Banner Announces Term Rate Increase
12-04-2008
For all applications received in the home office after December 15, 2008, Banner Life’s OPTerm® 15, 20 and 30 year plans will see a price increase in the preferred plus, preferred and standard plus underwriting rate classes for the $250,000 and over face amounts.
At the same time, Banner will be expanding the maximum issue ages for OPTerm 15, 20 and 30-year level term plans.
There are no changes scheduled for the OPTerm 10.
OPTerm 15, now increased to maximum issue age 75.
OPTerm 20, now increased to maximum issue age 70 for non-tobacco classes only.
OPTerm 30, now increased to maximum issue age 55 for non-tobacco classes only.
Product Availability by State
OPTerm plans and the new rates are available in all states except Montana and New York.
Compensation
Compensation for all OPTerm plans will remain unchanged.
Policy Illustrations
OPTerm products are fully guaranteed and therefore do not require a signed illustration.
Application Completion
Please identify the plan of insurance as OPTerm 10, OPTerm 15, OPTerm 20 or OPTerm 30 on the application.
Pending New Business
Applications received at the Banner Life home office by December 15, 2008 will receive the current rates that were effective February 25, 2008. New rates will apply to all applications received after December 15, 2008.
For more information, please contact your Brokerage Sales Consultant today @ 800-792-6795.
