American Amicable vs. Banner: Best Life Insurance Company in 2021

Deciding whether to buy American Amicable vs. Banner life insurance or go with another provider, it is for the best that you analyze both company pricing and company ratings. Banner has the more affordable rates and the higher A.M. Best rating. American Amicable, however, holds the higher BBB rating.

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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: Jul 19, 2021

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Quick Facts

  • Banner quotes are more affordable for women of various ages than American Amicable quotes.
  • Banner Life Insurance offers more affordable rates to men of various ages than American Amicable.
  • Banner is more well-reviewed by A.M. Best than American Amicable.
  • American Amicable is more well-reviewed by the Better Business Bureau.

We’re not going to sugarcoat it, the process of life insurance company comparison can be overwhelming. To reduce the stress of this process, we’re going to help you review American Amicable vs. Banner Life Insurance Companies.

Examine the differences in company pricing and company ratings in this American Amicable vs. Banner life insurance companies.

So, American Amicable or Banner: Which company is right for you? Let’s find out together. When you’re ready, type your ZIP code into our free comparison tool above to find affordable life insurance quotes in your area.

American Amicable vs. Banner: Which company offers more affordable rates to women?

When setting out to find the best life insurer for your needs, you want to start with the factor that is most important to you. For most, this is pricing. The rates shown in the following table are for a 20-year $250,000 term life insurance policy.

Sample Average Female Monthly Life Insurance Rates for a 20-year term $250,000 Policy by Age and Company
CompanyAge 50 Average Monthly RatesAge 60 Average Monthly Rates
American Amicable$58.50$136.35
 Banner $31.17 $78.83
Cincinnati Life $27.28$56.76
Fidelity Life $45.68$58.32
 Foresters $31.94 $85.97
John Hancock$33.92$78.08
Liberty Mutual$32.94$59.76
 Lincoln $32.77 $160.13
 Mutual of Omaha $36.05 $94.02
Haven Life$21.54$48.09
MassMutual$31.08$63.58
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Is it easier to find affordable American Amicable vs. Banner life insurance quotes? As you can see, for women in their 50s, Banner is over $27 cheaper per month than American Amicable.

For women in their 60s, American Amicable is over $57 more expensive per month than Banner. So, our Banner vs. American Amicable Life Insurance review comparison has shown that Banner offers more affordable rates to women of various ages than American Amicable.

Let’s see if this holds true in our next section when we analyze the rates offered to men of various ages.

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American Amicable vs. Banner: Which company offers more affordable rates to men?

We’re now going to engage in a process similar to the one we carried out in the last section. This time, we’ll be analyzing the rates offered to men for a 20-year term life insurance policy valued at $250,000.

Sample Average Male Monthly Life Insurance Rates for a 20-year term $250,000 Policy by Age and Company
Company Age 50 Average Monthly RatesAge 60 Average Monthly Rates
Accordia Life$56.07$153.53
American Amicable$87.75$190.35
Banner $40.85 $111.13
Cincinnati Life$27.28$56.76
Fidelity Life $54.59$73.92
 Foresters $42.66 $114.84
Liberty Mutual$40.32$95.58
 Lincoln $46.55 $190.53
Mutual of Omaha $46.55 $134.05
Haven Life$25.72$65.77
John Hancock$44.47$115.00
MassMutual$37.59$87.42
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As you can see, for men in their 50s, Banner is less than half the cost of American Amicable per month — almost $47 cheaper.

For men in their 60s, American Amicable is over $79 more expensive per month than Banner. These are whopping disparities, and they show us that Banner wins again. Let’s wrap up with company ratings and see if Banner can sweep this thing.

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American Amicable vs. Banner: Which company is more well-reviewed?

Before we wrap up, we feel the need to stress the importance of company ratings from organizations like A.M. Best and the Better Business Bureau (BBB).

A positive rating from one or both of these two rating organizations can give consumers confidence that a life insurance company has and will continue to have financial strength.

The Better Business Bureau’s rating scale goes from the highest score of “A+” down to the lowest score of “F.” American Amicable received the Better Business Bureau’s highest rating of “A+.” The company is also BBB accredited.

What score did the Better Business Bureau give Banner? While Banner also scored a rating of “A+,” it does not hold BBB accreditation.

A.M. Best‘s Financial Strength Rating (FSR) scale is slightly different in that it ranges from “A++” down to “D.” Not to mention, there are actually two different scales. American Amicable has an A.M. Best FSR of “A-” (Excellent).

What FSR did A.M. Best give Banner? Banner received the second-highest possible grade of “A+”.

A.M. Best also has what is called Long-Term Issuer Credit Ratings (Long-Term ICR). While the Financial Strength Ratings are about an insurer’s financial strength and its ability to meet ongoing policy and contractual obligations, a Long-Term ICR is focused on the future. A Long-Term ICR can be issued on a long-term basis or short-term basis.

This scale goes from the high end of “aaa” (Exceptional) down to the low end of “c.” It’s a little confusing, so the scale goes like this: “aaa,” “aa,” “a,” “bbb,” “bb,” “b,” “ccc,” “cc,” “c.” A company can also score notches in its ratings, i.e., “aa+.”

Banner Life Insurance Company received a long-term ICR of “a.” What long-term ICR did American Amicable receive? It received a rating one notch lower of “a-.”

In short, you have two wonderful options here. But with Banner offering the cheaper prices and holding the higher A.M. Best ratings, we have to give it to them.

Your options are not limited to American Amicable vs. Banner life insurance rates and benefits. Don’t let your life insurance company comparison stop here, though. Type your ZIP code into our free and helpful tool below to find affordable life insurance quotes in your area.

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