Effective August 11, 2020, new rates for all Banner Life and William Penn OPTerm series options include a mix of decreases and increases.
What’s Changed
A mix of increases and decreases, with a focus on regaining the top competitive position on the Preferred and Standard Non-Tobacco classes and improving pricing in the Preferred Plus class. Rate changes were primarily focused on 10-30 year level term periods, but have changed for all OPTerm series options.
Rate changes were primarily focused on 10-30 year level term periods but have changed for all OPTerm series options. Both annual and monthly rates are highly competitive!
Plans: New rates for OPTerm 10, 15, 20, 25, 30, 35 and 40
Classes: All non-tobacco and tobacco underwriting classes
Bands: All bands
Policy fee: No change
Compensation: No change
New Business Submission and Pending New Business
Traditional Paper Applications
- New applications received in the home office by September 10, 2020, and applications currently pending will be issued with the most favorable premium for the insured.
- Applications received September 11, 2020, and later will be issued with the new rates.
AppAssist
- Formal applications received by September 1 0, 2020 will be issued with the most favorable premium for the insured.
- In order for the policy to be eligible for prior rates, the drop ticket should be submitted with enough time for the interview to be completed and the application submitted by September 10, 2020.
- New rates will apply to all completed interviews and subsequent formal applications received September 11, 2020, and later.
Digital Applications
- Formal applications received by September 10, 2020, will be issued with the most favorable premium for the insured.
- In order for the policy to be eligible for prior rates, the drop ticket should be submitted with enough time for the applicant to complete the application and submit it by September 10, 2020.
- Applications received September 11, 2020, and later will be issued with the new rates.
Reissue Requests
- Recently issued policies can be considered for reissue, with the new rates, provided the free look period has not expired. Make sure you indicate that you want the policy reissued with the new rates.