Banner Life vs Protective life insurance

Both Banner Life and Protective offer competitive rates, but if your health situation is more complicated and you don’t mind paying more for the chance to lower your premiums down the line, Banner Life could be your go-to choice.

Tim TorresColin Lalley 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.

 & 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.

Updated February 2, 2022 | 3 min read

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Banner Life and Protective are both established life insurance companies that provide competitive rates and solid policy options for most people. But which one is right for you? 

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 Protective reviews for more information about each carrier, and our methodology for more about how we research and rate companies.

All set to shop?

The Bottom Line

Both Banner Life and Protective feature similar premiums, policy options, financial ratings, and even third-party scores. If you’re in relatively decent health and want temporary coverage, you’ll probably want to go with Protective. If your situation is more complicated and you don’t mind paying more for the chance to lower your premiums down the line, Banner Life is likely the choice.    

Banner LifeProtective
Policy strengthsTerm lengths up to 40 yearsVery high coverage amounts
PriceVery affordableVery affordable
Health conditionsBenefits people with cancer, high blood pressure, and smokersBenefits people with cancer, high cholesterol
Financial confidenceVery strongVery strong
Third-party ratingsBarely any complaintsBarely any complaints

Either way, you can’t go wrong. Both carriers offer industry-best rates and coverage, and if you apply through Policygenius you’ll get industry-best customer care.

Or visit Policygenius’ Best Life Insurance Companies page for more possible options.

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. 

Protective’s term life product Classic Choice Term also offers many term lengths up to 40 years. The coverage range is much larger, from $100,000 to $50 million.

Banner LifeProtective
Number of term lengths77
Coverage amount range$100,000 to $1 million$50,000 to $50 million
Temporary coverage$1 million$1 million
Policy conversionYesYes
Rate considerationYesYes

The major difference is Protective’s higher coverage amount. If you need more than $1 million you’ll want to go with Protective. Though Banner Life allows you to request a premium reconsideration after a year, it’s up to the policyholder to pay for the medical exam. If you go with Protective, then they will pay for it.  

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.

Both Banner Life and Protective offer competitive rates at every age group, including seniors over 60.

Banner LifeProtectiveIndustry Average
25 years old$23.80$23.90$27.00
35 years old$26.00$26.00$30.37
45 years old$54.94$55.94$60.76
55 years old$134.63$134.63$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.

Both Banner Life and Protective offer competitive rates at every age group, including seniors over 60. Since the pricing between the two carriers are nearly identical, you'll want to look at and compare the other criteria here to make your final choice.

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. 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 LifeProtective
Cancer survivor/Family historyExcellentGood
Recent weight lossGoodGood
Heart attackGoodGood
DiabetesGoodGood
Sleep apneaExcellentGood
Former tobacco useGoodFair
High blood pressureGoodGood
High cholesterolGoodGood

Smokers, people with a family history of cancer, and people with sleep apnea will find better rates with Banner Life. Protective doesn’t offer superlative rates for specific conditions, but most people will find decent rates with them nonetheless. 

The following ratings come from A.M. Best, Moody’s, and Standard & Poor’s, credit rating agencies that gauge the financial stability of life insurance companies. Both Banner Life and Protective sport strong financial scores, so you can be sure that either company can pay out when it’s time to file a claim.

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

Though Banner Life lacks some third-party ratings, its National Association of Insurance Commissioners (NAIC) score reveals a company with few complaints.  

Protective enjoys an excellent review from third-party review site Consumer’s Advocate, and a slightly-higher-than-Banner Life-but-still-very-low complaint index from the NAIC. Neither carrier has a score from Consumer Affairs, which lets verified customers post company reviews.

Banner LifeProtective
Consumer’s Advocaten/a4.8 / 5
Consumer Affairsn/an/a
NAIC complaint index score0.290.79