Compare Banner Life Insurance Rates
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Who Is Banner Life Insurance
Banner Life Insurance offers a variety of life insurance policies tailored to meet diverse needs. Their offerings include term life insurance and universal life insurance, both providing numerous policy options to ensure you get the best coverage for your unique situation.
Its core product, OPTerm, comes in term lengths of 10, 15, 20, 25, 30, 35, and 40 years—more than most insurers offer. All term policies are convertible to permanent life insurance without a medical exam if done before age 70 or within the level-premium period.
Banner also offers Guaranteed Universal Life (GUL), which is a hybrid between term and permanent coverage. GUL policies are designed to last for life (typically to age 90, 95, or 100) but without the high cash value buildup of whole life.
You can fund these policies using:
- After-tax dollars (non-qualified)
- IRA transfers (only for annuity-based life products)
- 1035 exchanges (from another life policy or annuity)
Banner does not offer whole life or indexed universal life insurance. Their focus is straightforward protection—not accumulation.
A standout feature of Banner Life is its death benefit rider, which pays an additional benefit to your beneficiaries, adding an extra layer of financial security. With an A+ rating from A.M. Best and AA ratings from Standard & Poor’s and Fitch, Banner Life has a strong track record of meeting policyholder claims.
Did You Know? Banner Life is famous for offering some of the absolute cheapest term rates on the market, especially for healthy adults. See if they truly hold the #1 spot in our ranking of the best life insurance companies.
Banner Life Insurance Products
Banner Life excels in offering term and universal life insurance plans. These plans come with low premiums due to Banner’s strong financial strength rating. Moreover, Banner Life’s underwriting process takes into account overlapping health factors, ensuring that even with one condition, your premium remains fair and not excessively high.
Banner Life Universal Life Insurance
Banner provides Universal Life Insurance options, but availability depends on your location. This permanent coverage ensures your policy remains in effect as long as premiums are paid. You have the flexibility to withdraw cash value or take a loan against it, providing financial liquidity when needed. Banner’s universal life insurance policies cater to individuals aged 20 to 85 with a minimum coverage of $50,000, offering both longevity and flexibility in payment options.
Banner Term Life Insurance
Banner Term Life Insurance offers flexible term periods ranging from 10 to 40 years. Premiums remain consistent throughout the term period, with an increase only after the level term ends. This ensures predictability in your financial planning. Additionally, Banner’s term policies may not require medical exams, simplifying the application process.
Banner is cheaper than most life insurance providers, including Ally, PNC, and Thrivent.
Additional Benefits and Riders
Banner Life offers several riders to enhance your coverage, including:
- Policy Conversion Option: Allows conversion from term to universal life insurance without medical exams or fees.
- Accelerated Death Benefit Rider: Provides early death benefits if diagnosed with a terminal illness.
- Children’s Life Insurance Rider: Covers all eligible children under one rider, providing family-wide protection.
- Waiver of Premium Rider: Waives premium payments if you become seriously ill or injured and unable to work.
Some policy riders that allow for added benefits, such as waiver of premium or accelerated death benefits, are not available in every state.
What Makes Banner Life Different From Other Life Insurance Companies?
1. Extended Term Lengths – Up to 40 Years
Most life insurers max out at 30-year terms. Banner goes up to 40 years, making it ideal for young adults wanting coverage through retirement.
2. Underwriting Flexibility
Banner is known for insuring people other companies decline. If you have well-managed diabetes, high cholesterol, a family history of cancer, or even a DUI older than five years, you may still qualify for standard or preferred rates.
3. Affordable High Coverage Amounts
Banner consistently ranks among the cheapest providers for $500,000–$2,000,000+ death benefit policies.
4. Policy Conversion
You can convert any term policy to permanent insurance without medical evidence up to age 70 or within the term window. Many competitors cap this benefit at 65.
5. Financial Strength
Banner’s parent company, Legal & General, is one of the largest insurers globally. Banner holds top ratings from independent rating agencies.
In the News
Who Should Buy Banner Life Insurance?
Best for:
- Adults in their 20s to 50s looking for 20–40 years of affordable term coverage.
- People with mild health issues who were rated up or declined elsewhere.
- Families needing large income replacement coverage for decades.
