LifeStep Universal Life

This permanent life insurance product, available for conversion only, offers guaranteed coverage to age 121, as long as premiums are paid in full. 

Features at a glance

  • If the term policy meets eligibility, no additional underwriting needed to convert from OPTerm to Life Step
  • Flexible premium payments
  • Lifetime coverage
  • Minimum coverage amount: $50,000
  • Issuing ages: 20–­85 years old, age nearest birthday
  • Cash surrender option
  • Guaranteed interest rate
  • Guaranteed death benefit
  • Short pay guarantee
  • Accelerated Death Benefit Rider included

Additional features

Flexible premiums

Clients can control the timing and premium payment amounts, choosing to pay more up front and less in their retirement or in a different way that works for them. Although regularly scheduled premium payments are not required to keep coverage in force, late premium payments may place the policy at risk for a lapse in coverage.

Catch-up payments

Clients facing a qualifying terminal illness can receive a portion of their death benefit prior to passing away.

Short pay guarantees

Short pay guarantees allow clients to build a customized premium payment for a set number of years. This allows them to consolidate premium payments required for a lifetime guarantee over a limited time instead of on a perpetual annual basis. Premium payments end after the specified period has ended.

No-lapse guarantee

This secondary guarantee can prevent a lapse in coverage for customers who pay the planned premium on time.


Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner Life is not an authorized New York insurer and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group.

Policy form # ICC19-ULS20 and state variations. Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121 if the appropriate premium according to policy terms is paid on time. The policy will not lapse if the coverage guarantee requirement is met. A policy loan however, that exceeds the cash surrender value will result in a lapse of coverage. Signed illustrations are required for Life Step UL.

An Accelerated Death Benefit Rider, policy form # ICC10 ADB and state variations, is included with all policies. If the Accelerated Death Benefit is paid, it may affect the policy’s cash value, death benefit, premium and policy loans or liens and receipt of the benefits might affect eligibility for public assistance and/or be taxable. Consultation with a qualified tax advisor is advised.

Two-year contestability and suicide provisions apply. A one-year suicide provision applies in CO, MO, and ND.  Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.