Flexible Payment Options Coming Soon for Paper Applications

Policyowners want flexibility in scheduling their payments based on their budget and lifestyle. Effective August 18, 2017 we will offer new, flexible options for automatic deductions.

Flexible payment options will be available on paper applications for reoccurring payments for all products. A new payment authorization form will need to be submitted with the application.

Living Promise (Final Expense), Term Life Express (TLE) and Guaranteed Universal Life Express (GULE)

  • The app packs will be updated with the new payment authorization form and available on 8/18/17.

Children’s Whole Life (CWL)

  • The app pack is in the process of being updated with the new payment authorization form and will be available on 8/25/17. In the meantime, please use the current payment form included in the app pack.

Guaranteed Universal Life (GUL), Income Advantage IUL, Life Protection Advantage IUL, AccumUL Plus, AccumUL Answers, Term Life Answers (TLA)

  • The app packs are in the process of being updated with the new payment authorization form. In the meantime, please use the stand alone payment authorization forms for United or Companion and include with your application submission.

Payment options available for your customers:

  1. Static dates: 1-28 of each month
  2. Flexible day: Last day of the month
  3. Week/day combination (your customer can select a combination of the options below):
    – Either the first, second, third, fourth or last week of the month AND
    – Either Monday, Tuesday, Wednesday, Thursday or Friday
    Examples of the week/day combinations:
    – Your customer chooses to have their payment on the third Wednesday every month
    – Your customer chooses to have their payment on the first Monday of every month
    – Your customer chooses to have their payment on the last Friday or every month

Please note, if your customer’s selected date falls on a weekend/holiday it will be deducted on the next business day.

In-force Policies

  • If you have a client with an in force life insurance policy that is interested in changing their payment date, they can now log into Customer Access to select flexible dates. Or they may complete the Automatic Deduction form for United or Companion and submit to Policyowner Services for processing.

If you have questions, please contact your Mutual of Omaha Sales Director or Account Executive.
 

Flexible Payment Options Coming Soon for Paper Applications

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