Who Offers the Cheapest 10 to 15 Year Term Life Insurance Policy?

Shawn Plummer

CEO, The Annuity Expert

Who Offers the Cheapest 10 to 15 Year Term Life Insurance Policy?

Based on market analysis, Banner Life Insurance (also known as Legal & General America) is often found to be the most competitive for 10 to 15-year term life insurance policies. Here are the key features that make Banner Life an attractive option:

1. Competitive Pricing Bands

  • Rate Bands: Banner Life offers competitive rates, particularly at certain coverage amounts: $100k, $250k, $500k, and $1 million.
  • Cost Efficiency: These pricing bands can provide more cost-effective options for policyholders seeking coverage within these specific face amounts.

2. Use of Standard Plus Underwriting Class

  • Underwriting Advantage: Banner Life utilizes a Standard Plus underwriting class for table ratings, which can be beneficial for individuals in good health but who may not qualify for the highest rating classes.
  • Affordability: This underwriting approach can lead to more affordable premiums for a wider range of applicants.

3. Guarantee Issue Child Rider

  • Child Coverage: Banner Life offers a guaranteed issue child rider, allowing policyholders to add coverage for their children at a nominal cost.
  • Added Value: This feature enhances the policy’s value and appeal to families.

4. Accelerated Underwriting Program

  • Efficient Process: Their accelerated underwriting program can streamline the application process, reducing the time and potentially the cost associated with policy issuance.
  • Convenience: This program is particularly beneficial for those looking for quick and efficient policy approval.

5. Reputation in Term Insurance

  • Specialization: Banner Life is known for its focus on term life insurance, suggesting a level of expertise and product development in this area.

Alternative: Pacific Life

Pacific Life is also recognized for its competitive offerings in 10 to 15-year term life insurance policies:

  • Competitive Term Options: They offer solid options for those looking for 10 to 15-year terms, with competitive pricing.
  • Industry Reputation: Pacific Life has a solid reputation in the life insurance industry, providing confidence in their term life products.

Banner Life vs. Pacific Life

FeatureBanner Life InsurancePacific Life Insurance
Pricing BandsCompetitive at specific face amountsVaried options
Underwriting ClassStandard Plus availableStandard and Preferred classes
Child RiderGuarantee issue availableVaries based on policy
Underwriting EfficiencyAccelerated program availableA broad range of products
Focus on Term InsuranceHigh specializationBroad range of products


For those seeking affordable 10 to 15-year term life insurance, Banner Life stands out due to its competitive pricing bands, the use of a Standard Plus underwriting class, the availability of a child rider, and an accelerated underwriting program. Pacific Life serves as a strong alternative, offering competitive term options with its own set of advantages.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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