Banner: New Term Pricing Effective June 10, 2020

06-10-2020

New rates for Banner Life and William Penn OPTerm 10, 15, 20, 25, 30, 35 and 40 include a mix of decreases and increases, with a focus on regaining the top competitive position on the preferred classes. The monthly modal factor has been reduced from 0.086 to 0.085. Both annual and monthly rates are highly competitive!

TRANSITION RULES

Traditional Paper Applications

  • New applications received in the home office by July 10, 2020 and applications currently pending will be issued with the most favorable premium for the insured.
  • Applications received July 11, 2020 and later will be issued with the new rates

AppAssist

  • Formal applications received by July 10, 2020 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 July 10, 2020.
  • New rates will apply to all completed interviews and subsequent formal applications received July 11, 2020 and later.

Digital Applications

  • Formal applications received by July 10, 2020 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 applicant to complete the application and submit it by July 10, 2020.
  • Applications received July 11, 2020 and later will be issued with the new rates.

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.
  • All reissue requests must be made in writing. Telephone requests will not be accepted