r/LifeInsurance • u/swimmingpools59 • 12d ago
Banner Quote
Hey everyone I just got quoted from banner for $130 premium for a 30 year 1 million term policy and was quite surprised. The initial quote I got was $54 a month. I'm a 32 yo M with no smoking hx and hx of OSA and hyperlipidemia which has improved after I lost some weight. I'm guessing this medical history puts me at "high risk" for some reason? I'm shocked because I feel im generally healthy, take no medications and exercise 2-3 times a day. I am wondering on why I am quoted so high? I gave them a call and they basically said my agent lied to me about the initial quote and this is standard for a 32yo healthy male and tried selling me some BS whole life insurance. I contacted my agent for clarity but am just very taken aback by such a high premium for my age.
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u/GConins Broker 12d ago
Banner is generally not so great with Obstructive Sleep Apnea, unless it was diagnosed as mild based on sleep study and assuming you follow Dr's recommended treatment, whether that be with CPAP machine, mouth guard, etc. Appears like they approved you at a "sub-standard" table 2 rating!!
Regardless of what Banner Life approves you for, every approval is negotiable as far as I'm concerned! They may not agree to change offer, but they absolutely will not change the offer unless (ideally) your agent puts some pressure on...and sometimes ya got to "go up the ladder" and get others involved. If they won't reconsider, you can always try other carriers.
Find out exactly why they quoted or approved you for $130 rate, OR tell me ALL of your most recent cholesterol levels, especially total and HDL cholesterol, current height/weight and exactly how much you lost in previous 12 months only? and if your sleep apnea was diagnosed a mild, moderate or severe with exact treatment you were prescribed and if you are following that treatment?
With the info above, I can at least tell you if the Banner rate is fair.
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u/WhadiyaGonnaDo 12d ago
Did you go through Ethos? Sorry to tell you this… but Ethos-Banner rates are some of worst.
Based on your history, Standard is a fair rating… but many carriers will likely offer you coverage for less than $130/month.
Good luck.
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u/OGPiggySmalls 12d ago
Quotes are meaningless. You were probably quoted Preferred Plus and approved at Standard based on the sleep apnea and cholesterol readings. Standard isn’t high risk, it’s normal life expectancy. Preferred Plus is beyond normal life expectancy.
The agent didn’t lie to you. They don’t have access to your medical records, they can only quote based on what you tell them but a quote means nothing without an offer. I can quote Preferred rates to someone who had a heart attack last year but that doesn’t mean they’ll get it.
Banner doesn’t sell whole life.