Transamerica vs. Banner Life: Term Insurance Compared

A Transamerica vs. Banner Life comparison is mostly about features, not price. In our October 2026 Compulife check the two were within $0.14 a month in four of five profiles, and Banner was $1.12 a month lower at age 55 ($111.08 vs. $112.20, about 1%). The product differences are larger. Transamerica’s Trendsetter LB is described in Transamerica’s materials as including terminal, chronic, and critical illness acceleration at no additional premium where approved, while Banner’s OPTerm includes a terminal illness benefit. Banner offers terms up to 40 years, where Transamerica’s Trendsetter products stop at 30. Transamerica’s producer materials also extend the conversion window to age 75 for Preferred Plus, compared with Banner’s age-70 limit.

Live Rate Comparison: Transamerica vs. Banner Life

Rates below come from Compulife® as of October 2026 for a $500,000 20-year term policy, non-tobacco, Nevada. Rates are subject to change and depend on full underwriting. Individual outcomes vary.

Profile	Transamerica	Banner Life	Difference
Male, 30, Preferred Plus, $500K 20-yr	$18.28/mo	$18.27/mo	$0.01 (effectively tied)
Female, 40, Preferred Plus, $500K 20-yr	$23.80/mo	$23.72/mo	$0.08 (effectively tied)
Male, 45, Preferred Plus, $500K 20-yr	$45.05/mo	$44.95/mo	$0.10 (effectively tied)
Male, 45, Standard (Regular), $500K 20-yr	$85.85/mo	$85.71/mo	$0.14 (effectively tied)
Male, 55, Preferred Plus, $500K 20-yr	$112.20/mo	$111.08/mo	$1.12 (Banner lower)

Rates sourced from Compulife® October 2026, NV, non-tobacco. A.M. Best rating shown by Compulife for Transamerica: A. Rates subject to change. Not an offer of insurance.

Key takeaway: In four of the five profiles the carriers were within $0.14 a month, which we treat as a tie. At age 55 Banner was $1.12 a month lower, about $268.80 over a 20-year term ($1.12 × 240 months) and roughly 1% of the premium. For most buyers the living-benefit, term-length, and conversion differences below will matter more than that gap.

Which products are these quotes for? Compulife returns one price per carrier and does not name the product. Banner’s term product is OPTerm. For Transamerica we cannot tell whether the figure reflects Trendsetter Super or Trendsetter LB, since both can be written at $500,000 for 20 years. Do not assume the Transamerica figure includes the living benefits of Trendsetter LB, and confirm the product when you request a quote.

Transamerica Life Insurance: Overview

Transamerica Life Insurance Company (Cedar Rapids, Iowa; A.M. Best A per Compulife) offers two Trendsetter term products, both in 10-, 15-, 20-, 25-, and 30-year terms from a $25,000 minimum. Neither is available in New York. After the initial level period, premiums increase annually.

Trendsetter Super

Super is the basic product. Transamerica’s product page lists a terminal illness accelerated death benefit as automatically included, optional Disability Waiver of Premium, Income Protection Option, Children’s Benefit, and Accidental Death Benefit riders at additional cost, and a conversion privilege to permanent coverage without an additional medical exam. The page lists issue ages of 18 to 80, though the maximum depends on the term and face amount, and it describes a non-medical underwriting path for qualifying applicants. Limits for that path vary by source and age, so confirm them for your situation.

Trendsetter LB (Living Benefits)

Transamerica describes LB as adding early access to the death benefit for a qualifying chronic, critical, or terminal illness. Transamerica’s field guide and published summaries describe these benefits as included where approved, with no additional premium, and Transamerica’s quote disclaimer treats them as living benefits separate from the riders that carry extra cost. Face amounts for LB run from $25,000 to $2 million per Transamerica’s field guide. LB also offers a Monthly Disability Income Rider, which Transamerica says is not available with the 10-year term. Accelerated payouts are discounted and reduce the death benefit, and availability varies by state, so ask for the policy’s exact triggers and limits before you buy.

Conversion on Transamerica

Transamerica’s producer materials describe conversion to a permanent policy without new underwriting, available until the earlier of the end of the level premium period or age 70, and to age 75 for Preferred Plus. Those documents are for producers and undated, and the permanent products available can differ for non-medical policies, so confirm the current rules with Transamerica.

Banner Life Insurance: Overview

Banner Life’s OPTerm is available in 10-, 15-, 20-, 25-, 30-, 35-, and 40-year terms, with coverage from $100,000 into the millions. Per Banner’s product specifications, issue ages (nearest birthday, non-tobacco) run to 75 for 10- and 15-year terms, 70 for 20-year, 60 for 25-year, 55 for 30-year, 50 for 35-year, and 45 for 40-year. Banner is highly rated, but sources differ on its current A.M. Best rating, so check ambest.com before deciding.

• Terminal illness benefit included: up to the lesser of 75% of the death benefit or $500,000, treated as a lien that accrues interest. The qualifying prognosis is generally cited at 12 months (up to 24 months in some states), so confirm for your state.
• Conversion: for the level premium period or up to attained age 70, whichever comes first, to a single guaranteed universal life product. Policies issued at age 66 or older can convert only during the first five policy years.
• Optional riders: Waiver of Premium, Children’s Life Insurance Rider, and Additional Term Insurance Riders (10-, 15-, or 20-year).

