💼 Financial Strength & Ratings

Rating Agency	Banner Life	American National
AM Best	A+ (Superior)	A (Excellent)
Fitch	AA-	Not Rated
S&P	Not Rated	A

💪 Banner Life holds slightly stronger ratings, particularly with AM Best and Fitch, making it a solid option for long-term dependability.

📋 Policy Types Offered

Policy Type	Banner Life	American National
Term Life	✅ Yes	✅ Yes
Whole Life	❌ No	✅ Yes
Universal Life	✅ Yes	✅ Yes
Indexed Universal Life	❌ No	✅ Yes
Final Expense	❌ No	✅ Yes

🎯 American National offers more comprehensive permanent life options, while Banner Life focuses heavily on term and universal life at lower costs.

🔄 Coverage Options & Flexibility

• Banner Life offers up to $10 million+ in term coverage with convertible options and accelerated underwriting.
• American National gives policyholders more rider add-ons and cash value accumulation options, especially with indexed universal life.

🏆 Choose Banner Life for high face amounts and pure death benefit protection. Choose ANICO for long-term value and flexibility.

📝 Underwriting & Application Process

Feature	Banner Life	American National
No-Medical Exam Available	✅ Up to $2M (age-based)	✅ Up to $1M (select cases)
Accelerated Underwriting	✅ Yes	✅ Yes
Online Application	✅ Via partners	✅ Via agents/brokers
Turnaround Time	Fast (24–72 hrs)	Moderate (3–7 days)

💻 Banner Life is known for its fast digital underwriting and flexibility for healthy applicants, while American National offers a more advisor-driven process.

💲 Pricing & Affordability

• Banner Life is a standout in the low-cost term life space.
• American National is competitive on permanent policies but its term products are usually priced slightly higher.

💸 Banner Life generally wins for budget-friendly term life. American National shines in permanent coverage value.

🔄 Alternatives to Consider

• Protective Life – Affordable term life with conversion options
• Mutual of Omaha – Known for no-med exam and final expense
• Pacific Life – Strong IUL and UL coverage
• SBLI – Simplified underwriting with competitive term pricing

🛠 Riders & Customization

Rider Option	Banner Life	American National
Accelerated Death Benefit	✅ Yes	✅ Yes
Waiver of Premium	✅ Yes	✅ Yes
Children’s Term Rider	✅ Yes	✅ Yes
Disability Waiver	✅ Yes	✅ Yes
Return of Premium	❌ No	✅ Yes (select products)
Chronic Illness Rider	✅ Yes	✅ Yes

🔧 American National offers more rider options for cash value or living benefits. Banner Life focuses on streamlined, cost-effective policies.

🎯 Best For…

Banner Life is best for:

• Clients seeking affordable, high-limit term coverage
• Healthy individuals wanting fast approvals
• Budget-conscious families and young professionals

American National is best for:

• Clients seeking long-term cash value and policy flexibility
• Those needing final expense or whole life coverage
• Policyholders wanting more rider customization

📊 Pros and Cons (Comparison Table)

Feature	Banner Life	American National
Financial Strength	A+ (AM Best)	A (AM Best)
Affordable Term Life	✅ Excellent	✅ Good
Whole Life Availability	❌ Not offered	✅ Yes
Indexed Universal Life	❌ No	✅ Yes
No-Medical-Exam Term Options	✅ Up to $2M	✅ Select policies
Rider Options	✅ Standard	✅ Extensive
Cash Value Accumulation	❌ Minimal	✅ Strong
Digital Application	✅ Yes	✅ Limited

🤝 Customer Experience & Support

• Banner Life is often sold through online brokers and platforms like Policygenius and SelectQuote.
• American National uses a traditional agent and broker network for personalized service.

🏁 Final Verdict

✅ Choose Banner Life if:

• You want fast, affordable term life coverage
• You're a healthy individual looking to avoid medical exams
• You don’t need permanent life or cash value options

✅ Choose American National if:

• You want flexibility and cash value from IUL or whole life
• You’re interested in final expense or customizable riders
• You prefer a relationship-based insurance experience