Prudential Financial, Inc. has cut premiums for two term life insurance policies. The Term Elite and Term Essential plans were first introduced in 2000 and are being cut an average 6 percent. The price change applies only to new policyholders.

"Term insurance can fill an important need for both business planning and in a family's financial plan," says Jim Avery, president, Individual Life Insurance at Prudential. "It offers an economical way to provide a large amount of life insurance coverage for a limited period of time."

Term Essential offers a choice of guaranteed level period premiums for 10, 15, 20, and 30 years. Term Elite offers a choice of guaranteed level premium periods for 10, 15, and 20 years.

Term life insurance prices have been falling since 1996, with industry insiders not knowing when the downward spiral might end. "Term life is a bargain now and has been for some time," says Jack Dolan, a spokesperson for the American Council of Life Insurers. "But focusing on cost is wise, because if you need coverage, you get it, because no one knows when they're going to die."