Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jun 9, 2021

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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The Brief

  • Banner Life has an initial 30-day free look period
  • Canceling a whole life policy can result in a surrender fee
  • Banner Life has multiple contact methods

If you have a policy with Banner and you need to opt-out, don’t worry. We’re going to tell you how to cancel Banner Life Insurance in three easy steps.

We’ll inform you of the company’s cancellation policy, how much leeway you have, and how much it will cost you to cancel.

Before you learn how to cancel Banner life insurance company coverage, type your ZIP code into our free and helpful tool above to find affordable life insurance quotes in your area.

What is Banner’s cancellation policy?

In the majority of states, Banner Life has what is called a free look period. This means that a policyholder may cancel their policy within 30 days of receiving it.

What happens once the free look period is over? If this first step doesn’t apply to you and you cancel your policy after the free look period, you will most likely be subject to penalties.

The penalties are dependent upon both the policy you chose and your state. Be sure to read the terms and conditions of your policy before you decide to cancel life insurance coverage.

This is particularly necessary for whole life insurance policies, which accrue cash value over time. This type of policy may be canceled, but there will be a surrender fee.

According to the Insurance Information Institute, a surrender fee reduces your surrender cash value, which is the amount received upon policy cancellation.

Let’s move on to the second step: comparison shopping.

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How to Cancel Banner Life Insurance: Finding a Replacement

Now that we’ve covered the first step — knowing what you’re in for in terms of possible fees — let’s go over step two: finding a replacement.

Below you’ll find a table that compares $100,000, 20-year term life insurance quotes from multiple major insurers for men of various ages.

$100,000/20-year Term Life Insurance Average Monthly Rates by Age & Gender
Companies25-Year-Old Female Monthly Rates25-Year-Old Male Monthly Rates50-Year-Old Female Monthly Rates50-Year-Old Male Monthly Rates
Banner$8.11$8.88$18.04$21.92
Protective$8.13$8.89$18.06$21.93
Assurity$8.70$9.83$24.71$31.06
North American$8.89$11.26$19.18$23.58
Transamerica$10.06$13.50$22.19$26.83
Mutual of Omaha$10.36$10.88$22.66$27.74
AIG$10.60$10.94$19.81$26.16
Lincoln$11.03$11.27$19.40$23.41
American Amicable$11.88$14.67$28.08$39.06
State Farm$12.70$14.53$29.32$36.02
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As you can see, Banner is actually the cheapest company on our list, and it’s not just for men of a certain age. Banner is cheaper for men of all ages.

Contact Options to Cancel Banner Life Insurance

Now that you know what you’re in for upon cancellation, how do you go about doing it? You can call Banner Life toll-free at (800) 638-8428.

You can also fax them at (301) 294-6960. The hours of availability are 8:00 A.M. – 5:00 P.M. EST, Monday through Friday. Furthermore, you can always email [email protected]

Hopefully, we’ve answered all of the questions you needed answering. Before leaving us to cancel Banner Life insurance, type your ZIP code into our free and helpful tool below to see find affordable life insurance companies near you.