Banner Life (operating under Legal & General America) is widely considered the "heavyweight champion" of affordable term life insurance. It consistently ranks among the top three cheapest carriers for almost every age group and health class. Its "OPTerm" product is particularly famous for its lenient underwriting towards common health issues like diabetes and sleep apnea, as well as offering rare 35-year and 40-year term lengths. If you are looking for the absolute lowest price from a top-rated carrier, Banner is often the answer.

At a Glance

Parent Company: Legal & General America (A+ Superior Rating)
Policy Type: Term Life (OPTerm) & Universal Life
Age Availability: 20 – 75 (depending on term length)
Coverage Amounts: $100,000 – $65 million+
Medical Exam: None for eligible applicants (via AppAssist); traditional exam required for complex health histories or high coverage
Term Lengths: 10, 15, 20, 25, 30, 35, or 40 years
Application Speed: Ranges from Instant (eligible healthy applicants) to 4–6 weeks (traditional underwriting)
Riders: Accelerated Death Benefit (Terminal Illness), Waiver of Premium, Children’s Rider

Pros & Cons

Pros

Industry-Leading Rates: Banner Life is aggressive on pricing. They are frequently the lowest-cost option for both healthy applicants and those with minor health conditions (like high cholesterol or anxiety).
40-Year Term Option: Most carriers stop at 30 years. Banner offers 35 and 40-year terms, allowing a 25-year-old to lock in a low rate until they retire at 65.
"Impaired Risk" Specialist: Banner is famous for underwriting "gray area" health cases favorably. If you have controlled type 2 diabetes, sleep apnea, or a family history of cancer, Banner often offers you "Standard" rates where other carriers might rate you "Substandard" (more expensive).
Policy Stacking: Their unique "laddering" (not to be confused with the company Ladder) allows you to stack policies—for example, buying a 10-year policy and a 30-year policy simultaneously to customize your coverage curve.

Cons

Customer Service: As a traditional insurer, it is reliable but bureaucratic. You likely won't get the snappy, chat-based support you find with fintechs like Fabric or Ethos.
Processing Time: While they have a digital application, if you don't qualify for instant approval, the traditional underwriting process can take several weeks.
Conversion Limits: While you can convert your term policy to permanent insurance, the options are limited to Universal Life (no Whole Life), and the conversion window generally ends at age 70 or the end of the level term.

Overview

Banner Life Insurance Company is the primary subsidiary of Legal & General America, a multinational financial services giant with over 180 years of history. Unlike fintech startups (Ethos, Ladder) that act as brokers, Banner is the actual insurance carrier. They specialize in one thing: selling massive amounts of Term Life insurance at rock-bottom prices.

Rates & Terms

The "OPTerm" Product: Their flagship term policy. It is renewable to age 95, though premiums increase drastically after the initial level term ends.
Competitive Pricing: For a healthy 35-year-old male, a $500,000, 20-year term policy might cost $20–$25/month.
Flexible Terms: The availability of 15-, 25-, 35-, and 40-year terms sets them apart. Most competitors force you into 10, 20, or 30-year blocks. If you have a 25-year mortgage, Banner lets you buy exactly 25 years of coverage so you aren't overpaying for a 30-year plan.

Fees & Requirements

Application Fee: None.
Medical Requirements:
- Lab-Free: Healthy applicants aged 20–60 applying for up to $2.5 million may qualify for "Lab-Free" underwriting (decision in minutes/days).
- Full Exam: If you have high blood pressure, high BMI, or a complex history, a nurse will need to visit you for a free blood/urine test.
Riders:
- Waiver of Premium: If you become totally disabled, Banner pays your premiums.
- Children's Rider: Covers all eligible children for one flat fee.

Customer Experience

AppAssist: This is their digital interview process. You complete a phone interview or online application. It replaces the old-school paper application, significantly speeding up the process compared to 10 years ago.
Financial Strength: With an A+ (Superior) rating from A.M. Best and AA- from S&P, Banner is financially rock-solid.

Who It’s Best For

Diabetics & "Impaired Risk": If you have a well-managed health condition, Banner is arguably your best bet for an affordable rate. They are very lenient in treating hypertension, cholesterol, and type 2 diabetes.
Young Homeowners: The 40-year term is perfect for people in their 20s or 30s buying their forever home. It locks in your rate for your entire working life.
Price Shoppers: If you are using a comparison tool (like SelectQuote or Policygenius), Banner will likely be the #1 or #2 cheapest option on the list.

Who Should Skip It

Smokers: While competitive, other carriers (like Corebridge Financial/AIG) sometimes offer slightly better rates for tobacco users, depending on the specific product.
Speed Demons: If you need a policy today for a business loan or divorce decree, Banner might be instant, but if they request medical records, you could be waiting 30 days. Ladder or Fabric are safer bets for guaranteed speed.
Whole Life Seekers: Banner does not sell Whole Life insurance.

Bottom Line

Banner Life (Legal & General America) is reliable, affordable, and widely available. It may not have a flashy app, but it offers the most versatile term lengths and the most forgiving underwriting in the industry. If you want to lock in a low rate for 35 or 40 years, Banner is the clear winner.