Banner: New term pricing effective April 5, 2021
04-05-2021
New rates 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 - 92% of the time against term competitors in the national market.*
William Penn OPTerm pricing comes in at #1 - 79% of the time and ranks top 3 - 96% of the time against term competitors in the New York market.**
Transition Rules for Submitted and Pending New Business
Traditional Paper Applications
New applications received in the home office by May 5, 2021 and applications will be issued with the new rates.
AppAssist (Traditional or Digital Applications)
Formal applications received by May 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 online application or telephone interview to be completed and submitted by May 5, 2021. New rates will apply to all completed interviews and subsequent formal applications received May 6, 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.