OPTerm term life insurance
More #1 term life pricing than any other national carrier
We often hear our distribution partners say that they go with us because of our competitive pricing and our customer service. And we stay true to our mission of insuring more Americans with our suite of OPTerm life insurance products.
We focus on offering affordable pricing, making shifts to stay competitive so we can fulfill our mission to insure more Americans with life insurance.
What is OPTerm?
We offer term life insurance policies under a branded name called OPTerm. Underwritten by our companies, Banner Life Insurance Company and William Penn Life Insurance Company of New York, OPTerm policies are renewable and convertible term life insurance policies that provide a level death benefit. As the leader in providing affordable term life insurance, we aim to make our coverage as simple as possible.
OPTerm features at a glance:
- Simple term coverage for 10, 15, 20, 25, 30, 35, or 40-years
- Guaranteed level premiums
- Renewable and convertible
- Coverage for ages 20-75
- Coverage amounts starting at $100,000
- Available riders: term rider, waiver of premium, children’s rider, accelerated death benefit
- Preferred underwriting classes available for smokers, and some with family history of cancer
- Provisions for individuals with mild asthma, sleep apnea, history of smoking
- Available in 50 states and Washington, D.C.
Benefits for your clients
- 1.5 Million US customers count on us
- 99.9% of claims filed are paid
- Approved claims are paid in one business day
- Tax-free death benefit*
- A.M. Best Rating: A+
- Standard & Poor’s Rating: AA-
- COMDEX Rating: 95
* Except in the case of accelerated death benefit for terminal illness.
Competitive ranking based on top of current market competitors as of 10.13.21
Guaranteed Level Term
Do you have a client that thrives on consistency? In an ever-changing world, clients are looking for affordable coverage that stays affordable. Our term life coverage offers guaranteed level premiums, ensuring your client’s payments remain the same throughout the term of their policy. With set premiums, your clients can plan ahead with confidence knowing exactly what their payment will be and trust that it will never increase during the level term period.
Affordable Term Policies
One of the most important choices for your client is which policy will give them the coverage they need at a cost they can afford. We focus on offering affordable pricing, making shifts to stay competitive so we can fulfill our mission to insure more Americans with life insurance. In fact, we have more #1 pricing than any other national carrier.
Our Banner Life OPTerm pricing comes in at first 78% of the time and ranks top three 92% of the time. In New York, our William Penn OPTerm pricing ranks number one 78% of the time and is in the top three 92% of the time against term competitors.
10- to 40-year term periods
While 20-year term policies tend to be a standard in our industry, we’re all about meeting our customers where they are in life. We want your clients to get term coverage for the time period that makes sense for them. We offer more term life options than any other carrier, including term periods for 15-, 25-, 35- and 40-year term life insurance policies.
OPTerm product features:
Stack coverage with riders
Our term rider solution can help your clients get the most bang for their buck. Term riders are a smart and cost-effective way for your clients to stack coverage at a 10, 15, or 20-year duration, depending on their needs. To stack coverage, the term period of the rider must be for a shorter time period than the duration of the base policy. Your client will get protection for additional years they need on top of their base policy, without the additional policy fees and confusion of owning multiple policies.
If your client is looking for death protection for one or more of their children at a fixed annual rate, LGA also has a convertible children’s rider option that can be added to their initial policy.
Accelerated Death Benefit Rider
With this rider, if the insured is facing a qualified terminal illness, the death benefit can be paid prior to their death. This can give your client access to life insurance benefits before death to pay for things like medical bills, funeral arrangements,
or special last wishes.
The maximum accelerated death benefit amount is the lesser of $500,000 or 75% of the policy’s primary death benefit. 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.
Waiver of Premium
This benefit can give your client the peace of mind knowing that if they were to suffer a serious long-term illness or injury, and become totally disabled, their family or business will remain protected financially.
We will waive all premiums that are due during total disability if we are given proof of total disability (and such the total disability has then existed continuously for at least six months).
Convertible term coverage
The conversion option allows your client to exchange their term policy for a universal life insurance policy. The key advantage of the conversion option is that when exercised, the new universal life policy will be issued at the same underwriting class as the existing term. Should a change in health occur, your client would be exempt from a change in underwriting class.
Conversions can be requested anytime within 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.
Advantages of working with us
We have a solid reputation with independent brokerage agency networks for providing excellent customer service and fast, reliable coverage at affordable prices.
Learn more about our company and
read our recent partner testimonials.
We put our customers’ needs first and have done so for more than 70 years.