New Rates for Banner Life and William Penn
03-08-2021
New term pricing effective March 8, 2021
New rates for Banner Life and William Penn OPTerm series include a mix of decreases and increases. Changes to rates range across all term durations (10 - 40 years), with targeted improvements to the Preferred classes.
Always competitive rates
Banner Life OPTerm pricing comes in at #1 - 80% of the time and ranks top 3 - 93% of the time against term competitors in the national market.*
William Penn OPTerm pricing comes in at #1 - 74% of the time and ranks top 3 - 96% of the time against term competitors in the New York market.**
New Business Submission and Pending New Business
Traditional Paper Applications
- New applications received in the home office by April 7, 2021 and applications currently pending will be issued with the most favorable premium for the insured.
- Applications received April 8, 2021 and later will be issued with the new rates.
AppAssist (Traditional or Digital Applications)
- Formal applications received by April 7, 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 April 7, 2021.
- New rates will apply to all completed interviews and subsequent formal applications received April 8, 2021 and later.
Digital Applications
- Formal applications received by April 7, 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 April 7, 2021.
- Applications received April 8, 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.
No change to modal factors No change to issue ages No change to policy fee No change to compensation.
Please give us a call at 1-800-792-6795 if you have any questions.