Banner Life vs. Symetra: Term Insurance Compared

In a Banner Life vs. Symetra comparison, price will not settle the decision. In our October 2026 Compulife check the two were within $0.09 a month of each other in four of five profiles, and Banner was $1.08 a month lower at age 55 ($111.08 vs. $112.16, roughly 1%). The real differences are in product design. Banner’s OPTerm lets you convert for the whole level premium period or to attained age 70, whichever comes first, while Symetra’s base conversion window closes at the 10th policy anniversary (or the anniversary after age 70, if earlier) unless you add the Conversion Enhancement Rider, which cannot be combined with Waiver of Premium. Symetra’s SwiftTerm adds an online path that can deliver coverage in as little as 18 minutes for qualifying applicants and an optional accidental death rider, while Banner offers 25-, 35-, and 40-year terms that Symetra does not.

Live Rate Comparison: Banner Life vs. Symetra

Rates below come from Compulife® as of October 2026 for a $500,000 20-year term policy, non-tobacco, Nevada. Rates are subject to change and depend on full underwriting. Individual outcomes vary.

Profile	Banner Life	Symetra	Difference
Male, 30, Preferred Plus, $500K 20-yr	$18.27/mo	$18.23/mo	$0.04 (effectively tied)
Female, 40, Preferred Plus, $500K 20-yr	$23.72/mo	$23.76/mo	$0.04 (effectively tied)
Male, 45, Preferred Plus, $500K 20-yr	$44.95/mo	$45.01/mo	$0.06 (effectively tied)
Male, 45, Standard (Regular), $500K 20-yr	$85.71/mo	$85.80/mo	$0.09 (effectively tied)
Male, 55, Preferred Plus, $500K 20-yr	$111.08/mo	$112.16/mo	$1.08 (Banner lower)

Rates sourced from Compulife® October 2026, NV, non-tobacco. A.M. Best rating shown by Compulife for Symetra: A. Rates subject to change. Not an offer of insurance.

Key takeaway: In four of the five profiles the two carriers were within $0.09 a month, which we treat as a tie. The one profile with a visible gap was the 55-year-old male, where Banner was $1.08 a month lower, about $259.20 over a 20-year term ($1.08 × 240 months) and under 1% of the premium. A gap that small should not outweigh the product differences below.

Which products are these quotes for? Compulife returns one price per carrier and does not name the product. Banner’s term product is OPTerm. For Symetra we cannot tell: both SwiftTerm and Symetra Term Life (its fully underwritten product, $250,000 minimum) can be written at $500,000 for 20 years at these ages, so confirm the product when you request a quote.

Banner Life Insurance: Overview

Banner Life’s OPTerm is available in 10-, 15-, 20-, 25-, 30-, 35-, and 40-year terms, with coverage from $100,000 into the millions. Per Banner’s product specifications, issue ages (nearest birthday, non-tobacco) run to 75 for 10- and 15-year terms, 70 for 20-year, 60 for 25-year, 55 for 30-year, 50 for 35-year, and 45 for 40-year. Banner is highly rated, but sources differ on its current A.M. Best rating, so check ambest.com before deciding.

• Conversion: available for the level premium period or up to attained age 70, whichever comes first, to a single guaranteed universal life product. Policies issued at age 66 or older can convert only during the first five policy years.
• Terminal illness benefit included: the Accelerated Death Benefit is part of every policy at no extra cost, up to the lesser of 75% of the death benefit or $500,000, and Banner treats the advance as a lien that accrues interest. The qualifying prognosis is generally cited at 12 months (up to 24 months in some states), so confirm for your state.
• Optional riders: Waiver of Premium, a Children’s Life Insurance Rider, and Additional Term Insurance Riders (10-, 15-, or 20-year) for layering temporary coverage on a base policy.

Symetra Life Insurance: Overview

Symetra is owned by Japan’s Sumitomo Life and sells two term products relevant here. SwiftTerm is available in 10-, 15-, 20-, and 30-year terms from $100,000 (Symetra’s product page lists up to $5 million), with issue ages 20 to 60 for the 10-, 15-, and 20-year terms and 20 to 55 for a non-nicotine 30-year term. Symetra Term Life is the fully underwritten product, with a $250,000 minimum and issue ages of 20 to 80 depending on term (the 20-year term tops out at 68 for non-nicotine applicants, per Symetra’s fact sheet).

SwiftTerm’s Three Underwriting Paths

Symetra says your application answers determine one of three paths: instant coverage (qualifying applicants may be approved in as little as 18 minutes), accelerated underwriting (about 24 to 72 hours), or full underwriting (up to about 30 days, and an exam may be requested). Which path you land on depends on your application and third-party data, so speed is not guaranteed.

Conversion on Symetra

The base conversion privilege is included. You can request conversion to a permanent Symetra policy (currently a universal life product) before the end of the 10th policy anniversary or the policy anniversary after your 70th birthday, whichever is earlier. Partial conversions are allowed, but the remaining term coverage ends, and conversion is not available once the accelerated death benefit has been paid.

The Conversion Enhancement Rider and Waiver of Premium

Symetra’s optional Conversion Enhancement Rider (CER) allows conversion to additional Symetra permanent products and may extend the length of the conversion period, depending on the term. Symetra states that the CER is not available if the Waiver of Premium Rider is elected, so a buyer who wants both has to choose. Ask Symetra for the exact conversion deadline that applies to your term and issue age before relying on the extension.

