Banner Life Insurance Company
Banner Life History
The Government Employees Life Insurance Company (GELICO) was founded in 1949 which eventually become Banner Life Insurance Company. GELICO were by Legal & General Group Plc as a wholly owned subsidiary on December 17, 1981. In 1983 GELICO changed the name to Banner Life. Banner’s subsidiary, William Penn Life Insurance Company of New York, joined the corporate group in 1989. In 1995, Banner changed its distribution network to independent brokerage agencies.
Banner Life at Present
At year-end 2010, Banner had more than $415 billion of life insurance in force; according to A.M. Best we ranked 12th among all U.S. companies for new coverage issued in 2010. While Banner is licensed to conduct business in every state and the District of Columbia except New York, William Penn Life Insurance Company of New York has been its New York branch for twenty years. William Penn policies are also sold through independent agents and brokers who work in New York. At year-end 2010, William Penn had nearly $69 billion of life insurance in force. Banner is a subsidiary of Legal & General Group Plc which is headquartered in London. L&G calls its U.S. operations Legal & General America, Inc. and Banner is part of that corporate entity.
Company Ratings
Following are current Banner Life and its subsidiary’s ratings and subject change
| Banner Life and its Subsidiary Company |
A.M Best |
Standard & Poors | Moody’s | Fitch Ratings |
| Banner Life Insurance Company |
A+ |
A+ | NR | NR |
| William Penn Life Insurance Company of New York |
A+ |
A+ | NR | NR |
BeamaLife Insights
Banner Life and William Penn are best known for their low cost term life insurance and universal life insurance policies. They do not offer whole life insurance policy. Please complete this short from to get FREE Banner Life and William Penn Life Insurance Quotes or call (877) 972-3262 now.
