Financial Strength & Ratings

Verdict: Both companies are highly rated and financially stable. Protective has slightly broader recognition from all four agencies.

Policy Types Offered

Coverage Options & Flexibility

• Banner Life offers level term coverage up to 40 years (more than most competitors), with conversion privileges and generous face amounts.
• Protective Life provides flexible term-to-permanent options via its Custom Choice UL, allowing you to keep paying the same premium even after the term technically ends—giving it more longevity.

Underwriting & Application Process

• Banner Life:
  • Known for lenient underwriting, especially for people with high blood pressure, sleep apnea, or high cholesterol.
  • Offers accelerated underwriting for healthy applicants (no medical exam required in some cases).
• Protective Life:
  • Also offers expedited underwriting for term products.
  • Uses a more data-driven approach and can approve applicants quickly through the Protective Velocity platform.
  • Slightly more conservative on health conditions compared to Banner.

Pricing & Affordability

Verdict: Banner Life tends to edge out Protective in pricing for healthy and slightly impaired-risk applicants, especially for term policies.

Alternatives to Consider

• Haven Life – Best for fully online, tech-savvy life insurance shoppers.
• Pacific Life – Ideal for high-net-worth clients needing advanced estate planning.
• Mutual of Omaha – Great for simplified issue and older adults.
• Prudential – Strong for investment-based life insurance.

Riders & Customization

Verdict: Protective Life offers more comprehensive riders overall, though Banner excels in essential features and simplified options.

Best For…

Banner Life

• ✔️ Budget-conscious applicants
• ✔️ Applicants with mild to moderate health risks
• ✔️ Long-term level term coverage (up to 40 years)

Protective Life

• ✔️ People seeking flexibility beyond term with level premiums
• ✔️ Buyers who want convertible UL options
• ✔️ Clients interested in cash value growth with minimal cost

Pros and Cons

Banner Life Insurance

• ✅ Consistently among the cheapest term life providers
• ✅ Fast, streamlined application with lenient underwriting
• ✅ Long term durations available (up to 40 years)
• ❌ No whole life or final expense options
• ❌ Fewer riders than competitors

Protective Life Insurance

• ✅ Great term-to-universal hybrid policy (Custom Choice UL)
• ✅ Strong financial ratings and backing
• ✅ Good selection of riders
• ❌ Slightly more conservative on medical conditions
• ❌ Not as competitively priced as Banner for some age groups

Customer Experience & Support

• Banner Life: Offers a streamlined online application and fast processing, but limited post-issue digital tools.
• Protective Life: Strong reputation for customer support, particularly for policy changes and claims, supported by their Protective Velocity digital platform.

Final Verdict: Which Life Insurance Company Should You Choose?

If your top priorities are affordability, simplicity, and lenient underwriting, Banner Life is a solid choice—especially for term life buyers who may have mild health conditions.

If you want a flexible, long-term policy that grows with your needs, and you like the idea of a term-universal hybrid with consistent premiums, Protective Life is a powerful contender.