Banner Life Takes The Lead….Again!
In what appears to be a screeching halt to the bottoming out of term insurance prices, several companies moved within the past month to unseat perennial term insurance giant Banner Life, a subsidiary of Legal and General America. Banner responded today by lowering rates in their three best rates classes, preferred plus, preferred and standard ...read more
Term Life Conversion Correction!
In my zeal to trounce on life insurance companies that are doing wrong by their clients I mistakenly posted that Banner Life and American General do not offer a guaranteed permanent product for conversion for customers that have had a policy in force for more than 5 years. Banner’s stated “practice” on conversion is that ...read more
Tread Carefully When Looking At Term Insurance Length!
I have always been an advocate of buying a term length, or multiple term policies that reflect your actual life insurance needs with different term lengths. Due to some recent changes in conversion options I am considering an amendment to my recommendation. It all started last in the summer of 2009 with West Coast Life ...read more
Right Is Right No Matter How You Paint It!
Over the past several months I have had a running dialog in this forum with the vice president of a major life insurance company. In question was that company’s decision to replace their no lapse guarantee UL as an option for conversion with a universal life policy that only has a 10 year guarantee. As ...read more
Banner Life Did What?
A week or so ago an associate called to tell me that Banner Life had a new no lapse guarantee UL that was going to stir things up. Better guarantees! Better prices! Better underwriting! I had my first opportunity to test it today. I had a lady contact me about a policy that her father ...read more
Dragging Your Feet Can Be Costly These Days!
I know I have beat the subject to death and beat up on other agents who don’t beat the subject to death, but allow me to begin this Monday by sharing with you the actual cost of dragging your feet. This particular example actually is a long time friend of mine who has trusted me ...read more
Hang On. The Ride Continues!
I was just tallying up the life insurance companies that hadn’t jumped on the rate increase bandwagon the other day and was pleased to see some of our best impaired risk companies holding firm. Lost one today though. Banner Life and their New York cousin William Penn announced rate increases on their term insurance portfolio. ...read more
Beware The Knee Jerk Reaction!
Most of the life insurance cases I work are shopped to multiple companies just so I can be assured that the insurance quote I am providing really is going to be as good as it gets and ultimately the client gets the most bang for their buck. When I shop I am looking for the ...read more
When You Get On Board With Your Agent!
A month or so ago I talked about a client of mine who, over the course of 4 years, has been working with me to get his rate down from the very first approval we were able to get through Empire General at a table 8, to a just approved standard plus rate with Banner ...read more
Life Insurance Application. Part Two Medical!
When I do an on the phone interview with a potential life insurance client I ask a series of medical questions that help me to decide the appropriate rate classification to quote. Part of the application process, whether it is done with your agent or with the examiner is called Part 2 of the application. ...read more
