Banner: Sept. 2nd Reprice and New Policy Form
Banner is excited to announce new term pricing changes and policy form, effective today September 2, 2021.
What are the pricing changes?
Banner is making more reductions, especially in the Preferred and Standard classes, which means more #1 pricing than any other carrier.
- Banner Life OPTerm pricing comes in at #1 - 79% 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 - 85% of the time and ranks top 3 - 97% of the time against term competitors in the New York market.**
New product policy form
Also effective today, Banner is implementing a new product policy form for the OPTerm products which will help them continue to provide highly competitive pricing and strong customer value. Here's what you need to know:
- The new product policy form will have a new form number and will replace the current product policy form.
- Application received prior to the effective date will be issued on the current product policy form. Applications received on or after the effective date will be issues on the new product policy form.
- There will be a one-time, automatic reduction in the death benefit at the end of the level period.
Transition Rules for Submitted and Pending New Business
Traditional Paper Applications
New applications received in the home office by September 2, 2021 and applications currently pending will be issued with the most favorable premium for the insured.
AppAssist (Traditional or Digital Applications)
Formal applications received by September 2, 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 October 2, 2021. New rates will apply to all completed interviews and subsequent formal applications received October 3, 2021 and later.
Please give us a call at 1-800-792-6795 if you have any questions about these changes.