Banner Life Insurance Company is in the business of providing financial protection through life insurance for families living in America from coast to coast. Insurance companies, as stable as Banner Life, could not have lasted long without being genuinely concerned about its customers and this is exactly what's foremost in the mind of Banner Life. The company's concern does not only go to its life insurance policy holders, it even extends to those who have yet to obtain life insurance protection. Family is a big deal with Banner Life, both the traditional and the one's that people have come to know such as their employers or their co-workers. Banner Life's own family is a strong network of partners, brokers, agents, and policyholders.
Banner Life's slogan, "We are Your Company for Life" represents its commitment to providing products and services that run for the span of the policyholder's lifetime. It focuses on the task of helping its customers achieve a healthy, secure and long life. Banner Life has the financial strength, fiscal responsibility, and commitment to a set of business policies and practices to ensure that financial assistance gets to its policyholders at the time they need it. The life insurance policies of Banner Life are distributed through independent brokers and agents. Consumers can trust that when Banner Life insurance has been recommended to them by agents, this means that it is the best match for their particular insurance requirements.
The Banner Life Insurance Company history started in 1949 and the company continues to grow to this day. In 2010, independent rating company A.M. Best Company ranked Banner Life 12th in the volume of new insurance coverage issued. Banner Life's total value of the life insurance in force stands at $415 billion.
Banner Life is licensed to do business in all U.S. states including the District of Columbia, except for New York where it has a subsidiary company named William Penn Life Insurance Company of New York. This subsidiary has been in existence for 20 years and is being managed by the same team handling the financial management for Banner Life. The life insurance policies of William Penn Life Insurance Company of New York are being distributed by independent insurance brokers and agents and it is estimated to have insurance in force amounting to over $69 billion.
The headquarters of Banner Life are in Urbana, Maryland. Banner Life is a subsidiary of the Legal & General Group Plc, which is based in London, England. In the U.S., this company is called Legal & General America, Inc. Most of the workforce helping operations at Banner Life and William Penn are under the employ of Legal & General America. Banner Life used to operate under the name Government Employees Life Insurance Company when it got its charter in 1949. This company took part in the formation of the Government Employees Group or GEICO under the leadership of Texas banker, Leo Goodwin. The average number of issued policies in the 1950s amounted to $2,400 with an average annual premium of $50. Today, the average 30-year-old male may opt for a ten-year term policy with a value of $100,000 for around $100 annually or less.
GEICO was recognized by the Newcomen Society in 1966, an organization that was formed to assess the things which it felt made relevant contributions to man's progress. In 1975, the assets of GELICO amounted to $124 million, with roughly $1.7 billion insurance in force. As far back as 1976, GELICO had always been among the elite group of insurance companies to receive a rating of A+ from A.M. Best Company. GELICO caught the attention of international insurer Legal & General Plc, which led to its acquisition in December 1981. The name change came in 1983 and GLICO became Banner Life Insurance Company.
Banner Life became one of the pioneers in offering universal life insurance to the market. This revolutionary insurance product is a part of the portfolio of all insurance companies today. William Penn Life Insurance Company of New York became part of the corporate group in the year 1989. It was also at this time when the operations of William Penn Life and Banner Life were consolidated up high in the senior level.