On Wednesday, April 6th, Legal & General updated their OPTerm product. More reductions, especially in the non-tobacco classes, mean more #1 pricing than any other carrier.
Changes to level period premium rates include a mix of increases and decreases, across level term periods (10, 15, 20, 25, and 30 years). Both annual and monthly rates are highly competitive.
Administrative Guidelines
Traditional Paper Applications
- New applications received in the home office by May 6, 2022, and applications currently pending will be issued with the most favorable premium for the insured.
- Applications received May 7, 2022, and later will be issued with the new rates.
AppAssist
- Formal applications received by May 6, 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 May 6, 2022.
- New rates will apply to all completed interviews and subsequent formal applications received May 7, 2022, and later.
Digital Applications
- Formal applications received by May 6, 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 May 6, 2022.
- New rates will apply to all completed interviews and subsequent formal applications received May 7, 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.