Urbana, MD, August 10, 2015 – Legal & General America’s (LGA) level term product just got more affordable.
A rate reduction across all non-tobacco underwriting classes puts LGA back among the brokerage carriers with the three lowest premiums. “Without compromising our discipline, we stepped outside the algorithms and reached farther and deeper than we had before,” says Troy Thompson, vice president of Product Management at LGA. “We intentionally focused on top three positioning. And if #1 was in reach, we grabbed it.”
Changing rates is no longer a simple science, even for a product as simple as guaranteed level premium term life insurance. According to Frank Gencarelli, senior vice president of Sales and Marketing, “What happens behind the scenes is complex and intricate. Finely tuned underwriting. XXX reserves. Just-now emerging postlevel persistency and mortality experience. And competition so fierce it takes actuarial artisans to keep up.”
Gencarelli points to the hands-on analysis of detailed market data that made the OPTerm rate reduction possible. LGA has been “simply relentless in its pursuit of process and platform simplicity for more than a decade,” he says. “Pair that with a relentlessly simple product that’s well priced and you have a winner.”
LGA reduced rates in OPTerm 10, 15, 10 and 30 but targeted its sweet spot of non-tobacco classes in longer duration plans and applicant ages 20-62. The policies are issued by Banner Life Insurance Company and William Penn Life Insurance Company of New York.
For more information contact:
Pat Saether, Creative Services Director
Legal & General America life insurance products are issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Garden City, NY. Banner is licensed to do business in 49 states and the District of Columbia. William Penn does business exclusively in New York; Banner does not solicit business there. 15-313