State Farm vs New York Life vs Primerica vs Pacific Life vs Banner Life

Below we’ll compare the rates from five of the largest term life term life insurance companies in the country today: State Farm Life Insurance vs New York Life Insurance vs Primerica vs Pacific Life vs Banner Life.

About

AboutState FarmNew York LifePrimericaPacific LifeBanner Life
Founded19221845197718681836
Financial RatingA++A++A+A+A+
Terms Available10-30 Years10-20 Years10-35 Years10-30 Years10-40 Years

Financial Rating from A.M. Best

A.M. Best Financial Strength Rating Chart

SecureVulnerable
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)

State Farm vs New York Life vs Primerica vs Pacific Life vs Banner Life Rates Comparison

The chart below compares monthly term life insurance rates for: $250,000, $500,000, $750,000 and $1,0000,000, $1,250,000, $1,500,000, $1,750,000 and $2,000,000 for a 40-year old male on a 20-year-level term at each insurers best rating class.

CoverageState FarmNew York LifePrimericaPacific LifeBanner Life
$250,000$25.44$26.73$27.31$17.67$17.67
$500,000$40.04$42.02$45.13$28.89$29.32
$750,000$57.02$69.19$64.13$40.79$41.43
$1,000,000$68.69$79.16$83.13$49.08$52.70
$1,250,000$84.34$97.57$102.13$60.07$64.60
$1,500,000$99.99$115.99$121.13$71.07$76.50
$1,750,000$115.64$134.40$140.13$82.06$88.04
$2,000,000$131.29$152.82$159.13$93.05$100.30
State Farm vs New York Life vs Primerica vs Pacific Life vs Banner Life Term Life Rate Comparison Chart

Date of birth 5/1/1982. Rates for a 40-year old male on a 20-year-level term at the preferred plus health class.

Wrap Up

As you can see above, all the aforementioned companies are Superior rated and have been in business for over 100 years. If you are in the market for life insurance you can feel confident these companies are financially strong and will pay out any future claims.

When applying for life insurance, it’s important to compare premiums from several top companies to ensure you’re receiving the lowest rates. Since each life insurance company has their own underwriting guidelines and rate sheets, premiums can vary as much as $50 or more a month for the same policy.

error: Content is protected !!