How do I pick a life insurance provider? 

Life insurance policies are designed to help give you and your loved ones peace of mind, knowing things will be taken care of even when you’re gone. Finding the right life insurance company is key to getting a good night’s rest.

Credit rating agencies like AM Best can help you find companies with strong financial backing, so you know you’ll be in good hands. We consistently receive high financial‑strength ratings from major independent agencies. Customer service is important too, since you want everything to be as smooth as possible for your loved ones – we’re rated 4.5 stars out of five by TrustPilot.

Before you make any decisions, make sure you’ve found a company you can put your trust in for the long haul. At the Banner Life family of companies, we think you’ll find just what you’re looking for.

Types of life insurance: permanent vs. term life insurance

Life insurance can be grouped into two big categories: term life insurance and permanent life insurance. At Banner Life family of Companies (Banner Life Insurance Company and William Penn Life Insurance Company of New York), we sell term policies designed to support your loved ones or business if you pass away while covered.

Term life insurance covers you for a period called a “term”. For instance, Banner Life family of companies offers terms starting at 10 years and running all the way up to 40 years. That length of coverage can help provide financial protection for your loved ones, helping cover essential expenses such as your children’s education, a mortgage, and your family’s everyday costs.

Permanent life insurance (whole life, universal life, variable life, etc.), on the other hand, lasts for your entire life. Premium payments you make cover the cost of your insurance – just like with a term life policy – but excess premium is added to the policy cash value.

The cash value may grow or diminish based on the type of policy you hold. Some policies are based on market performance, while some have a fixed interest rate credited to them. While permanent life insurance offers lifetime protection and accumulated cash value on a tax-deferred basis, the premiums are generally higher than other types of life insurance, such as term life.

We recognize that every individual is going to have their own needs. While we only offer new term policies, we have a conversion option, allowing you to turn your policy into a permanent policy later down the line.

For most people, term life insurance is the best choice since it offers the greatest coverage for the lowest price.

What is the right life insurance term length?

You have people who depend on you. Term life insurance is a must-have when it comes to protecting your family’s financial future. So how many years do you need coverage for?

When thinking about how long to get life insurance for, consider choosing a policy length to match your longest financial responsibility. For instance, if paying for college or paying off a mortgage are major financial concerns but you're pretty sure that you won't need life insurance coverage after the kids graduate and the mortgage is paid, then it might make sense to buy a term policy that'll get you through those years.

We offer term plans that last for 10, 15, 20, 25, 30, 35 and 40 years—that’s more options than most life insurance companies. You can lock in one level price that is guaranteed not to increase during your term, and you can even convert your policy into a permanent plan.

How much life insurance do I need?

Term life insurance is great for people who may be on a tight budget because it allows for high levels of life coverage when they need it most. When thinking about how much coverage you need, start by asking yourself how much can you afford. To determine how much you need, think about all of your financial responsibilities and how long they'll last.

That’s why most experts recommend life insurance coverage that’s six to eight times your annual salary. Coverage amounts typically start at $100,000 and go up to $10 million.

So, if you’re making $75,000 a year and you have life insurance coverage through work with a benefit that’s 2x your salary, it makes sense to consider buying your own policy to make up the difference.

How much does life insurance cost?

It's probably less expensive than you think! One of the biggest advantages of term insurance is its affordability. The cost for coverage is different for everyone and some may be able to get term life insurance for as little as $8.58 a month.* How much your life insurance costs will depend on how much coverage you want, how long you need it for, and things like your age and health history.

Our competitive rates offer some of the most affordable life insurance policies available*:

*$8.58 monthly premium is applicable for a 20-year-old female nonsmoker in excellent health purchasing a 10-year OPTerm life insurance policy with a $100,000 face amount. Other sample rates are based on a 40-year-old male nonsmoker in excellent health purchasing a OPTerm life insurance policy with a $250,000 in face amount. Sample rates as of 1.15.2026. ^**Child Rider is not available in MD or NY. ⁺More than 1 in 3 people get an instant decision metric is reported for full month April 2026. "Instant decision" is defined as total decisions as a percentage of total decisions from all business submitted through Horizon in April 2026. Read our legal stuff.

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