The Long-Term Care Rider Personal Worksheet within the LTC Rider Supplemental Application Packet is a required form that must be submitted whenever a client is applying for the Long-Term Care Rider. On the Personal Worksheet, you must fill in the LTC rider cost per $1,000 of net amount at risk. The cost per $1,000 information was not included in the July 1 release of the Winflex illustration software, and in a previous article, we had asked that you leave this section of the application blank temporarily until the software could be updated. This has now been fixed and beginning August
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AZ and SD: Are You Ready to Sell the New LTC Rider?
On August 1, agents selling in Arizona and South Dakota will now have an additional option to help meet clients’ long-term care planning needs. A new Long-Term Care Rider will be available for you on our Income Advantage and Life Protection Advantage Indexed Universal Life (IUL) insurance policies. The LTC Rider provides: Benefits for Nursing Home, Assisted Living, Home Health Care and Adult Day Care Maximum total benefits up to 100% of the initial specified death benefit 1%, 2% or 4% monthly acceleration percentages One-time, 90 calendar-day elimination period Automatic issue of the Chronic Illness Rider if the client doesn’t
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Maryland Inclement Weather Information
The Governor of Maryland declared a state of emergency in two Maryland Counties: Frederick and Washington, because of severe storms and rains that occurred during the week of May 23, 2018. The Insurance Commissioner issued the subject Bulletin requiring compliance from all insurance carriers. Pursuant to our Policyholder Disaster Response Plan, we have extended the grace period for policies in the affected area to sixty (60) days for policyholders in the two counties impacted by this disaster, with no lapsing of policies with a due date of May 13, 2018, through May 19, 2018. To comply with this requirement the
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The New Long-Term Care Rider is Here!
Since 1987, long-term care insurance has been – and continues to be – a core product for Mutual of Omaha. In fact, an important part of our 2018 corporate strategy focuses on providing our customers with viable long-term care planning solutions. On July 1, we now have an additional option to help meet your clients’ long-term care planning needs. A new Long-Term Care Rider is available on our Income Advantage and Life Protection Advantage Indexed Universal Life (IUL) insurance policies. The LTC Rider provides: Benefits for Nursing Home, Assisted Living, Home Health Care and Adult Day Care Maximum total benefits
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Term Conversions with the Long-Term Care Rider
Do you have existing term clients who are interested in the Long-Term Care Rider? These clients can convert their life policy to an Income Advantage IUL or Life Protection Advantage IUL policy at the same class and will only need to go through underwriting for the Long-Term Care Rider. Here’s what you need to know: The client will need to complete a Fully-Underwritten Life Insurance App Pack plus the LTC Rider Supplemental App Pack. The Term Conversion App Pack cannot be used when the client is requesting the LTC Rider. The client will need to go through full underwriting and
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Important Info Regarding the LTC Rider Supplemental App
In a previous article, we shared information about our Long-Term Care supplemental application packet. The Long-Term Care Rider Personal Worksheet within this packet is a required form that must be submitted whenever a client is applying for the Long-Term Care Rider. On the Personal Worksheet, you must fill in the LTC rider cost per $1,000 of net amount at risk. We are in the process of having this information added to our IUL illustrations, and are working on getting this incorporated as soon as possible. In the meantime, here is what to do: Complete the remainder of the LTC Rider
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A Long-Term Care Rider with a Chronic Illness Back-Up
On July 1, 2018, we are introducing our new Long-Term Care Rider on our Income Advantage IUL and Life Protection Advantage IUL. And what’s even better is that we are also keeping our Chronic Illness Rider. What if your client applies for the Long-Term Care Rider and you find out he or she doesn’t qualify? What if your client doesn’t want to pay extra for the Long-Term Care Rider? With United of Omaha, your clients still have a long-term care planning solution with the Chronic Illness Rider. This rider is included automatically with all policies that are not issued with
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Help Clients Understand the Costs of Long-Term Care
Do your clients realize how expensive long-term care services can be? Based on national average costs, people can expect to pay more than $85,000 per year for a semiprivate room in a nursing home** — and that figure is expected to keep rising. Use our Cost-of-Care Brochure and Calculator to Help Your Clients Understand the Need Mutual of Omaha’s Cost-of-Care Survey brochure provides national and state averages for a variety of long-term care services, including those received at home, in an assisted living facility and in a nursing home. And, our new Cost-of-Care calculator on our LTC Rider site helps
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LTC Rider Supplemental Applications
A Long-Term Care Rider supplemental application packet is required whenever the client applies for the new Long-Term Care Rider on Income Advantage IUL and Life Protection Advantage IUL. Now is the time to make sure you are ready with all the forms you need. The Long-Term Care Rider supplemental application packet is available for download on the Forms & Materials section of our website. The Long-Term Care Rider supplemental application packet is available for ordering through your normal supply channels. The LTC Rider supplemental application packet will not be included automatically with the fully-underwritten life insurance application packet. You must
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Are You Ready to Sell the New LTC Rider?
On July 1 2018, we are introducing a new LTC Rider on Income Advantage IUL and Life Protection Advantage IUL. Our LTC Rider Licensing Requirements flyer provides the key pieces of information you will need to know to make sure that you will be ready, including: Licensing Requirements Training & Continuing Education Requirements Answers to FAQs Training Opportunities available through LTCiTraining.com For even more information regarding our new Long-Term Care Rider, go to MutualofOmaha.com/ltc-rider. Are You Ready to Sell the New LTC Rider? #goldencareagent #mutualofomaha
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