Throughout the rapidly evolving pandemic, Mutual of Omaha has been continuously evaluating our underwriting and new business practices to support business continuity, deliver a consistently high level of service, and maintain our financial strength. As a result, effective Wednesday, April 15, 2020, we are implementing the following temporary changes to our life insurance underwriting guidelines. These changes apply to all fully-underwritten life insurance cases that are not already approved or issued. This includes any newly submitted and pending in-house cases, whether formal or informal. Postponements Due to International Travel All fully-underwritten life insurance cases where the proposed insured has plans
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From our Advanced Markets Team: LTCi – Self-Insurance or Self-Delusion?
LTC: Self-Insurance or Self-Delusion? Hear from our Advanced Markets Team! Some clients say they would prefer to self-insure instead of purchasing a long-term care policy. And while that may sound like the cheaper option, there are a lot of moving parts here that clients often don’t consider. You can learn more about the pitfalls of self-insurance from Stephen Alloy on our Advanced Markets team here. From our Advanced Markets Team: LTCi – Self-Insurance or Self-Delusion? #goldencareagent #mutualofomaha #longtermcare
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Policyholder Rerate Letter Update
Mutual of Omaha and its affiliates provide notification to our Medicare supplement policyholders of their upcoming rate adjustments. Notification letters are sent in accordance with state regulations 30 or more days in advance of the effective date of the rate change. As we adjust business practices in response to the Covid-19 virus, we want to assure our Medicare supplement policyholders we are aware that many may be economically impacted. Currently, we are adding the following copy to our re-rate notification letters. “If you are experiencing hardship due to the coronavirus (COVID-19) pandemic and need additional time to pay your
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Email Address on Submitted Applications
This is a reminder to please fill-out your client’s applications completely before submitting for all Mutual of Omaha products. This includes capturing the customer’s email address. We encourage you to use an e-App if it is available for your products. e-Apps are an easy and fast way to submit business and have a field for email address. Most paper applications also have a field for an email address so if you prefer to use a paper application, please make sure you are including the client’s email address if applicable. Thank you for your business. Email Address on Submitted Applications
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Critical Illness, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).
critical illness, disability, health, Life Insurance, Long-Term Care, long-term care insurance, LTC, LTCi, Med Supp, Medicare Supplement, Medigap, MS, mutual of omaha, omaha, pending cases, and Underwriting'.
critical illness, disability, health, Life Insurance, Long-Term Care, long-term care insurance, LTC, LTCi, Med Supp, Medicare Supplement, Medigap, MS, mutual of omaha, omaha, pending cases, and Underwriting'.
Increased Simplified Underwriting Amounts for Disability Income
Mutual of Omaha is committed to helping you continue to meet the income protection needs of your clients. We have good news to share, to make it easier to sell disability income insurance. Effective immediately, we are making the following enhancement to new applications for simplified underwriting guidelines: Increasing the amount from $3,000 to $6,000 of monthly benefit Advantages of Simplified Underwriting: Ages 18-45, no labs up to and including $6,000 Age 46+ blood urine, physical data No financial requirements up to and including $6,000 monthly benefit, all benefit periods* *If requesting the self-employed discount, two-year financial documentation will be
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IUL Express Keeps Getting Faster – For Apps and Illustrations
In November, we introduced our new IUL Express product. This product took IUL products into the fast lane by using a simplified-issue process. We provided new videos showing how DocuSign can speed up the application process in the current environment. And this week, we are unveiling new changes that result in your IUL Express illustrations running even faster. Applications: In the past few weeks, we began allowing the submission of IUL Express paper applications electronically using one of our accepted electronic signature methods and our paper application submission via email process. This process has a substantial impact on how quickly
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Medicare News – Omaha Family of Companies
Medicare Supplement: Upcoming Rate Adjustments View upcoming Med supp rate adjustments in Connecticut, Missouri and Nebraska. May Rate Releases View new Med supp rates effective May 1, 2020 in Colorado, Florida and Maryland. 2020 Marketing Credits Program Learn how you can earn credits to pay for business expenses that help build your Medicare supplement and dental business. Policyholder Rerate Letter Update Medicare supplement policyholder rerate letters now provide for customer service contact for individuals impacted by Covid-19 to discuss their premium payment options. #goldencareagent #mutualofomaha
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Automated Underwriting – Our Instant Decision Solution
The application process for our Term Life Express and Living Promise Whole Life Insurance products is simple – no medical exam and only a few health questions. But did you know when you complete the application using our e-Application you will receive an instant underwriting decision? Automated Underwriting, our instant decision solution, provides you an underwriting decision in minutes, if not seconds, while you are completing the application with your client. New to our e-Applications? Check our our producer training videos below. You can select just the chapters that you need assistance on, or if you are brand new, watch
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Life Underwriting Updates: Accelerated Underwriting and Statements of Good Health
As Mutual of Omaha carefully reviews our underwriting processes and procedures, which continue to evolve during this current situation, we would like to announce the following changes for Life Underwriting effective immediately. Accelerated Underwriting Program We are increasing the maximum face amount limit to $2 million. Qualifications Requirements: Issue Ages 18-55 Face Amounts: $100,000 – $2,000,000 Available Products: Term Life Answers 10-, 15-, 20- and 30-years, Income Advantage IUL and Life Protection Advantage IUL Speed eTicket (Drop Ticket) process only Use Speed eTicket, our easy drop ticket process to take advantage of this program. Simply submit a drop ticket via
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Important Information on DI, CI and AD Policy Output Procedures
State government social distancing responses change daily, and it is increasingly difficult to know which of our distribution partners have the ability to maintain back office support for policy receipt and delivery. We also understand that any back-office support you have available today may be forced to discontinue tomorrow as the situation continues to evolve. Therefore, as an interim solution, we will begin mailing all Disability, Critical Illness and Accidental Death insurance policies direct to our customers effective April 11, 2020. This change is being implemented with the best interests of our customers and distribution partners in mind to ensure
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