Legal & General America is one of the very few carriers to offer a 25-year term plan - and ours nearly always tops the list for lowest premiums. This limited-time exchange program gives existing customers a valuable option to swap policies and restart term coverage for another 25 years. If the policy exchange meets the eligibility requirements, issue is guaranteed.
Why revisit the original purchase decision? You know the answer: 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.
Today, the debt many people carry later in life is different from a few decades ago. More middle-aged people are carrying substantial student loan debt well into their 40s and 50s. According to a May 2014 analysis of data by the Consumer Financial Protection Bureau's Office for Older Americans, 30 percent of homeowners over the age of 65 still carry a mortgage.
The OPTerm 25 Exchange Program allows customers who purchased OPTerm 10, 15, or 20 within the past four years (48 months) to trade up to an OPTerm 25 plan at his or her current attained age with no underwriting. The OPTerm 25 replacement policy will be a new issue, with a full 25 years of level premium, not adjusted by the duration the original term policy was held.
The No-Underwriting Program Highlights:
Active OPTerm 10, 15, or 20 policies are eligible
No evidence of insurability required
Premiums based on current attained age, nearest birthday
Face amount must match original term policy, within retention limits
All risk classes, including rated policies, are eligible
Exchange request must be received in home office within four years (48 months) of original term policy effective date