AIG vs. Banner: Best Life Insurance Company in 2021

The AIG vs. Banner life insurance reviews and ratings show that both companies are financially adept with a stable future outlook. The life insurance rates for Banner vs. AIG are very similar with AIG being preferred for short-term lengths and Banner having the edge for longer-term life insurance policies. AIG and Banner offer similar life insurance riders for added flexibility.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Apr 30, 2021

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Quick Facts

  • AIG vs. Banner life insurance company rates are comparable and affordable for males and females at any age.
  • Both Banner and AIG have strong financial stability, though Banner is slightly stronger than AIG.
  • AIG and Banner Life Insurance Company offer similar life insurance policies and riders.

When searching for the best term life insurance quotes, weighing whether to buy AIG vs. Banner life insurance is a good place to start. Despite many differences, each company is known to provide competitive life insurance rates.

Shopping for life insurance can be a challenge. It’s important to research each company’s life insurance rates, industry ratings, and customer reviews. We’ll compare these factors and more to help you consider AIG vs. Banner.

If you’re looking into AIG vs. Banner life insurance for cheap rates, it’s important to shop around. Use our free quote tool above to compare life insurance rates from top providers today.

AIG vs. Banner: Which company offers better life insurance?

AIG and Banner life insurance both offer life insurance nationwide. You’ll likely be able to find affordable AIG vs. Banner life insurance, as both companies specialize in cheap life insurance.

AIG has been around for quite a bit longer than Banner Life Insurance Company, but both have been operating successfully for well over 50 years.

AIG, or American International Group, is a strong insurance provider that also offers AIG travel insurance, health insurance, and some different retirement options.

Nowadays, Banner insurance policies are typically underwritten through its parent organization, Legal and General America. You’ll need to use the Legal and General website to learn more about the company.

Although AIG is not a subsidiary and it has a longer history, that doesn’t necessarily mean that AIG is a better life insurance company. So who is the best life insurance provider between AIG and Banner?

We’ll start with each company’s rates to learn more. For quick reference, our Banner life insurance review would be a good start for more information.

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AIG vs. Banner: Which company has cheaper life insurance rates?

Life insurance varies in price greatly depending on different factors like your age, gender, policy type, and coverage amount. These factors, amongst others, are weighed differently from company to company.

Sample AIG Life Insurance Average Monthly Rates by Age, Gender, and Coverage
Gender and CoverageAge 25 Average Monthly Rates Age 35 Average Monthly Rates Age 45 Average Monthly Rates Age 55 Average Monthly Rates
$100,000: 20-Year Term (Male)$10.94$11.17$17.59$37.26
$100,000: 20-Year Term (Female)$10.60$11.07$14.42$27.46
$250,000: 20-Year Term (Male)$12.90$13.53$28.28$69.89
$250,000: 20-Year Term (Female)$11.33$12.69$23.06$52.58
$500,000: 20-Year Term (Male)$19.57$21.28$48.60$124.83
$500,000: 20-Year Term (Female)$16.67$18.37$38.47$90.58
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You’ll see that AIG, like most life insurance providers, increases life insurance rates with age, and males tend to pay more than females. The policy amount is also a factor. You can use a life insurance calculator to find out how much coverage you’ll need.

Sample Banner Average Monthly Life Insurance Rates by Age, Gender, and Coverage
Age $100,000: 20-Year Term Average Monthly Rates (Male)$100,000: 20-Year Term Average Monthly Rates (Female)$250,000: 20-Year Term Average Monthly Rates (Male)$250,000: 20-Year Term Average Monthly Rates (Female)$500,000: 20-Year Term Average Monthly Rates (Male)$500,000: 20-Year Term Average Monthly Rates (Female)
25$8.88$8.11$12.81$11.25$19.31$16.04
35$9.34$8.75$14.19$11.95$23.22$17.90
45$15.82$13.19$27.42$22.16$48.27$37.90
55$33.18$24.71$62.48$46.18$117.71$85.49
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The Banner life insurance rates follow the same trends as AIG. There is a notable difference in the price of life insurance policies for males vs. females of the same age for the same coverage amount.

You’ll see above, cheaper life insurance policies are typically available for younger adults, especially women. It could be worthwhile to purchase a long-term life insurance policy while you’re young to avoid steep price increases. Below we offer a Banner Life vs AIG term life insurance cost comparison.

