Banner No Exam Life Insurance Review: See Rates and How to Apply

Heidi Mertlich last updated on January 15, 2021

Banner Life Insurance, a highly-rated carrier, offers no exam life insurance in specific circumstances.

We make term life insurance protection easy to understand and easy to purchase.
– Banner Life Insurance

Because each life insurance company is different in its product offerings, underwriting processes, and premium pricing, you’ll want to be informed before moving forward with an application.

Consider this your essential guide to no exam life insurance for Banner APPcelerate term life insurance.

Company History
No Exam
Application Process
Quotes
Bottom Line

Banner Life Insurance History

Owned by the Legal and General Group, Banner’s beginnings date back to 1836, in London, England.

Six attorneys met in a London coffee shop to converse about life insurance. From there, under the direction of John Adams, an association was created that would eventually be called, Legal & General Life Assurance Society.

Legal & General America was established in 1981. That same year, they purchased the Government Employees Life Insurance Company (GELICO). In 1983, GELICO’s name changed to Banner.

While Banner (and William Penn of New York) underwrite and issue life insurance policies, they belong to their parent company, Legal & General.

Financial Strength Rating: A+ (A.M. Best)

Interesting fact – Legal & General raised hundreds of thousands of dollars for a program called, VetDogs. Based in New York, VetDogs “provides service dogs to veterans, active-duty service members and first responders with disabilities”.

Banner No Exam Life Insurance

Here, you’ll find the most important aspects of Banner’s no medical exam life insurance policy to consider.

There are five important aspects to evaluate before you apply for a policy.

Wait time – the turnaround time for a policy’s issuance.
Issue ages – the ages a carrier is willing to offer coverage to.
Policy amount – the amount of life insurance you can purchase.
Policy length – known as the term, the length of time your policy will last.
No medical exam – the specific underwriting process that skips needles, nurses and liquid samples.

How does Banner measure up?

1. Wait Time

If you qualify for Banner’s AppAssist no exam program, it may only take a few hours for your policy to be issued. That’s lightning-fast.

Keep in mind, the AppAssist program is a form of Accelerated Underwriting.

What this means – you must qualify for Accelerated Underwriting and it works best for those who are healthier.

It’s possible that you will be required to participate in an exam if you do not meet the requirements for AppAssist. This could add weeks to the wait time.

For example, you may have had a health condition in the past, like a history of cancer, that would prompt medical underwriting.

2. Issue Ages

Banner issues no exam life insurance policies to those between the ages of 20 – 50.

Many carriers offer coverage to applicants older than 50. Evaluate the following carriers for older issue ages:

3. Policy Amount

Referred to as face value by carriers, your policy amount is simply how much money the life insurance contract’s death benefit is.

Banner’s no exam term policies are offered at fairly standard amounts, ranging from $100,000 to $1,000,000.

It’s important to note that there are parameters regarding age limits and policy amount:

Banner Available Policy Amount Based On Age

15, 20, 25, and 30 Year Term
Ages 20 - 40	$100,000 - $1 million
Ages 41 - 45	$100,000 - $750,000
Ages 46 - 50	$100,000 - $500,000

Subject to change. Accelerated underwriting program.

Banner Available Policy Amount Based On Age

10 Year Term
Ages 20 - 50	$100,000 - $50,000

Subject to change. Accelerated underwriting program.

4. Policy Length

Called term length, Banner offers a wide range: 10, 15, 20, 25, 30, 35 and 40 years.

15-year term, 25-year term, and 35-year term policies are somewhat uncommon. And, a 40-year term is highly uncommon.

In fact, Banner is the only life insurance company that currently offers 40-year term life insurance.

Important – you must be 45 years old or younger to qualify for Banner’s 40-year term policy.

Keep in mind – before selecting a term length, assess exactly how long you will need coverage for. As long as someone depends on you financially, you likely need life insurance.

If your coverage needs are permanent, consider whole life insurance with no medical exam.

5. No Exam

Banner’s no exam life insurance is underwritten via accelerated underwriting (AU).

Some would describe AU as not a true no exam life insurance product. Why? You may have to participate in a medical exam based on your interview and records check.

If you are unwavering in your desire to skip the nurses, needles, and liquid samples, we recommend you evaluate true no physical life insurance carriers.

Note – other carriers that utilize Accelerated Underwriting include:

Riders

Riders are not always top-of-mind when shopping for coverage. However, they can make all the difference during a difficult time.

Riders are contractual provisions to your life insurance contract, providing additional features and benefits.

Banner offers an important rider you should be aware of.

At no additional cost, the following rider is included with your policy purchase:

Accelerated Death Benefit

If you are diagnosed with a qualifying terminal illness, this rider allows you to accelerate up to 75% of your death benefit (up to a maximum of $500,000).

What this means – you may access your death benefit – while still living – if you are terminally ill. Upon death, your beneficiaries will receive the remaining balance of your death benefit.

For an additional cost, Banner offers other state-specific riders. Check with your independent agent for availability.

Banner Application Process

Keep in mind, Banner uses AppAssist, an accelerated underwriting process.

As your application is evaluated, the underwriting will determine whether or not you qualify to skip the medical exam.

AppAssist steps:

Note – AppAssist accelerated underwriting is currently unavailable in Connecticut, Hawaii, Alaska, and New York

Step 1 Application Submission

Banner requires all accelerated underwriting applications to be submitted through their AppAssist program.

We recommend working with an independent agent through the process.

Note – AppAssist is a tele-application program that is designed to streamline the application.

Step 2 Phone Interview

Right away, plan to participate in a straightforward interview over the phone. The phone call typically takes about 45 minutes.

All of the information you provide over the phone interview will be kept confidential.

Your phone interview will include:

Driver’s license and social security number
Names, addresses and phone numbers of your physicians, hospitals/clinics you have visited in the last 10 years
Reasons for and dates of medical treatments
Names of prescription medications you are taking
Other life insurance policies you own, including amount and policy numbers
Financial information including income, assets, liabilities and net worth

You will provide a voice signature at the completion of the phone call.

Step 3 Database Checks

While you are participating in your phone interview, database checks are conducted simultaneously.

Your data will be checked from the following sources:

Identity verification
MIB – Medical Information Bureau
MVR – Motor Vehicle Report
RX History Check – prescription history
FCRA Consumer database check – Fair Credit Reporting Act

Step 4 Underwriter Review

Your underwriter will evaluate your phone interview and database checks to determine if you are a good fit for Banner’s accelerated underwriting.

At the end of the interview, the client may be approved instantly, or within 48 hours of the interview.
– Banner

Ineligible Medical Conditions

While not an exhaustive list, the following are common conditions that will often disqualify you:

Drug or alcohol abuse/treatment
Cancer (Basal or Squamous Cell okay)
Heart disease or heart surgery
COPD or emphysema
Bipolar disorder
Diabetes
Multiple Sclerosis (MS)
Stroke
Rheumatoid arthritis
Parkinson’s disease
Sickle cell anemia

Ineligible Lifestyle Factors

Frequently occurring lifestyle elements that may disqualify you:

High amounts of debt or delinquent debt
Criminal history
Low credit score
Evictions
Multiple infractions on driving record (including DUI conviction)

Bottom line – Banner’s underwriters are in the business of evaluating risk. In order to qualify for accelerated underwriting (skip the medical exam), you must pose a low level of risk.

Banner Life Insurance Quotes

Banner does not distinguish between their fully underwritten and no medical exam pricing.

In other words, regardless of the underwriting process, premiums cost the same.