Banner Life vs. Pacific Life Insurance

Banner Life is perfect for smokers and people with more complicated health conditions such as cancer, while Pacific Life offers competitive underwriting for people with cancer, high cholesterol, and sleep apnea.

Tim TorresPat Howard 1600

By

Tim Torres

Tim Torres

Reviews Editor

Tim Torres is a reviews editor at Policygenius, where he specializes in life insurance, homeowners insurance, auto insurance, and more. His work has also appeared in PC Mag, Tom's Guide, Tech Times, and elsewhere.

&Pat Howard

Pat Howard

Senior Editor & Licensed Home Insurance Expert

Pat Howard is a senior editor and licensed home insurance agent at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Updated|3 min read

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Banner Life and Pacific Life are two of the largest life insurance companies. Both boast strong financial grades, solid policy options, and competitive term life insurance rates.

We looked at each company’s pricing, customer service, and financial stability ratings, and assessed each carrier's recommended term life policy, to help you decide which company is best for you.

Read our Banner Life and Pacific Life reviews for more details about each carrier, and our methodology for more about how we research and rate companies.

All set to shop?

The Bottom Line

Here are the main differences between two very similar carriers: Smokers and people with a history of cancer won’t be eligible for temporary coverage (which provides a death benefit before your policy is active), but if they want up to four decades of coverage they can get that with Banner Life. 

Pacific Life has no eligibility restrictions for temporary insurance, but people with similar health conditions may not see better rates. However, Pacific Life does offer a wider range of death benefit amounts.

Banner LifePacific Life
Policy strengthsTerm lengths up to 40 yearsWide range of coverage amounts ($50,000 to $1 million)
PriceVery affordableVery affordable
Health conditionsBenefits people with cancer, high blood pressure, and smokersBenefits people with cancer, high cholesterol, sleep apnea
Financial confidenceVery strongVery strong
Third-party ratingsBarely any complaintsBarely any complaints

Of course, the best life insurance company for you depends on your situation, which is why it's important to pay attention to the policy details and health considerations provided below before you buy.

Banner Life’s term life product OPTerm has a wide range of term lengths — up to 40 years — with coverage amounts between $100,000 to $1 million. 

Pacific Life’s term life product Promise Term offers fewer term lengths, but a wider coverage range of $50,000 to $1 million.

Banner LifePacific Life
Number of term lengths75
Coverage amount range$100,000 to $1 million$50,000 to $1 million
Temporary coverage$1 million$1 million
Policy conversionYesYes
Rate considerationYesYes

The policy offerings are similar. But there are some restrictions with Banner Life. While Banner Life allows you to request a premium reconsideration after a year, the policyholder pays for the medical exam. Banner Life also restricts temporary coverage if you have a history of heart disease, stroke, cancer, alcohol or drug dependence, or diabetes within the past five years.

Banner Life and Pacific Life policies are very competitively (and similarly) priced at every age group; policies for both are below the industry average.

Banner LifePacific LifeIndustry Average
25 years old$23.80$23.92$27.00
35 years old$26.00$26.05$30.37
45 years old$54.94$55.15$60.76
55 years old$134.63$134.65$151.54
65 years old$449.00$449.02$493.98

Methodology: Average monthly premiums are based on 20-year term policies offered through the Policygenius marketplace, including AIG, Banner, Brighthouse, Lincoln, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI, and Transamerica. Rates are based on applicants with a Preferred health classification based in Columbus, Ohio. Rates are valid as of February 2021. Actual prices and policy availability may vary.

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, you’ll likely pay more.

Here’s how Banner Life and Pacific Life grade out for the most commonly inspected conditions and habits that determine your premium. An “Excellent” means your rates will barely see an impact, whereas “Good” means better rates than average, and “Fair” correlates to just okay rates. 

Banner LifePacific Life
Cancer survivor/Family historyExcellentExcellent
Recent weight lossGoodGood
Heart attackGoodGood
DiabetesGoodGood
Sleep apneaExcellentExcellent
Former tobacco useGoodFair
High blood pressureGoodFair
High cholesterolGoodExcellent

People with a history of cancer or sleep apnea will see lower-than-average premiums with either carrier, while smokers and people with high blood pressure will get lower rates with Banner Life.

Life insurance companies are scored by credit agencies, like A.M. Best, Moody’s, and Standard & Poor’s, on how well they’re able to payout claims.

Banner Life and Pacific Life are ranked almost identically, with high ratings, so you can feel confident that either company can pay out when it’s time to file a claim.

Banner LifePacific Life
A.M. BestA+A+
Moody’sn/aA1
Standard & Poor’sAA-AA-

Consumers Advocate reviews companies based on policy clarity, customer service, and reputation, and Consumer Affairs is where verified customers can post reviews. They don’t have pages for Banner Life or Pacific Life at the moment. 

However, there are scores available from the National Association of Insurance Commissioners (NAIC), which collects registered complaints from customers. Both carriers have a very low number of complaints compared to the industry median, which is 1.00. That’s good!

Banner LifePacific Life
Consumer’s Advocaten/an/a
Consumer Affairsn/an/a
NAIC complaint index score0.290.05