Neither one is the better company, and this pair sits closer together than most on the site, because both start with term life. What differs is the order the decision happens in. Banner Life and its New York company, William Penn, say they partner with over 150,000 agents across the country, so most buyers meet Banner on someone's comparison sheet or through the quote tool on its own site, usually with a coverage amount already in mind. Primerica sells its term through a licensed representative who typically walks the household through a complimentary Financial Needs Analysis before any coverage amount is named, so decide which order suits you and the company tends to pick itself.
At a glance
| Banner Life | Primerica | |
|---|---|---|
| Who issues the policy | Banner Life in 49 states and D.C., William Penn in New York | Primerica Life in most states, National Benefit Life in New York |
| Company structure | Part of the Meiji Yasuda Group since 2026, per the company | Primerica, Inc. is publicly traded on the NYSE as PRI |
| What they sell individuals | Term life and universal life, including a guaranteed version | Level premium term life, its single insurance product |
| How you buy it | Through an independent agent, or start with a quote on its site | Through a licensed Primerica representative, in person or by video |
| Term lengths offered | 10, 15, 20, 25, 30, 35 and 40 year policies | Level premium terms from 10 years up to 35 years |
| How long coverage can run | Term to 40 years; universal life can guarantee to age 121 | Covered until age 95 while premiums are kept current |
| Before the coverage amount is set | You or your agent usually arrive with an amount in mind | A complimentary Financial Needs Analysis for the household |
| Best known for | Long term lengths and a name brokers put on comparison sheets | Buy term and invest the difference, with the analysis first |
The coverage amount is something you bring, or something the meeting produces
Both companies lead with term, so the useful split is not the product, it is the order the decision happens in. Banner Life Insurance Company and William Penn Life Insurance Company of New York reach individuals largely through other people. The company says it partners with over 150,000 agents across the country, and its own site runs a free quote tool and a find an agent link. Either route, you tend to arrive already holding a face amount and a length, and the company answers with a price off a shelf running 10, 15, 20, 25, 30, 35 and 40 years for ages 20 to 75, with a conversion path into universal life guaranteed to age 121. Primerica runs the sequence the other way. Its term comes through a licensed representative, one of the 148,612 life-licensed representatives the company reported at June 30, 2026, and the complimentary Financial Needs Analysis usually comes before any coverage amount is named. Neither order makes the premium cheaper. Price at both turns on age, health, amount, length and state. What the order decides is whether you walk in with the number or walk out with it.
Who each one actually suits
Banner Life
Term and universal life reaching buyers through independent agents nationwide
- You would rather have one independent professional set Banner next to several other carriers and price them all on the same day.
- You want a longer runway than most companies write, since the term shelf runs 10, 15, 20, 25, 30, 35 and 40 years.
- You are between 20 and 75, which is the age range Banner Life lists for its term coverage.
- You may want permanent coverage later, since the same family of companies writes universal life that can guarantee protection to age 121.
- You are comfortable doing more of the shopping yourself, whether that means using your own agent or starting with the quote tool on the company site.
Primerica
Level premium term life sold by its own licensed local representatives
- You would rather sit down with a licensed representative, in person or by video, than compare quotes on your own.
- You want the household mapped before a number is named, which is what the complimentary Financial Needs Analysis is built to do across income, retirement, debt and education funding.
- You like that term is the entire insurance business here, so the conversation stays on protecting a defined stretch of years.
- You want a named person you can call back years from now, since Primerica coverage comes with the representative who wrote it.
- You want term that stays in force until age 95 as long as the premiums are kept current, which is how Primerica describes its coverage.
If you already hold one of them
If you already hold one of these, the first job is to read it, not replace it. A Banner Life or William Penn policy issued back when your health was better may sit in a rating class you could not qualify for today, and a Primerica term policy bought at a younger age carries the same quiet advantage. Check three things: the coverage amount, the years left on the level term, and whether the beneficiary is still the person you intend. If all three still fit your life, the honest answer is to keep it, and that is how a good share of these reviews end.
Common questions
Is Banner Life the same company as Legal and General America?
