Banner Life vs. Pacific Life Insurance

Banner Life and Pacific Life are two of the leading life insurance companies in America. Both have over 1,000,000 policyholders nationwide, good consumer grades, and offer competitive term life insurance rates.

So how does one go about deciding between the two? A good place to start would be looking at the average cost of the policies, rider availability, health consideration, and more as criteria for choosing the best plan for your needs.

Banner Life vs. Pacific Life term life insurance cost comparison

While Banner Life term life insurance premiums are higher for men than those of Pacific Life, women of all ages can find cheaper premiums with Banner. Here are average monthly premium costs for price-conscious shoppers looking for the most affordable plan.

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

Banner Life vs. Pacific Life health pricing

Life insurance companies will base your premium rate on your current state of health and your health history, so if you have high cholesterol, a family history of cancer, or if you are a former or current smoker, certain companies may be less lenient than others during underwriting.

Here’s how Banner Life and Pacific Life grade out for the most commonly inspected conditions and habits that determine your premium.

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Banner Life vs. Pacific Life insurance rider availability

Sometimes the base plan isn’t enough for folks, but that doesn’t necessarily mean dropping it out of consideration altogether. This is where riders come into play.

Most riders fall under one of these four categories — family riders, long-term care riders, benefit structure riders, accidental death or dismemberment riders — and are worth looking into before making a final decision.

The accelerated death benefit rider, for example, allows a terminally ill policyholder to receive a portion of their payout when they become terminally ill, to pay for medical bills, etc. This is a common rider and a good one to add on to any policy.

Here’s how Banner Life and Pacific Life stack up with regard to availability of the most popular riders.

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Banner Life vs. Pacific Life company ratings

Life insurance companies can be ranked in several different ways. A.M. Best provides ratings based on the financial strength of the company, while J.D. Power conducts surveys based on customer service, product quality, and buyer behavior, and the Better Business Bureau (BBB) provides grades based on consumer feedback.

How do Banner Life and Pacific Life compare in financial and customer service ratings?

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Choosing the right life insurance company

Based on all the information provided, is Banner Life the right life insurance company for you, or is it Pacific Life? It really depends on your individual situation and what your needs are. It may boil down to the policy’s cost, health considerations, rider availability, customer service, or something we haven’t mentioned yet. Bottom line: There might not be a one-size-fits-all life insurance company, but there is a company out there for you and your individual needs.

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