Banner Life vs AIG life insurance

Learn the differences between the life insurance options offered by Banner Life and AIG.

Colin Lalley 1600


Colin Lalley

Colin Lalley

Associate Content Director, Home & Auto Insurance

Colin Lalley is the associate content director of home and auto insurance at Policygenius, where he leads our property & casualty editorial teams. His insights have been featured in Inc. Magazine, Betterment, Chime, Credit Seasame, Zola, and the Council for Disability Awareness.

Published June 8, 2018 | 2 min read

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Banner Life and AIG are two of America’s largest life insurance companies, both with well over 1,000,000 policyholders nationwide. Both have good consumer grades and offer competitive term life insurance rates.

So how do you choose between the two? Use average cost, health consideration, rider availability, and more as criteria for deciding which is the best company for your needs. Read on to learn more.

While AIG term life insurance policies are typically cheaper than Banner Life for men, they tend to be slightly more expensive on average for women. Here are average monthly premium costs for price-conscious shoppers who want the most affordable plan.

Banner LifeAIG
MaleAge 30$21.44$21.11
Age 40$32.38$30.62
Age 50$94.07$79.93
FemaleAge 30$18.19$18.08
Age 40$26.60$28.46
Age 50$58.62$59.60

Average premium cost based on $500,000/20-year term life insurance policies for healthy, nonsmoking applicants in California.

Life insurance companies base your premium price largely on your current health and health history. Some companies are more lenient and provide better pricing for some health conditions than others.

Banner LifeAIG
Cancer Survivor/Family HistoryExcellent Fair
Recent Weight LossGood Good
Heart AttackGoodGood
DiabetesGood Excellent
Sleep ApneaExcellent Good
Former Tobacco UseGood Good
High Blood PressureGoodGood
High CholesterolGood Fair

Learn more about the best life insurance companies for every scenario.

Life insurance isn’t a one-size-fits-all financial product. You’ll want to tailor your policy to fit your needs; riders allow you to customize the policy, but not every carrier offers every rider. Here are the riders offered by Banner Life and AIG.

Banner LifeAIG
Child Protection RiderXX
Accelerated Death Benefit RiderXX
Accidental Death Benefit Rider X
Disability Waiver of Premium RiderXX

Learn more about life insurance riders.

There are many third-party groups that rank life insurance companies in various ways. The Better Business Bureau (BBB) provides letter grades based on consumer feedback, and J.D. Power rankings based on customer service surveys. A.M. Best, meanwhile, rates the financial strength of a company. Here’s how Banner Life and AIG stack up:

Banner LifeAIG
A.M. BestA+A
J.D. PowerN/A2 out of 5

Compare life insurance companies

Find more head-to-head comparisons between top-rated life insurance companies to help you make the right decision.

Choosing the right life insurance company

Before you buy, it’s important to look at policy cost, health considerations, riders, and customer service provided by both Banner Life and AIG. You’ll be with your term life insurance company for decades, so it’s important to choose the company you’re comfortable with.

Ready to start looking at policies from Banner Life, AIG, and other top life insurance companies? Use our coverage calculator for find plans and companies tailored to your needs.