Company Profile
Company Overview
Corporate Profile
BANNER
Banner Life Insurance Company is in the business of providing financial protection through life insurance for families living in America from coast to coast.
At the heart of our business is a genuine concern about our policyholders; that concern even extends to people who don’t yet have life insurance protection because we know how beneficial it can be. We consider ourselves lucky to work for a company that cares about families – the families by traditional definitions and those defined by your own personal circumstances, the business owners who consider their partners as family, the employees who are part of our corporate family, and the brokerage agencies who make up the familial insurance community.
We are Your Company For Life™. We sincerely hope your life is a long one and we have plans to help make that a reality. Whatever its length, you can count on us to help provide financial security for those who will still have to go on living even if you’re not.
How can we be so sure? Banner is financially strong, fiscally responsible and committed to the business practices that will make sure we will be here when you need us most. Our life insurance policies are sold through independent agents and brokers. Because of that independence, you can trust that when an agent recommends Banner we’ve been compared to other companies and proved to be a good match for your life insurance needs. More information about our financial strength is available here.
Our history began in 1949 and sixty-plus years later we are still a growing company. 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, we have a subsidiary company to provide protection for families who live there. William Penn Life Insurance Company of New York has been our New York branch for twenty years. The executives who provide financial management for Banner do so for William Penn as well so policyholders in New York can share the national confidence in our financial strength. 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's home office is located in Urbana, Maryland, just minutes away from our nation's capital.
Banner Life Insurance Company
3275 Bennett Creek Avenue Frederick, Maryland 21704
800.638.8428
301.279.4800
OUR PARENT COMPANY
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. For more specifics, please see our company organization chart. An overview of the history of our parent company can be found here; please see the Legal & General Group website for more detailed information.
Legal & General America shares office space with Banner. Many of our employees who provide services for both Banner and William Penn are employed by Legal & General America.
Legal & General America
3275 Bennett Creek Avenue Frederick, Maryland 21704
800.638.8428
301.279.4800
Company History
The company that eventually became Banner Life, Government Employees Life Insurance Company (GELICO) was chartered in 1949. We were part of Government Employees Group which began with GEICO (yes that car insurance company with the gecko) and was founded by Leo Goodwin, a member of the Texas banking industry.
In 1950, our average policy size was $2,400 and the average annual premium was $50. Interestingly enough, today a 30-year-old male in good health can buy a Banner $100,000 ten-year term policy for less than $100 annually!
In 1966, Government Employees Group was honored by the very prestigious Newcomen Society. This organization was founded in 1923 to study the factors which the Society felt “contributed to the progress of mankind.” Our board chairman, Lorimer A. Davidson, remarked that the company was “proud to be part of a great industry which began thousands of years ago to satisfy man’s longing for security.” GELICO ranked in the top 12 percent of U.S. life companies. In 2008, according to an A.M. Best statistical study, Banner ranked 11th among all U.S. life companies for new life coverage issued that year.
By 1975, GELICO had assets of $124 million and $1.7 billion of insurance in force. At year end 2008, on a GAAP consolidated basis, Banner Life had assets of $4.8 billion and $379 billion of insurance in force.
GELICO was among a select group of companies to be rated A+ (superior) by A.M. Best in 1976 …a rating we’ve held on to ever since.
GELICO’s growth gained the notice of Legal & General Group Plc, an international insurance conglomerate. We were acquired by Legal & General Group Plc as a wholly owned subsidiary on December 17, 1981. In 1983, our name was changed to Banner Life, signifying our flagship position with Legal & General in the U.S.
In the early eighties, we were one of the very first companies to market universal life insurance. It was then a revolutionary concept that today is part of almost every life company’s portfolio.
Banner's subsidiary, William Penn Life Insurance Company of New York, joined the corporate group in 1989. Since that time, management for both companies has been consolidated at the senior level. Banner's national presence, William Penn's more than 45 years of brokerage experience and the operational synergy between both companies is a strong combination.
