Banner Life is the cheapest life insurance company in our analysis, averaging $37 per month for women and $46 for men on a 20-year, $500,000 policy. Its rates undercut national averages for both genders across every coverage level we reviewed, with the biggest savings of 22% below average concentrated in the $500,000 to $750,000 range.
Banner Life Insurance Review 2026: Pricing, Pros & Cons
is the best overall term life insurance company in 2026, offering coverage up to $10 million and term lengths up to 40 years. A 20-year, $500,000 policy averages $37 per month for women and $46 for men, the cheapest option we reviewed at that coverage level.
Read our Banner Life insurance review to learn about its coverage options, pricing, pros and cons, and decide if it's the right insurer for you.
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Updated: June 12, 2026
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At a Glance: Banner Life Insurance Review
Banner Life
MoneyGeek Rating
4.5/ 5
5/5Affordability
3.7/5Customer Experience
4.5/5Coverage
Average Monthly Cost
$37 (F), $46 (M)Average rates for a $500,000, 20-year term policyMax Coverage
$10 millionAge Range
20-70 yearsAM Best Rating
A+
Banner Life Insurance Products
Banner Life's primary product is term life insurance, sold under the OPTerm series in seven term lengths from 10 to 40 years. Its universal life product, Life Step UL, is available only through conversion from an existing Banner Life or William Penn term policy. Buyers who want a standalone permanent policy must look elsewhere.
Term Life Insurance
Banner Life's term life insurance policies are sold under the OPTerm series, which offers level premiums and a level death benefit (DB) for the full length of the initial term (10, 15, 20, 25, 30, 35, or 40 years). Coverage amounts start at $100,000 and reach up to $10 million for Banner Life policies, with issue ages ranging from 20 to 75 on the 10-year term and 20 to 45 on the 40-year term for non-tobacco classes.
OPTerm policies are renewable and convertible. The conversion option lets policyholders move to permanent coverage before the level term period ends or before attained age 70, whichever comes first. Policyholders issued at age 66 or older have a five-year conversion window.
Universal Life Insurance
Banner Life's universal life insurance (UL) product, called Life Step UL, is available exclusively through conversion from an existing Banner Life or William Penn term policy. Buyers who want a new standalone UL policy must look elsewhere. This product is designed for term policyholders who decide they need permanent coverage before their term ends. The minimum coverage amount for Life Step UL is $50,000, and issue ages run from 20 to 85.
Life Step UL provides coverage guaranteed to age 121, as long as premiums are paid according to policy terms. Premiums are flexible. Policyholders can increase, decrease, skip, or stop payments, though changes may affect the policy's lapse protection. The account value earns a minimum guaranteed interest crediting rate of 2.0% per year.
No new underwriting is required at conversion as long as the original term policy meets eligibility requirements. The converted policy is issued in the same underwriting classification as the term policy.
Banner Life Insurance Riders
Banner Life offers several riders that allow you to tailor coverage to your needs. OPTerm policies include an accelerated death benefit rider at no extra cost, while options like the waiver of premium and child rider must be added during application for an extra fee. The additional term rider can temporarily increase coverage during high-need years, and the conversion rider allows you to switch to permanent coverage without new medical underwriting, preserving your health classification if your circumstances change.
Accelerated Death Benefit Rider
The ADB rider is included at no additional charge on OPTerm policies. It allows policyholders diagnosed with a qualifying terminal illness to access up to $500,000 or 75% of the policy's death benefit, whichever is less.
Waiver of Premium Rider
The WOP rider suspends premium payments if the policyholder becomes totally disabled for at least six months. Coverage remains active during qualifying disability periods. Available on all OPTerm term lengths for applicants aged 20 to 55 (non-tobacco) or 20 to 50 (tobacco), up to a maximum coverage amount of $6 million.
Child Rider
The child rider covers all eligible children under a single charge (one rider protects multiple children). Coverage applies to unmarried children, stepchildren, and legally adopted children up to their 25th birthday, the insured's 65th birthday, or policy termination, whichever comes first. Available only at policy issue for base policy insureds aged 20 to 55. The child rider isn't available in all states or on policies that also carry a term rider.
