SmartRatesUSA
Life Insurance Review💰 Cheapest Term Rates

Banner Life Term Life Insurance

Banner Life (Legal & General America)

$100K–$10M term life coverage, some policies with no medical exam. Typical cost $15–$50/month.

At a Glance

Category

Life Insurance

Typical Monthly Cost

$15–$50

AM Best Rating

A (downgraded from A+ in March 2026 following Meiji Yasuda's acquisition of Legal & General America)

Coverage Type

$100K–$10M term life coverage, some policies with no medical exam

Term / Plan Type

10, 15, 20, 30-year term, convertible to permanent

Key Features

Consistently ranks among the cheapest term life rates for healthy applicants

OneApp accelerated underwriting can skip the exam for qualifying applicants

Coverage amounts up to $10 million available

Pros & Cons

Pros

  • Highly competitive premiums, especially for younger/healthier applicants
  • Long, flexible term lengths up to 30 years
  • Strong conversion options to permanent coverage

Tradeoffs

  • No fully instant-issue online policy — works through agents/brokers
  • Best rates require full underwriting and, often, a medical exam

Best for: Healthy applicants seeking some of the lowest term life rates available

Frequently Asked Questions

How much does Banner Life Term Life Insurance typically cost?

Banner Life (Legal & General America) policies like this typically run $15–$50/month, though your actual premium depends on your location, coverage limits, and personal risk factors.

Is Banner Life (Legal & General America) financially stable?

Banner Life (Legal & General America) carries an AM Best financial strength rating of A (downgraded from A+ in March 2026 following Meiji Yasuda's acquisition of Legal & General America), which reflects the insurer's ability to pay claims. Higher ratings generally indicate stronger financial stability.

Who is Banner Life Term Life Insurance best for?

Healthy applicants seeking some of the lowest term life rates available.

Other Insurance

Northwestern Mutual Term Life

$100K–$5M+ term & convertible life coverage

State Farm Term Life

$100K–$1M term life coverage

New York Life Term Life

$100K–$10M+ term & convertible life coverage

Premiums shown are illustrative national averages as of 2026 and vary by state, coverage limits, and personal risk factors — get a personalized quote directly from the provider.

← Compare all insurance plans