Flexible Payment Options Now Available

We recently updated our payment options to allow your customers more flexibility when they make their payments.

They now have the option to select a flexible payment date when choosing their reoccurring automatic deductions

Flexible Payment Date Options:

  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:
        1. Your customer chooses to have their payment on the third Wednesday every month
        2. Your customer chooses to have their payment on the first Monday of every month
        3. 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.

Living Promise (Final Expense):

  • Available for e-App and paper applications
  • The application packets have been updated with the new payment authorization form. The e-App screens have been updated to allow you to select flexible payment dates.

Children’s Whole Life (CWL):

  • Available for paper applications
  • For all states, except New York, the application packets have been updated with the new payment authorization form.
  • For New York, please use the stand alone payment authorization form for Companion, available on SPA.

Term Life Express (TLE) and Guaranteed Universal Life Express (GULE):

  • Available for paper applications
  • The application packets have been updated with the new payment authorization form.

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

  • Available for paper applications
  • The applications packets are in the process of being updated. Please use the stand alone payment authorization forms for United or Companion, available on SPA.

In-force Policies

  • If you have a client with an in force Living Promise 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 Now Available

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>   Related: Flexible Payment Options are Available for Living Promise e-Apps and Paper Apps
Flexible Payment Options Coming Soon for Paper Applications