Banner vs. Fidelity Life: Best Life Insurance Company in 2021

Financial security is one of the biggest focuses on someone’s mind when purchasing life insurance. It is important to think about how your family will handle the loss of income when you pass away. Choosing Banner or Fidelity Life insurance will give your loved ones the financial protection they need for their futures. Banner Life customer service has been rated top-quality while Fidelity Life coverage ranges from $50,000 to $1 million. 

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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: Aug 23, 2021

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Quick Facts

  • Banner Life insurance is a good choice if you’re looking for basic, affordable coverage
  • Fidelity Life insurance offers a series of life insurance products under its RAPIDecision branding.
  • Some life insurance products from Fidelity Life insurance have optional riders’ programs 
  • Banner Life’s insurance policy options are extremely limited but affordable

When thinking about life insurance, it is always better to plan ahead. The right kind of policy depends on your individual situation and what type of insurance premiums you can best afford.

Unpredictability is a scary topic to think about but adding that onto the stress of worrying about securing your family’s financial future can be something that is hard to handle. With everyday life growing and changing rapidly, there is never a bad time to start planning your future.

There are many benefit to life insurance coverage outside of death and burial. College tuition and child care are among the many other things that life insurance can also take care of.

The question of which type of policy fits best for you will be the most important piece when looking for life insurance rates. A full review of term vs. permanent life insurance can be found here for more information regarding this topic.

Keep reading to find out if Banner or Fidelity Life insurance rates are right for you. Enter your ZIP code in our easy to use tool for free comparisons today. 

Should I buy Banner or Fidelity Life insurance?

It depends on your circumstances.

Before you start comparing these companies, choose the type of life insurance you want: such as term or universal life. A quick comparison of term vs. universal life insurance can be found here.

Calculate how much life insurance you will need and how long you would like the coverage to last. Check that the insurers you’re considering offer the type of coverage that you’re looking for. It’s also important to make sure the policy’s medical requirements match your needs.

When comparing Banner or Fidelity life insurance quotes, be sure that they are for the same amount of coverage over the same period of time.

Price may not be the biggest driver behind your decision to buy Banner or Fidelity life insurance, so look at the number of consumer complaints each company receives. It can be the biggest red flag about the quality of service you are intending on buying.

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Why buy Banner Life insurance?

Banner Life sells both term life and universal life insurance policies.

Let’s look at the differences:

Term life insurance Offer coverage from 10-40 years and policies start at just $8 per month. Term life insurance is ideal for people on a budget.
Universal life insurance Includes coverage for your lifetime. It has an adjustable death benefit, flexible premiums and a guaranteed cash value component.

Term life insurance is often recommended and allows you to financially protect your life for the period in which you need it most – raising a family and throughout your working years.

Term Lengths 10, 15, 20, 25, 30, 35, and 40 years
Age Range 20 – 75
Minimum Coverage Amounts $100,000
Health Class Multiple
Term Life Insurance

Banner universal life insurance policies give the choice of paying the same price every year or paying more upfront for a certain number of years. The “short-pay” option lets the policy owner complete payments early and still have lifetime coverage.

Term Lengths 10, 15, 20, 25, and 30 years
Age Range 20 – 85
Minimum Coverage Amount $50,000
Health class Multiple
Universal Life Insurance

Other benefits of Banner:

OPTerm

OPTerm is a convertible policy that you have the option of converting during the initial term period. You are able to convert it into a universal policy. Age limits do apply but you must not be older than 70 to qualify for this policy.

If your policy was purchased at age 66 or older, you are able to convert during the first five policy years until you turn 70.

Riders

You can also add optional features, called life insurance riders, to your term policy for an extra charge.

  • Children’s term rider: (not available in New York), covers all children until they turn 25.
  • Waiver of premium rider: allows you to skip premium payments if you’ve dealt with serious long-term illness or injury, and become disabled for at least six months.
  • Accelerated Death Benefit: access up to 75% of your death benefit if you’ve been diagnosed with a qualifying terminal illness. Limit is $500,000.

Some of Banner Life’s insurance policies may differ from state to state. Banner provides policies and coverage for individuals in 49 states, including Washington, D.C.

William Penn, its sister company, provides similar coverage to customers in New York.

Why buy Fidelity Life insurance?

