If you’ve gotten quotes recently and keep seeing Banner Life and Pacific Life at the top of the list, you’re not alone. These two carriers are among the most consistently price-competitive term life insurers in the country. For younger healthy applicants buying longer terms, Banner usually wins on price. For buyers in the 55–65 range, Pacific Life often comes out ahead. But the real story involves conversion options, product structure, and riders.
In This Article
Live Rate Comparison: Banner Life vs. Pacific Life
Rates below are pulled live from Compulife® as of June 2025, $500,000 20-year term, non-tobacco, NV. Rates are subject to change and depend on full underwriting. Individual outcomes vary.
| Profile | Banner Life | Pacific Life PL Promise | Difference |
|---|---|---|---|
| Male, 35, Preferred Plus, $500K 20-yr | $19.93/mo | $19.95/mo | $0.02 |
| Male, 45, Preferred Plus, $500K 20-yr | $45.01/mo | $45.03/mo | $0.02 |
| Male, 55, Preferred Plus, $500K 20-yr | $112.16/mo | $112.18/mo | $0.02 |
| Female, 40, Preferred Plus, $500K 20-yr | $23.76/mo | $23.78/mo | $0.02 |
| Male, 40, Preferred Plus, $500K 30-yr | $49.15/mo | $49.17/mo | $0.02 |
Rates sourced Compulife® June 2025, NV, non-tobacco. Banner and Pacific Life PL Promise price virtually identically across all profiles. At 55+, Pacific Life can occasionally edge ahead — run your specific profile. Subject to change. Not an offer of insurance.
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Banner Life Insurance: Overview
Banner Life (Legal & General America) holds an A (Excellent) from A.M. Best. OPTerm spans 10–40 years with coverage from $100,000. Key differentiators: the unique Stacking Term Rider, a 40-year term option, and an AA- from S&P — among the strongest financial strength ratings for term carriers.
Banner’s Key Strengths
- 40-year term: Pacific Life caps at 30 years. Banner’s 40-year option locks in a rate through retirement for younger buyers.
- Stacking Term Rider: Add layered coverage during life events. Unique to Banner.
- AA- S&P rating: Strongest S&P financial strength among these two carriers.
- Age-70 base conversion: No rider required.
Banner’s Limitations
- ADB capped at $500,000 — Pacific Life’s structure may provide more access at higher face amounts.
- Converts to Life Step UL only — no IUL at conversion.
- No chronic or critical illness riders on term.
Pacific Life Insurance: Overview
Pacific Life (A+ A.M. Best) offers two distinct term products serving different buyer profiles:
PL Promise Term
Available 10–30 years, minimum $50,000. Terminal illness ADB included at no upfront cost. Conversion to age 70 — matching Banner’s base window. Partial conversions permitted. Children’s rider and WOP available at extra cost.
Pacific Elite Term
For buyers purchasing $750,000+. Includes terminal, critical, and chronic illness ADB riders in the base product. Conversion credit reduces first-year permanent premium. Conversion window limited to first 10 policy years or age 70.
Pacific Life’s Key Strengths
- Partial conversion: Convert a portion of the face amount — not available from Banner.
- Elite Term living benefits: Terminal, critical, and chronic illness ADB included for $750K+ buyers.
- IUL conversion: Pacific Life’s IUL lineup is well-regarded for cash-value growth.
- A+ A.M. Best: One tier above Banner’s A.
Conversion Options Compared
| Feature | Banner Life | Pacific Life PL Promise | Pacific Life Elite Term |
|---|---|---|---|
| Base conversion window | To age 70 | To age 70 | First 10 years or age 70 |
| Conversion products | Life Step UL only | Pacific Life UL / IUL | Pacific Life UL / IUL |
| Conversion credit | ❌ | ❌ | ✅ Yes |
| Partial conversion | ❌ | ✅ Yes | ⚠️ Confirm with Pacific |
| Living benefits included | Terminal only | Terminal only | Terminal + critical + chronic |
Riders: What’s Included vs. What Costs Extra
Banner Life — OPTerm
✅ Included: ADB terminal illness (75% / $500K max; 12–24 month prognosis)
➕ Additional cost: WOP; Children’s Term Rider; Stacking Term Rider
❌ Not available: Chronic/critical illness riders; ROP; no-exam required for accelerated path
Pacific Life — PL Promise Term
✅ Included: ADB terminal illness (12-month prognosis; no upfront cost)
➕ Additional cost: Children’s Level Term Rider (up to $20K/child total); WOP
✅ Partial conversion permitted
❌ Not available: Chronic/critical illness on Promise; no conversion credit
Pacific Life — Elite Term ($750K+ face amount)
✅ Included: ADB for terminal, critical, and chronic illness — all in base product; Conversion Credit
➕ Additional cost: Children’s Rider; WOP
⚠️ Conversion window: first 10 policy years or age 70 — whichever earlier
What We’ve Seen in Our Placements
- A 58-year-old male, Preferred Plus, purchasing $500,000 of 20-year term: Pacific Life PL Promise was competitive and he later converted to Pacific Life IUL at year 12 — the IUL conversion path was key to choosing Pacific over Banner from day one.
- A 40-year-old male, Preferred Plus, purchasing $1,000,000 of 30-year term: Banner won on price — $84.10/mo vs. $84.12/mo. No IUL interest, no partial conversion need. Banner was the right call.
- A 35-year-old male, Preferred Plus, purchasing $750,000 of 40-year term: Banner was the only realistic option — Pacific doesn’t offer a 40-year term.
Individual outcomes vary. Anonymized placement pattern examples, not guarantees of outcome.
The Verdict
Choose Banner Life if:
- You need a 35- or 40-year term — Pacific Life caps at 30
- You want the Stacking Term Rider for layered coverage during life events
- Conversion to UL is acceptable and IUL isn’t a priority
- Face amount is under $750K (Elite Term’s living benefits not available below this)
Choose Pacific Life PL Promise if:
- You want partial conversion flexibility — convert a portion of the face amount
- IUL is your preferred conversion target
- You’re 55+ where Pacific Life can edge ahead on price for certain profiles
Choose Pacific Life Elite Term if:
- You’re buying $750,000+ and want chronic and critical illness living benefits in the base term product
- A conversion credit matters and you expect to convert within 10 years
We represent both Banner Life and Pacific Life. Let us shop your profile across both carriers — and 40+ others. Call 888-972-0024 or get a free quote online.
Frequently Asked Questions
Is Banner Life or Pacific Life cheaper for term insurance?
They price nearly identically — within $0.02/mo across most profiles based on June 2025 Compulife data. Male, 45, Preferred Plus, $500K 20-year: Banner $45.01/mo, Pacific Life $45.03/mo. Features, conversion options, and rider availability are the real decision factors.
What is Pacific Life’s conversion option on PL Promise Term?
PL Promise allows conversion to Pacific Life UL or IUL through age 70, with partial conversions permitted. No additional rider needed. Pacific Life Elite Term has a more restrictive 10-year window but includes a conversion credit and living benefits for $750K+ buyers.
Does Pacific Life offer a conversion credit?
Yes — on Elite Term ($750K+ minimum face amount). The credit reduces the first-year premium on the converted permanent policy. PL Promise does not include a conversion credit.
Does Banner Life offer a 40-year term?
Yes. Banner’s OPTerm is available in a 40-year level term. Pacific Life PL Promise caps at 30 years. For younger buyers wanting to lock in a guaranteed rate through their 60s, Banner’s 40-year option has no Pacific Life equivalent.