75% of the death benefit or $500,000 – whichever is lower. This benefit can be used for situations such as a terminal illness. Any sums used will be deducted from the total death benefit purchased.
- Children’s Rider – A children’s rider provides life insurance coverage for children up to age 25, the 65th birthday of the insured or the date the policy terminates.