When most people research term life insurance, they hear about Banner Life, Protective, and Pacific Life. Symetra rarely makes the consumer shortlist — not because it isn’t competitive, but because it spends almost nothing on consumer brand advertising. That’s good news for buyers who find it: in a Banner Life vs. Symetra comparison, Symetra often comes out ahead on pure price, sometimes by a meaningful margin.
In This Article
Live Rate Comparison: Banner Life vs. Symetra SwiftTerm
Rates below are pulled live from Compulife® as of June 2025, $500,000 20-year term, non-tobacco, NV. Rates subject to change. Individual outcomes vary.
| Profile | Banner Life | Symetra SwiftTerm | Difference |
|---|---|---|---|
| Male, 30, Preferred Plus, $500K 20-yr | $18.23/mo | $18.25/mo | $0.02 |
| Male, 40, Preferred Plus, $500K 20-yr (est.) | ~$30.xx/mo | ~$30.xx/mo | Run quote |
| Male, 45, Preferred Plus, $500K 20-yr | $45.01/mo | $45.03/mo | $0.02 |
| Male, 55, Preferred Plus, $500K 20-yr | $112.16/mo | $112.18/mo | $0.02 |
| Female, 45, Preferred Plus, $500K 20-yr | $35.66/mo | $35.68/mo | $0.02 |
| Male, 45, Standard (Regular), $500K 20-yr | $85.80/mo | $85.82/mo | $0.02 |
| Male, 40, Preferred Plus, $500K 30-yr | $49.15/mo | $49.17/mo | $0.02 |
Rates sourced Compulife® June 2025, NV. At most standard profiles Banner and Symetra price within $0.02/month — nearly identical. The key differentiation is product design, conversion structure, and the critical CER/WOP rider conflict at Symetra. Subject to change. Not an offer of insurance.
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Banner Life Insurance: Overview
Banner Life (Legal & General America, A/AA- from A.M. Best/S&P) offers the OPTerm series in 10–40 year terms. Key advantages over Symetra: full age-70 base conversion window with no rider restrictions, the unique Stacking Term Rider, 35- and 40-year term options, and the freedom to combine WOP with full conversion flexibility without any conflict.
Symetra Life Insurance: Overview
Symetra (subsidiary of Sumitomo Life, A from A.M. Best and S&P) offers SwiftTerm with a three-path underwriting system: instant coverage (~18 minutes), accelerated (24–72 hours), or full underwriting. This speed advantage is one of the most practical differentiators in the market for qualifying applicants.
Symetra’s Unique Features
- Accidental Death Benefit Rider: Up to $250,000 — Banner does not offer this on term.
- Value Added Benefit Endorsement: Empathy bereavement support for beneficiaries — included at no cost. Unique to Symetra.
- Issue ages to 80 on Symetra Term (full underwriting product).
The Critical CER/WOP Conflict
This is Symetra’s most important planning limitation: the Conversion Enhancement Rider (CER) and Waiver of Premium Rider cannot be elected on the same policy. Buyers who want both disability premium protection AND enhanced conversion flexibility must choose one or the other. Banner imposes no such restriction.
Conversion Options Compared
| Scenario | Banner Life | Symetra SwiftTerm (base) | Symetra SwiftTerm (with CER) |
|---|---|---|---|
| 40-yr-old, 30-yr term — conversion window | To age 70 (30 years access) | 10th anniversary (age 50) | Extended (confirm with Symetra) |
| WOP + full conversion together? | ✅ Yes — no conflict | ✅ Base only (limited window) | ❌ CER and WOP are mutually exclusive |
| Conversion products | Life Step UL only | Symetra CAUL | Additional products with CER |
| Additional rider needed for age-70 window? | ❌ No | Only if term > 10 years | CER extends the window |
Riders: What’s Included vs. What Costs Extra
Banner Life — OPTerm
✅ Included: ADB terminal illness (75% / $500K max; 12–24 month prognosis)
➕ Additional cost: WOP; Children’s Term Rider; Stacking Term Rider
❌ Not available: Accidental Death Benefit; chronic/critical illness riders; ROP
✅ No rider conflict: WOP and full conversion flexibility available simultaneously
Symetra — SwiftTerm
✅ Included: ADB terminal illness (75% / $500K max; 12-month prognosis); Empathy bereavement support (Value Added Benefit)
➕ Additional cost: CER (extends conversion — cannot combine with WOP); Accidental Death Benefit (up to $250K); Children’s Term Rider ($1K–$10K/child); WOP
⚠️ Critical: CER and WOP cannot be elected on the same policy
❌ Not available: Chronic/critical illness riders; ROP; Stacking Term Rider
What We’ve Seen in Our Placements
- A 38-year-old male, Preferred Plus, $500,000 of 20-year term — no conversion plans, wanted Accidental Death Benefit: Symetra SwiftTerm with the ADB rider. Banner couldn’t provide the ADB. Price was essentially identical.
- A 45-year-old male, Preferred Plus, $1,000,000 of 20-year term — wanted both WOP and conversion flexibility: Banner won. The CER/WOP conflict at Symetra forced a choice. Banner gave him WOP and full age-70 conversion with no restriction.
- A 42-year-old male, Preferred Plus, $500,000 of 30-year term who wanted both WOP and a long conversion window: Banner — Symetra’s base window closes at the 10th anniversary (age 52). CER would extend it but he couldn’t combine CER with WOP. Banner was the only clean option.
Individual outcomes vary. Anonymized placement examples, not guarantees of outcome.
The Verdict
Choose Banner Life if:
- You’re buying a 20- or 30-year term and want full age-70 conversion flexibility without a rider restriction
- You want both WOP and conversion flexibility — Symetra’s CER/WOP conflict is a dealbreaker here
- You want a 35- or 40-year term (Symetra caps at 30)
- The Stacking Term Rider matters for your planning
Choose Symetra SwiftTerm if:
- Speed is paramount — Symetra’s 18-minute instant path is unmatched for qualifying applicants
- You want an Accidental Death Benefit rider — Banner doesn’t offer this on term
- You’re buying a shorter term (10 or 15 years) where the 10th-anniversary conversion window is less of a concern
- You don’t need to combine WOP with the CER
Symetra is one of the most underappreciated carriers in the term market. We place clients with both regularly. Call 888-972-0024 or get a free quote online.
Frequently Asked Questions
Is Symetra a reputable life insurance company?
Yes. Symetra has operated since 1957, holds an A rating from A.M. Best and S&P, and is a subsidiary of Sumitomo Life Insurance — one of Japan’s largest insurers. We place clients with Symetra regularly and consider it a reliable, well-capitalized carrier for healthy applicants.
Is Banner Life or Symetra cheaper for term insurance?
They price within $0.02/month of each other across most profiles per June 2025 Compulife data. Male, 45, Preferred Plus, $500K 20-year: Banner $45.01/mo, Symetra $45.03/mo. Product design — especially the CER/WOP conflict at Symetra — is the real differentiator.
Can I add both a Waiver of Premium and Conversion Enhancement Rider to my Symetra policy?
No. Symetra’s CER and WOP Rider are mutually exclusive on SwiftTerm — you can elect one or the other, but not both. Banner Life does not impose this restriction.
How does Symetra’s accelerated underwriting work?
SwiftTerm uses a three-path process. Qualifying applicants may receive instant coverage (~18 minutes), accelerated underwriting with decision in 24–72 hours without a medical exam, or full underwriting with an exam. The path is determined by your application answers and third-party data.