At a Glance
| Banner Life | AIG / Corebridge Financial | |
|---|---|---|
| Banner Life | AIG / Corebridge Financial | |
| AM Best rating | A+ (Legal & General America) | A (Corebridge Financial) |
| Founded | 1949 | 1919 (AIG); Corebridge spun off 2022 |
| Best known for | Lowest-cost term life | Guaranteed issue, no-exam options |
| Term pricing | Among top 3 cheapest nationally | Competitive, not market-leading |
| No-exam options | Yes (accelerated underwriting) | Yes — including guaranteed issue |
| Max term length | 40 years | 35 years |
| Guaranteed issue available | No | Yes — for ages 50–80 |
Figures reflect industry-wide data compiled from multiple 2026 sources. Your actual quote depends on your age, health, coverage amount, and policy type.
Where Banner Life Wins
- Consistently lowest term premiums: Banner Life is cited in nearly every independent rate study as one of the 2-3 cheapest term life providers in the US for healthy applicants — across multiple age groups and coverage amounts
- 40-year term option: Banner Life offers term lengths up to 40 years — one of the longest available in the market, valuable for young buyers who want protection through their full working years
- Strong financial backing: Banner Life is underwritten by Legal & General America, the US arm of Legal & General Group — one of the UK's largest and most financially stable insurers (A+ AM Best)
- Competitive underwriting for standard health: Banner Life's underwriting is efficient and competitive for applicants in standard to preferred health classes — turnaround times are typically fast
- Conversion option: Banner Life's term policies include a conversion privilege allowing you to convert to permanent coverage without a new medical exam — useful if your health changes
Where AIG / Corebridge Financial Wins
- Guaranteed issue life insurance: AIG/Corebridge offers guaranteed issue whole life for ages 50–80 with no medical questions — an option Banner Life does not provide, essential for buyers who cannot qualify for standard underwriting
- Broader product range: AIG/Corebridge offers term, whole life, universal life, indexed universal life, and guaranteed issue — Banner Life focuses primarily on term and universal life
- No-exam whole life: AIG's no-exam whole life products fill a gap that Banner Life's term-focused lineup doesn't address
- Senior market strength: AIG/Corebridge's final expense and guaranteed issue products specifically serve the 50–80 age market — a segment where Banner Life is not competitive
- Name brand recognition: Despite the Corebridge rebrand, AIG's legacy brand recognition remains strong, particularly among buyers who associate AIG with large institutional financial strength
How to Decide
Choose Banner Life if: You're a healthy applicant shopping for the lowest possible term life premium — Banner Life's pricing is consistently at the top of independent rate comparisons, and its 40-year term option is rare in the market.
Choose AIG/Corebridge Financial if: You need guaranteed issue life insurance (no health questions), have health conditions that complicate standard underwriting, or are in the 50–80 age range looking for final expense coverage.
These two companies serve somewhat different buyer profiles — Banner Life for healthy buyers wanting cheap term, AIG/Corebridge for harder-to-insure buyers needing guaranteed access to coverage. For a broader look at how these companies stack up against the rest of the market, see MoneyVerge's guide to the best life insurance companies.
Frequently Asked Questions
Yes — Banner Life (Legal & General America) consistently appears in the top 2-3 lowest-cost term life providers in independent rate studies across multiple age groups and coverage amounts. For a healthy 35-year-old non-smoker seeking $500,000 of 20-year term coverage, Banner Life's rates are typically within the cheapest bracket nationally.
Corebridge Financial is AIG's US life insurance and retirement business, spun off as a separate publicly traded company in 2022. AIG retained a controlling stake. Corebridge continues to sell life insurance products under both the AIG and Corebridge Financial brands depending on the product and distribution channel. The underlying financial obligations from existing AIG life policies transferred to Corebridge.
Banner Life offers accelerated underwriting (no paramedic exam) for qualifying applicants — typically healthy individuals under a certain age and coverage threshold. However, Banner Life does not offer guaranteed issue policies where no health questions are asked at all. For guaranteed issue coverage, AIG/Corebridge is the stronger option between these two.
For a 60-year-old in good health seeking term coverage, Banner Life's competitive pricing and 35-year term option make it worth quoting. For a 60-year-old with health conditions or who wants permanent coverage with no medical underwriting, AIG/Corebridge's guaranteed issue and simplified issue products are likely the better fit. Age 60 is where these two companies' strengths start to diverge most clearly.