On this page13 sections
- Ratings and complaints
- Legal & General America vs. competitors
- Step by step
- What happened to Legal & General America
- Legal & General America (Banner Life) legitimacy and licensing
- Banner Life term life pricing
- What you can buy
- Claims, complaints and how to avoid problems
- Rules that protect you
- Who should look elsewhere
- What customers say
- Alternatives
- FAQ
Legal & General Group sold its US term life business to Meiji Yasuda, the deal closed in February 2026, and its insurers, Banner Life (49 states and D.C.) and William Penn (New York), now sell and service policies under the Banner Life brand. It is legitimate, but the name is gone. It's still a strong pick for low-cost term coverage, especially if you want a 35 or 40 year term or up to $5 million with instant approval if you qualify. The tradeoff is that AM Best cut its financial strength rating from A+ to A (Excellent) in March 2026 after the sale, and service complaints center on phone menus and billing, so compare quotes from at least two A+ rated insurers too.
- Status
- Renamed the Banner Life family of companies after Meiji Yasuda Group completed its purchase in February 2026; existing Legal & General America policies stay with the same insurers1
- Insurers
- Banner Life Insurance Company (49 states and D.C.) and William Penn Life Insurance Company of New York (New York only); headquarters 3275 Bennett Creek Avenue, Frederick, Maryland1
- Term lengths
- 10, 15, 20, 25, 30, 35 and 40 years2
- Coverage and ages
- From $100,000; ages 20 to 75; online quotes up to $10 million; up to $5 million with instant approval for eligible applicants2
- Price
- Term insurance for as little as $8 a month, per its home page; your quote depends on age, health, nicotine use, coverage and term4
- Financial strength
- AM Best A (Excellent), downgraded from A+ (Superior) on March 13, 2026; Fitch A+ and S&P A, per the company6
- Claims
- $1.24 billion paid to more than 3,700 families and businesses in 2025; 99% of claims paid, per the company7
- Size
- About $17 billion in assets and more than 1.6 million policyholders; second largest US individual term life provider by 2025 LIMRA data, per the company3
Pros
- Terms up to 40 years, longer than most insurers
- Up to $5 million with instant approval for eligible applicants
- Low advertised starting price of $8 a month
- Can convert term to guaranteed universal life
- Says it paid 99% of claims in 2025
Cons
- AM Best rating cut to A from A+ in March 2026
- Name change from Legal & General America can confuse policyholders and beneficiaries
- Term and conversion coverage only; no whole life sold directly
- Trustpilot shows no replies to negative reviews
Best for: Healthy adults who want inexpensive level term coverage for 30, 35 or 40 years, such as new parents or homeowners with a long mortgage.
Skip it if: You want an A+ rated insurer, permanent coverage with cash value from the start, or only need 10 to 20 years of coverage.
Legal & General America vs. competitors
| Company | AM Best rating | Term lengths | Coverage | Published starting price | Next step |
|---|---|---|---|---|---|
| Banner Life (formerly Legal & General America) | A (Excellent) | 10 to 40 years | From $100,000 | From $8 a month | |
| Fabric by Gerber Life | A+ (Superior), per Fabric | 10 to 30 years | $100,000 to $5 million | From $7.85 a month | Visit site |
| Prudential | A+ (Superior), affirmed May 2026 | 5 to 30 years | Up to $65 million | Not published | Read review |
| Amica Life | A+ (Superior) | 10 to 30 years | Not published | Not published | Read review |
Legal & General America, step by step
Get a quote
Enter your birthday, height, weight, nicotine use, ZIP code, coverage amount and term on the Banner Life site, or go through one of its partner agents.
Apply
Apply online or with a licensed representative. Eligible applicants can be approved instantly for up to $5 million; others may need more underwriting such as medical records or an exam.
Pay level premiums
With level term, your premium and death benefit stay the same for the whole term. You can stack term riders to add coverage for a shorter period.
Renew or convert
Near the end of the term you can let it lapse, renew at higher rates, or convert to Banner's guaranteed universal life policy, which covers you to age 121.
