How to Get Out of Your Banner Life Insurance Policy [Right Way]
While the prospect of modifying or canceling your Banner Life insurance policy might feel a little daunting, it's a fairly easy process that can be done in just a few steps. If you want to get out of your policy, Banner Life customer service can help you when they know your policy number and how you're seeking to modify or cancel the contract..
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UPDATED: Jul 15, 2021
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- Banner Life offers a variety of life insurance products
- Banner Life’s reviews are fairly positive, with a few complaints about the simplicity
- Policyholders can cancel their Banner Life insurance policy in a few short steps
Just as there are a variety of reasons to get a term life insurance policy, there are plenty of reasons for someone to want to cancel it. If you’re hoping to get out of your Banner Life insurance policy, there are a few options available depending on the situation.
For instance, a company may be offering a better deal than the policyholder’s current insurer. The new company might even be offering special savings to those who are willing to switch. The user can find out how to cancel their life insurance policy online or via mail.
Looking to get out of your Banner Life insurance quote? Enter your ZIP code to get an idea of what new rates could like.
Banner Life Insurance Policy Types
As an insurance company that has been going for over 70 years, Banner Life has had the time to polish the variety of policies they sell. Currently, it separates its products into two categories, term life policies, and different types of permanent life insurance policies.
Banner Life’s term life insurance policies are pretty industry-standard and make them no more complicated than they need to be. The company even admits on its website that this is its most simple policy and the one that many of its customers will require.
Buying a Banner Life insurance policy that’s permanent is a little more complicated but offers a variety in how the premiums are paid and how the death benefit is paid out. These options include:
- Whole Life – Just like it sounds, this type of policy covers the entire life of the holder as long as they pay their premiums.
- Universal Life – Universal life insurance has flexible premiums and allows the buyer to take out a loan against the policy.
- Final Expense – Final expense and burial insurance is usually cheaper and will cover all the costs that come with an end-of-life service
In addition to these permanent policies, Banner Life insurance costs also offer a number of riders to further customize the service.
As previously mentioned, in addition to these policy types, Banner Life also offers annuities for those who can pay the premiums and want to have a sum of money to draw from later in life. That being said, these can be complicated, so it’s good to go in informed.
Banner Life Insurance Customer Service
Banner Life insurance company reviews are fairly good, with many customers praising the variety of term life options, although they admit these policies cost a little bit more than the average. Others state that the term life section is not as customizable enough for their needs.
|Variety of term life insurance options||Cost more than competition|
|Products are fairly straightforward||Products don't provide dividends|
|Final Expense insurance offered||Complaints regarding customization options|
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None of these will guarantee or stop a sale entirely, but it gives an idea of what one can expect when interested in getting a new life insurance policy with Banner Life.
What is Banner Life insurance?
Started in 1949 and originally called GELICO, Banner Life has been insuring their customers’ lives for the last 70 years. As the company evolved over the years, so did its practices and name. In 2011, Banner Life merged with William Penn under the Legal & General title.
While the Banner Life insurance company started to insure lives, it has evolved into a comprehensive financial brokerage. Banner Life insurance is still something it sells, but it also offers annuities that can be paid into over time to ensure that a retiree has money.
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How to Cancel Your Banner Life Insurance Policy
Canceling a life insurance policy comes with positive and negative consequences, such as cheaper premiums but a loss of peace of mind. As shown by the Insurance Information Institute, there is also a difference between cancellation and non-renewal, with the latter being just letting a term life policy naturally expire.
However, whether it be a change of circumstance or a new opportunity, canceling a Banner Life insurance policy online is achievable in just a few short steps. There are two ways that Legal & General, the holder of Banner Life policies, has listed to cancel.
- By Phone: For those who wanna dial up the landline, Banner Life can be contacted at 0370 010 4080.
- By Mail: Policyholders can send their proof of insurance and a signed note wishing to cancel their policy to Legal & General Assurance, Society Limited, City Park, The Droveway, Hove, East Sussex, BN3 7PY.
Canceling or modifying the policy with Banner Life can provide the customer with savings and more options about how they would like to finance their future. The Banner Life life insurance company understands this and makes the process as easy for customers as possible.
Cancel Banner Life Insurance: The Bottom Line
Just as there are many reasons to buy life insurance, there are plenty to want to cancel one as well. With the complexity involved in buying life insurance, it’s likely some might be curious how to get out of a Banner Life insurance policy or annuity.
However, Banner Life has made getting out of a policy and seeking other options as simple as a phone call or certified letter.
What do you do after you get out of your Banner Life insurance policy? Enter your ZIP code to get an idea of what you can expect to pay.