Fidelity Life insurance offers life insurance products under its RAPIDecision branding, which is a quick term life insurance program. A RAPIDecision Life 20-year term helps individuals secure longer-term coverage at affordable rates. 

But what does quick term life insurance cover?

  • Choose a 20-year term that covers critical family milestones, such as raising young children before college or paying down a mortgage
  • This term allows you to lock in guaranteed coverage and level premiums at a younger age that lasts until your peak earning and saving years
  • Provide financial protection during a time in life when your debt may be higher due to a mortgage, student loans, or credit cards

What is the best life insurance for seniors?

Fidelity Life also has several types of life insurance for seniors. These products are meant for people ages 50 and over and include:

  • Term life policies: designed for people up to age 70. Coverage includes $10,000-$150,000 and terms between 10 and 30 years.
  • Whole life insurance policies: designed for people up to age 85. Coverage includes $10,000-$150,000. No medical exam is required, but you’ll need to answer some health questions and the company will look at publicly available data (like your car registration) to determine your eligibility.
  • Final expense life insurance policies: relatively low coverage amounts for people up to age 85. Fidelity offers a standard final expense policy with coverage amounts of $5,000-$35,000 and a guaranteed issue life insurance policy that tops out at $25,000.

Fidelity Life’s standard policy does require you to fill out a medical questionnaire, but there is no medical exam. The price and approval of your policy will be based on your health records.

For Fidelity Life guaranteed issue policies, it will not ask any medical questions and, as long as you’re between 50 and 85, you’re guaranteed to get approved. However, you’ll have to pay more, and coverage will be lower in the first few years of having this policy.

Banner Life Insurance Reviews

Banner Life insurance customer service has been rated highly on their service performance.

According to the National Association of Insurance Commissioners, the complaint ratio reflected the company’s history of customer service with a score of 0.-7-0.16, indicating that this company has received a below average for the number of customer complaints when compared to companies of similar size.

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Fidelity Life Insurance Reviews

According to the same study done by the NAIC, Fidelity Life received more complaints than is typical for its size compared to others in the industry. In fact, it received more than double the expected number according to the NAIC’s complaints ratios. 

What life insurance policy is right for me?

With thousands of different life insurance policies to choose from on the market currently, you have the freedom of choosing any kind of policy that directly fits your needs.

Life insurance comes down to two basic types: term life and permanent life.

The most common variations of a permanent life insurance policy are whole life, universal life, and variable life. All three can be structured to provide “lifetime coverage”.

Term life insurance is one of the simplest and most reliable forms of coverage you can buy. It provides coverage for a specified period, usually between 10 and 30 years. Once that period expires, the insurer can cancel the coverage or opt to renew/convert the policy.

What are the benefits of buying permanent life insurance vs term life insurance?

Many people assume that permanent life insurance is the better choice of the two since it doesn’t expire. As long as you pay your premiums, you have a plan that accrues “cash value” that you pull money from if needed.

This benefit is why most buyers end up with a permanent policy.

But many people will “outgrow” the need for this type of life insurance. Many will, as they age, put away savings, pay off their debts and finish raising their kids by the time life insurance is needed for other expenses.

Here’s a quick breakdown:

  • Term life insurance covers a set number of years. Once the plan expires, so does your death benefit, so this policy pays out only if you die while your plan is active.
  • Permanent life insurance lasts for the rest of your life. These policies also typically act as an investment — as you pay your premium, your plan accrues a “cash value” that you can borrow against or pull money out of.

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The Bottom Line

With affordable Banner or Fidelity life insurance each having higher scores in different categories, it’s up to what you are expecting for your coverage and what you will need in the future in terms of care after death for your loved ones.

For those who want basic coverage or who have struggled in the past to get approved for other forms of life insurance, Fidelity Life may be a good fit. It offers guaranteed issue and accidental death benefit policies that can be a useful alternative for those who may not qualify for other coverage.

Even though Banner doesn’t offer a wide range of products, what it does offer is easy to understand. Banner gives its customers the options for a term life or a universal life policy. Coupled that with the company’s impressive complaints trend and it shines above the rest.

Choosing your affordable Banner or Fidelity Life insurance rates will give you the peace of mind needed when planning your next stages in life. Enter your ZIP code into our free easy to use tool and compare your insurance policies today.

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