Banner Life Insurance Company Policy Changes to the OPT Term Product
Banner Life Insurance Company made a few changes to their policies rates bands and yearly policy fee.
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The Annual Policy Fee is a charge most Life Insurance Carriers charge for administrative cost’s to the policy on a yearly basis. Banner Life recently changed theirs upward but it still is in line with other major life carriers.
- For all term products the $50 policy fee will increase to $60.
Premium Bands
Two new premium rate bands have been added to the term products for face amounts $50,000 to $99,999 and $2 million and above. The five term premium bands are as follows:
- $50,000-$99,999
- $100,000-$249,999
- $250,000-$999,999
- $1,000,000-$1,999,999
- $2 million & over
Banner Life continues to bring affordable and quality term life insurance products to the market place, although a policy fee increase they are still typically in the top of all carriers when spread sheeting term life rates.
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