Banner Life Insurance Company has introduced 10-, 15- and 20-year level term riders that can be laddered on its OPTerm policy base plans. Additionally, Banner’s no-lapse guarantee portfolio, Life Choice UL, Life Change UL and Life Step UL now allow for a partial surrender benefit.

Rider coverage can address needs like college funding, mortgage payoff and income replacement, lowering the overall cost of initial coverage and helping the client buy the total amount needed today. Rider premiums are banded and use the same rate scale as OPTerm, based on the face amount of each individual rider. The riders are separately convertible while in force. Lower issue age maximums apply: age 50 for the 20-year rider, 55 for the 15-year, and 60 for the 10-year.

“Term riders are a simple concept, and often, it’s simplicity that drives a broker to make a recommendation and prompts a consumer to make a buying decision,” says Frank T. Gencarelli, senior vice president of distribution and marketing for Legal & General America, Banner’s parent company. “We’re in the protection business, and this portfolio addition makes full coverage more affordable for our customers.”

The partial surrender benefit allows eligible policy owners to opt for a partial surrender of the cash surrender value. The remaining specified amount must satisfy the minimum for the contract.

“Our universal life portfolio is one of the best on the market, in no small part due to the fact that all of our policies feature guaranteed cash surrender values that endow the contract,” Gencarelli says. “How do you make a great thing even greater? Add more liquidity.”

For more information, visit www.bannerlife.com.