Banner: New Term Pricing Effective June 16
Legal & General America is pleased to announce they are making premium rate changes to level term periods for Banner Life OPTerm 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. Please note this is for Banner Life rates only. William Penn rates remain the same.
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!
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 most favorable premium for the insured. Applications received July 17th, 2021 and later 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.
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. Phone requests will not be accepted.
- Web Quoting has been updated with the new rates and is available on the Partner Dashboard.
- MobileSuite has been updated with the new rates.
- Third-party vendors have been provided with the new rates.
Please give us a call at 1-800-792-6795 if you have any questions.