- 2,960
Has anyone ever dealt with them? Are they a good company?
Banner Life
- Thread starter smokin goose
- Start date
- 24,976
I write them. Good rates and for me the underwriting has been good. Had a deal in Alaska they gave me fits over, but that was more an APS deal. I have only written their term.
I've written them off and on over the years. Even have some of my personal term insurance with them.
- 4,132
About the only thing I worry a bit about them is their size and assets. Not a real big company compared to the competition. Pricing wise they usually are very competitive. But when situations arise where the price is close, I tend to go with size and ratings to break the tie.
LGA (Legal and General America), Banner and William Penn's parent company (and soon to be the name under which they market all of their products) is the 10th largest insurer in the world by assets. They also have a 96 comdex rating...
- 15,041
Can LGA's assets be used to pay Banner's claims?
I like them a lot. Competitively priced term and GUL, rate off of S+, have term riders on their term to make laddering easy and underwriting is pretty fair.
You can also use their App Assist program where you input some basic info online (about 5 minutes worth) and they will contact the client and complete the app electronically w/ voice signatures. It's a time saver if you have other things on your agenda during a client appointment (and great for a worksite guy like you).
They can be nitpicky about certain things on occasion (financials for one) but overall they're a solid carrier.
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You know the answer to that. My point was that they're not some tiny company, they were 4th in new coverage issued last year in the US. That comdex is Banner's rating...not LGA's.
- 717
Very easy to work with if you know their niches, etc.. I just started with App Assist a few weeks ago, very easy to use, consumer like it and you can keep on selling.
- 1,926
I have been with them many years and are an essential part of my products. Their rates are always competitive, they pay commissions daily, commissions are some of the highest in the industry. However, their ability to price table rated cases off of standard plus rather than standard is a HUGE advantage.
- 4,132
Just so this doesn't go sideways, I do market their products too. I just stated that in situations where they are in competition, I do look at company size and comdex scoring.
That said, Banner has two of the four rating services providing scoring for comdex and yes, the score is good.
Understanding that, if a comparable carrier who is equal or better price-wise offers a similar Comdex score including the other two rating services and a larger asset base, I would go with them over Banner. Sorry just me.
I don't really care who owns them, if I used another company owns them as a sales pitch the first thing a client would/should ask is "well why aren't you putting me there?" Again just me.
That said, Banner has two of the four rating services providing scoring for comdex and yes, the score is good.
Understanding that, if a comparable carrier who is equal or better price-wise offers a similar Comdex score including the other two rating services and a larger asset base, I would go with them over Banner. Sorry just me.
I don't really care who owns them, if I used another company owns them as a sales pitch the first thing a client would/should ask is "well why aren't you putting me there?" Again just me.
