Sometimes life can be unpredictable, but we're here to help you plan for the unexpected with life insurance.
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Affordable term life insurance. Protection for the ones you love.
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Your life insurance questions answered
Life insurance is an important part of building solid financial plan. Here are some key questions to ask yourself when thinking about getting your free life insurance quote:
Term life insurance rates for as low as $8* a month
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.
Term life insurance is best for...
People with a mortgage, student loans or debts
Income replacement for a surviving spouse
Buying more coverage on a budget
Families with kids and education costs
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.
Additional coverage options:
- Term Riders: Stacking coverage can help you purchase the right amount of protection for the right length of time in a cost-effective way. One or multiple term riders can be added to your base term policy for 10, 15, or 20 years and they'll automatically drop off at the end of the coverage period.
- Child Rider: This optional rider will pay out a small death benefit if one of your children dies.*
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 $8.24 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.
According to a study conducted by LIMRA, more than half the population believes term life insurance is three times more expensive than it is. When respondents were asked to estimate the cost of a $250,000 term life policy for a healthy 30-year-old, more than half said $500 per year or more. In reality, the average cost is closer to $160, which is cheaper than the average cost for an annual gym membership. According to a report by Money Under 30, that is around the same amount you might spend on one commercially prepared meal in a restaurant.
Our competitive rates offer some of the most affordable life insurance policies available:
| 10 years: $11.90 per month, $139.99 per year | 30 years: $17.48 per month, $205.64 per year |
| 15 years: $11.90 per month, $139.99 per year | 35 years: $21.68 per month, $255.06 per year |
| 20 years: $12.29 per month, $144.62 per year | 40 years: $24.88 per month, $292.71 per year |
| 25 years: $15.59 per month, $183.44 per year |
Protecting your family financially begins with estimating how much coverage you need. Use our online calculator to help determine your need.
$7 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 based on a 25-year-old male nonsmoker in excellent health purchasing $250,000 in coverage. *Child Rider is not available in NY.
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Get your term life insurance quote
It’s easy to get a quote for term life insurance. Just fill out our secure form with your information and you'll receive your personalized quote in less than 3 minutes!
With our quick online form, you can even adjust your coverage amount and term to find the best life insurance coverage for you. Once you’re happy with your quote, submit your contact information and a licensed life insurance agent will contact you to get the process started. What are you waiting for?