Filing a claim
Beneficiaries file online or by phone with a claimant statement and a certified death certificate showing cause and manner of death.
What happened to Legal & General America
Legal & General Group, plc announced the sale of its US term life business to Meiji Yasuda on February 7, 2025, and the company says it joined Meiji Yasuda Group on February 2, 2026. On March 31, 2026, Banner Life Insurance Company and William Penn Life Insurance Company of New York unveiled a new brand, the Banner Life family of companies. The lgamerica.com site now carries the Banner Life name.
If you have a Legal & General America policy, it was always issued by Banner Life or William Penn, so your coverage and premiums don’t change because of the sale. Keep your policy number and use the Banner Life phone number, 800-638-8428, or William Penn’s, 800-346-4773, in New York.
Legal & General America (Banner Life) legitimacy and licensing
Yes. Banner Life traces its roots to the Government Employees Life Insurance Company, formed in 1949, took the Banner Life name in 1983 and added William Penn in 1989. It says it has about $17 billion in assets, more than 1.6 million policyholders and ranked second in US individual term life sales in 2025 LIMRA data.
Its financial strength is good but no longer top tier. AM Best downgraded Banner Life and William Penn to A (Excellent) from A+ (Superior) on March 13, 2026, saying the action reflects the completed Meiji Yasuda acquisition and a standalone review apart from Legal & General’s rating. The outlook is stable. Fitch rates it A+ and S&P A, per the company.
Banner Life term life pricing
Banner Life advertises term insurance for as little as $8 a month. Your price depends on your age, sex, height and weight, nicotine use, health, coverage amount and term length, and the $8 figure applies to young, healthy buyers choosing small policies. The online quote tool lets you pick $100,000 to $10 million and gives an estimated monthly price before a representative follows up.
Level term premiums stay fixed for the whole term. After that, renewal premiums rise sharply each year, which is a common complaint, so choose a term long enough to cover your mortgage or your children’s dependent years.
What you can buy
- Level term: 10, 15, 20, 25, 30, 35 or 40 years, from $100,000, for ages 20 to 75.
- Term riders: stack extra coverage for a shorter period, for example to match a mortgage.
- Conversion: convert term to a guaranteed universal life policy that covers you to age 121, with flexible premiums.
- Partner products: Banner also issues final expense whole life sold under the Ethos brand, announced March 2026.
Eligible applicants can get up to $5 million with instant approval. Others may need medical records or an exam.
What customers say about Legal & General America
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- Helpful, patient phone representatives
- Problems resolved in a single call
- Clear explanations of policy terms and requirements
- Low term prices for healthy applicants
Common complaints
- Slow automated phone menus
- Billing disputes, including draft amounts that didn't match what was authorized
- Premium increases at renewal after the level term ends
- Confusion during the change from the Legal & General name to Banner Life
Claims, complaints and how to avoid problems
Banner Life says it paid $1.24 billion in claims to more than 3,700 families and businesses in 2025 and pays 99% of claims. Beneficiaries need a signed Proof of Death Claimant’s Statement and a certified death certificate showing cause and manner of death; a pending cause of death delays the claim.
Public complaint counts are small: 5 at the BBB in three years under the Legal & General America name, where it’s rated B and not accredited. Trustpilot reviews are mostly positive at 4.5 out of 5, with complaints about phone menus, billing errors and renewal price increases.
- Answer every health and lifestyle question accurately; misstatements in the first two years can lead to a denied claim.
- Tell your beneficiaries the insurer is now Banner Life or William Penn, and where your policy is kept.
- Check bank drafts against your premium notice and dispute errors quickly.
- Look up complaints for your state through the NAIC Consumer Insurance Search.
Rules that protect you
Life insurers are licensed and regulated by each state’s insurance department, which handles complaints you can’t resolve with the company. If a life insurer fails, state guaranty associations cover life insurance death benefits up to $300,000 in most states, though limits vary. State law also gives you a free-look period after the policy is delivered when you can cancel for a full refund; your policy states how many days you have.
