Introducing two new options for affordable, longer duration coverage
Legal & General America revolutionizes term life insurance marketplace as the only carrier to offer level premium coverage for up to 40 years
Frederick, Maryland, December 5, 2018 – Legal & General America (LGA), a top 10 U.S. life insurer, announced that its guaranteed level term series, ‘OPTerm’, now comes in durations of 35 and 40 years, making it the only carrier to offer term coverage for up to 40 years.
Traditionally, term life insurance has covered people through their prime earning years – families with young children, homeowners, or parents helping their kids through college. Typical term options range from 10 to 30 years of financial protection. Now, with the introduction of 40-year term into the market, customers can get affordable coverage that lasts into retirement. OPTerm 40 can be issued up to age 45 for non-tobacco users, which means level coverage can last to age 85.¬ In today’s market, people often buy a low-cost 20-year term product, then shop for a new term policy in their 50s or 60s. By that time, age and health issues are likely to significantly increase the cost of a new policy, and perhaps impact their eligibility to qualify for new coverage.
“We are pleased to announce the addition of OPTerm 35 and 40 to our level term portfolio. These new extended durations of coverage provide the same affordable protection and great service that our partners and customers have come to expect from LGA,” said Patrick Bowen, SVP, Distribution at Legal & General America. “Americans are living and working longer, and many carry debt into their retirement years. A 40-year term policy can be an affordable income protection alternative to traditional Guaranteed Universal Life (GUL) that is dialed down to provide a similar duration of coverage.”
The high cost associated with permanent insurance can price many consumers out of the life insurance market altogether. A 40-year term policy can be a great compromise. While term does not come with all of the features of a permanent product, it’s much easier on the wallet, allowing Millennials to provide financial protection for their loved ones well into their retirement years. The new OPTerm 35 and 40 products are available for new sales in all states except New York.
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, Maryland 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. OPTerm policy form # ICC18-OPTC and state variations. In New York, OPTerm policy form # OPTN-NY. OPTerm 35 and 40 are not available in New York. 18-321
OPTerm 35 and 40 provide level term insurance coverage for the initial term period for 35 and 40 years respectively. Premiums increase annually thereafter to age 95, at which time coverage ceases. Unlike GUL, OPTerm does not provide permanent coverage, flexible premium or potential cash value. Please refer to the policy forms for full disclosure of all benefits and limitations.
About Legal & General America
Legal & General America (LGA) is part of the worldwide Legal & General Group. For nearly 70 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and William Penn Life Insurance Company of New York. With more than $53 billion in new coverage issued in 2017, LGA is ranked in the top 10 of U.S. life insurers and ended 2017 with in excess of $703 billion of coverage in force with 1.3 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A. M. Best and AA- Very Strong from Standard and Poor's and Fitch. To learn more, visit lgamerica.com.
