Banner - New Year, New Term Rates

01-06-2021

Banner Life is pleased to introduce new term rates for the new year.  These rates, effective Jan. 6, 2021, include significant reductions for the Preferred Plus underwriting class. 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!

Transition Rules:

Traditional Paper Applications

• New applications received in the home office by February 5, 2021 and applications currently pending will be issued with the most favorable premium for the insured.
• Applications received February 6, 2021 and later will be issued with the new rates.

AppAssist

• Formal applications received by February 5, 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 interview to be completed and the application submitted by February 5, 2021.
• New rates will apply to all completed interviews and subsequent formal applications received February 6, 2021 and later.

Digital Applications 

• Formal applications received by February 5, 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 applicant to complete the application and submit it by February 5, 2021.
• Applications received February 6, 2021 and later will be issued with the new rates.

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.
• All reissue requests must be made in writing. Telephone requests will not be accepted.

Please give us a call at 1.800.792.6795 if you have any questions!