Banner Reprices OPTerm; Qualifying Applicants Can Get the Better Rate Through Oct. 22

Banner Life’s September 22, 2026, OPTerm reprice gives qualifying pending applicants and new applicants whose applications reach its home office by October 22 the more favorable premium under the prior or new rates. Under the carrier’s transition guidelines, applications received October 23 or later use the new rates.

For someone applying for term coverage, the deadline determines which pricing can be applied to the application. Banner changed level-period premiums across its 10-, 15-, 20-, 25-, 30-, 35- and 40-year OPTerm options, with rates varying by coverage band and underwriting class. The policy fee and payment-frequency factor did not change. The reprice does not establish a uniform saving for every applicant.

What must be submitted

For AppAssist and digital applications, sending a drop ticket alone does not preserve eligibility for the earlier rate. Banner says the interview and formal application must be completed and submitted in time. Pending cases are covered under the carrier’s stated transition rules.

For a recently issued policy still in its free-look period, a direct-access distribution partner may ask Banner to consider a reissue. That is a request for consideration, not an automatic premium change.

How long the premium stays level

Banner’s OPTerm specifications say premiums and the death benefit stay level during the selected initial term. After that period, the coverage amount is reduced and premiums may rise. Age and underwriting class affect which term lengths are available.

Banner instructs distributors to use guaranteed premium figures for this non-illustrated product rather than nonguaranteed projections. An applicant comparing prices should consider the final underwritten premium alongside the length of the guaranteed level period—and make sure the formal application meets the transition deadline.