- Buyers needing term coverage with potential to convert later without exams.
- Business owners who need key-person or buy-sell term life coverage.
Not ideal for:
- Seniors over 70 (Banner rarely offers term life above age 75).
- People wanting a policy with strong cash value (use whole life or IUL instead).
- Buyers seeking final expense policies under $50,000.
- Applicants who want instant coverage with no waiting or exams (see Haven Life or Ethos instead).
- Individuals wanting comprehensive living benefits, chronic illness, or long-term care riders (few are available through Banner).
What Does Banner Life Insurance Cost?
While quotes vary by age, health, and location, Banner Life ranks in the top tier for affordability. Here are example monthly premium estimates for a non-smoking male in good health:
| Age | $500,000 – 20-Year Term | $1,000,000 – 30-Year Term |
|---|---|---|
| 30 | $18–$25 | $38–$50 |
| 40 | $28–$40 | $65–$85 |
| 50 | $65–$90 | $150–$200 |
Keep in mind: Banner often requires a paramedical exam unless you’re young and applying for low coverage. But their process often results in better rates than no-exam alternatives.
What Happens When the Term Ends?
At the end of your Banner term policy:
- You can convert to permanent coverage without proof of insurability—only if you’re within the conversion window.
- You can extend annually, but the price increases significantly each year (not recommended).
- If you outlive your policy and haven’t converted, coverage ends, and you get nothing back.
Banner does not offer Return-of-Premium (ROP) term policies, so you’ll want to plan conversion or other coverage well before your term expires.
What Do Banner Life Insurance Customers Say?
Positive Customer Reviews:
- Excellent value for the price
- Helpful phone support and responsive agents
- Smooth claims processing for beneficiaries
Negative Customer Reviews:
- Long application wait times (especially with underwriting)
- Lack of modern digital tools (no online policy management)
- Paper-based process can feel outdated
- Confusion around conversion options if not clearly explained
Recent Ownership Changes Could Impact Future Policies
As of February 2026, Banner Life’s parent company, Legal & General, was sold to Meiji Yasuda Life Insurance Company.
High Coverage Amounts Available
Key Stat: Banner offers up to $10M+ in coverage with accelerated underwriting for certain applicants.
How It Works: Many applicants can qualify for up to $2 million in coverage without labs or exams if they meet health and income criteria.
✔ Pros
- Fast approval with minimal red tape
- Great for young professionals or business owners
- Large face amounts available
✘ Cons
- Not all applicants qualify for the no-exam process
- Higher coverage means stricter financial justification requirements
Who Needs It:
High earners, business owners, or mortgage holders seeking quick, large-scale protection.
Who Doesn’t:
People with low income or those seeking smaller policies (under $100,000) may not benefit from Banner’s higher minimums.
Final Thoughts
Before choosing a life insurance policy, it’s essential to compare your options. Banner Life is a go-to for affordable term life insurance with flexible conversion options. It’s ideal if you’re healthy, want to lock in a long term, and value low-cost protection from a reliable insurer. But if you have health conditions, need cash value, or want more advanced riders, look elsewhere.
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Questions From Our Readers
How much does life insurance from Banner Life cost for seniors?
Banner Life provides affordable term life insurance (10-year term life insurance or longer) across the age range. In turn, the rate is lower than its competitors. Banner Life offers monthly base prices of up to $200,000 to the policyholder for an average risk group (1-2 chronic illnesses).
How much does life insurance from Banner Life cost for smokers?
Generally, smokers have been described by many as riskier people to insure. This is because smokers will pay higher premiums. This increases smoking rates by about 20% compared with smoking non-smokers. For example, a 30-year-old female cigarette smoker’s rates would start at around $194.93 a month for 20-year term policies ($1,000,000 coverage) and no option to purchase universal life coverage.
Who bought Banner Life?
Banner Life, owned by Legal & General America, has two life insurance policies: term life & universal life policies.
Is there a Banner Life insurance payment option online?
Banner Life Insurance offers a convenient online payment option for policyholders. To make a payment, policyholders can simply visit the Banner Life Insurance website, log in to their account, and select the payment option. Payments can be made using a bank account or credit card, ensuring a hassle-free experience.