Banner: New OPTerm pricing effective October 15

10-15-2021

Banner is making more reductions, especially in the Preferred and Standard classes, which means more #1 pricing than any other carrier. These changes will be effective October 15, 2021.  Changes to level period premium rates include a mix of increases and decreases, across level term periods (10 - 30 years). Both annual and monthly rates are highly competitive. 

  • Banner Life OPTerm pricing comes in at #1 - 71% 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 Business Submission and Pending New Business

Traditional Paper Applications

AppAssist

    • New applications received in the home office by November 14, 2021, and applications currently pending will be issued with the most favorable premium for the insured.
    • Applications received November 15, 2021, and later will be issued with the new rates.

    Digital Applications

      • Formal applications received by November 14, 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 November 14, 2021.
      • New rates will apply to all completed interviews and subsequent formal applications received November 15, 2021, and later.
        • Formal applications received by November 14, 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 November 14, 2021.
        • New rates will apply to all completed interviews and subsequent formal applications received November 15, 2021, and later.

 

Please give us a call at 1-800-92-6795 if you have any questions.