Banner: Life Step Universal Life (UL) Insurance will be available solely for term conversions
Effective October 1, 2022, Banner will no longer be offering the Life Step UL product for new business, but it will remain available solely for term conversion. This will affect both Banner and William Penn business. The decision to close the Life Step UL product has no impact to any of their existing term product offerings.
Business transition rules:
- Applications for the Life Step UL product must be signed and received by September 30, 2022. Any applications received after this date will not be accepted.
- The Life Step UL product will no longer be available on their platorm and other vendor platforms for application submission after September 30, 2022.
- The Life Step UL product will still be available on their Partner Dashboard via Illustrations/Web Quoting and other third-party vendors for conversion quotes.
- There will be no impact on conversion applications for the Life Step UL product. These will process “as usual.”
Please give us a call at 1-800-792-6795 if you have any questions.