Banner Life Insurance Review (2026)

2026 verdict: Banner Life (Legal & General America) is a term specialist. William Penn Life Insurance Company of New York covers New York. If you want cheap convertible term, Banner is often in the conversation. If you want participating whole life, leave this page.

Get a whole life quote for permanent coverage, or start term at cheap term first.

Who it is for

Healthy applicants shopping level term (and conversion options) in the 49 states + D.C. that Banner writes. New York residents: William Penn.

Who should skip: cash-value buyers. Use MassMutual or top whole life companies for cash value.

Company

Banner entered the U.S. in 1981. The parent story is Legal & General / L&G America. Ownership at the holding-company level can change (Japanese capital has been active in this family). What does not change for our shop: Banner is priced and staffed as a term writer, not a dividend mutual.

The good / not-so-good

Good: competitive term rates, conversion paths on many products, solid life-company ratings (typically A.M. Best A+ on the L&G America life companies — confirm at bind).

Not so good for our readers: thin or absent participating whole-life shelf; you will not get a MassMutual-style PUA illustration here.

Bottom line

Use Banner for term. Use a mutual for whole life. Get a whole life quote.