Banner Life

[Winter_123]

I am getting appointed with Banner because I see a few instances where they come up more competite than AIG, Genworth, West Coast etc.

Anyone have experience with them? Are they noted for anything good, bad, or ugly? How is their underwriting in general, or is it sort of middle of the road.

Thanks,

Winter

 

[Winter_123]

I am getting appointed with Banner because I see a few instances where they come up more competite than AIG, Genworth, West Coast etc.

Winter

"competitive" I meant. First sip of coffee here. No blood flow yet.

Winter

 

[susieQ]

SLOOOOOOOOOOOW underwriting.

 

[Winter_123]

SLOOOOOOOOOOOW underwriting.

Just trying to get a sense here of what you are comparing to. You think that they are slow based on at least several cases and in comparison to, say, Genworth, West Coast, AIG etc?

The problem is that they are all slow, and we all have a tendancy to judge a company by our last slow or rejected case. I don't have a dog in the fight because I am appointed with many companies so have no vested interest in being positive or negative about them. Just trying to get a sense of whether your comment is based on several cases and based on a fair amount of experience with other companies.

Thanks for your comments.

Winter

 

[Crabcake Johnny]

I like the simplified app. One page - Banner Life Insurance Texas calls and takes care of the health history, schedules the med, I'm done.

 

[Winter_123]

I like the simplified app. One page - Banner calls and takes care of the health history, schedules the med, I'm done.

Yup. If you go through BYSIS,/Crump they will do that on West Coast, AIG, Banner, Genworth, Metlife, couple others. Just submit contact info and a few pieces of info and they take it from there. Their payout is only so-so at street level, maybe 80-85% for term, but you pick up cases that you would not be able to get due to their simplified process. Makes it easier for a phone sale or if you are crashing in on a business owner. You can just get basic info and submit it. You still end out working a lot of them yourself before it is over but at least you have it in motion versus trying to set up a time to do an app etc. Plus I hate doing apps with some companies such as Genworth. Their rates are good but their frigging apps just go on and on. If it is a small case its nice to just let the phone app folks handle it. Pain in the butt.

Winter

 

[bluemarlin08]

I do quite a bit of business with Banner and have for 4 years. U/W is slower than others, mainly because they retain some of the business and don't send it all to reinsurors, so they make additional profits by retention. They are very fair on UW, takes longer but I think more liberal on alot of cases. My contract is 100% on 20 year term and potential for 12.5% additional bonus once I meet 30,000 AP, that bonus is from my FMO. Banner annualizes and pays daily. The downside, besides their UW delays, they APS about 90% of applications and their conversion policy options are not great. They use to be the only company that will give pref plus if on chol meds, but others do that now, also better for applicants that have multiple speeding tickets.

 

[Winter_123]

I do quite a bit of business with Banner and have for 4 years. U/W is slower than others, mainly because they retain some of the business and don't send it all to reinsurors, so they make additional profits by retention. They are very fair on UW, takes longer but I think more liberal on alot of cases. My contract is 100% on 20 year term and potential for 12.5% additional bonus once I meet 30,000 AP, that bonus is from my FMO. Banner annualizes and pays daily. The downside, besides their UW delays, they APS about 90% of applications and their conversion policy options are not great. They use to be the only company that will give pref plus if on chol meds, but others do that now, also better for applicants that have multiple speeding tickets.

Thanks. Just APS'ing a client adds weeks into the process before the underwriting review begins. I think I will go ahead and get appointed with them but save the option of using them for when there is appears to be a subtstantial savings for the client. Sounds like just saving five or ten bucks a month has to be balanced with the reality that many clients fall out if too much time passes. On the other hand, you need to be able to offer a good quote to get them on board.

Winter

 

[CHUMPS FROM OXFORD]

I have been licensed with Banner for about 15 years. Yes...a bit slow, but many times, right up there with West Coast and Gen as far as rates are concerned.

Many carriers use a "Tele App" which is much less legwork, but obviously, not "hands-on" if you like that.

 

[LGilmore]

Just add em. As far as slow they pretty much all are now and I don't know if it's really the insurance carriers fault. People seeking life insurance these days carry alot more health baggage than they did a while back. More people take more medications, have more treatments and generally aren't in as good of health when they decide to get life insurance.

Most I run into that are over 40 have slid past the absolutely no problem to get covered to the "maybe" stage.

Carriers if they are going to be competitive in premium are going to take longer as they are reducing their margin for error.