Banner Life vs Pacific Life vs Primerica vs State Farm 2024
Posted in Term Life Insurance last updated on June 14, 2024Table of contents
Banner Life vs Pacific Life vs Primerica vs State Farm Comparison
Below we’ll compare four of nation’s largest and most popular term life insurance companies (Banner Life, Pacific Life, Primerica and State Farm) by rates, ratings, term lengths available, cost index and how long the insurer has been in business.
| About | Banner Life | Pacific Life | Primerica | State Farm |
|---|---|---|---|---|
| Founded | 1836 | 1868 | 1977 | 1922 |
| Financial Rating | A+ (Superior) | A+ (Superior) | A+ (Superior) | A++ (Superior) |
| Terms Available | 10-40 years | 10-30 years | 10-35 years | 10-30 years |
| Cost Index | $ | $ | $$$$ | $$$ |
A.M. Best Financial Strength Rating Chart
As you can see Banner Life, Pacific Life, Primerica and State Farm are all ‘Superior’ rated financially by A.M. Best (the best possible category).
| Secure | Vulnerable |
| A++, A+ (Superior) | B, B- (Fair) |
| A, A- (Excellent) | C++, C+ (Marginal) |
| B++, B+ (Good) | C, C- (Weak) |
| D (Poor) | |
| E (Under Regulatory Supervision) | |
| F (In Liquidation) | |
| S (Suspended) |
Banner Life vs Pacific Life vs Primerica vs State Farm Premium Rates Comparison 2024
Below are the sample rates for a 40-year old male in excellent health, non-smoker for a 20-year level term $100k up to $1.5 million policy for Banner Life, Pacific Life, State Farm and Primerica.
- A $1,000,000 20-year term life insurance policy is priced as low as $49.00 in monthly premiums with Pacific Life and up to $83.13 month with Primerica.
- A $1,500,000 20-year term life policy is priced as low as $70.95 in monthly premiums with Pacific Life and as high as $121.13 month in premiums with Primerica. State Farm is $92.19 month and Banner Life is $76.92 month.
| Coverage | Banner Life | Pacific Life | Primerica | State Farm |
|---|---|---|---|---|
| $100k | $10.47 | $10.56 | N/A | $17.14 |
| $250k | $18.24 | $17.37 | $45.13 | $25.44 |
| $500k | $29.75 | $28.42 | $45.13 | $40.04 |
| $750k | $40.80 | $40.07 | $64.13 | $57.02 |
| $1 million | $52.70 | $49.00 | $83.13 | $63.49 |
| $1.5 million | $76.92 | $70.95 | $121.13 | $92.19 |
*Date of birth 5/1/1984. Rates for a 40-year old male on a 20-year-level term at the preferred plus health class. Rates current 5/1/2024
Wrap Up
As you can see above in comparing four of the largest and most popular term life insurance companies in America 2024 (Banner Life vs Pacific Life vs Primerica vs State Farm), the rates vary significantly for all four Superior rated companies. All these companies pay out valid claims in a timely manner.
When shopping for a term life insurance policy we recommend you compare rates from several top companies to ensure you’re getting the lowest rate which will allow you to secure the most coverage to protect your loved ones.
Resource Center (FAQ)
How I can get instant life insurance quotes for State Farm?
State Farm offers instant term life insurance quotes on their website starting at $100,000 up to $99,999,999 for 10, 15, 20 or 30 year terms (depending on age).
How can I get a personalized quote from Primerica Life Insurance?
You can receive quote for Primerica using our quote engine (if the price is in a competitive range, as only the top 25 prices & companies are shown) or contact Primerica directly and speak with a local agent.
How can I get an Pacific Life Insurance life quotes?
You can receive instant Pacific Life Insurance term and guarantee universal life insurance quotes using our instant quote engine. Quotes are up-to-date and accurate daily.
Where can I receive a Banner Life Insurance Company term quote?
You can use our instant quote calculator that will show the term life insurance rates for Banner for all coverage amounts and term lengths or you can also go to their website directly. The rates are the same if you use a broker or go to Banner Life directly.
How can Banner Life offer such more affordable term life insurance rates compared to other top companies such as Primerica or State Farm?
Banner Life is typically between 1-5 in total term life insurance sales in America depending on the fiscal year. Banner Life does minimal adverting, and offers their products primarily through independent agents and brokers. This allows Banner to pass the savings on to their clients and policyholders by keeping a lower overhead an managing their expenses. Additionally, Banner Life is one of the highest rated and most trusted term life insurance companies in America.
How can Pacific Life Insurance Company offer some of the best term and universal life insurance rates in America?
Pacific Life distributes their insurance products through independent agents and brokers. Unlike some of their competitors who have many high cost brick and mortar locations, expensive advertising campaigns with well-know professional athletes, or use an MLM business model, Pacific Life just offers some of the lowest rates in the country with often some of the best underwriting guidlines (many times without an exam).
Keep Reading
- Pacific Life Insurance Company Review 2024
- Banner Life Insurance Company Review 2024
- State Farm Life Insurance Rates by Age Chart 2024
- Primerica Life Insurance Rates by Age Chart 2024
- How Much Does A $800k Life Insurance Policy Cost?
- How Much Does A $2 Million Life Insurance Policy Cost?
- A+ Superior Rated Life Insurance Company
