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Banner Life Products
 

 

Term Life America Insurance is proud to offer Banner Life Insurance. Solid resources  
backed by a combination of innovative products and service beyond expectations.

Banner Life - OPTerm 10, 15, 20, 30  


DESCRIPTION

OPTerm policies are renewable and convertible term life insurance which provides a level death benefit.

OPTerm 10:

Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.

OPTerm 15:

Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.

OPTerm 20:

Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.

OPTerm 30:

Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.

ISSUE AGES: Age nearest birthday

Banner 20-80 all classes

OPTerm 10:

Penn 20-80 NY non-tobacco classes

OPTerm 10: 20-77 NY tobacco classes

Banner 20-75 all classes

OPTerm 15:

Banner 20-70 non-tobacco classes

OPTerm 20: 20-65 tobacco classes

Banner 20-55 non-tobacco classes

OPTerm 30: 20-50 tobacco classes


WAIVER OF PREMIUM:

Available through Table 4, up to a maximum face amount of $6 million. Waiver pricing is determined by the underwriting classification of the base plan.

Non-tobacco Classes

• Available ages 20-55 for OPTerm 10, 15, 20 & 30.

Tobacco Classes

• Available ages 20-55 for OPTerm 10, 15, & 20.

• Available ages 20-50 for OPTerm 30.

Maximum issue age for Waiver of Premium cannot exceed that of the base plan.

Waiver of Premium coverage ceases at attained age 65.

We will waive all premiums that are due during total disability if: 1) we are given due proof of total disability; and 2) such total disability has then existed continuously for at least 6 months.

See rider WPTR and state variations for full benefit description, requirements and exclusions. In CA the rider is form 10-82-B.

NON-IllUSTRATED LIFE INSURANCE GUIDELINES:

Signed illustrations are not required with OPTerm products; however, we recommend you provide the applicant one from Illustration Manager. When explaining non-illustrated products:

• Discuss only guaranteed premiums.

• Tell clients that after the initial period, the premiums will increase annually.

• Tell customers the premium will not exceed the guaranteed premium.

• Don’t talk about or show any premiums or coverage periods based on non-guaranteed rates.
 


COVERAGE EXPIRATION:
Age 95

POLICY FORM:

Banner - ICC12OPTN and state variations

UNDERWRITING CLASSIFICATIONS:

Male/Female

Preferred Plus Non-Tobacco (PPNT)

Preferred Non-Tobacco (PNT)

Standard Plus Non-Tobacco (SPNT)

Standard Non-Tobacco (SNT)

Preferred Tobacco (PT)

Standard Tobacco (ST)

SUBSTANDARD:

Available through Table 12 on standard plus and standard tobacco classes, subject to underwriting discretion. With the exception of cancer cases requiring a flat extra without a table rating, all Banner non-tobacco substandard premiums are based off of Standard Plus rates. Premiums are increased by 25% per table rating.

ANNUAL POLICY FEE:

$65 non-commissionable policy fee

MODAL FACTORS:

Semi-annual: .51

Quarterly: .26

Monthly EFT: .0875

PREMIUM BANDS:

Band 1: $100,000-249,999

Band 2: $250,000-999,999

Band 3: $1,000,000 & over

MAXIMUM CONVERSION PERIOD:

For OPTerm 10, 15, 20 and 30

Convertible for the duration of the guaranteed level premium period or up to attained age 70, whichever comes first. Policies issued at age 66 or over are convertible during the first five policy years.

LIMITATION OF BENEFITS:

Two-year contestability and suicide provisions apply.
 

ACCELERATED DEATH BENEFIT

The accelerated death benefit payment is payable in the event of a qualifying terminal illness. The maximum accelerated death benefit amount is the lesser of $500,000 or 75% of the policy’s primary death benefit, less any policy loan. The accelerated death benefit is treated as a lien, which accrues interest. Upon the death of the insured, the death benefits payable are reduced by the total accelerated death benefit lien.

The accelerated death benefit feature is subject to state variation and is not available in all states. See rider ADB and state variations for full benefit description, requirements and exclusions.

TERM RIDERS:

Additional Term Insurance Riders, policy form AIR (1-11) and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. The rates-per-thousand coverage for the Term Rider are the same as the level OPTerm plans. Premium bands are based on each Term Rider’s face amount. Term riders are not available in all states; issue ages vary from base plan. Please refer to the Term Rider Specifications for all rider specifics.

