As the name implies, term life insurance provides protection for a specific period of time and generally pays a benefit only if you die during the "term." Term periods typically range from one year to 30 years, with 20 years being the most common term.
Banner Life Insurance Company’s term products:
OPTerm 10®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
10 years. Premiums increase annually in years 11 and later. The policy owner can apply for a
new 10-year level premium by submitting evidence of insurability.
OPTerm15®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
15 years. Premiums increase annually in years 16 and later. The policy owner can apply for a
new 15-year level premium by submitting evidence of insurability.
OPTerm 20®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
20 years. Premiums increase annually in years 21 and later. The policy owner can apply for a
new 20-year level premium by submitting evidence of insurability.
OPTerm 30®
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
30 years. Premiums increase annually in years 31 and later. The policy owner can apply for a
new 30-year level premium by submitting evidence of insurability.
Life Value Term 20™
Is a term life insurance policy with a level death benefit and coverage to age 95. Premiums
increase annually and are guaranteed. Life Value Term 20 allows one to purchase the coverage needed
today at an affordable price. To learn more about Life Value Term
20, click here.
Life Value Term 30™
Is a term life insurance policy with a level death benefit and coverage to age 95. Premiums
increase annually and are guaranteed. Life Value Term 30 allows one to purchase the coverage needed
today at an affordable price. To learn more about Life Value Term
30, click here.
OPTerm Policy Disclosure
OPTerm policy form #RT-97. Not available in all states. Policy descriptions provided here are
not a statement of contract.
OPTerm 10 issue ages are 20-80. OPTerm 15 issue ages are 20-75. 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 nontobacco
classes and 20-50 for tobacco classes. In the state of Oregon, OPTerm 20 issue ages are 20-62
and OPTerm 30 issue ages are 20-50. In the state of Washington, OPTerm 10 issue ages are 20-70,
OPTerm 20 issue ages are 20-60 and OPTerm 30 issue ages are 20-50.
Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$999,999,
or $1,000,000 and above.
There is an annual policy fee of $65.
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. Two-year contestability and suicide provisions apply.
Underwritten and issued by Banner Life Insurance Company, Urbana, MD.
Life Value Term Disclosure
Life Value Term policy form #RT-97. Not available in all states. Policy descriptions provided
here are not a statement of contract.
Life Value Term 20 issue ages are 20-70. Life Value Term 30 issue ages are
20-60.
Premium rates vary by coverage amount: $250,000-$999,999, $1,000,000 and above.
There is an annual policy fee of $65.
Premiums increase annually and are guaranteed.
Life Value Term 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.
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. Two-year contestability and suicide provisions apply.
Underwritten and issued by Banner Life Insurance Company, Urbana, MD.
