We’re making premium rate changes to level term periods for Banner Life OPTerm products only with improvements targeting competitive positioning in the preferred rate classes in the 10-40 year term durations. These changes will be effective today, June 16, 2021.
Highlights
What’s Changed?
More reductions, especially in the Preferred classes, means more #1 pricing than any other carrier.
Changes to level period premium rates includes a mix of increases and decreases, across all level term periods (10 – 40 years). Both annual and monthly rates are highly competitive!
Effective date: 6.16.2021
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
Modal factor: No change
Compensation: No change
Plans: New rates for OPTerm 10, 15, 20, 25, 30, 35 and 40
Please note this is for Banner Life rates only. William Penn rates remain the same.
Transition Rules for Submitted and Pending New Business
Traditional Paper Applications
New applications received in the home office by July 16, 2021, and applications currently pending will be issued with the new rates.
AppAssist (Traditional or Digital Applications)
Formal applications received by July 16, 2021, 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 online application or telephone interview to be completed and submitted by July 16, 2021. New rates will apply to all completed interviews and subsequent formal applications received July 17, 2021, 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.