Effective November 21, 2017: Crisp New Rates and Reduced Monthly Modal Factors Make OPTerm More Competitive Than Ever!

Legal & General America OPTerm Rate Change For all ages, classes, amounts, and durations, OPTerm pricing including NY, ranks #1 – 78% of the time. Rate decreases restored our #1 price ranking against core competitors.

While some rates increased, most were concentrated in 10-year durations, band 4 (face amounts of $1 million or more).

Modal Factor Change The monthly modal factor has been reduced from .0875 to .086. Both annual and monthly rates are highly competitive!

 

What You Need To Know

New Business Submission And Pending New Business

Traditional Paper Applications

  • New applications received in the home office by December 21, 2017 and applications currently pending will be issued with the most favorable premium for the insured.
  • Applications received December 22, 2017 and later will be issued with the new rates.

AppAssist Drop Ticket Applications

  • Formal applications received by December 21, 2017 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 December 21, 2017.
  • New rates will apply to all completed interviews and subsequent formal applications received December 22, 2017 and later.

Monthly Modal Factor Change:

  • The lower monthly modal factor will apply to plans issued with the new rates and all applications received December 22, 2017 and later.

Illustrations

  • November 21, 2017: Illustration Manager v2.8 will be available for download from the Partner Dashboard.
  • Due to the modal factor change, the “use previous rates” function has been disabled for Illustration Manager v2.8. To access the previous rates please retain Illustration Manager v2.7.
  • To install v2.8 select the “Complete single-user version”.

No change to issue ages

No change to policy fee

No change to compensation

 

Highlights

What’s Changed?

  • New OPTerm rates include decreases and some increases.
  • Decreases restored our #1 price ranking overall against core competitors. The monthly modal factor has been reduced from 0.0875 to 0.086. Both annual and monthly rates are highly competitive!

Overview

  • Effective date: 11.21.17
  • Underwriting Companies: Banner and William Penn
  • Plans: OPTerm Series 10, 15, 20, 25 and 30
  • Classes: All non-tobacco and tobacco underwriting classes
  • Bands: All bands
  • Issue ages: No change
  • Policy fee: No change
  • Compensation: No change
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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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