Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Sep 24, 2021

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The Facts of Life

  • Banner has cheaper life insurance rates than American Amicable
  • American Amicable has more coverage options than Banner
  • Banner has been rated better than American Amicable by A.M. Best

American Amicable and Banner offer permanent and term life insurance. Banner has lower rates, but American Amicable has more coverage options. Comparing American Amicable vs. Banner life insurance will allow you to discover the best option.

Before starting this American Amicable vs. Banner comparison, enter your ZIP code above to find free life insurance quotes from companies in your area.

American Amicable vs. Banner: What are their monthly rates?

Comparing affordable American Amicable vs. Banner life insurance rates will allow you to determine the cheapest option. The following charts show the average monthly rates for American Amicable and Banner for a 10-year term at $250,000 based on age and gender:

These are the life insurance rates for men:

American Amicable vs. Banner: 10-Year Term $250,000 Policy Monthly Rates by Age for Males
AgeAmerican Amicable Average Monthly RatesBanner Average Monthly Rates
25$22.50$12.11
35$22.73$12.96
45$37.80$22.95
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The following chart shows the same information for women:

American Amicable vs. Banner: 10-Year Term $250,000 Policy Monthly Rates by Age for Females
AgeAmerican Amicable Average Monthly RatesBanner Average Monthly Rates
25$16.43$8.78
35$19.13$12.20
45$28.35$17.92
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As you can see, Banner has lower rates than American Amicable. Also note that life insurance rates are cheaper for women, but rates increase for all genders as customers age.

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American Amicable vs. Banner: What policies are available?

Analyzing American Amicable vs. Banner life insurance company policies will help you find the provider with the best coverage. While both companies offer term and universal life insurance, American Amicable also provides whole life and final expense plans.

American Amicable provides term life insurance in 10, 15, 20, 25, and 30-year terms. These limited policies are available for customers between 18 and 95 years of age. The value of these policies ranges from $50,000 to $400,000.

The Express Term plan is a simplified option, providing quick approval and allowing customers to avoid a medical exam. The group plan is available for customers up to 65 years old and is for government employees and first responders.

Permanent policies from American Amicable include universal and whole life insurance. Whole life plans feature fixed rates, and universal life policies have flexible rates. The company has two types of universal life insurance. Non-medical doesn’t require an exam, and fully underwritten plans have more coverage.

In addition to term and permanent life policies, American Amicable also offers final expense insurance. Available for customers 50 years and older, these plans pay for final expenses, such as funeral and burial costs.

Banner offers term life insurance in 10, 15, 20, 25, 30, 35, and 40-year terms. While most life insurance companies offer term life policies for 10 to 35 years, Banner is one of the few that offers 40-year plans. Coverage for these policies starts at $100,000.

The only permanent life option offered by Banner is their universal life plan. Starting at $50,000 in value, customers between 20 and 85 years old can obtain this coverage.

American Amicable vs. Banner: What riders are offered?

Life insurance companies commonly offer options that customers can add to a policy for an additional fee. These options are known as riders and allow customers to customize an existing policy. American Amicable and Banner offer multiple riders.

American Amicable and Banner include an accelerated death benefit rider with their universal life coverage. This rider allows policyholders to access a portion of their death benefit before death if they suffer from a critical, chronic, or terminal illness.

In addition to the accelerated death benefit rider, American Amicable offers various options that you can add to a policy.

Optional riders offered by American Amicable include:

  • Total disability
  • Waiver of premium for unemployment
  • Waiver of premium for disability
  • Children’s insurance
  • Accidental death benefit
  • Grandchild insurance
  • Nursing home waiver of premium
  • Children’s insurance agreement
  • Family insurance agreement

Optional riders offered by Banner Life Insurance include:

  • Child protection
  • Disability waiver of premium

While American Amicable and Banner offer multiple riders, American Amicable provides far more options than Banner. When comparing life insurance rates online, consider that adding riders will increase your American Amicable or Banner life insurance quotes.

American Amicable vs. Banner: What is their financial strength?

Credit rating agencies review and rate life insurance companies based on financial strength. These financial ratings determine the likelihood that a company will provide a payout when customers file a claim.

American Amicable life insurance has been rated an A by A.M. Best. This rating is solid, determining that the company will usually provide a payout when customers file a claim.

Banner has been rated an A+ by A.M. Best and an AA- by S&P and Fitch. These are among the best ratings in the industry and show that the company has superior financial strength.

The Banner Life Insurance Company rating from A.M. Best is better than the rating given to American Amicable. The lack of American Amicable ratings by agencies other than A.M. Best is primarily due to the company’s small size.

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American Amicable vs. Banner: Which company has more complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review life insurance complaints. The organizations have examined complaints made about American Amicable and Banner.

At the time of this comparison, the BBB has received 16 complaints about American Amicable over the past three years. The company’s NAIC complaint index ratio is 2.66, indicating more than double the complaints about similarly-sized companies.

The BBB has received four complaints about Banner during the past three years. According to the NAIC, Banner Life Ins. has a complaint index ratio of 0.09, indicating far fewer complaints than competitors of a similar size.

American Amicable vs. Banner: How can you make policy changes?

American Amicable and Banner customers can access their policy information or make changes through the company websites or mobile apps. Signing into your account will also provide access to necessary documentation, such as the Banner Life Insurance beneficiary change form.

American Amicable vs. Banner: Company History

The American Amicable Life Insurance Company was founded in 1910 in Waco, Texas. The company was a subsidiary of the American Amicable Group before being purchased by Industrial Insurance and Financial Services, Inc. in 2010.

The Banner Life Insurance Company was founded in 1949 by Legal and General America. Headquartered in Frederick, MD, the company provides life insurance to customers in 49 states. Banner’s sister company, William Penn, serves customers in New York.

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American Amicable vs. Banner Life Insurance: The Bottom Line

Customers looking to buy American Amicable or Banner life insurance will find that Banner has lower rates but American Amicable has more policy options. However, Banner is financially stronger than American Amicable. 

Now that you’ve compared American Amicable vs. Banner life insurance, enter your ZIP code below to compare free life insurance rates from providers in your area.