Banner - New Pricing effective January 20, 2022
01-20-2022
Banner is making more adjustments, especially in the non-tobacco classes, effective today, January 20, 2022.
What's Changed?
More reductions, especially in the non-tobacco classes, mean more #1 pricing than any other carrier.
- Banner Life OPTerm pricing comes in at #1 - 81% of the time and ranks top 3 - 93% 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.**
Changes to level period premium rates include a mix of increases and decreases, across level term periods (10 - 40 years). Both annual and monthly rates are highly competitive.
New Business Submission and Pending New Business
Traditional Paper Applications
- New applications received in the home office by February 19, 2022, and applications currently pending will be issued with the most favorable premium for the insured.
- Applications received February 20, 2022, and later will be issued with the new rates.
AppAssist
- Formal applications received by February 19, 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 February 19, 2022.
- New rates will apply to all completed interviews and subsequent formal applications received February 20, 2022, and later.
Digital Applications
- Formal applications received by February 19, 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 February 19, 2022.
- New rates will apply to all completed interviews and subsequent formal applications received February 20, 2022, and later.
Please give BUA a call at 1-800-792-6795 if you have any questions about the rate change.