Conversion Options Compared

Feature	Transamerica Trendsetter	Banner Life OPTerm
Conversion window (most classes)	Earlier of end of level period or age 70	Level premium period or attained age 70, whichever first
Conversion window (Preferred Plus)	Age 75 per Transamerica producer materials; confirm	Same as other classes
New underwriting required?	No, per Transamerica	No, per Banner
Conversion products	Transamerica permanent products (non-medical policies may be limited)	A single guaranteed universal life product
Longest term	30 years	40 years

Riders: What’s Included vs. What Costs Extra

Using an accelerated benefit reduces the death benefit, so the cost of these benefits shows up when you use them rather than in the premium.

A Note on Service and Complaint Records

Service experience matters on a 20- or 30-year relationship, so it is worth checking. We do not quote a single complaint figure here because complaint indexes vary by data set, state, line of business, and year. You can look up each company’s complaint record through the NAIC consumer resources and your state department of insurance, and we are glad to walk through what you find.

Placement Patterns We See

• A buyer who wants chronic and critical illness benefits built into the term policy. Trendsetter LB is the product pattern where Transamerica’s materials describe them as included, whereas the Banner materials we reviewed list a terminal illness benefit only.
• A buyer in their 30s or 40s focused on price with no living-benefit needs. The carriers were effectively tied in our October 2026 check at those ages, so the decision usually comes down to term length, rider needs, and conversion plans.
• A buyer who wants a 35- or 40-year term. Banner is the one of the two that offers them, since Transamerica’s Trendsetter terms stop at 30 years.
• A Preferred Plus buyer who may convert late in the term. Transamerica’s producer materials describe an age-75 conversion limit for Preferred Plus, versus Banner’s age-70 limit, which can matter when the term runs into the late 60s or beyond. Confirm the current rule.

These are illustrative, anonymized patterns, not descriptions of specific clients or guarantees of outcome. Individual outcomes vary.

The Verdict

Choose Transamerica Trendsetter LB if:

• You want chronic and critical illness acceleration included in the term policy itself (confirm triggers, caps, and state availability)
• You are interested in the optional Monthly Disability Income Rider on a 15-year or longer term
• You are a Preferred Plus applicant who values the age-75 conversion limit described in Transamerica’s producer materials

Choose Transamerica Trendsetter Super if:

• You want Transamerica’s term structure and conversion privilege without the LB features
• You are applying at an older age where Transamerica’s issue-age limits for your term work and Banner’s do not

Choose Banner Life if:

• You want a 35- or 40-year term, which Transamerica’s Trendsetter products do not offer
• You are 55 or older and the roughly $1 a month difference in our October 2026 check matters to you
• You want the option to layer temporary coverage with an Additional Term Insurance Rider
• You have no need for living benefits beyond terminal illness

Because the carriers are effectively tied on price at most ages, the right choice depends on the living benefits, term length, and conversion plans you care about. See our guide on why an independent broker beats going direct, and use our life insurance needs calculator if you are not sure how much coverage to buy.

Frequently Asked Questions

Is Transamerica or Banner Life cheaper for term insurance?

In our October 2026 Compulife check for $500,000 of 20-year term, the two were within $0.14 a month in four of five profiles, which we treat as a tie. For a 45-year-old male in Preferred Plus, Transamerica was $45.05 and Banner $44.95. At age 55 Banner was $1.12 a month lower ($111.08 vs. $112.20), about $268.80 over 20 years. Compulife does not tell us which Transamerica product the figure reflects.

What is the difference between Transamerica Trendsetter Super and Trendsetter LB?

Both are level term products in 10- to 30-year terms. Super includes a terminal illness accelerated death benefit. LB adds chronic and critical illness acceleration, which Transamerica’s materials describe as included where approved with no additional premium, and offers a Monthly Disability Income Rider. LB face amounts run from $25,000 to $2 million. Payouts reduce the death benefit, and state availability varies.

Does Transamerica offer a chronic illness benefit on term insurance?

Yes, on Trendsetter LB, according to Transamerica’s materials, where approved in your state. It is not listed on Trendsetter Super. The Banner materials we reviewed list a terminal illness benefit only on OPTerm. Ask for the policy’s exact triggers and limits, since accelerated payouts are discounted and reduce the death benefit.

How do Transamerica and Banner differ on conversion?

Both allow conversion without new underwriting until the earlier of the end of the level premium period or age 70. Transamerica’s producer materials extend the limit to age 75 for Preferred Plus, and Banner’s conversion goes to a single guaranteed universal life product. Policies issued at age 66 or older on Banner convert only in the first five policy years. Confirm current rules with each carrier.

How should I evaluate a carrier’s service and complaint record?

Complaint indexes vary by data set, state, line of business, and year, so a single number can mislead. Review each company’s record through the NAIC consumer resources and your state department of insurance, and consider your own service needs over a 20- or 30-year policy. We are happy to help you compare.

Authoritative Resources

• NAIC — Life Insurance Consumer Information
• A.M. Best — Insurer Financial Strength Ratings