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Term Life Insurance by Top
Rated Companies
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Banner Life Products
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Term Life America Insurance is proud to
offer Banner Life Insurance. Solid resources
backed by a combination
of innovative products and service beyond expectations.
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Banner Life - OPTerm 10, 15, 20, 30 |
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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.
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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
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