AIG vs Banner Life Insurance

April 3, 2020
Jonathan Fritz
B.A. Risk Management
Life Insurance Agent

If your comparing Banner and AIG its most likely you have been researching life insurance rates online. Banner is known as the cheapest life term life insurance among excellent financially rated companies. Banner is affordable when it comes to term life insurance but can be bested by AIG when it comes to shorter term policies.

AIGs select a term allows consumers to choose a policy that is a guaranteed annually renewable policy. This a one-year term life insurance policy designed for those who want to have term coverage but have a small budget. Naturally these policies are cheaper in nature and many companies have trouble competing with rates this low. However, you do have to reapply every year which means you will likely pay more over the period of time you have coverage.

Rather than aiming for short term coverage Banner life insurance is doing the exact opposite. They have recently launched their forty-year term life insurance option. This is the longest-term policy available in the life insurance industry meaning it will offer the most savings over time.

Life insurance is the one product you buy that you never want to use. When considering a policy that is short term versus long term it’s important to understand the difference. If a twenty-five-year-old male were to apply for Banners forty-year term life insurance policy, they would be paying a fixed premium until age sixty-five. That means over the duration of the policy the owner of the coverage would be paying rates for that of a twenty-five-year-old. That’s one major benefit to buying life insurance at a young age.

On the other end if you were to buy a life insurance policy from a company who offered short term coverage such as AIG, you would then be required to pay a new premium each year based on your current age at the time of the most recent application. This can drive costs up over time and also

In either scenario you are dealing with two majorly popular choices when it comes to term life insurance. Both companies offer small burial policies and an array of universal life insurance options.

Jonathan Fritz has been a licensed life insurance for Banner Agent Number (PJ30000) since 07/08/2013 and has written this comparison to help you choose the best life insurance company for your specific situation.

  • YEAR FOUNDED
    1919
  • CURRENT CEO
    Brian Duperreault
  • AVAILABLE
    36 States
  • ADDRESS
    American International Group, Inc. 175 Water Street New York, NY 10038
  • TOP AWARDS

    Top 50 Companies for Diversity

    Insurance Industry Innovator

    Top 100 Companies for Internship Program

  • PROS
    • Strong financial stability.
    • Strong product lineup.
    • Flexibility.
  • CONS
    • Service many not be personal.
    • Lengthy claims process.
    • Strict underwriting.
  • YEAR FOUNDED
    1949
  • CURRENT CEO
    Bernard Leigh Hickman
  • AVAILABLE
    All 50 States
  • ADDRESS
    3275 Bennett Creek Avenue Frederick, MD 21704 United States
  • TOP AWARDS

    "Best Term Assurance Provider"" at the Investment Life & Pensions Moneyfacts Awards 2017

    Communitas Award for Commitment to Corporate Social Responsibility

  • PROS
    • Flexibility of payment options and term limits for each option on the policy
    • Fast-track claims
    • Electronic application
  • CONS
    • Medical exam required.
    • Strict eligibility for preferred rates.
    • Options are very limited in scope