Other Symetra Features

• Terminal illness benefit included: up to 75% of the death benefit, capped at $500,000, when a physician certifies less than 12 months to live. It is available at issue ages 20 to 60 and is not available on rated policies.
• Bereavement services: a Value Added Benefit provides beneficiaries access to grief and estate-settlement support through Empathy, a third party not affiliated with Symetra. These services are not insurance.
• Optional riders at extra cost: Accidental Death Benefit ($5,000 to $250,000, issue ages 20 to 55), Children’s Term Life ($1,000 to $10,000 per child), Waiver of Premium (issue ages 20 to 55), and the CER.

Conversion Options Compared

Feature	Banner Life OPTerm	Symetra (base)	Symetra (with CER)
Conversion window	Level premium period or attained age 70, whichever first	10th policy anniversary or the anniversary after age 70, whichever is earlier	May extend the base window; confirm the deadline with Symetra
Example: age 40, 20-year term	Through the end of the term (about age 60)	Through year 10 (about age 50)	Confirm with Symetra
Conversion products	A single guaranteed universal life product	Currently universal life (Symetra CAUL)	Additional Symetra permanent products
Partial conversion	Confirm with Banner	✅ Allowed (remaining term ends)	Confirm with Symetra
Combine with Waiver of Premium?	No restriction in the specifications we reviewed	✅ Yes	❌ No, the CER is not available with Waiver of Premium
Conversion credit	None listed in Banner’s materials	None listed	None listed

Riders: What’s Included vs. What Costs Extra

Using an accelerated benefit reduces the death benefit, so the cost of these benefits shows up when you use them rather than in the premium. Rider availability varies by state.

Placement Patterns We See

• A buyer in their 40s taking a 20- or 30-year term who may want to convert after year 10. Banner’s window runs through the level premium period or age 70, while Symetra’s base window ends at the 10th anniversary unless the CER is added. For this pattern the conversion window usually matters more than the price, since the two are effectively tied.
• A buyer who wants both disability premium protection and extended conversion options. With Symetra the CER and Waiver of Premium cannot be combined. The Banner specifications we reviewed list no such restriction.
• A buyer who needs coverage in place quickly and is comfortable applying online. Symetra’s SwiftTerm instant and accelerated paths are built for this, though only qualifying applicants get them. Applicants who do not qualify go through full underwriting.
• A buyer who specifically wants an accidental death rider, or a 35- or 40-year term. Symetra lists an Accidental Death Benefit rider, while Banner is the one of the two that offers 35- and 40-year terms.

These are illustrative, anonymized patterns, not descriptions of specific clients or guarantees of outcome. Individual outcomes vary.

The Verdict

Choose Banner Life if:

• You want conversion available for the full level premium period or to age 70 without adding a rider
• You want Waiver of Premium without giving up an extended conversion option
• You want a 25-, 35-, or 40-year term, which Symetra does not offer
• You want the option to layer temporary coverage with an Additional Term Insurance Rider

Choose Symetra if:

• Speed matters and you may qualify for SwiftTerm’s instant or accelerated path
• You want an Accidental Death Benefit rider (confirm availability on Banner if that is your deciding factor)
• You are buying a 10-year term, or you expect to convert within the first 10 years, so the base window is enough
• You are older than Banner’s issue-age limits for your term, in which case Symetra Term Life (issue ages to 80 on the 10-year term) may be worth a quote

Because the carriers are effectively tied on price in most profiles, the right choice depends on your conversion plans, rider needs, and how you want to apply. See our guide on why an independent broker beats going direct, and use our life insurance needs calculator if you are not sure how much coverage to buy.

Frequently Asked Questions

Is Banner Life or Symetra cheaper for term insurance?

In our October 2026 Compulife check for $500,000 of 20-year term, the two were within $0.09 a month in four of five profiles, which we treat as a tie. For a 45-year-old male in Preferred Plus, Banner was $44.95 and Symetra $45.01. At age 55 Banner was $1.08 a month lower ($111.08 vs. $112.16), about $259.20 over 20 years. Compare both at your own age and health class.

Can I add both Waiver of Premium and the Conversion Enhancement Rider to a Symetra SwiftTerm policy?

No. Symetra states that the Conversion Enhancement Rider is not available if the Waiver of Premium Rider is elected, so you have to choose one. The Banner specifications we reviewed list no comparable restriction, though you should confirm that when you apply.

How does Symetra SwiftTerm underwriting work?

Symetra says your application answers determine one of three paths: instant coverage (as little as 18 minutes for qualifying applicants), accelerated underwriting (about 24 to 72 hours), or full underwriting (up to about 30 days, which may include an exam). Your final premium depends on the rate class underwriting assigns.

How do the conversion windows differ between Banner and Symetra?

Banner’s OPTerm allows conversion for the level premium period or until attained age 70, whichever comes first, to a single guaranteed universal life product. Symetra’s base conversion must be requested before the end of the 10th policy anniversary or the anniversary after age 70, whichever is earlier. Symetra’s optional Conversion Enhancement Rider can add products and may extend the period, so confirm the exact deadline for your term.

Do Banner or Symetra term policies include chronic or critical illness benefits?

The Banner and Symetra materials we reviewed list a terminal illness accelerated death benefit as the included living benefit and do not list chronic or critical illness benefits on these term products. Both benefits reduce the death benefit when used, and details vary by state, so confirm current terms with the carrier before you apply.

Authoritative Resources

• NAIC — Life Insurance Consumer Information
• A.M. Best — Insurer Financial Strength Ratings