A Transamerica vs. Banner Life comparison is one where we try to give an honest, complete picture. Both are competitively priced. But Transamerica offers something Banner genuinely cannot: chronic illness, critical illness, and terminal illness living benefits on its Trendsetter LB product. And Banner offers something Transamerica cannot: a 40-year term option, a significantly lower consumer complaint ratio, and stronger financial strength ratings. Here’s the full picture — including the NAIC complaint data that most comparison sites gloss over.
In This Article
Live Rate Comparison: Transamerica vs. Banner Life
Rates below are pulled live from Compulife® as of June 2025, $500,000 20-year term, non-tobacco, NV. Rates subject to change. Individual outcomes vary.
| Profile | Transamerica (Super) | Banner Life | Difference |
|---|---|---|---|
| Male, 30, Preferred Plus, $500K 20-yr | $18.28/mo | $18.23/mo | Banner +$0.05 cheaper |
| Male, 35, Preferred Plus, $500K 20-yr | $19.98/mo | $19.93/mo | Banner +$0.05 cheaper |
| Male, 45, Preferred Plus, $500K 20-yr | $45.05/mo | $45.01/mo | Banner +$0.04 cheaper |
| Male, 55, Preferred Plus, $500K 20-yr | $112.20/mo | $112.16/mo | Banner +$0.04 cheaper |
| Female, 40, Preferred Plus, $500K 20-yr | $23.80/mo | $23.76/mo | Banner +$0.04 cheaper |
| Male, 40, Preferred Plus, $500K 30-yr | $49.30/mo | $49.15/mo | Banner +$0.15 cheaper |
Rates sourced Compulife® June 2025, NV. Transamerica Trendsetter Super and Banner Life price virtually identically — within $0.15/month across all profiles. Note: Transamerica Trendsetter LB will price higher than Super due to its living benefit riders. Subject to change. Not an offer of insurance.
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Transamerica Life Insurance: Overview
Transamerica (subsidiary of Aegon, A from A.M. Best) offers two primary term products:
Trendsetter Super
Basic term with terminal illness ADB, available in 10–30 year terms. Price-competitive with Banner — within $0.15/month per the rate data above. Standard conversion to permanent coverage without new underwriting.
Trendsetter LB (Living Benefits)
The differentiated product. Includes terminal illness ADB in the base, plus the ability to add Chronic Illness, Critical Illness, and Monthly Disability Income riders at separate additional costs. Maximum face amount for LB riders: $2,000,000. This is the only major term product we work with that offers all three living benefit categories plus monthly disability income as optional riders.
Transamerica’s Unique Features
- Chronic Illness ADB Rider (LB only): Triggers at inability to perform 2 of 6 ADLs; up to 24% per year; maximum 90% or $1.5M (lesser of).
- Monthly Disability Income Rider (LB only): Up to $2,000/mo or 2% of initial face (lesser of); capped at 66% of gross monthly income. Unique to Transamerica in our panel.
- Age-75 conversion for Preferred Plus: Standard conversion to age 70; Preferred Plus class extends to age 75 — five additional years vs. Banner’s age-70 ceiling for all classes.
- Retroactive WOP: Waiver of Premium waives premiums retroactively from the disability onset date — Banner’s WOP is not specifically documented with this feature.
- Issue ages to 80 on some configurations.
Banner Life Insurance: Overview
Banner Life (A/AA- from A.M. Best/S&P) is one of the most price-competitive term carriers in the U.S. market. OPTerm spans 10–40 years. The Stacking Term Rider is unique in the market. NAIC complaint ratio is well below the industry average — a strong contrast to Transamerica.
Conversion Options Compared
| Feature | Transamerica | Banner Life |
|---|---|---|
| Conversion window — Standard/Preferred | To age 70 | To age 70 or end of level term |
| Conversion window — Preferred Plus | ✅ To age 75 — five additional years | To age 70 |
| New underwriting required? | No | No |
| Conversion products | Transamerica permanent products | Life Step UL only |
Riders: What’s Included vs. What Costs Extra
Transamerica — Trendsetter Super
✅ Included: Terminal Illness ADB
➕ Additional cost: WOP (retroactive); Accidental Death Benefit; Children’s/Grandchildren’s Rider; Additional Insured Rider
❌ Not available on Super: Chronic/critical illness; Monthly Disability Income rider
Transamerica — Trendsetter LB (Living Benefits)
✅ Included: Terminal Illness ADB (base)
➕ Each at additional cost: Chronic Illness ADB (up to 90% / $1.5M); Critical Illness ADB; Monthly Disability Income Rider (up to $2,000/mo); WOP (retroactive); ADB; Children’s Rider
⚠️ LB face amount for living benefit riders: capped at $2M
⚠️ Each living benefit rider priced separately — total LB cost meaningfully higher than Super
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: Accidental Death Benefit; chronic/critical illness; Monthly Disability Income rider
A Note on Transamerica’s Complaint History
We believe in giving clients complete information. Transamerica’s NAIC complaint index is approximately 3.86 to 4.23 for individual life insurance — nearly four times the industry average of 1.0. It also consistently scores below the industry average on J.D. Power satisfaction studies.