Additional Term Rider
The additional term rider, also called a term rider, adds a separate layer of temporary coverage to a base OPTerm policy for 10, 15, or 20 years. Rates per thousand match the OPTerm level rates. This lets policyholders "stack" higher coverage during high-need years (such as while carrying a mortgage) and let the rider expire as obligations decrease. This isn't available in all states.
Conversion Rider
The conversion rider lets OPTerm policyholders switch to permanent coverage without new medical underwriting. Conversion is available for the duration of the guaranteed level premium period or until attained age 70, whichever comes first. Policyholders issued at age 66 or older may convert during the first five policy years.
How Much Does Banner Life Insurance Cost?
$100,000 | $13 | -$2 (-15%) | $16 | -$2 (-13%) |
$250,000 | $24 | -$4 (-15%) | $29 | -$5 (-15%) |
$500,000 | $37 | -$10 (-21%) | $46 | -$13 (-22%) |
$750,000 | $53 | -$14 (-21%) | $67 | -$18 (-21%) |
$1,000,000 | $69 | -$17 (-20%) | $88 | -$21 (-19%) |
* Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.
How to Get a Banner Life Insurance Policy
Getting a Banner Life quote takes a few minutes and can be completed online through an independent agent or Banner Life's website.
- 1
Collect Your Health and Financial Information
You'll need your date of birth, height, weight, smoking status and basic health history before starting. Banner Life uses full underwriting on most applications, so having prescription and physician records accessible can speed the process. The standard baseline profile is male, age 40, average health, nonsmoker, $500,000 in coverage on a 20-year term.
- 2
Choose Your Coverage Amount and Term Length
Banner Life offers coverage from $100,000 to $10 million and term lengths from 10 to 40 years, more options than most insurers. Use the 10-to-12-times-income rule as a starting estimate for your coverage amount; a 40-year-old earning $75,000 annually would target $750,000 to $900,000. A life insurance calculator can help you refine that number based on debt, dependents and income replacement needs.
- 3
Request a Quote Through an Independent Agent or Banner Life Direct
Banner Life products are distributed through independent agents and Banner Life's own website. New York residents must work with William Penn Life Insurance Company of New York. You can get a preliminary quote online, but binding rate offers require speaking with an advisor.
- 4
Complete the Application and Underwriting
After submitting your application, Banner Life reviews your health, age and lifestyle to set your premium. Most applicants receive a decision within two to four weeks. Some qualify for accelerated underwriting with a faster turnaround.
- 5
Review Your Policy During the Free Look Period
Banner Life provides a free look period of 10 to 25 days after your policy is issued, depending on your state, during which you can cancel for a full refund. Read the policy document before the free look period ends and confirm the coverage amount, premium, riders and beneficiary designations are accurate. Learn more in our guide on how to buy life insurance.
Banner Life Insurance vs. Alternatives
Banner Life is one of the best life insurance companies in MoneyGeek's analysis, providing the best term life insurance overall. It combines some of the lowest term life insurance rates in our analysis with strong coverage flexibility and a clean customer complaint record. Its rates match Transamerica's for a typical 40-year-old buyer and become even more competitive at older ages. A 10-year policy for a 65-year-old costs $84 per month versus $96 with Transamerica. Banner Life also has a far lower NAIC complaint index of 0.16 compared to Transamerica's 3.86, drawing far fewer complaints relative to its market share. It's also one of only two insurers in our study, alongside Protective, to offer 40-year term policies, a good fit for younger buyers who want long-term coverage without relying on future conversions.
Some drawbacks are that Banner Life's rates are less competitive for smokers, with insurers like State Farm, Penn Mutual and Pacific Life offering lower premiums. It also doesn't offer whole life insurance products, and working with an agent is required to complete your application. For whole life, consider USAA or Gerber Life. If you want a convenient online application process with instant approvals, consider Nationwide or Ethos.
