Banner Term Life Insurance Underwrting Guide
Banner and William Penn are one of the very best term life product providers in the US today. They have done a stellar job of focusing on term life insurance products but have recently introduced some pretty decent permanent Universal Life Plans.
Below you will find a pretty detailed information underwriting guide for Banner Term Life Insurance products and plans, this guide should help you in obtaining the best Banner Life quotes from your agent.
Banner Life Rate Classifications:
Banner Life Company currently has six rate classifications they offer their policyowners after a file goes through complete underwriting
Non Smoker Rate Classes:
Preferred Plus Non Tobacco - This is their absolute best rate class
Preferred Non Tobacco - Second best rate class
Standard Plus Non Tobacco -
Standard Non Smoker-
Smoker Rate Classes:
Preferred Smoker - Best Smoker rate class
Standard Smoker-
Items that will determine if you qualify for any of the above rate classes with Banner Life Insurance:
- Impairments: Any major health issues that would normally affect underwriting, i.e. Type I or Type II Diabetes, Caner of organs or any skin cancer.
- Blood Pressure: Must fall into a certain range 136/50 for example in the Preferred Best rate class, if medication is taken must be well controlled and under Dr. supervision.
- Family History: Looking for history of Cancer or Heart Disease in Parent’s or siblings
- Driving History: Need to know at least past five years driving history such as DUI, DWI, Moving Violations, Reckless Driving or any License suspension or revocation.
- Tobacco Use: Need to know if any tobacco use in the last three years such as cigarette, chewing, nicotine patch, pipe and cigar.
- Cancer History: Any Diagnosis of Cancer must be disclosed, provide broker with type, stage and grade. Treatment provided and if any recurrence.
- Cholesterol: If you don’t know your current cholesterol, they will test for it at the paramedical exam.
- Cholesterol HDL ratio: This will also be determined by the paramedical exam results
- Substance or Alcohol Abuse: Need to know if any in the past ten years in order to qualify for the best rates.
- Aviation: If you are a Commercial Pilot, Private Pilot or Student Pilot please fill out the aviation questionnaire
- Avocation: Describe any avocational duties that may be dangerous i.e. Artic Cod Fisherman.
- Residence or Citizenship: Disclose if US citizen, if not do you have permanent Visa or Green Card. Describe in detail to your Broker.
- Build: Your height and weight if an issue can affect your premiums, please keep that in mind when applying.
Describe any issues above with your agent or broker and it always helps to draft a cover letter with the help of your agent. The more the underwriters know about you and situation and what you are doing to improve your health etc. the better.
If you do not qualify for any of the rate classes above it could be for a number of reasons, most likely you have health, avocation or lifestyle issues and they have made a business decision to either rate you or possibly postpone decline your application outright.
Of course these underwriting guidelines can be modified at any time, go over all guidelines with your advisor to make sure you get the best rates.
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