If you own a term life insurance policy with Banner Life Insurance, you can convert your policy to a permanent one with no evidence of insurability.
Here is what you need to know:
You can convert your Banner Term Life insurance policy up to age 70 or when the policy expires (whichever is sooner). For policies issued age 66 or later, the Banner life insurance conversion option is guaranteed for a period of 5 years.
Banner is very unclear about what products you can convert to. Like most life insurance companies, they don't want to put any language in the policy because of the continuous changes in the industry. This was taken word for word from a Banner Life Insurance Policy:
"The new policy will be issued on any permanent life plan which we have available for life insurance conversion and, for the amount exchanged, we customarily issue on the date of exchange to applicants with the insured's rating classification"
Currently, you can convert to ANY permanent product within the first 5 years. After 5 years Banner removes the option to convert to some of their most competitive products. This 5 year rule isn't listed in the policy, so you've been warned!
It's important that you work with an agent who is experienced in converting Banner Life Insurance policies. If you can't find the agent who sold you your policy (most can't), we would be happy to help you.
If you're considering a Banner Life Insurance conversion and would like a FREE assessment of your conversion options, please call us at (888)430-7668 or fill out the form here at RootFin.com.