Assurity vs. Banner: Best Life Insurance Company in 2021

When looking at Assurity vs. Banner life insurance rates, you’ll find that Banner is cheaper. Assurity offers more policy options, and Banner is rated better by A.M. Best. Meanwhile, Assurity and Banner have received fewer complaints than most competitors, indicating high customer satisfaction. Comparing Assurity vs. Banner life insurance quotes online will help you decide between the two companies.

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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: Oct 12, 2021

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Quick Facts

  • Banner has lower rates than Assurity
  • Assurity has more policy options than Banner
  • Banner has been rated better than Assurity by A.M. Best

Assurity and Banner provide term and permanent life insurance to customers. While Banner has lower rates and better financial ratings, Assurity has more policy options. Comparing Assurity vs. Banner will help you find the best fit for your needs.

Before starting this Assurity vs. Banner comparison, enter your ZIP code to find free life insurance quotes from the top companies in your area.

Assurity vs. Banner: What are their monthly rates?

Comparing affordable Assurity vs. Banner life insurance rates will help you find the cheapest option. The following charts show the average monthly Assurity and Banner life insurance rates for a 20-year term at $250,000 based on age and gender:

Assurity vs. Banner: 20-Year Term $250,000 Policy Monthly Rates by Age for Males
AgeAssurity Average Monthly Rates Banner Average Monthly Rates
30$15.44$13.78
40$25.45$18.87
50$57.20$42.66
60$150.73$114.16
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The following chart shows the same information for women:

Assurity vs. Banner: 20-Year Term $250,000 Policy Monthly Rates by Age for Females
AgeAssurity Average Monthly RatesBanner Average Monthly Rates
30$12.40$11.95
40$21.32$15.75
50$44.59$32.21
60$105.05$81.16
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As you can see, Banner has lower rates than Assurity. Additionally, rates are lower for women but increase for both genders as customers age.

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Assurity vs. Banner: What products are available?

Examining Assurity vs. Banner life insurance company policies will help you determine the provider that best fits you. Both Assurity and Banner provide term life and permanent life insurance options.

Assurity provides term life insurance in 10, 20, and 30-year terms, ranging from $25,000 to $10 million in value. Assurity’s term life policies are convertible, so policyholders can upgrade their plan to a whole life policy after the term expires.

Customers can obtain no medical exam life insurance for term life plans. However, the maximum coverage for accelerated writing is $500,000 for 18 to 50-year-olds and $350,000 for 51 to 65-year-olds.

Assurity provides three whole life plans. Accelerated writing is available for customers between 18 to 85 years old, with coverage up to $250,000. You can pay for the single premium plan in one payment, and parents or grandparents can purchase the children’s policy for dependents.

While whole life insurance features fixed rates, universal life plans offer flexible rates, allowing customers to make necessary changes when needed. These policies are available for customers up to 85 years old.

Assurity also offers burial coverage, which pays for funeral and burial costs, taking the burden off loved ones. This coverage is available for customers up to 85 years of age and ranges from $10,000 to $50,000 in value.

Banner provides term life insurance in 10, 15, 20, 30, 35, and 40-year terms. These plans are available for customers between 20 and 75, with coverage starting at $10,000.

Unlike Assurity, Banner only offers one permanent life plan. Universal life coverage starts at $50,000 and is available for customers between 20 to 85 years old.

Assurity vs. Banner: What riders are available?

Life insurance companies provide options that customers can add to a policy. These options are known as riders and allow a customer to customize their plan. Assurity and Banner provide multiple riders.

The accelerated death benefit rider allows policyholders with a chronic, critical, or terminal illness to access a portion of their death benefit before death. Assurity and Banner provide this rider free of charge with their permanent life policies.

In addition to the accelerated death benefit rider, Assurity and Banner both offer multiple options for an additional fee.

Optional riders offered by Assurity include:

  • Accident only disability income
  • Children’s term
  • Critical illness benefit
  • Disability waiver of premium
  • Endowment benefit
  • Monthly disability income

Optional riders offered by Banner include:

  • Child protection
  • Disability waiver of premium

Assurity offers more ways to customize your life insurance than Banner, but adding these riders to any policy will increase your Assurity or Banner life insurance quotes.

Assurity vs. Banner: What are their financial ratings?

Credit rating agencies review and rate life insurance companies based on financial strength. These financial ratings determine the likelihood that the company will provide a payout when you file a claim.

Assurity has been rated an A by A.M. Best. This rating is excellent, indicating that the company is financially capable of paying out on insurance claims.

Banner has been rated an A+ by A.M. Best and an AA by S&P and Fitch. These three ratings are superior, informing customers that they can expect a payout after filing a claim.

Banner has been rated better by A.M. Best and issued more ratings than Assurity. The lack of an Assurity life insurance rating by S&P and Fitch is primarily due to the company’s small size.

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Assurity vs. Banner: Do they have many complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about life insurance companies. The two organizations have completed a Banner and Assurity life insurance review.

At the time of this comparison, the BBB has received three complaints about Assurity during the last three years. The NAIC lists Assurity’s complaint index ratio at 0.19, indicating fewer complaints than companies of a similar size.

The BBB has received four complaints about Banner during the past three years. According to the NAIC, Banner has a complaint index ratio of 0.09, indicating far fewer complaints than similarly-sized competitors.

The number of complaints and complaint index ratios show that both Assurity and Banner’s customers are satisfied with the customer service they receive with either provider.

Assurity vs. Banner: Company History

The Assurity Life Insurance Company was founded in 1890 in Lincoln, NE. In 2007, Assurity Life, Security Financial Life, and Lincoln Direct Life merged, taking the Assurity Life name. Today, the company serves customers in 49 states.

The Banner Life Insurance Company was founded in 1949 by Legal and General America. The company is currently headquartered in Frederick, MD, and serves 49 states. Banner’s sister company, William Penn, serves New York.

Assurity vs. Banner: The Bottom Line

The decision to buy Assurity or Banner life insurance depends on what’s important to you. Banner has lower rates and better financial ratings, but Assurity has more policy options. 

Hopefully you have found this Assurity vs. Banner comparison helpful. Before you go, enter your ZIP code to get free life insurance rates from top companies in your area.

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