Banner Life charges an average of $46 per month for men and $37 for women. These rates are based on quotes for 20-year term policies with $500,000 coverage for 40-year-old nonsmokers with average health. Review current life insurance rates to see how Banner Life compares across age groups and term lengths.
Banner Life Insurance Review 2026
Banner Life scores 4.5/5 with MoneyGeek. A $500,000 term policy averages $37/month for women and $46 for men.
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Updated: March 20, 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 Points
Average Monthly Cost
$37 (F); $46 (M)Max Coverage
$10 million
Banner Life Insurance Products
Banner Life sells two types of life insurance policies: term life and universal life insurance. Term life is its core product, offered through the OPTerm series in seven term lengths from 10 to 40 years. Universal life insurance (UL) is available exclusively through conversion from an existing Banner Life term policy and provides lifelong coverage with flexible premium payments.
Term Life Insurance Options
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 Options
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
Policy riders or add-on benefits let you customize your Banner Life coverage beyond the base death benefit.
Accelerated Death Benefit Rider
The ADB rider is included at no additional charge on OPTerm policies issued in 2011 or later. 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.
Banner Life Insurance Rates
Data filtered by:
20
40
Female
No
| $100,000 | $13 | $161 |
| $250,000 | $24 | $287 |
| $500,000 | $37 | $444 |
| $750,000 | $53 | $641 |
| $1,000,000 | $69 | $831 |
| $2,000,000 | $133 | $1,596 |
Banner Life's 35- and 40-year term options set it apart from most competitors, which cap term lengths at 30 years. Nonsmoking applicants up to age 50 qualify for 35-year terms. People up to age 45 qualify for 40-year terms. This extended coverage window supports younger buyers who want guaranteed level premiums into their 60s or 70s.
How to Get a Quote From Banner Life
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, a Banner Life affiliate.
While you can request a quote using Banner Life's online quote tool, you still need to speak to an advisor to receive binding rate offers.
- 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. Other Insurers
Banner Life is one of the best life insurance companies in MoneyGeek's study, providing the best term life insurance overall. The company's term length advantage sets it apart from competitors like Transamerica and Pacific Life, which cap term lengths at 30 years.
Buyers who want the longest available term length or a high coverage amount with strong conversion options will find Banner Life's structural advantages meaningful. Buyers who prioritize digital application speed or customer experience ratings may find that Ethos or Mutual of Omaha is a better match. Review options among the cheapest life insurance providers to compare Banner Life's rates with other affordability leaders.
Is Banner Life Insurance Right for You?
If you're weighing your life insurance options, Banner Life is best suited for buyers who want long-term coverage flexibility (35- or 40-year terms), high coverage amounts up to $10 million, or competitive pricing over a 25- to 40-year horizon. Applicants aged 20 to 45 who want 40-year terms benefit most from Banner Life's extended term availability.
New York residents buy through William Penn Life Insurance Company of New York, not Banner Life directly. Banner Life's accelerated underwriting is not fully digital, so phone or agent contact is required at some stages.
Banner Life has no J.D. Power ranking and a 3.7 out of 5 customer experience score. Shoppers who weight satisfaction ratings heavily will find higher-rated alternatives elsewhere.
FAQ: Banner Life Insurance
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.
MoneyGeek's life insurance company ratings combine three weighted sub-scores: Affordability (50%), Customer Experience (30%) and Coverage (20%). Affordability scores are calculated using quotes for a standard baseline profile (male, age 40, average health, nonsmoker, $500,000 in coverage on a 20-year term). Customer Experience scores incorporate A.M. Best financial strength ratings, NAIC complaint index data (industry average = 1.0) and J.D. Power customer satisfaction rankings where available. Coverage scores evaluate term length options, maximum coverage amounts, rider availability and underwriting flexibility. All rate comparisons in this review use the same baseline profile to ensure consistency across providers.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty (P&C) Insurance Producer in Connecticut, is MoneyGeek's resident insurance expert. He has analyzed the insurance market for almost a decade, first with LendingTree and now with MoneyGeek, conducting original research on hundreds of insurance companies and millions of insurance rates for insurance shoppers.
He writes about economics and insurance on MoneyGeek, breaking down complex topics so people can have confidence in their purchase. Like all MoneyGeek analysts, Mark collects and analyzes independent cost and consumer experience data on insurance companies to provide objective recommendations in our content that are independent of any of MoneyGeek's insurance company partnerships.
His insights — on products ranging from car, home and renters insurance to health and life insurance — have been featured in The Washington Post, The New York Times and NPR among others.
Mark holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He started his career working in financial risk management at State Street before transitioning to analysis of the personal insurance market. He's also a five-time Jeopardy champion!
Sources
- Banner Life - Legal & General. "Life Step UL." Accessed March 16, 2026.
- Banner Life - Legal & General. "OPTerm 10, 15, 20, 25, 30, 35 and 40." Accessed March 16, 2026.
- Banner Life - Legal & General. "Term Life Insurance Options." Accessed March 16, 2026.
- Banner Life - Legal & General. "Universal Life Insurance Options." Accessed March 16, 2025.