Effective October 8, 2020, new rates for Banner Life and William Penn OPTerm series options include a mix of decreases and increases.

What’s Changed

New rates include a mix of increases and decreases, with a focus on earning the top competitive position in the Preferred and Standard Non-tobacco classes and improving competitive position in the Preferred Plus class.

Rate changes were primarily focused on the 10 to 30-year level term periods with no change to 35 and 40-year options. Both annual and monthly rates are highly competitive!

New Business Submission and Pending New Business

Traditional Paper Applications

  • New applications received in the home office by November 7, 2020 and applications currently pending will be issued with the most favorable premium for the insured.
  • Applications received November 8, 2020 and later will be issued with the new rates.

AppAssist

  • Formal applications received by November 7, 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 November 7, 2020.
  • New rates will apply to all completed interviews and subsequent formal applications received November 8, 2020 and later.

Digital Applications

  • Formal applications received by November 7, 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 November 7, 2020.
  • Applications received November 8, 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.
  • Please send reissue requests to your general agent.
Corporate Headquarters:
604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.343.0804

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

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