Legal & General Term-2-Term Exchange Program
A great reason to reconnect with customers for policy review opportunities.
Published: 05.07.2024
Do you have existing Legal & General—Banner Life and William Penn—clients with existing OPTerm policies in place? Then you’re going to want to know about the Term-2-Term exchange program.
Legal & General Term-2-Term Exchange Program
The Term-2-Term exchange program allows Legal & General America customers who purchased OPTerm 10, 15, 20, 25, 30, or 35 within the past 48 months to trade up to a longer duration policy at their current attained age with no underwriting. The replacement policy will be a new issue with full coverage, and it will not be adjusted by the duration the original term policy was held.
- Premiums - based on attained age, nearest birthday
- Underwriting classes - all risk classes, including rated policies
- Exchange form - must be received within 48 months of original policy effective date
- Face amount - must match original term policy and be within retention limits
Customers sometimes need reminding that coverage needs to last as long as their longest financial burden, that premiums increase with age, and that health issues can affect underwriting decisions.
- No medical evidence needed - includes rated cases
- Full commissions are paid on Net Premium Increase
- Conversion alternative
- Experience a fast and easy process
- Speak with your clients about new policy review opportunities
- Longer duration policies available 35 and 40-year term
To learn more about this exciting program and how your clients can make the switch, visit Legal & General’s Term-2-Term Program resource page. This includes marketing materials—flyer, slide deck and letter templates—in both Banner Life and William Penn branding.
To learn more about Legal & General’s Term-2-Term program and how you can leverage this as an opportunity to reconnect with your existing clients, contact our team of experts today.
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