Banner: Effective today, more reductions to OPTerm rates, especially in non-tobacco classes
11-24-2021
Feast your eyes on these new low rates that start today!
Banner is pleased to announce they have made more reductions, especially in the non-tobacco classes, which means more #1 pricing than any other carrier. These changes will be effective today, November 24, 2021. Changes to level period premium rates include a mix of increases and decreases, across level term periods (10 - 35 years). Both annual and monthly rates are highly competitive.
- Banner Life OPTerm pricing comes in first 71% of the time and ranks in the top three 91% of the time against term competitors in the national market.*
New Business Submission and Pending New Business
Traditional Paper Applications
- New applications received in the home office by December 24, 2021, and applications currently pending will be issued with the most favorable premium for the insured.
- Applications received December 25, 2021, and later will be issued with the new rates.
AppAssist
- Formal applications received by December 24, 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 December 24, 2021.
- New rates will apply to all completed interviews and subsequent formal applications received December 25, 2021, and later.
Digital Applications
- Formal applications received by December 24, 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 December 24, 2021.
- New rates will apply to all completed interviews and subsequent formal applications received December 25, 2021, and later.
Direct-Access Distribution Partners Only: 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.
- Reissue requests can be made from the Partner Dashboard or by sending an email to: Banner_Reissue@lgamerica.com or Penn_Reissue@lgamerica.com.
- All reissue requests must be made in writing. Phone requests will not be accepted.
Please give BUA a call at 1-800-792-6795 if you have any questions!
*Rankings based on Banner Life OPTerm monthly pricing for all ages and classes at durations of 10, 15, 20, 25, 30, 35 and 40 years.