Banner Life Variable Account · 485B24F · On 5/1/97 · EX-99.2

Filed On 5/1/97   ·   SEC File 33-19236   ·   Accession Number 826598-97-2

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485B24F     Filing Document                                       81    448K 
 2: EX-99.1     Part 2                                                 4     27K 
 3: EX-99.2     Opinion Letters                                        3     15K 

EX-99.2   ·   Opinion Letters

EX-99.2
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April 29, 1997                                                              

Banner Life Insurance Company                                               
1701 Research Boulevard                                                     
Rockville, MD 20850                                                         

Ladies and Gentlemen:                                                       

With reference to the Post-Effective Amendment No. 8 to the Registration    
Statement on Form S-6 filed by Banner Life Insurance Company and its        
Variable                                                                    
Life Account with the Securities and Exchange Commission covering           
individual                                                                  
variable life insurance contracts, I have examined such documents and       
such law                                                                    
as I considered necessary and appropriate, and on the basis of such         
examination, it is my opinion that:                                         

1.   Banner Life Insurance Company is duly organized and validly  
existing under the laws of the state of Maryland and has been duly
authorized to issue variable life insurance contracts by the      
Maryland                                                                    
Insurance Administration.                                         

2.   The individual variable life insurance contracts, when issued
as                                                                          
contemplated by said Form S-6 Registration Statement Amendment,   
will                                                                        
constitute legal, validly issued and binding obligations of Banner
Life                                                                        
Insurance Company.                                                

I hereby consent to the reference to my name under the caption "Legal       
Matters"                                                                    
in the Prospectus filed as part of the Form S-6 Registration Statement      
Amendment for the "Banner Life Variable Account."                           

Sincerely,                                                                  

/s/ Mark A. Canter                                                          

Mark A. Canter                                                              
Vice President, Secretary                                                   
& General Counsel                                                       

EX-99.2
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April 29, 1997                                                              

Re:  ACTUARIAL OPINION AND CONSENT                                          

Gentlemen:                                                                  

This opinion is furnished in connection with the registration of a          
flexible                                                                    
premium variable life insurance policy ("Policy") offered by Banner Life    
Insurance Company under the Securities Act of 1933, as amended.  The        
Prospectus included in Post-Effective Amendment No. 8 to the                
Registration                                                                
Statement on Form S-6 (Registration No. 33-19236) describes the Policy.     

In my capacity as Senior Vice President and Chief Actuary of Banner Life    
Insurance Company, I have provided actuarial advice concerning the          
preparation                                                                 
of the policy form described in the Registration Statement, and I am        
familiar                                                                    
with the Registration Statement and Exhibits thereto.                       

It is my professional opinion that:                                         

 1.   The "sales load", as defined in paragraph (c)(4) of Rule 6e(T)
   under the Investment Company Act of 1940, as amended, shall
not                                                                         
exceed 9 per centum of the sum of the guideline annual  
premiums                                                                    
      that would be paid during the period equal to the lesser of 20
     years or the anticipated life expectancy of the named insured
    based on the 1980 Commissioners Standard Ordinary Non-smoker
or                                                                          
   Smoker Mortality Table.  The sales load on payments made in
excess                                                                      
   of such sum will not exceed 2.5 per centum.  The sales load
will                                                                        
    never exceed 30 per centum of the premiums paid in the first
two                                                                         
years up to the guideline annual premium.               

2.   The proportionate amount of the sales load deducted from any 
payment during the policy period will not exceed the    
proportionate                                                               
amount deducted from any prior payment during the policy
period.                                                                     

3.   The illustrations of death benefits, cash values included in 
     Appendix A of the Prospectus, based on the assumptions stated
in                                                                          
    the illustrations, are consistent with the provisions of the
Policy.  The rate structure of the Policy has not been  
designed so                                                                 
     as to make the relationship between premiums and benefits, as
shown in the illustrations, appear more favorable to    
prospective                                                                 
Policy purchasers at other ages.                        

4.   The information contained in the examples set forth in       
Appendix B                                                                  
 of the Prospectus, based on the assumptions stated in the
  examples, is consistent with the provisions of the Policy.

I hereby consent to the use of this opinion as an exhibit to Post-Effective 
Amendment No. 8 to the Registration Statement and to the reference to my    
name                                                                        
under the heading "Experts" in the Prospectus.                              

Sincerely,                                                                  

/s/ David J. Orr                                                            

David J. Orr,  F.I.A., M.A.A.A.                                             
Senior Vice President and                                                   
Chief Actuary                                                         
Banner Life Insurance Company                                               

EX-99.2
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CONSENT OF INDEPENDENT ACCOUNTANTS          

We hereby consent to the use in the Prospectus constituting part of this    
Registration Statement on Form S-6 of our report dated February 10,         
1997,                                                                       
relating to the consolidated financial statements of Banner Life            
Insurance                                                                   
Company and of our report dated March 14, 1997 relating to the financial    
statements of Banner Life Variable Account, which appear in such            
Prospectus.                                                                 
We also consent to the references to us under the heading "Experts" in      
such Prospectus.                                                            

/s/ Price Waterhouse LLP                                                    

PRICE WATERHOUSE LLP                                                        
April 30, 1997                                                              

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 485B24F Filing		Date		First		Last			Other Filings
		2/10/97		3
		3/14/97		3
		4/29/97		1		2
		4/30/97		3
Filed On / Filed As Of / Effective As Of		5/1/97
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