35 and 40 Year Level Premium Term Life Insurance Now Available

Legal & General (aka Banner Life) just become the first insurance company to release a 35 and 40 year guaranteed level premium term life insurance product. This is a valuable option due to the following facts:

1. Americans are living and working longer

•Americans are living longer than they did 20 years ago…
the average American is expected to live 3 more years as
of 2015 compared to 1995¹
• Many Americans work past age 65 and continue to live a
lifestyle based on income…66% of millennials plan to work
past age 65 and 32% expect to work past age 70²

2. They still have debt beyond age 65

• Many Americans still have debt well beyond age 65
• For those age 65-74 who are carrying debt, the average
amount is $108,700. Among those who have debt secured
by their primary residence, the average debt is $130,700³

3. Coverage in later years can be costly

• People who continue to have a need past a typical 20 year
term policy can choose to pay high post-level premiums
or convert to a costly permanent product
• Older customers looking to buy a new term or permanent
policy often face health issues which may affect eligibility
or prevent them from being able to afford coverage

For non-tobacco users, the 35 year term is available is available up to age 50 and the 40 year term is available up to age 45.

It is worth noting that it is still possible to ladder coverage within these longer term Banner life insurance policies. For example, a $1M 35 year policy with a $1M 20 year term rider can be established; which would suit those with higher life insurance needs in their earlier years. Contact us today to explore your term life insurance options. Due to our knowledge of various underwriting factors, we will be able to match you with company offering you the most favorable rate class.

1. 2016 CDC Report – Table 15: Life expectancy from 1900 to 2015
2. 2016 Manpower Group Report – Millennial Careers: 2020 Vision
3. Smartasset.com – The average debt by age (2018)