Banner Life is best known for term life pricing, ranking as the second largest individual term writer in the United States, with OPTerm policies in 10 to 40 year lengths and face amounts up to $5 million available with instant approval if you qualify. Chartered in 1949 as Government Employees Life Insurance Company, the company took the Banner Life name in 1983 and added William Penn Life Insurance Company of New York in 1989. Banner writes in 49 states and the District of Columbia while William Penn handles New York, and beyond term the companies offer LifeStep universal life for term conversions plus pension risk transfer services for employers. Ownership moved from the UK’s Legal and General Group to Japan’s Meiji Yasuda Group on February 2, 2026. AM Best rates Banner Life A (Excellent) as of March 2026, alongside an A+ from Fitch and an A from S&P.
