Banner Life: Term-2-Term Exchange Program

02-27-2024

A great reason to reconnect with customers for policy review opportunities

The Term-2-Term exchange program allows Legal & General America customers who purchased OPTerm 10, 15, 20, 25, 30, or 35 within the past 48 months to trade up to a longer duration policy at their current attained age* with no underwriting. The replacement policy will be a new issue, with full coverage, not adjusted by the duration the original term policy was held.

• Premiums - based on attained age, nearest birthday
• Underwriting classes - all risk classes, including rated policies
• Exchange form - must be received within 48 months of original policy effective date
• Face amount - must match original term policy and be within retention limits

Benefits and highlights

Customers sometimes need reminding that coverage needs to last as long as their longest financial burden, that premiums increase with age, and that health issues can affect underwriting decisions.

• No medical evidence needed - includes rated cases
• Full commissions are paid on Net Premium Increase
• Conversion alternative
• Experience a fast and easy process
• Speak with your clients about new policy review opportunities
• Longer duration policies available 35 and 40-year term

The exchange policy would be a new issue with full coverage, not adjusted by the duration of the original policy. Full commissions would be paid on the net premium increase.

Who is eligible?

• Banner Life OPTerm 10, 15, 20, 25, 30 and 35 policies with effective dates within the past 4 years (48 months)
• The insured must be within the exchanged policy issue ages, based on nearest birthday
  • Age 20-75
  • Preferred Plus to Table 4: $2,000,000
  • Table 5 through Table 12: $500,000
•  Policies within Banner's retention
• If the insured is currently a NY resident, they will not be eligible for the program (but please note, there is a Term-2-Term exchange program available for eligible Willam Penn policyholders.)

Who is excluded?

• If the original term policy is currently being waived under Waiver of Premium benefit, the policy is not eligible for exchange
• If the original policy has a flat extra, the policy is not eligible for exchange
• Term policies that are partially or fully reinsured are not eligible for the exchange program. Coverage amounts greater than those listed below are reinsured

Click here for more information or give us a call at 800.792.6795!