Banner Life / Legal & General America term: the price leader and what to know about the process

Banner Life, part of Legal & General America, is the term carrier agents quote when the client is healthy and price matters, which is most term clients.

Where it fits. Preferred and standard risk classes on 10-, 20-, 30-year term at face amounts from a few hundred thousand up. Frequently at or near the lowest premium in a quote comparison for the healthy client.

Underwriting. Accelerated underwriting on qualifying applications, otherwise full underwriting with a paramed and records. The lab-free path has criteria; ask the case manager what disqualifies a client from it.

Process. Online application, telephone interview in many cases, decisions in days to a few weeks depending on records. Conditional coverage terms are in the receipt; read them before telling a client they're covered.

What agents like. Price, a long conversion window on many policies, and a straightforward case management experience.

What to plan for. Full underwriting takes time. Set the expectation, schedule the check-in call, and don't let the client cancel a policy they already have until this one is issued.

Client conversation. Legal & General is a large global insurer; the name is unfamiliar to many US clients and the ratings are the answer.

Is Banner still winning your term quote comparisons at preferred, and what's your average time to issue?