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Banner Life Insurance Review: Great Term Life Coverage at Unbelievable Rates

Published April 19, 2023
Dana George

Our Insurance Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

This life insurer is a good fit for: Generally healthy adults looking for inexpensive term insurance.

Full Banner Life review


  • Low-cost term life premiums
  • No medical exam policies up to $1 million available
  • Coverage terms up to 40 years -- far longer than the competition
  • Generous term conversion period


  • Only three riders offered
  • Instant quotes are available online, but potential policyholders must speak with an agent to finalize the purchase
  • Only term and universal life policies are available, meaning there's no access to whole life, variable life, mortgage life, or burial insurance
  • Average costs: 35-year-old non-smoking male: $411.48/year; 35-year-old non-smoking female: $345.60/year
  • Term life policy limits: From $100,000 to $10 million+; however, your specific limit will be based, in part, on your income
  • Universal life policy limits: $50,000 to Unlimited
  • Riders/Add-ons: Waiver of Premium, Child Life, and Accelerated Death Benefit (ADB)
  • Eligibility: Term life applicants can be from 20 to 75 years old; adults up to age 85 may apply for universal life insurance
  • Discounts available: N/A
  • Other insurances offered: Universal life insurance, a permanent policy with flexible premiums, which is much more expensive than term life and not competitively priced

Top perks

Low-cost term life premiums

In our research, Banner Life offers some of the lowest rates for term life insurance that we've seen. While the rates on permanent universal life policies are nothing to write home about, Banner's term life rates are tough to beat.

No medical exam policies available

Some Banner Life policies are eligible for no medical exam. Of course, the insurer has the option of requiring a medical exam if underwriters have any questions regarding either your health or the death benefit you're requesting.

Terms up to 40 years

It is almost unheard of for an insurer to offer a term of up to 40 years, yet Banner Life is one of the few that do. It's remarkable when you consider how much a person's health status can change over the span of four decades.

Generous term conversion period

Banner Life allows a policyholder to convert their term life policy into a permanent universal life policy up to the end of their term or until they turn 70. Most insurers give term life policyholders up to 10 years (at most) to make the conversion.

What could be improved

Only three riders

For some, Banner Life's lack of policy riders could be a turn off. Other than a child life policy, waiver of premium, and accelerated death benefit, Banner offers no other options to customize a policy.

Must speak with agent

An entire generation of Americans can do everything -- from online classes to securing a mortgage -- without ever having to interact with a human. While it's easy to get an online quote for term life from Banner Life, purchasing a policy must be completed with the help of an agent. Fortunately, it can be accomplished in as little as 15 minutes.

Limited policy types

Anyone looking for a full array of policy types is likely to be disappointed with Banner Life's limited menu. The insurer offers just term and universal life policies.


Low rates set Banner Life apart from most of its competitors. Here's a look at two different rates for a 35-year-old non-smoking male:

Cost Coverage
$411.48 $500,000 in coverage for a 35-year-old male non-smoker for a 30-year term
$757.20 $1 million in coverage for a 35-year-old male non-smoker for 30-year term
Source: Banner Life

Alternatives to consider

If you want a life insurer that offers an alternative to universal life: State Farm shines where Banner Life does not. Keep in mind, while State Farm offers term, universal life, and whole life policies, your annual premium will run nearly $200 more.

If you're looking for the lowest possible premium costs, another option is to check out Geico. Geico's rates are comparable to Banner Life's, but Geico offers both universal and whole life insurance.

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Best for bundling coverage to save moneyState Farm
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4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Logo for Geico
Best for lowest possible premium costsGeico
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Policy options

Term Life

Banner Life's term life policies last from 10 to 40 years. During that time, you make regular premium payments and if you die, a cash benefit is paid to your beneficiaries. Once the term expires, the policy has no cash value. Term life is the least expensive way to secure life insurance.

Universal Life

Banner's Universal Life is considered a permanent policy. As long as you continue to pay premiums, the policy remains active. That means when you die, your beneficiaries can collect the policy's death benefit. In addition to a death benefit, universal life builds cash value and offers the flexibility to raise or lower premiums as needed. However, a universal life policy is considerably more expensive than term life.


Child Life

A child life rider allows you to purchase a life insurance policy for a child up to the age of 25.

Waiver of Premium

Available only on Banner Life term policies, a waiver of premium allows you to stop paying policy premiums if you suffer a long-term disability, typically lasting six months or longer.

Accelerated Death Benefit

If you're diagnosed with a qualified terminal illness, having an accelerated death benefit rider means you can request a portion of your policy's death benefit to be used while you're alive.

Application process

Interested parties can obtain a quick online quote for a Banner Life term policy. To get a quote for a universal policy, they must contact a Banner Life agent. Speaking with an agent should take no longer than 15 minutes. To speed up the process, applicants should have the following documents on hand:

  • Driver's license
  • Social Security number
  • Contact details for doctors, hospitals, or clinics visited over the past 10 years
  • Details of current prescription medications
  • Basic financial information
  • Disclosure of any other active life insurance policies
  • Beneficiary information

Who is eligible for Banner Life insurance?

To be eligible for a Banner Life term policy, the applicant must be between the ages of 20 and 75. Eligibility extends to age 85 for those who wish to purchase a universal life policy.

Customer service and ratings

At least 1.4 million people in the U.S. are insured by Banner Life, making it a popular choice among consumers. In addition, Legal & General America -- Banner Life's parent company -- was ranked as the No. 1 provider of term life insurance in the U.S. in 2021.

This life insurer is a good choice for:

Customers looking for low-cost term life coverage.

Banner Life insurance is best suited for people who:

  • Are seeking life insurance at a low rate.
  • Don't want to undergo a medical exam.
  • Don't need a full menu of riders to customize their life insurance plan.
  • Are comfortable working directly with an agent, if only for a short time.

But you may want to consider State Farm if you want more policy options or Geico life insurance if you want to compare Banner Life to another low-cost insurer.