Who Is Legal & General Life (Banner Life)
Legal & General Life was founded in 1836 in the United Kingdom and has been around for over 180 years.
It is always a good thing when life insurance companies have been around for over 100 years because that proves to you that they are stable and will be around if you ever need them.
They started selling life insurance coverage in the United States in the 1980s and also purchased Banner Life Insurance Company in 1983.
They have received an A+ (Superior) rating from A.M. Best in regards to their financial strength as well.
They are changing the game in regards to term life insurance and are the only carrier to offer level premium coverage for up to 40 years!
In all, they offer 10, 15, 20, 25, 30, 35 and 40 year terms.
This is something almost no other insurance company is offering at the moment.
What Is Term Life Conversion
When you take your term life insurance policy and apply for it to be turned into a universal life product or a whole life product, that is considered a conversion.
When you buy a term life insurance policy, you are mostly looking for an affordable monthly premium and a reasonable term length.
These periods usually go from 5 years up to 40 years depending on the company.
However, these policies will eventually end, and you will have to either renew them, let them lapse, or convert them.
Some life insurance carriers might not offer the option to renew, and if you saw the premiums for renewal, you might let the policies lapse anyway.
I have found the best option to choose before your policy ends is to convert it into a permanent product, especially if you might not be able to get life insurance due to a medical condition.
You can do this conversion without having to take any type of medical exams or provide proof of insurability as long as you convert the policy before the conversion expiration period.
Legal & General Life (Banner Life) Products & Conversion Options
OP Term policies are renewable and convertible term life insurance products that provide a level death benefit.
This is definitely the product for you if you wanted more than a 30 year term because this is one of the only products that go up to a 40 year level term.
When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.
With the OP Term product, you can convert your policy during the full term length of the policy or until you reach age 70, whichever happens first.
If you purchase a policy at the age of 66 or older, you are given the first 5 years of the policy to complete a conversion.
If you have a 20-year term policy and you are currently 55, you will have to convert the policy within 14 years, one year before you reach the age of 70.
If you purchase a 15 year term policy at the age of 67, you will have to convert the policy by the age of 72 before your first five policy years are reached.
OP Term Conversion Options
Once you have decided to convert your policy, you the option to convert your policy to the LifeStep Universal Life Insurance product.
Waiver Of Premium Conversion Options
At an extra cost, Legal & General Life has a rider available on the OP Term product that provides you with a waiver of your required monthly premiums if you become totally disabled.
The disability must happen before your 65th birthday while the policy is in force and the disability has to last at least 6 months uninterrupted.
If your policy is currently being paid by the Waiver of premium rider, you can convert your policy to a permanent plan.
However, you can’t convert the policy until the last conversion opportunity.
Additional Conversion Features
You have no limit on the number of conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.
How To Get Started
Term life conversions may seem complicated but we have been converting policies through North American for a long time.
The fact is that there is no charge for our service and we have a simple 3 step process:
- We talk about your situation, and budget, then we send you rates based on our conversation
- If our plan works for you, we’ll collect all the documents needed to get things started.
- Finally, we complete the paperwork for the conversion and become the agent on your new policy.
We make conversions simple; just fill out the form on this page to get started or give us a call.