In 1995, Banner changed its distribution network to independent brokerage agencies and began its professional relationship with the National Association of Independent Life Brokerage Agencies (NAILBA). Today Banner's individual life insurance products are sold through twelve marketing groups with approximately 300 member agencies plus almost sixty other independent brokerage general agencies. Through these agencies, Banner has contracted approximately 70,000 brokers in 48 states and the District of Columbia.
Benefits
BENEFITS
We offer our full-time staff a highly competitive benefits package which includes:
Health Insurance
•Healthcare options: You’ll have your choice among two comprehensive programs – premier or standard - administered through CIGNA. Premiums are subsidized by Legal & General America.
•Dental plan: Dental coverage is provided by MetLife and again, premiums are subsidized.
•Vision plan: Coverage for glasses and contact lenses is available on a voluntary basis.
Life Insurance
•Group Term Insurance: Coverage equals two times your base salary and Legal & General America pays the premium. As your salary grows, so does your coverage amount.
•Individual Term Insurance: Individual, fully underwritten, Banner or William Penn policies are available to all employees and their spouses at rates lower than our publicly advertised premiums.
Flexible Spending Accounts
•You can have part of your salary deducted on a pre-tax basis to pay for anticipated medical or dependent care and thereby reduce your out-of-pocket expenses.
Leave Programs
Because we recognize the importance of providing the opportunity for rest, recreation, personal activities and health concerns, our company offers a variety of leave programs.
•Holidays: All employees have seven national holidays and two “floating” holidays to use at their discretion.
•Vacation: New employees can earn 10 working days annually which increases based on length of employment.
•Personal Leave: Personal hours can be used to take care of personal business that must be accomplished during the work week.
•Health Leave: Our health leave is generous. After three months, you accrue leave at a rate of two weeks per year. After five years, you’re allowed three. The leave accrues by pay period.
•Other leave plans include: Bereavement Leave, Military Leave, Family Medical Care Leave and Jury Duty Leave.
Retirement Benefits
Legal & General America offers two outstanding plans that help employees achieve their financial goals for retirement.
•401(k) Savings Plan through Schwab Retirement Plan Services: Banner matches your contribution dollar for dollar up to six percent of your salary. You can begin contributing on the first of the following quarter after you have been with us 90 days.
•Cash Balance Plan: After one year of employment with at least 1,000 hours of service, Banner will begin investing a percentage of your annual salary as a retirement benefit. The percentages range from 4 to 8 percent based on length of employment.
Disability Plans
These programs provide employees with income protection should they become unable to work due to serious illness or injury. Short-term disability pays a portion of base salary for up to 26 weeks. Long-term disability pays a portion of base salary and may commence after six months of continuous disability.
Educational Opportunities
Employee knowledge, skills and professional growth are critical to the continued success of our company. We offer a variety of programs to help employees become more proficient in their current positions as well as advance their careers with us.
•Industry Sponsored Courses
•Tuition Reimbursement Program
•Actuarial Study Program
•Professional Courses and Seminars
•Membership in Industry Committees, Professional Associations and Societies
Employee Assistance Program
Your mental health is as important as your physical, so Banner and William Penn provide an Employee Assistance Program through an outside confidential source. The program provides guidance/assistance on a variety of personal issues such as child and elder care, finances, stress, conflicts, marital issues, etc.
Just for Fun
Recognizing the need to balance work and leisure, Banner and William Penn like to help employees build camaraderie through lots of fun events. A few examples include:
•A family picnic with games for adults and kids and of course, food, food and more food
•A party with dinner and dancing to get you in the holiday spirit
•Ice Cream Sundae Days
•Season tickets to DC and Baltimore sports games that are awarded by lottery to interested fans
•Sponsorship of employee basketball, softball, volleyball and soccer teams
The description above is a brief summary of the benefit plans provided by Legal & General America, Inc. and its subsidiaries, is not a contractual document and is subject to change. Full details are made available to employees at time of hire. Specific provisions and administrative procedures may apply.