MEDIGUIDE:

The MediGuide Medical Second Opinion Program, policy form MMGR (12-09) and state variations, is offered and administered by MediGuide America. The program is provided free with all Banner policies in approved jurisdictions. The service is not guaranteed for the duration of the policy.

The Banner term life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual premiums will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria.

OPTerm 10 issue ages are 20-80 all classes. OPTerm 15 issue ages are 20-75 all classes. OPTerm 20 issue ages are 20-70 for non-tobacco classes and 20-65 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$999,999, $1,000,000 and above. Premiums quoted include $65 annual policy fee. Premiums are guaranteed to stay level for 10,15, 20 or 30 years, respectively, and increase annually after initial guarantee period. OPTerm policies can be issued in preferred plus non-tobacco, preferred non-tobacco, standard
plus non-tobacco, standard non-tobacco, preferred tobacco and standard tobacco classes. OPTerm 10, 15, 20 and 30 substandard policies can be issued through Table 12, subject to underwriting discretion. Coverage can be renewed to age 95. Policies can be returned without obligation within 30 days of receipt in most states. Rates as of 09-04-2012.

Additional Insurance Riders, form AIR (1-11) and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term riders are not available in all states; issue ages vary from base plan. Waiver of Premium Benefit Rider, policy form # ICC09 WPTR and state variations, is available. A cost-free Accelerated Death Benefit Rider, policy form # ICC10 ADB and state variations, is included with all policies in states where approved. A cost-free MediGuide Medical Second Opinion is included with new policies and administered by MediGuide America. Policy form MMGR(12-09) and state variations. Available only in approved jurisdictions. The service is not guaranteed for the duration of the policy. Forms and policy provisions may vary by state. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.


Legal & General America

Banner Life Insurance Company
William Penn Life Insurance Company of NY

Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD. Banner products are distributed in 49 states and in DC.  Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
 

Insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. A licensed financial professional can provide costs and complete details. This piece has been designed to provide general information in regard to the subject matter covered. It should be used with the understanding that we are not rendering legal, accounting or tax advice. Such services should be provided by the client’s own advisors. Accordingly, any information in this document cannot be used by any taxpayer for purposes of avoiding penalties under the Internal Revenue Code. Securities and Insurance Products: Not Insured by FDIC or any federal government agency. Not a deposit of or guaranteed by any bank or bank affiliate.


Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD

Banner products are distributed in 49 states and in DC.

Premiums are guaranteed to stay level for the initial term period and increase annually thereafter. (Optional: Term rider coverage ceases at end of term duration. Premiums quoted (Optional: on base plans) include $65 annual policy fee.

Premiums based one of the following - preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco or standard tobacco) underwriting class(es).

Banner policy form # ICC10 ADB and state variations.

Banner Life Insurance Company
3275 Bennett Creek Avenue
Frederick, Maryland 21704
800-638-8428

Get term life quotes from TermLifeAmerica.com-
Lewis Fink is licensed as a term life agent offering term life quotes in the following states: Term life quotes for:
Alabama - AL,  Arkansas - AR,  California - CA Colorado - CO Connecticut - CT Delaware - DE District of Columbia - DC,  Florida - FL, Georgia - GA Idaho - ID Illinois - IL Indiana - IN Iowa - IA Kansas - KS Kentucky - KY Term quotes for: Louisiana - LA,  Maine - ME Maryland - MD Massachusetts - MA,  Michigan - MI Mississippi - MS Missouri - MO,  Montana - MT Nebraska - NE New Mexico - NM, New Jersey - NJ New York - NY,  North Carolina - NCTerm quotes for: North Dakota - ND,  Ohio - OH Oklahoma - OK Pennsylvania - PA, Rhode Island - RI South Carolina - SC,  South Dakota - SD,  Tennessee - TN Term quotes for: Texas - TX,  Utah - UT Vermont - VT Virginia - VA, and Wisconsin - WI.  

We offer term quotes for 5, 10, 15, 20, 25, and 30 year term periods. Our universal life products can be quoted to cover a term of up to age 120. Not all term product quotes from all term companies quoted are available in all states.



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