Legal disclaimers
Legal & General America life insurance and retirement 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 does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.
OPTerm 10, 15, 20, 25, 30, 35 and 40 are term life insurance policies. OPTerm 10 issue ages are 20-75 all classes. OPTerm 15 issue ages are 20-75 all classes. OPTerm 20 issue ages are 20-70 for nontobacco classes and 20-65 for tobacco classes. OPTerm 25 issue ages are 20-60 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. In New York, the following issue ages apply: OPTerm 10 issue ages 20-75 non-tobacco classes; 20-75 tobacco classes. OPTerm 15 issue ages 20-71 non-tobacco classes; 20-71 tobacco classes. OPTerm 20 issue ages 20-65 for non-tobacco classes, 20-64 for tobacco classes. OPTerm 25 issue ages are 20-58 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages 20-51 for non-tobacco classes; 20-50 for tobacco classes. OPTerm 35 issue ages 20-50 for non-tobacco classes; 20-45 for tobacco classes. OPTerm 40 issue ages 20-45 for non-tobacco classes; 20-40 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include a $90 annual policy fee. Initial premiums remain level for 10, 15, 20, 25, 35 and 40 years respectively. After the initial level term period, premiums increase annually to age 95. OPTerm 10, 15, 20, 25, 30, 35 and 40 can be issued in preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco, and standard tobacco rates. Substandard policies can be issued through table 12 subject to underwriting discretion. Policies can be returned without obligation within 30 days of receipt. OPTerm policy form # ICC21-DTCV and state variations. In New York, OPTerm policy form #DTCV21-WP. Rates as of 7.13.23.
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. Additional Insurance Riders, form # ICC11 AIR and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term Riders issue ages vary from base plan. A Waiver of Premium Benefit Rider is available, policy form # ICC09 WPTR and state variations. Children’s Life Insurance Rider, form # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. Children’s Life Insurance Rider is not available in New York and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination.
Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
Additional Insurance Riders, form # ICC11 AIR and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term Riders issue ages vary from base plan. A Waiver of Premium Benefit Rider is available, policy form # ICC09 WPTR and state variations. Children’s Life Insurance Rider, form # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. Children’s Life Insurance Rider is not available in New York and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination.
Banner Life A-List Term policy form # ICC12OPT and state variations; William Penn A-List Term policy form # OPT-NY.
Banner Life policy form #ICC19 ULS20 and state variations. William Penn policy form #ULS20-NY.
Advertising disclaimers
A $8.24 monthly premium is applicable for a 20-year-old female nonsmoker in excellent health purchasing a 10-year OPTerm life insurance policy with a $100,000 face amount.
Our online application is not yet available in New York. Instant approval is not guaranteed. Applicants who do not meet certain criteria may be required to submit additional information like a paramedical exam or other medical records. Statistics based on business submitted in August 2023.