Banner Life Insurance Company
Banner Life Insurance Company was chartered in 1949 as Government Employees Life Insurance Company (GELICO), then was acquired by Legal & General Group Plc as a wholly owned subsidiary in 1981. In 1983, the name was changed to Banner Life, signifying their “flagship position” with Legal & General America in the United States.
Banner Life's subsidiary, William Penn Life Insurance Company of New York (chartered in 1962), joined the corporate group in 1989. Since that time, management for both companies was consolidated at the senior level. William Penn's individual life insurance products are sold in New York only, through independent insurance agencies.
Legal & General Group Plc has had a long history of successful insurance operations since it commenced business over 150 years ago. Its assets have consistently ranked it among the world's largest life insurance companies.
The combination of Banner Life's national presence, William Penn's nearly 40 years of brokerage experience and the operational synergy between both companies creates a strong combination.
Banner's life insurance products are sold through independent life brokerage agencies in 48 states and the District of Columbia. Banner Life takes financial promises seriously and promises to treat their customers fairly and apply ethical standards to every business transaction. Banner Life believes in offering low-cost, innovative products and responsive service, with the goal of building lasting, mutually beneficial partnerships for life.
In 2004, Banner Life had over $246 billion of life insurance in force, with over $3.5 billion in assets. William Penn had $50 billion of life insurance in force, with over $1 billion in assets.
Banner Life Insurance Products
Products include 10, 15, 20, and 30 year term life insurance policies, with a conversion option at no extra premium. Optional riders include the waiver of premium, available at an extra premium, which waives payments during a time of disability.
Banner Life Ratings
A.M. Best: A+
Standard & Poor’s: AA
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
Banner Life Company Information
1701 Research Blvd.
Rockville, MD 20850
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