Banner Life review

Banner Life, part of Legal & General America, is the most flexible term insurer on this list. It sells 10, 15, 20, 25, 30, 35 and 40 year terms, and says it is one of the few carriers to offer up to 40 years. Coverage begins at $100,000 and extends beyond $10 million, for applicants aged 20 to 75, and the company advertises policies for as little as $8 a month. Families can tailor a policy with riders: a Children's Life Insurance Rider covers children until they are 25, an accelerated death benefit rider is offered, and term riders let you stack cover. Banner's own example is a $250,000, 40-year base policy with a $750,000, 20-year rider, so cover drops once the mortgage is paid without buying a second policy. The company says it pays over $1 billion in yearly claims to over 3,700 families and businesses. Banner Life does not do business in New York, and Lemonade's term life product is issued by Banner Life.

Who it is for

families who want a long term or very large cover

Price

From $8 a month; price depends on age, health, term and amount.

term life insurance policies for as little as $8 a month
Quoted from the vendor pricing page on November 13, 2026.

Key features

• Term lengths of 10, 15, 20, 25, 30, 35 and 40 years
• Coverage from $100,000 to beyond $10 million
• Available to applicants aged 20 to 75
• Children's Life Insurance Rider covers children until age 25
• Term riders let you stack extra cover on a base policy

Strengths and weaknesses

• Strength: Up to 40 years of term, the longest on this list
• Strength: Riders let you layer a shorter rider on a longer base policy instead of buying two policies
• Strength: Pays over $1 billion in yearly claims to over 3,700 families and businesses, by its own count
• Weakness: The $8 starting price applies to the best rate classes and smaller policies
• Weakness: Banner Life does not do business in New York
• Weakness: The online tool gives an estimate; final price follows underwriting

Key facts

• Term lengths: 10 to 40 years in 5-year steps
• Coverage: $100,000 to beyond $10 million
• Issue ages: 20 to 75
• Starting price: $8 a month

Where it ranks

Banner Life is No. 2 in our Best Life Insurance Companies verdict.