Banner Life direct (formerly Legal & General America) life insurance: who issues it and how it works

Overview

This page covers buying term life directly from Banner Life on its own website, rather than through an independent broker. For 15 years Banner Life and its New York sister, William Penn, marketed themselves as Legal & General America, the U.S. arm of Britain's Legal & General Group, and the online quote and application ran under that name at lgamerica.com.

Japan's Meiji Yasuda Group bought the companies in a deal that closed on February 2, 2026. They now call themselves the "Banner Life family of companies," and as of October 24, 2026, lgamerica.com forwards to bannerlife.com. The direct channel still operates: you can get a quote, apply online, or speak with a licensed financial professional employed by or working on behalf of the insurer.

Most Banner Life policies are still sold through independent brokers; online platforms such as Ethos also offer Banner policies. Buying direct gives you the same insurer and product line, with the insurer's own staff handling the sale.

Who issues the policy

Banner Life's legal disclaimers say its life insurance products "are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY." Banner Life sells in 49 states, D.C. and Puerto Rico and is not authorized in New York; William Penn sells only in New York. Both are owned by Meiji Yasuda North America Holdings Inc.

Because the platform is the insurer, there is no separate agency between you and the company that pays the claim. That also means you see only Banner Life or William Penn prices, not a comparison with other insurers. If price matters most, compare a Banner quote with quotes from a broker; our guide to how to compare life insurance quotes fairly explains how.

Policies sold under the Legal & General America name were always issued by Banner Life or William Penn. The rebrand did not change those contracts, and the same companies still service them.

How buying works

1. Quote. The online quote tool asks for basic details and shows an estimated monthly price that you can adjust by coverage amount and term length.
2. Apply. You can apply online or call a financial professional. The online application is not yet available in New York, where you apply by phone.
3. Underwriting. Banner says eligible applicants can get up to $5 million of coverage with instant approval and no medical exam. It reported that more than 1 in 3 applications submitted through its Horizon platform in April 2026 got an instant decision. Others may be asked for a paramedical exam or medical records, and instant approval is not guaranteed.
4. Free look. Banner's disclosures say policies can be returned without obligation within 30 days of receipt (see free-look period).

If you request a quote with your contact details, Banner's consent language says its financial professionals or third parties calling on its behalf may follow up by phone, text and email. You can instead call 888-984-3393 directly.

Products and limits

Banner sells new term policies only. Its OPTerm level term comes in 10, 15, 20, 25, 30, 35 and 40-year lengths, with coverage from $100,000 to more than $10 million. Issue ages narrow as terms lengthen. Outside New York, OPTerm 10 and 15 are available at ages 20 to 75, OPTerm 20 at 20 to 70 (non-tobacco), OPTerm 30 at 20 to 55 (non-tobacco) and OPTerm 40 at 20 to 45 (non-tobacco). Premiums include a $90 annual policy fee and stay level for the term, then rise annually to age 95. Policies can be converted to permanent coverage.

Riders include stackable term riders of 10, 15 or 20 years on top of a base policy, an accelerated death benefit rider included with all policies, a waiver of premium rider, and a children's life insurance rider (not available in Maryland or New York).

Banner publishes dated sample rates. One example: as of January 15, 2026, a 40-year-old male nonsmoker in excellent health buying a $250,000, 20-year OPTerm policy was quoted at $17.26 a month. That is the company's example, not a quote; your price depends on underwriting.

Reputation

On March 13, 2026, AM Best downgraded Banner Life and William Penn's financial strength rating to A (Excellent) from A+ (Superior), with a stable outlook, saying the rating now reflects Banner on its own within Meiji Yasuda rather than Legal & General's support. Banner lists S&P Global at A (Strong) and Fitch at A+ (Strong).

Banner's main legal history concerns older universal life policies, not its term products or direct channel: in May 2020 a federal judge in Maryland approved a $38.2 million class settlement over 2015 cost of insurance increases on certain Banner and William Penn universal life policies.

Who it suits

Buying direct from Banner suits healthy applicants who want long level term coverage, up to 40 years, from a large term specialist, and who are happy to apply online and may qualify for no-exam approval. It suits less well people who want to compare several insurers in one place, need permanent coverage, or live in New York and want a fully online process.

Strengths

• Term lengths up to 40 years and coverage above $10 million
• Instant approval with no exam for some applicants up to $5 million
• Published, dated sample rates and detailed product disclosures
• Separate New York insurer

Weaknesses

• Only one insurer's prices; no comparison shopping
• Term only for new buyers
• AM Best rating lowered to A in March 2026 after the ownership change
• Online application not available in New York

How to contact Banner Life direct

• Quotes and applications: 888-984-3393
• Banner Life customer service: 800-638-8428 (8 a.m. to 5 p.m. Eastern, weekdays)
• William Penn (New York) customer service: 800-346-4773 (8:30 a.m. to 4:45 p.m. Eastern)
• Address: Banner Life Insurance Company, 3275 Bennett Creek Avenue, Frederick, MD 21704