Quick verdict
Best for: healthy applicants ages 18-60 seeking the lowest possible term life rate. Banner's OPTerm series consistently leads the broker market on price for Preferred Plus and Preferred health classes. The 35 and 40-year term options are unusual in the U.S. market — useful for younger applicants who want lifetime-of-mortgage coverage with one policy.
Not for: applicants who want a household-name carrier (Northwestern Mutual, Prudential, MassMutual) or who are borderline on health underwriting (Banner's table ratings are competitive but not the most lenient).
Strengths
- Consistently lowest rates in the broker market for healthy applicants.
- Term lengths 10-40 years — including the unusual 35 and 40-year options.
- Accelerated underwriting up to $2M for qualifying applicants.
- A+ A.M. Best rating via parent Legal & General Group.
- Conversion privilege available with 5-year minimum window in most products.
Watchouts
- Lower brand recognition than Northwestern Mutual, Prudential, or MassMutual.
- Table-rated underwriting is competitive but not the most lenient on borderline health profiles.
- Direct-to-consumer presence is minimal — Banner sells through independent brokers.
- Conversion options vary — verify the conversion product list and deadline before buying.
Sample 2026 monthly Banner Life OPTerm 20-year rates ($500K, Preferred Plus)
| Age | Female monthly | Male monthly |
|---|---|---|
| 30 | $15-$18 | $18-$22 |
| 40 | $22-$28 | $27-$34 |
| 50 | $50-$65 | $65-$85 |
| 60 | $135-$175 | $185-$240 |
Rates are approximations for healthy non-tobacco Preferred Plus applicants in 2026. Actual rates depend on health class, state, and Banner's current rate filings. Get a specific quote.
Compare Banner Life against Pacific, Protective, and the rest
An independent broker quotes Banner alongside the other top-tier term life carriers and routes you to whichever wins for your profile.
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