Banner Life vs Prudential

Verdict

Banner Life is a term specialist: its profile lists term life, plus a guaranteed universal life policy used when term is converted. It was long sold as Legal & General America and was acquired by Japan's Meiji Yasuda Group in a deal that closed on February 2, 2026. Prudential is a public U.S. company that sells term and a broader set of permanent policies, including guaranteed, indexed and variable universal life.

Both sell term through independent brokers. Banner offers 10 to 40-year level terms (longer than Prudential's 10, 15, 20 and 30), plus an online quote and application path with instant approval for eligible applicants up to $5 million. Prudential's EssentialTerm goes up to $65 million, adds one-year renewable term, and SimplyTerm is sold online without an exam for $25,000 to $1 million. Prudential's conversion terms include a conversion credit in years 2 to 7.

Financial strength has moved in different directions. AM Best downgraded Banner to A (Excellent) from A+ (Superior) on March 13, 2026, saying the rating now reflects Banner on its own in the early stages of its role inside Meiji Yasuda. Prudential's profile lists A+ (Superior) as of August 2026, with S&P AA- and Fitch AA- (on Fitch Rating Watch Negative since May 2026); Banner's S&P rating is A and Fitch A+. Prudential ranked 5th of 23 in the J.D. Power 2026 study; Banner was not ranked. Banner settled a universal life cost-of-insurance class action for $38.2 million in 2020; Prudential has sold or reinsured older blocks since 2022.

Choose Banner Life if

• You want level term for 35 or 40 years, or stackable term riders to match a mortgage.
• Term alone is your goal, with a guaranteed universal life conversion if needed.
• You want instant approval of up to $5 million for eligible applicants.
• You accept a new foreign owner and the A (Excellent) AM Best rating.

Choose Prudential if

• You want permanent coverage (guaranteed, indexed or variable universal life) from the same company.
• You need a very large term policy or a one-year renewable term.
• You want a published AM Best A+ and S&P and Fitch AA- ratings.
• You want the option of an advisor or an online-only small term policy.

Key differences

Before you decide

Price is the usual reason to compare term sellers, so get quotes for the same coverage, term and health class from both, per how to compare life insurance quotes fairly. Ask about conversion deadlines and what permanent policy you would get (converting term life to permanent: how the conversion option works). Rating dates and agency differences are covered in AM Best, S&P, Moody's and Fitch ratings explained, and when your life insurance policy is sold to another company explains what ownership changes like Banner's mean for existing policyholders.