Banner Life | $37 (F), $46 (M) | 10-40 years | 20-75 | $10 Million | A+ | 4.5 |
Transamerica | $37 (F), $46 (M) | 10-30 years | 18-80 | $10 Million | A | 4.4 |
Penn Mutual | $38 (F), $47 (M) | 10-30 years | 20-70 | $10 Million | A+ | 4.3 |
Nationwide | $45 (F), $56 (M) | 10-30 years | 21-55 | $1.5 Million | A+ | 4.3 |
Pacific Life | $38 (F), $54 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4.2 |
Fidelity | $44 (F), $58 (M) | 10-30 years | 18-70 | $10 Million | A- | 4.2 |
Protective | $42 (F), $54 (M) | 10-40 years | 18-75 | $10 Million | A+ | 4.1 |
Mutual of Omaha | $49 (F), $60 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4 |
Bottom Line: Is Banner Life Insurance Right for You?
Banner Life is a strong fit if your priority is maximizing term coverage value. It's especially well suited for applicants under 45 who want a 35- or 40-year term, buyers seeking $500,000 to $750,000 in coverage at some of the lowest available rates and people who may eventually want permanent coverage through a guaranteed conversion option. If you're comparing Banner Life and Transamerica on price, rates are similar, but Banner Life's 40-year term provides a unique advantage that Transamerica doesn't match.
You may want to consider other insurers if customer satisfaction scores are a top priority. Banner Life does not have a J.D. Power ranking and has a MoneyGeek customer experience score of 3.7 out of 5, trailing competitors like Penn Mutual (4.3) and Mutual of Omaha (4.0). Buyers seeking permanent coverage from the start should also look elsewhere, as Banner Life doesn't offer standalone whole life or indexed universal life policies. Additionally, New York residents must purchase coverage through William Penn Life Insurance Company of New York rather than Banner Life directly.
Banner Life Insurance FAQs
We've answered common questions about Banner Life insurance policies.
What term lengths does Banner Life offer?
Banner Life offers term lengths of 10, 15, 20, 25, 30, 35 and 40 years. This is the widest range among providers in MoneyGeek's dataset. The 35-year term is available to nonsmoking applicants up to age 50; the 40-year term is available to nonsmoking applicants up to age 45.
Can I convert my Banner Life term policy to permanent coverage?
Yes. Banner Life's conversion rider lets policyholders convert to permanent life insurance before the term expires, without a new medical exam or health underwriting. Conversion must occur before the term end date or the policyholder's 70th birthday, whichever is earlier.
What riders does Banner Life include on term policies?
Banner Life term policies include four riders: an accelerated death benefit (ADB) rider, a waiver of premium (WOP) rider, a child rider, additional term rider and a conversion rider. Rider eligibility depends on underwriting, and not all riders are available in every state.
How long does Banner Life's underwriting take?
Most Banner Life applicants receive an underwriting decision within two to four weeks after submitting a complete application. Applicants who qualify for accelerated underwriting may receive faster decisions. Full medical underwriting applies to most term applications above certain coverage thresholds.
Does Banner Life offer whole life insurance?
No. Banner Life doesn't sell whole life insurance. Its only permanent product is Life Step UL, a universal life policy available exclusively through conversion from an existing term policy. If you want standalone whole life coverage, you'll need a different insurer.
Can seniors buy Banner Life term insurance?
Yes, but term length options shrink with age. Non-smokers up to 75 qualify for the 10-year term, up to 65 for the 20-year term and up to 55 for the 30-year term. The 40-year term closes at 45 for non-smokers and 40 for smokers. Smokers lose five years of eligibility at every term length. Buyers in their 60s and 70s are limited to shorter terms.
MoneyGeek scored Banner Life using rate data for our baseline profile of a 40-year-old male nonsmoker in average health seeking $500,000 in coverage on a 20-year term. The MoneyGeek Score weights affordability at 50%, customer experience at 30% and coverage options at 20%. Customer experience ratings draw from customer reviews, J.D. Power life insurance study scores, AM Best financial strength ratings and NAIC complaint indexes.
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About Patrick Bryant
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.