How to Cancel Banner Life Insurance in 3 Easy Steps

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.

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

Age
25-Year-Old Female	$8	$8	$9	$9	$10	$10	$11	$11	$12	$13
25-Year-Old Male	$9	$9	$10	$11	$13	$11	$11	$11	$15	$15
50-Year-Old Female	$18	$18	$25	$20	$22	$23	$20	$19	$28	$29
50-Year-Old Male	$22	$22	$31	$24	$27	$28	$26	$23	$39	$36

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.

Case Studies: Cancelling Banner Life Insurance

Case Study 1: Unforeseen Financial Hardship

Emily Anderson had been a policyholder with Banner Life Insurance for several years. Unfortunately, she experienced an unexpected financial hardship due to a sudden job loss. Emily found herself unable to afford the premiums for her whole life insurance policy. After carefully considering her options, she made the difficult decision to cancel the policy to alleviate some financial strain.

Emily contacted Banner Life Insurance, explained her situation, and initiated the cancellation process. Although she understood that there might be surrender fees associated with canceling early, the financial relief outweighed the long-term benefits of the policy.

Case Study 2: Policy Upgrade and Consolidation

Robert Johnson had multiple term life insurance policies with different providers, including Banner Life Insurance. As he reviewed his financial goals and assessed his coverage needs, Robert realized that he could simplify his insurance portfolio and potentially save on premiums by consolidating his policies.

After comparing quotes and considering his options, Robert decided to cancel his Banner Life Insurance policy and upgrade to a higher coverage amount with a single provider. By consolidating his policies, Robert achieved a streamlined approach to his life insurance coverage, making it easier to manage and potentially saving him money in the long run.

Case Study 3: Life Insurance Needs Change

Jennifer Thompson had a universal life insurance policy with Banner Life. Over time, Jennifer’s life circumstances changed significantly. She got married, had children, and her financial responsibilities increased. Jennifer realized that her current policy no longer provided adequate coverage to protect her family’s future in case of her untimely death.

After researching her options and seeking advice from a financial advisor, Jennifer decided to cancel her Banner Life Insurance policy and purchase a new one with higher coverage limits and additional riders to meet her evolving needs. The cancellation allowed Jennifer to secure a policy that aligned with her current life situation and provided greater peace of mind.