This reflects service experience issues — billing, processing, policy servicing — rather than a pattern of claim denials. Transamerica pays valid claims. But for a 20- or 30-year policy relationship, the service experience data is worth knowing. Banner Life’s complaint ratio is well below the industry average.
We place clients with Transamerica when the Trendsetter LB’s living benefits are the right fit for their situation. We share this data transparently so clients can make informed decisions.
What We’ve Seen in Our Placements
- A 44-year-old male, Preferred Plus, $500,000 of 20-year term — family history of heart disease, wanted critical illness coverage during the term: Transamerica Trendsetter LB with both chronic and critical illness riders. Banner couldn’t provide this. The LB product was the only fit for his specific need.
- A 36-year-old female, Preferred Plus, $1,000,000 of 30-year term — purely price-driven, no living benefit needs: Banner won. $49.15/mo vs. Transamerica’s $49.30/mo. Given the 30-year commitment and the complaint ratio data, Banner was the cleaner choice.
- A 48-year-old male, Preferred Plus, $500,000 of 20-year term — specifically asked about the age-75 conversion window for Preferred Plus buyers: Transamerica Super. He planned to evaluate permanent coverage around age 72 — Banner’s age-70 window wouldn’t accommodate that. Transamerica’s Preferred Plus extension to age 75 was exactly what he needed.
- A 40-year-old male, Preferred Plus, $500,000 of 20-year term who wanted a Monthly Disability Income rider layered into his life policy: Transamerica LB was the only option in our panel offering this specific rider.
Individual outcomes vary. Anonymized placement examples, not guarantees of outcome.
The Verdict
Choose Transamerica (Trendsetter LB) if:
- Chronic illness living benefits during the term are important — Transamerica LB is one of the most accessible products with this feature
- Critical illness coverage during the term matters (heart attack, stroke, cancer)
- You want the Monthly Disability Income rider layered into your life policy — unique to Transamerica LB in our panel
- You’re Preferred Plus and want the age-75 conversion window
Choose Transamerica (Trendsetter Super) if:
- You want Transamerica’s price competitiveness without the living benefit rider costs
- You’re Preferred Plus and want the age-75 conversion window at a lower premium
Choose Banner Life if:
- Lowest base premium with no specific living benefit needs — prices within $0.15/month of Transamerica Super per June 2025 data
- You want a 35- or 40-year term (Transamerica caps at 30)
- Service experience and complaint ratio matter — Banner’s NAIC ratio is well below industry average vs. Transamerica’s 3.86–4.23
- A+ A.M. Best and AA- S&P financial strength ratings matter to you
- You want the Stacking Term Rider
Transamerica’s living benefits are genuinely compelling for the right buyer. We’ll help you determine if that’s you. Call 888-972-0024 or get a free quote online.
Frequently Asked Questions
Is Transamerica or Banner Life cheaper for term insurance?
Transamerica Trendsetter Super and Banner Life price within $0.15/month of each other across all profiles per June 2025 Compulife data. Male, 45, Preferred Plus, $500K 20-year: Transamerica $45.05/mo vs. Banner $45.01/mo. The Trendsetter LB product prices higher due to its living benefit riders.
What is the difference between Transamerica Trendsetter Super and Trendsetter LB?
Trendsetter Super is the lower-cost basic product — terminal illness ADB included, standard conversion. Trendsetter LB adds chronic illness, critical illness, and Monthly Disability Income riders at additional cost per rider. Buyers who need living benefits beyond terminal illness should consider LB; price-focused buyers without those needs should look at Super.
What is Transamerica’s NAIC complaint index and does it matter?
Approximately 3.86 to 4.23 for individual life — nearly four times the industry average of 1.0. This reflects service experience issues rather than claim denials. Banner Life’s NAIC complaint ratio is well below the industry average. We share this data transparently so clients can make informed decisions about a 20–30 year carrier relationship.
Does Transamerica offer a chronic illness rider on term insurance?
Yes — on Trendsetter LB at additional cost. The rider triggers at inability to perform 2 of 6 ADLs; up to 24% per year may be accelerated; maximum 90% of death benefit or $1.5M. Not available on Trendsetter Super. Banner Life does not offer a chronic illness rider on any term product.