What is OPTerm?

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.

Who owns Bannerlife?

Legal & General AmericaBanner Life Insurance Company / Parent organization

What is the rating for Banner Life insurance?

A+
The Banner Life Insurance Company has an A+, or Superior, financial strength rating for the best life insurance companies from A.M. Best. In addition, their NAIC Complaint Ratio is 0.16, meaning the company receives a proportionately low number of complaints as compared to the amount of coverage it writes.

What does OPTerm 20 mean?

OPTerm 20: Term life insurance with level premiums during the initial 20-year period. Premiums may increase annually in years 21 and later. OPTerm 25: Term life insurance with level premiums during the initial 25-year period.

Can a 65 year old get term life insurance?

Keep in mind that many companies may not issue or offer a 20-year term policy to someone who is 65 years old. Some of the factors that can affect life insurance premiums include, but are not limited to: Age. The older you are the more likely you are to have higher premiums.

How long has Banner life been in business?

Banner Life Insurance Company has been providing life insurance for more than 70 years, while Legal & General has been in business since 1836. Banner Life offers life insurance policies in 49 states and Washington D.C., while William Penn covers New York.

Does Banner Life insurance require a medical exam?

A medical exam is not needed for applicants that meet specific requirements. According to Banner, over 50% of applicants are approved without exams or labs. Generally, healthy males and females between the ages of 20 and 50 qualify for an exam-free underwriting process.

What happens at end of 20 year term life insurance?

What does a 20-year term life insurance policy mean? This is life insurance with a policy term of 20 years. If the policyholder dies during that time, the life insurance company pays a death benefit to his or her beneficiaries, often dependents or family. After 20 years, there is no more coverage, and no benefit paid.

What happens when my 20 year term life insurance expires?

If you outlive your term policy, your policy will end, and you will no longer have coverage. If you still want life insurance after your term policy ends, you may have the option to buy a new life insurance policy or consider a term conversion policy.

Is AARP insurance a good deal?

It still boasts a good rating with BBB for overall customer experience. AARP insurance received average ratings for claim satisfaction, which is better than most of its competitors. The financial stability of the company has an A with both S&P and AM Best. It has an excellent rating at BBB.

How long does permanent life insurance last?

Term life and permanent life are the two main types of life insurance policies. While permanent insurance lasts your entire life, term insurance lasts for a set time period that you choose when you buy a policy — say 10, 20 or 30 years.