Benefits for your client
Life Step UL is not designed to build cash value, but it does have a cash value component with a guaranteed interest rate. The cash value accumulates on a tax-deferred basis with provisions for policy loans and either partial or full cash surrender
Features at a glance
- If the term policy meets eligibility, no additional underwriting needed to convert from OPTerm to Life Step
- Flexible premium payments
- Lifetime coverage
- Minimum coverage amount: $50,000
- Issuing ages: 20–85 years old, age nearest birthday
- Cash surrender option
- Guaranteed interest rate
- Guaranteed death benefit
- Short pay guarantee
- Accelerated Death Benefit Rider included
Additional features
Clients can control the timing and premium payment amounts, choosing to pay more up front and less in their retirement or in a different way that works for them. Although regularly scheduled premium payments are not required to keep coverage in force, late premium payments may place the policy at risk for a lapse in coverage.
Clients facing a qualifying terminal illness can receive a portion of their death benefit prior to passing away.
Short pay guarantees allow clients to build a customized premium payment for a set number of years. This allows them to consolidate premium payments required for a lifetime guarantee over a limited time instead of on a perpetual annual basis. Premium payments end after the specified period has ended.
This secondary guarantee can prevent a lapse in coverage for customers who pay the planned premium on time.
Disclaimer
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD 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. The Legal & General America companies are part of the worldwide Legal & General Group. OPTerm policy form # ICC21-DTCV and state variations. In New York, OPTerm policy form # DTCV21-NY. NexTerm policy form # ICC21-DTCV1 and state variations. A Waiver of Premium Benefit Rider is available, Banner policy form # ICC09 WPTR and state variations (William Penn # WPTR). Children’s Life Insurance Rider, from # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. The Children’s Life Insurance Rider is not available in New York or Maryland and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination. Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations. For broker use only. Not for public distribution.