Average AIG vs. Banner Average Monthly Life Insurance Rates Comparison by Age, Gender, and Term Length for $250,000
Age and Gender10-Year Term Average Monthly Rates (AIG)10-Year Term Average Monthly Rates (Banner)20-Year Term Average Monthly Rates (AIG)20-Year Term Average Monthly Rates (Banner)30-Year Term Average Monthly Rates (AIG)30-Year Term Average Monthly Rates (Banner)
25 - Male$10.34$12.81$12.90$12.81$18.94$18.26
25 - Female$9.57$8.53$11.33$11.25$15.49$15.25
35 - Male$11.67$12.81$13.53$14.19$21.08$21.68
35 - Female$11.08$9.89$12.69$11.95$18.89$18.71
45 - Male$17.95$20.25$28.28$27.42$46.47$44.20
45 - Female$16.46$15.69$23.06$22.16$38.98$34.69
55 - Male$41.68$41.49$69.89$62.48$132.37$128.51
55 - Female $31.68$33.75$52.58$46.18$107.73$92.39
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The AIG vs. Banner life insurance rates are very similar. AIG tends to be a little cheaper for 10-year term life insurance policies, while Banner is cheaper for 20- or 30-year term life insurance policies.

In short, if price is the deciding factor, you might need to consider how long of a life insurance policy you want. Otherwise, the AIG vs. Banner life insurance quotes will probably be about the same.

AIG vs. Banner: Which has better financial stability?

When life insurance rates are similar, it becomes more important to weigh other factors to determine which provider can offer you a better life insurance policy.

It also helps to know that you can trust your life insurance provider. Is Banner a good life insurance company? Is AIG a good life insurance company? We’ll break down the Banner Life vs. AIG company ratings below.

Ratings Comparison for AIG vs. Banner
Ratings AgencyAIG RatingBanner Rating
A.M. BestAA+
Better Business Bureau (BBB)FA+
Fitch's RatingsA+AA-
J.D. Power742N/A
Moody'sA2A1
Standard & Poor's (S&P)A+AA-
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According to agencies like Fitch, Banner Life Insurance Company has great financial strength and is rated just ahead of AIG. To be clear, both AIG and Banner have strong financial ratings overall.

Unfortunately, Banner doesn’t have a J.D. Power score to further compare the customer service experience between the two companies. However, the Better Business Bureau (BBB) rates Banner much higher than AIG.

The BBB rating is based on a company’s responsiveness to complaints or other customer service matters. Banner appears to be exceptional in this regard. Typically this means you’ll have easy access to customer service through your Banner life insurance login.

AIG vs. Banner: Are there any other benefits or discounts?

The AIG vs. Banner life insurance ratings were slightly in favor of Banner, while the rates were pretty much a tie. In this case, there could be additional deciding factors to consider when choosing the right life insurance provider.

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Sadly, neither AIG nor Banner offer any major discounts on life insurance. On the bright side, each company does offer very competitive life insurance rates even without any discounts.

The Banner Life vs. AIG life insurance rider availability appears to be similar, with each company offering some top life insurance riders such as:

  • Accelerated death benefit
  • Waiver of premium
  • Child protection

These riders are designed to help protect policyholders in emergencies or for special circumstances like becoming disabled.

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AIG vs. Banner: What are the pros and cons?

It can be challenging to pick the right life insurance company. It’s important to make the right decision, since you’ll be relying on your life insurance policy for a substantial amount of time.

We’ve broken down the life insurance rates, ratings, and more for AIG vs. Banner life insurance. Which company is better? We’ll emphasize the key points below to help you decide.

Pros

  • Strong financial ratings (both companies – Banner rated higher)
  • Competitive rates (both companies)
  • Traditional life insurance riders available (both companies)

Cons

  • Operating under parent company (Banner)
  • No discounts (both companies)
  • Customer service concerns (AIG)

Overall, it appears evident that both AIG and Banner are in good financial standing with a stable outlook for the future. These companies are very similar when comparing rates, ratings, and policy options.

AIG vs. Banner: The Bottom Line

As long as you have an agent nearby, you should feel confident choosing AIG or Banner life insurance. Both companies offer exceptional life insurance rates and are in good standing.

Before you rush to get your own AIG vs. Banner life insurance quotes, you’ll want to see what other companies have to offer. Take advantage of our free quote tool below to get personalized rates from top life insurance companies in a few clicks.

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