Overview
| AM Best Rating | A+ |
| Parent Company | Legal & General America |
| Founded | 1949 |
| Headquarters | Frederick, MD |
| Best For | High coverage amounts, competitive rates |
| Term Rate (35M, $500K, 20yr) | $29/mo |
Pros & Cons
- ✅ A+ AM Best, backed by global insurer Legal & General
- ✅ Available in all states except NY (William Penn serves NY)
- ✅ Excellent rates for large face amounts ($1M+)
- ✅ No-exam up to $1M
- ✅ Strong term conversion rights
- ❌ Not available directly in NY (different company name)
- ❌ Limited digital tools vs online-native carriers
- ❌ No indexed or variable universal life
Products Available
| Product | Coverage Amounts | Issue Ages |
|---|---|---|
| OPTerm | $100K–no limit | 20–75 |
| LifeStep UL | $50K–no limit | 20–80 |
| Whole Life | $50K–no limit | 20–80 |
2026 Rate Samples
| Age / Gender | $250K, 20yr | $500K, 20yr | $1M, 20yr |
|---|---|---|---|
| 30, Male | $15/mo | $23/mo | $41/mo |
| 35, Male | $19/mo | $29/mo | $50/mo |
| 35, Female | $16/mo | $24/mo | $42/mo |
| 40, Male | $26/mo | $41/mo | $75/mo |
Our Verdict
Banner Life is our second recommendation for term life, especially for anyone needing $1M+ in coverage. The Legal & General parent gives it exceptional financial backing, and rates are nearly identical to Protective Life.
The bottom line: Banner Life is a solid carrier with strong financials. Whether it's the best choice for you depends on your age, health, and coverage needs. That's why we compare it against 19 other carriers before recommending it — sometimes it wins, sometimes it doesn't.
See If Banner Life Is Your Best Rate
We compare Banner Life against 19 other top carriers to find your lowest available premium.
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