Banner Life vs Protective life insurance

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.

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.    

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 vs Protective policy comparison

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.

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.

Banner Life vs Protective price comparison

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

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.

Banner Life vs Protective health conditions comparison

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. 

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. 

Banner Life vs Protective financial confidence comparison

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 Life vs Protective third-party ratings comparison

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.