Who should look elsewhere
If you want the highest-rated insurer, Fabric’s insurer, Mutual of Omaha and Amica Life list A+ ratings. If you need lifelong coverage from day one, look at whole or universal life from Mutual of Omaha, Prudential or Pacific Life. If you only need coverage for 10 to 20 years, many insurers compete on price, so get at least three quotes.
Alternatives to Legal & General America
-
Group life insurance through work
Often free or cheap for one to two times your salary, though it usually ends when you leave the job.
-
A better fit if 30 years is long enough and you want an A+ rated insurer with published prices.
-
Mutual of OmahaWorth a look if you want term and permanent options from one A+ rated insurer.
-
SelectQuoteCompares Banner Life with other insurers at no charge to you if you'd rather not shop one by one.
Legal & General America reviews
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Frequently asked questions
Is Legal & General America still in business?
Its insurers are, under a new name. Meiji Yasuda bought the US business from Legal & General Group in February 2026, and Banner Life and William Penn now operate as the Banner Life family of companies.
What happens to my Legal & General America policy?
Nothing changes in your coverage or premium. Your policy was issued by Banner Life or William Penn, which still service it. Use the Banner Life customer service line, 800-638-8428.
Is Banner Life a good life insurance company?
It's a large, legitimate term insurer with about $17 billion in assets and terms up to 40 years. AM Best rates it A (Excellent), one step below the A+ it held before the 2026 sale.
What is Banner Life's AM Best rating?
A (Excellent), with a stable outlook. AM Best downgraded it from A+ (Superior) on March 13, 2026, after the Meiji Yasuda acquisition.
How much does Banner Life term insurance cost?
It advertises term from $8 a month for young, healthy buyers. Your rate depends on age, health, nicotine use, coverage and term, so get a quote.
Does Banner Life require a medical exam?
Not always. Qualifying applicants can be approved instantly for as much as $5 million without an exam. Others may be asked for medical records, lab work or a paramedical exam.
What term lengths does Banner Life offer?
10, 15, 20, 25, 30, 35 and 40 years. The 35 and 40 year options are rare among term insurers.
Can I convert a Banner Life term policy?
Yes. You can convert to Banner's guaranteed universal life policy, which covers you to age 121. Check the conversion deadline in your policy.
Does Banner Life pay claims?
It says it paid $1.24 billion in claims in 2025 and pays 99% of claims. Beneficiaries need a claimant statement and a certified death certificate with the cause and manner of death.
Is Banner Life available in New York?
New York residents buy from William Penn Life Insurance Company of New York, its sister company. Banner Life sells in the other 49 states and D.C.
Sources (15)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- Banner Life family of companies: About us (history, Meiji Yasuda acquisition, states, policyholders) (accessed October 13, 2026)
- Banner Life family of companies: Term life insurance (accessed October 13, 2026)
- Banner Life family of companies: Financial strength (accessed October 13, 2026)
- Banner Life family of companies: Home page (starting price) (accessed October 13, 2026)
- Banner Life family of companies: Newsroom (sale announced February 7, 2025; joined Meiji Yasuda February 2, 2026; new brand March 31, 2026) (accessed October 13, 2026)
- AM Best via AI Journal: AM Best downgrades credit ratings of Banner Life and William Penn (March 13, 2026) (accessed October 13, 2026)
- Banner Life family of companies: Claims (accessed October 13, 2026)
- Banner Life family of companies: Universal life (term conversion) (accessed October 13, 2026)
- Banner Life family of companies: Contact (accessed October 13, 2026)
- Banner Life family of companies: Term life quote (accessed October 13, 2026)
- BBB: Legal & General America, Frederick, MD (accessed October 13, 2026)
- Trustpilot: Banner Life family of companies reviews (accessed October 13, 2026)
- NAIC: Consumer Insurance Search (complaints by company) (accessed October 13, 2026)
- NOLHGA: What a state guaranty association covers (accessed October 13, 2026)
- Business Wire via MarketChameleon: AM Best affirms credit ratings of Prudential Financial Inc. and its life/health subsidiaries (May 8, 2026) (accessed October 13, 2026)
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