Banner Life

[Larry Tew]

If you realistically plan to convert much term, you might want to look a little deeper for conversion options and overall competitiveness in the company's permanent line. It's a shame you can't get Ohio National in KY as a PGA.

 

[Sales71]

I have My first application back on 6-13-2013 still in underwriting. every time I think they got whats needed they come back with more stuff the APS took about two month to get to them. Will see if it will go I am trying to replace a prime American policy the client has

 

[Tahoe Ray]

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.

Fair enough...I agree with this as well. As long as the underwriting comparable too.

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If you realistically plan to convert much term, you might want to look a little deeper for conversion options and overall competitiveness in the company's permanent line. It's a shame you can't get Ohio National in KY as a PGA.

This is their biggest weak point imho.

 

[smokin goose]

I have a couple of prospects I'm gonna try to place with them. They both have Trans employee benefits term. I'm assuming I can beat it. I'm meeting with them on Monday to see.

 

[bluemarlin08]

Here's a question, how many life insurance companies have failed to pay the guarantees in their policies? Ratings, especially for companies rated A or better with Best, and for policy guarantees, are really useless, they all pay.

 

[WinoBlues]

I have My first application back on 6-13-2013 still in underwriting. every time I think they got whats needed they come back with more stuff the APS took about two month to get to them. Will see if it will go I am trying to replace a prime American policy the client has

I have an AIG case out like that right now. Husband's was issue paid two months ago.

Primerica is a gift. I replaced two yesterday.

 

[rocky top buzz]

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.

Name one person whose life insurance claim was denied due to carrier solvency. Even go back to the depression and search and see if you can find 1 person, just 1 person whose claim was denied because the carrier went belly up.

I'll give you a hint the answer is 0

Carrier financials are good for comparing companies whose premise is providing cash accumulation to their policy holders. But that is not what Banner does. They provide low cost term and GUL. And as far as conversion, if your client wants to have permanent coverage for life, Banner has a very good GUL product for conversions. And even still, their comdex is above 90.

 

[Tahoe Ray]

Name one person whose life insurance claim was denied due to carrier solvency. Even go back to the depression and search and see if you can find 1 person, just 1 person whose claim was denied because the carrier went belly up.

I'll give you a hint the answer is 0

Carrier financials are good for comparing companies whose premise is providing cash accumulation to their policy holders. But that is not what Banner does. They provide low cost term and GUL. And as far as conversion, if your client wants to have permanent coverage for life, Banner has a very good GUL product for conversions. And even still, their comdex is above 90.

Only if you convert in the first 5 years...unless something's changed, your only option after year 5 is Life Step UL which is pretty pricey (compared to Life Choice).

 

[LGilmore]

"Name one person whose life insurance claim was denied due to carrier solvency"

Not until you learn to read and comprehend better than what you posted about.

And yes, guarantee associations act as a safe guard for consumers. In fact that ten million dollar policy I placed with fly by night insurance is part of that guarantee association, so I am fully covered in case of default. What's that?.... What do you mean $500,000 in death benefit is covered? What happens to the other 9.5 million I wrote on this person assuring them that financials didn't matter?

You might want to check policy limits for guarantee associations in your state. I don't think mine is the only state who has a limited benefit. But if yours is unlimited let me know as you didn't post your state.

Then I guess the only other question I have is were you in the business when executive life was around?

Cheers and if you don't mind I'll continue to use my fiduciary responsibility in the best way for my clients and myself. Thanks. You certainly are welcome to do the same. But be certain or err to the side of caution for your client's sake.

 

[rocky top buzz]

Only if you convert in the first 5 years...unless something's changed, your only option after year 5 is Life Step UL which is pretty pricey (compared to Life Choice).

eh.. Life Step UL is generally 10% higher than the Life Choice product. But it still beats companies like Protective, ING, and others who do not have a Guaranteed UL to convert to. My opinion is educate your clients about this at the time of the term sale, if they are willing to take the risk after the first 5 years then that is on them.

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"Name one person whose life insurance claim was denied due to carrier solvency"

Not until you learn to read and comprehend better than what you posted about.

And yes, guarantee associations act as a safe guard for consumers. In fact that ten million dollar policy I placed with fly by night insurance is part of that guarantee association, so I am fully covered in case of default. What's that?.... What do you mean $500,000 in death benefit is covered? What happens to the other 9.5 million I wrote on this person assuring them that financials didn't matter?

You might want to check policy limits for guarantee associations in your state. I don't think mine is the only state who has a limited benefit. But if yours is unlimited let me know as you didn't post your state.

Then I guess the only other question I have is were you in the business when executive life was around?

Cheers and if you don't mind I'll continue to use my fiduciary responsibility in the best way for my clients and myself. Thanks. You certainly are welcome to do the same. But be certain or err to the side of caution for your client's sake.

Correct, I said life insurance claim but I did not specify death benefit.

I am not saying carrier financials are irrelevant, in fact they are very relevant when looking at products specifically for cash value purposes (Exec Life, CNA, and Shenandoah are all perfect examples). My point is if you are buying a policy from a company like Banner, you are buying it for the death benefit.