Banner - New OPTerm Pricing Effective Today
07-26-2022
Effective July 26, Banner is making new adjustments to the non-tobacco classes, giving you even more #1 pricing than any other carrier:
- Banner Life OPTerm pricing comes in at #1 - 81.5% of the time and ranks top 3 - 91.3% of the time against term competitors in the national market.*
- William Penn OPTerm pricing comes in at #1 - 83.5% of the time and ranks top 3 - 97.5% of the time against term competitors in the New York market.**
The policy fees have also been increased for both Banner and William Penn. As a result, they have materially improved their competitive position outside of their key pricing points.
New Business Submission and Pending New Business
Traditional Paper Applications
- New applications received in the home office by August 25, 2022, and applications currently pending will be issued with the most favorable premium for the insured.
- Applications received August 26, 2022, and later will be issued with the new rates.
- Please note that as of August 1, 2022, the traditional paper LIA (ICC08-LIA and state variations) will no longer be accepted.
AppAssist
- Formal applications received by August 25, 2022, 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 August 25, 2022.
- New rates will apply to all completed interviews and subsequent formal applications received August 26, 2022, and later.
Digital Applications
- Formal applications received by August 25, 2022, 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 August 25, 2022.
- New rates will apply to all completed interviews and subsequent formal applications received August 26, 2022, 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.
- All reissue requests must be made in writing. Phone requests will not be accepted.