2020 Life Product Changes: Transition Rules

Effective January 1, 2020, we will be making changes to our life product portfolio, including discontinuing our Guaranteed Universal Life product, repricing our Level and Graded Living Promise Whole Life final expense products, repricing our Term Life Express Non-ROP product and discontinuing our Term Life Express 20-Year ROP product. Below is a summary of the transition rules. More information on these product changes and transition rules can be found in our 2020 Life Product Changes Frequently Asked Questions document.
 
GUL and TLE 20-Year ROP policies:

  • You will still be able to submit applications for GUL and TLE 20-year ROP policies that you are in the process of selling through December 31, 2019. GUL and TLE 20-Year ROP paper applications must have a signed date prior to January 1, 2020 and must be received in the home office by January 15, 2020. TLE 20-Year ROP electronic applications must be signed prior to January 1, 2020.
  • For any GUL applications signed January 1, 2020 or later, or any GUL applications received after January 15, 2020 (regardless of app signed date), Underwriting will contact the broker/agent to determine if they wish to proceed using a different product.
  • For any TLE 20-Year ROP applications signed January 1, 2020 or later, or any TLE 20-Year ROP applications received after January 15, 2020 (regardless of app signed date), Underwriting will contact the broker/agent to determine if they wish to proceed using either the TLE 30-Year ROP or TLE 20-Year Non-ROP. If one of these alternate product options is selected, an amendment will be included when the policy is issued.

Living Promise Whole Life Level Benefit Plans and Term Life Express Non-ROP policies:

  • You can still submit Living Promise Whole Life level benefit plans and Term Life Express Non-ROP policies and receive the lower 2019 pricing. To receive the 2019 pricing, paper applications must have a signed date prior to January 1, 2020 and must be received in the home office by January 15, 2020. Electronic applications must be signed prior to January 1, 2020.
  • The new pricing will be used for any applications for Living Promise Whole Life or Term Life Express Non-ROP policies that are signed January 1, 2020 or later, and any applications received after January 15, 2020 (regardless of app signed date).

Living Promise Whole Life Graded Benefit Plans:

  • Only applications with a signed date of January 1, 2020 and later will get the new pricing for the Living Promise Graded Benefit product. If the broker/agent wishes to have the new pricing on a pending in-house application that was signed prior to January 1, 2020, they will need to contact Underwriting. These requests will be processed after January 1, 2020 and will count toward the agent’s 2020 production, not 2019 production.

If you have any additional questions, please contact your Mutual of Omaha Life Sale Director or Account Executive.
 

2020 Life Product Changes: Transition Rules
 

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