Banner Life Changes OPTerm Rates; October 22 Cutoff Secures Favorable-Rate Treatment

Banner Life says OPTerm applications received at its home office by October 22, 2026, along with applications already pending, will receive the most favorable applicable premium under its September 22 rate change. For someone applying for this term-life policy, the receipt date matters: applications received October 23 or later must use the new rates, according to the carrier’s administrative guidelines.

The repricing covers level-period premiums for seven OPTerm lengths: 10, 15, 20, 25, 30, 35 and 40 years. Banner lists all underwriting classes and coverage bands within its scope; the policy fee and payment-frequency factors did not change. The deadline offers favorable-rate treatment, but it does not mean every applicant’s premium fell. The applicable price depends on the individual case.

Which submission meets the deadline?

For AppAssist and digital submissions, Banner counts receipt of the formal application, not the initial drop ticket. Its guidelines also allow direct-access partners to ask Banner to consider reissuing a recently issued policy at new rates while the free-look period remains open. That is a request for consideration, not automatic repricing.

Use a current quote for the right policy

Banner says its web-quoting tools have the new rates and warns that less frequently updated marketing samples should not be used to quote a client. The examples on its consumer rate page are labeled January 15, 2026. Those sample premiums cannot establish a September applicant’s price or the size of the change.

The OPTerm specifications describe renewable, convertible coverage starting at $100,000, with issue-age limits that vary by term. Level premiums and death benefits apply during the selected initial term.

The issuing carrier matters, too. Banner’s state-availability sheet, updated January 30, identifies William Penn as the issuer of New York term policies; the repricing guidelines list a separate May 7 William Penn rate change. For an OPTerm application in progress, the useful checks are the issuing carrier, a current quote and whether Banner receives the formal application by October 22.