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.
Updated February 2, 20223 min read
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.
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.
|Policy strengths||Term lengths up to 40 years||Very high coverage amounts|
|Price||Very affordable||Very affordable|
|Health conditions||Benefits people with cancer, high blood pressure, and smokers||Benefits people with cancer, high cholesterol|
|Financial confidence||Very strong||Very strong|
|Third-party ratings||Barely any complaints||Barely 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.
|Number of term lengths||7||7|
|Coverage amount range||$100,000 to $1 million||$50,000 to $50 million|
|Temporary coverage||$1 million||$1 million|
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 Life||Protective||Industry 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.
|Cancer survivor/Family history||Excellent||Good|
|Recent weight loss||Good||Good|
|Former tobacco use||Good||Fair|
|High blood pressure||Good||Good|
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.
|Standard & Poor’s||AA-||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.
|Consumer’s Advocate||n/a||4.8 / 5|
|NAIC complaint index score||0.29||0.79|