Effective July 26, we’re making new adjustments to the non-tobacco classes, giving you even more #1 pricing than any other carrier:\

  • Banner Life OPTerm pricing comes in at #1 – 81.5% of the time and ranks top 3 – 91.3% of the time against term competitors in the national market.
  • William Penn OPTerm pricing comes in at #1 – 83.5% of the time and ranks top 3 – 97.5% of the time against term competitors in the New York market.

What’s Changed?
More reductions in the non-tobacco classes mean more #1 pricing than any other carrier.

Changes to level period premium rates across level term periods (10, 15, 20, 25, 30, 35 and 40 years). Both annual and monthly rates are highly competitive.

Overview
Effective date: 7/26/2022

Plans: New rates for OPTerm 10, 15, 20, 25, 30, 35 and 40

Classes: Non-tobacco classes

Bands: All bands

Policy fee: Banner is $90 and William Penn is $80

Modal Factor: No change

Compensation: No change

New Business Submission and Pending New Business

Traditional Paper Applications

  • New applications received in the home office by August 25, 2022, and applications currently pending will be issued with the most favorable premium for the insured.
  • Applications received August 26, 2022, and later will be issued with the new rates.
  • Please note that as of August 1, 2022, the traditional paper LIA (ICC08-LIA and state variations) will no longer be accepted.

AppAssist

  • Formal applications received by August 25, 2022, 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 August 25, 2022.
  • New rates will apply to all completed interviews and subsequent formal applications received August 26, 2022, and later.

Digital Applications

  • Formal applications received by August 25, 2022, 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 August 25, 2022.
  • New rates will apply to all completed interviews and subsequent formal applications received August 26, 2022, and later.

Direct-Access Distribution Partners Only: 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.
  • Reissue requests can be made from the Partner Dashboard or by sending an email to: Banner_Reissue@lgamerica.com or Penn_Reissue@lgamerica.com.
  • All reissue requests must be made in writing. Phone requests will not be accepted.

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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 575, Littleton, CO 80120, 303-797-9080.

GBS Insurance and Financial Services, Inc. is not affiliated with The Leaders Group, Inc. You may check the background of investment professionals on FINRA Broker Check

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