Banner Life Insurance Review 2026

Banner’s 35-year and 40-year term policies are fairly rare in the industry, but the company doesn’t offer whole life insurance and you’ll have to speak to an agent if you're considering universal life insurance.

Banner also made our list of the cheapest life insurance companies for 2026.

Banner Life earned 4.7 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

» MORE: Best life insurance companies

Where Banner Life stands out

Banner stands out thanks to its financial strength and low volume of consumer complaints. That financial strength is key for those who choose Banner’s 35- and 40-year term life policies — it indicates the company will still be around to pay out your policy decades down the road or support a conversion to permanent life insurance.

Where Banner Life falls short

If you’re interested in whole life insurance, the most basic type of permanent coverage, you’ll have to look elsewhere. The only permanent policy Banner sells is universal life insurance.

Term life insurance. Open to people ages 20 to 75, Banner’s term life insurance policies last 10, 15, 20, 25, 30, 35 or 40 years. Term policies are convertible, which means you can upgrade to permanent life insurance before a deadline. Coverage amounts range from $100,000 to $10 million, and all term policies include an accelerated death benefit rider, which allows you to access up to 75% of your policy’s death benefit (max $500,000) if you’re terminally ill.

You may be able to add a child term rider for an extra charge, which covers your kids under your policy until they turn 25. Also available is a stacking term rider, which tops up your coverage for a period of time.

Universal life insurance. The company’s universal life insurance policies offer flexible premium payments and death benefits as your needs change. The “short-pay” option gives you the option to pay off your policy early but keep coverage in effect.

Banner can issue policies up to age 85. An accelerated death benefit is included free.

» MORE: Compare life insurance quotes

Below are monthly rates for a 20-year, $500,000 term life insurance policy from Banner. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.

A strong sign of consumer satisfaction is how many people complain about their insurance company to state agencies. Over three years, Banner has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

• What Reddit users say about Banner

  Reddit is an online forum where users share their thoughts in “threads” on various topics. The popular site includes plenty of discussion on financial subjects like life insurance, so we sifted through Reddit forums to get a pulse check on how users feel about insurers. People post anonymously, so we cannot confirm their individual experiences or circumstances. The comments on Reddit about Banner are generally positive, with people praising its affordable rates (especially for healthy applicants) and easy quoting process. Others call out the company’s financial strength and policy terms up to 40 years. However, some Redditors question Banner’s options for converting a term policy to a permanent policy. Others note that Banner’s accelerated death benefit rider applies only to terminal illnesses. Some other insurance companies may also let you access your death benefit in other circumstances, such as being diagnosed with a chronic or critical illness.

How Banner’s customer experience stacks up

The website of Banner’s parent company, Legal & General, is easy to navigate and shares some policy and rider details. You can learn about the different types of life insurance available and get a quick quote for term life insurance. There’s a “contact us” link on each page in case you need to speak with customer service. You can also use the site’s agency locator to find a representative near you.

We tried calling Banner to ask a few basic questions about the company’s policies. It took us a while to find the right path through the automated phone system, and then there was a wait to speak with a live agent. We gave up after a few minutes.

Banner doesn’t have a mobile app or live chat function. And while there is no specific pricing information on the company’s website, Banner does advertise that its term life insurance could cost you as little as $8 per month.

What it’s like to apply for a policy with Banner

You can get a quick quote for term life insurance from the homepage of Banner’s parent company, Legal & General. On the first screen, you’ll enter your birthday, gender, height and weight.

You’ll then put in your ZIP code, smoking status, and the term length and coverage amount you want. After you hit “next,” you’ll see an estimate of your monthly premium.

From that point, you’ll need to enter personal data and speak with an advisor to continue your application.

Screenshot captured by our editorial team on October 16, 2025.

Banner Life is owned by Legal and General America and offers life insurance nationwide. William Penn, a sister brand of Banner Life, issues life insurance to its New York customers.

Banner also offers pet insurance through its partner, Lemonade.

Banner Life can be reached by:

• Phone: Call 301-279-4800 or 800-638-8428 on weekdays from 8 a.m. to 5 p.m. ET.

• Email: Send a message to customerservice@bannerlife.com.

• Live chat: Not available.