Last Updated: December 27, 2010 |
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Carrier Unique Product Highlights |
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Updated Banner/William Penn News |
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MediGuide America
Should an insured be diagnosed with a qualifying life threatening condition or disease, Banner will collect and assemble all medical records and obtain a medical second opinion. A valuable and unique benefit, absolutely free. Click here for the Program Announcement. |
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September 20, 2010 |
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July 22, 2010 |
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As of July 7th Banner and William Penn have made underwriting improvements. Some of the changes are:
Click here for bulletin and click here underwriting criteria booklet.
On 6/15 Banner and William Penn reduced rates on OPTerm and Penn Term on non-tobacco 10,15,20 and 30 year plans. They also removed the $2 million term band making higher face amounts very competitive. |
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January 7, 2010 |
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Life Value Term vs. OpTerm/Penn Term (example provided in attachment is for 20 years; explanation below generalized for all terms) |
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- Both products are renewable and convertible. Here’s the difference: OpTerm guarantees level premiums for the length of the term selected; Life Value Term premiums increase annually, but are guaranteed for the length of the initial term selected.
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- Both products can be renewed annually w/o insurability evidence up to age 95.
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- Both policies can be exchanged for the same plan prior to the end of term selected in existing policy provided maximum allowable issue age is not exceeded. In this exchange/reentry scenario, insurability evidence is required, but premiums may be lower.
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- Conversion to a permanent product is allowed up to age 70 and/or during the guaranteed premium period, whichever comes first, without insurability evidence
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- Conversion for policy issued at age 66 or older only available for 1st 5 years of policy, again without evidence of insurability.
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- Life Value Term Premiums are significantly lower initially than OpTerm, but again increase annually.
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