Automated Underwriting for Living Promise e-Applications offers many great features, but one you might not think about is our ability to refer cases. We would always like to provide an instant decision at the time you are with the client. Having the ability to refer a case to our underwriting team for further review allows us more flexibility to approve cases – and 77% of our referred cases are approved and issued after review. One of the reasons a case could be referred for further review would be our inability to verify your client’s identity. During the automated underwriting process,
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United of Omaha Life Insurance Company Position Statement on Insurable Interest April 2019 United of Omaha Life Insurance Company and its affiliates’ (together, “United of Omaha”) are committed to providing financial security to individuals, families and businesses through affordable insurance and financial products. We continually strive to develop life insurance and annuity products that meet our customers’ needs and provide good value at a competitive price. A fundamental principle in providing individual life insurance coverage is the existence of an insurable interest by the proposed owner in the life of the insured. Issuing life insurance coverage to persons who do
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We have discovered medication rules for high blood pressure medications are inadvertently including single medication use, with rules for combination medication use. This includes medications such as Losartan, Lisinopril, and Furosemide, which is a diuretic. The changes needed have been identified, and we are in the process of adjusting our prescription rules with our vendors. We expect to have these corrections implemented by the end of April. We are open to appeals on cases and will review the prescription history if you feel a case was incorrectly decisioned based on their medication use. Appeals can be submitted by contacting your
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Statistics show that almost 70 percent of people over 65 will require chronic care later in life. Long-term care services can be expensive – and the costs are only expected to keep rising. So, why haven’t your clients purchased long-term care insurance yet? Some may not realize they need it. In fact, most don’t. That is, until they’ve experienced a parent or grandparent depleting their assets to pay for long-term care services. Perhaps that parent or grandparent even had to rely on family members to provide the care they couldn’t afford. Others have a hard time making the purchase because
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An important tip to keep in mind – in order to get the most accurate underwriting decision, please take your time while completing the health questions on the e-App. The ‘instant decision’ tool needs to have enough time to run the health checks in the background while the questions are completed. If you are new to Living Promise or e-Apps watch our training videos for the in-person signature method and email signature method. They walk you step-by-step through completing the e-App for Living Promise.   If you have any questions, please contact your Mutual of Omaha’s Sales Support at (800)
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Our LTC Rider on Income Advantage IUL and Life Protection Advantage IUL follows what is known as a reimbursement rider model. Many other companies use an indemnity model. Knowing the difference is important. Here’s a basic definition: Indemnity – Policyowner can take rider benefits up to the maximum monthly benefit limit regardless of the actual expenses incurred. Reimbursement – Policyowner is reimbursed based on actual expenses incurred by the insured, up to the maximum monthly benefit limit. At first glance based on the definitions alone, an indemnity rider may seem like the obvious choice, that your client has access to
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Since launching Automated Underwriting for Living Promise e-Applications in November 2018, over 12,000 applications have been submitted. Of those applications, 59% were instantly approved and 75% of the referred cases were approved after review for an overall approval rate of 82%. As with any new system, there are opportunities for improvements and we are working on fine-tuning the process. We’d like to provide you with an update on some of the recent enhancements/fixes that will improve you and your clients’ experience with the Living Promise e-App. Recent Enhancements/Fixes We removed cookies from the clickwrap email signature process. Your clients will
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