Yes, it is the same business under the name it now uses publicly. The company's own history says Government Employees Life Insurance Company was chartered in 1949, that it changed its name to Banner Life in 1983, and that William Penn was added to the family in 1989. It says it was part of the Legal and General Group from 1981 through 2026, and that in 2026 it was acquired by the Meiji Yasuda Group as part of that group's expansion in the United States. The contract itself is still issued by Banner Life Insurance Company, or by William Penn Life Insurance Company of New York for New York residents.
Which company would actually issue my policy, and does that change by state?
It does, for both. Banner Life Insurance Company sells in 49 states and the District of Columbia, while William Penn Life Insurance Company of New York sells exclusively in New York. Primerica term is issued by Primerica Life Insurance Company, with executive offices in Duluth, Georgia, in all United States jurisdictions except New York, where National Benefit Life Insurance Company, home office in Long Island City, issues it. The name printed on the contract is the one that pays the claim, so it is worth reading before you sign rather than after.
Do I have to go through an agent to get Banner Life coverage?
Not necessarily. The company says it partners with over 150,000 agents across the country, and its own site also runs a free quote tool and a find an agent link, so you can start from either direction. Primerica works differently by design: its term comes through a licensed Primerica representative, and the company says buying life insurance should be a face to face decision, whether that happens in person or on video, rather than an internet decision. Neither approach is better in the abstract. One puts more of the comparing in your hands, the other puts a named person in the room with you.
How long can the term coverage last with each one?
Banner Life lists 10, 15, 20, 25, 30, 35 and 40 year policies, and describes itself as one of the few carriers writing up to 40 years of term coverage, available for ages 20 to 75. Primerica writes level premium term from 10 years up to 35 years, and says you are covered until age 95 while the policy stays in effect and premiums are kept current. The length you need depends on the job the money has to do. A mortgage with twenty two years left is a different problem than a child who just started kindergarten.
Does either company offer permanent coverage if my needs outlast the term?
Banner Life does. Alongside term, it writes universal life, and its guaranteed version is described as protecting you to age 121, with a conversion path from a term policy. Primerica writes level term life and nothing else, which the company treats as a deliberate design rather than a gap, since the idea it was built on keeps protection and saving in separate buckets. If lifelong coverage is on your list, that difference matters. If you are covering a defined window of working years, it may not matter at all.
Which one is cheaper?
There is no honest answer to that in the abstract, and anyone who gives you one is guessing. Term pricing turns on your age, your health and tobacco use, the coverage amount, the length you pick and the state you live in, and two neighbors the same age can land in different rating classes at the same company. The only comparison worth anything is both quotes run on your real details on the same day, ideally next to two or three other well established carriers. That is exactly what a comparison is for.
How do I check the financial strength of each company?
Look each one up yourself rather than taking our word for it, or anyone else's. Financial strength ratings for United States life insurers are published at ambest.com, and you can search each issuing company by its legal name: Banner Life Insurance Company, William Penn Life Insurance Company of New York, Primerica Life Insurance Company, or National Benefit Life Insurance Company. Ratings move over time, so check the current one rather than a figure quoted in an old article. Every licensed United States life insurer is also backed by a state guaranty association up to limits set by your state.
If I already have one of these, should I switch to the other?
Not automatically, and often not at all. Coverage you already own was priced on the health you had when it was issued, so if your health has changed since, replacing it can cost more or may not be available on the same terms. Any honest comparison starts by valuing what you already hold, and a review that ends in keep what you have is a perfectly good result.
Can I hold policies from both companies at once?
Yes. There is no rule against owning coverage from more than one insurer, and plenty of households do, often because policies were bought at different life stages for different reasons. What matters is that the total coverage matches what your family would actually need, and that you are not paying twice for the same job.
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Rates for Banner Life and Primerica both depend on your age and health, which means the better buy for your neighbour may be the worse buy for you. A licensed professional will price both against what you already have and tell you which is genuinely better, including when the honest answer is to keep what you have.
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This comparison is general information, not legal, tax, or financial advice. Product availability, pricing and underwriting differ by state, age and health, and change over time. Policy Review Center is a free comparison and referral service, not an insurance agency, insurer, or producer, and it connects you with independent licensed agents. Carrier names are used for reference only and do not imply any endorsement or affiliation.