Breathing life back into insurance
Life is fast, colorful, and diverse. Protecting it should be, too. We know that everyone has a story, and we honor it by listening and helping them find coverage that works with their health and lifestyle in a fast, easy, and painless way. In an industry of black-and-white coverage options and automatic declines, Banner Life is breathing life back into the insurance process with BeyondTerm life insurance with living benefits.
And when life takes an unexpected turn, BeyondTerm can help your customers breathe a little easier. Offered by Banner Life, BeyondTerm with living benefits provides accelerated benefits that allow access to a portion of a term life insurance death benefit when a covered illness occurs, helping provide financial relief and greater peace of mind when it's needed most.
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BeyondTerm with living benefits
BeyondTerm with living benefits allows customers to accelerate the lesser of, up to 90% of their policy death benefit at the time of the first acceleration or up to $1M total accelerated death benefit* with three built-in coverages: chronic illness, critical illness and terminal illness, included in the premium cost of the term life insurance policy.
- Can help enable a bright quality of life with the ability to use the benefit however your customers choose.
- Valuable critical illness coverage that can respond when you experience one of 13 qualifying illnesses.
- Flexibility for partial accelerations, allowing customers to accelerate a portion when they need it, while reserving some of the death benefit for the future.
BeyondTerm with living benefits is not approved for use in all jurisdictions, including California.
Product specifications for CA | Product information for CA
Additional resources
*The lesser of the two amounts. Payment amount will be less than accelerated death benefit amount
Life insurance and retirement 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 Life products are distributed in 49 states and in D.C. William Penn products are available exclusively in New York; Banner Life is not an authorized New York insurer and does not do business in New York. Each company is solely responsible for its own financial and contractual obligations. Product guarantees are backed by the financial strength and claims paying ability of the issuing company. Policy coverage and features may not be available in all states and may vary by state. Exclusions and limitations may apply. Two-year contestability and suicide provisions apply. A one-year suicide provision applies in CO, MO, and ND.
BeyondTerm policy form #ICC24-DTCV1 and state variations; not available in New York. BeyondTerm riders, Chronic Illness Accelerated Death Benefit rider form #ICC24-ADBCHI, Critical Illness Accelerated Death Benefit rider form #ICC24-ADB-CRI, Terminal Illness Accelerated Death Benefit rider form #ICC24-ADB-TRI, and state variations are included in all BeyondTerm term life insurance policies effective December 11, 2024 and on. BeyondTerm riders are not approved for use in all jurisdictions, including California and New York. BeyondTerm policies with a substandard table rating are NOT eligible for the Critical and Chronic Illness riders but are eligible for the Terminal Illness rider.
Benefits paid under accelerated death benefit riders will result in a reduction of the life insurance policy’s benefits and values, including face amount, death benefit, and premium based on the amount that is accelerated. Benefits advanced under the accelerated death benefit may be taxable in certain circumstances. As with all tax matters, you should consult with your tax advisor regarding the tax treatment of receiving an accelerated death benefit. Payment of an accelerated death benefit may affect eligibility for Medicaid or other government assistance programs or entitlements. Refer to the policy or riders for complete details.
Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.