Living Benefit Riders added to Term Life Express

Term Life Express offers simplified underwriting, competitive pricing, and attractive conversion privileges AND on August 1, 2016, TLE will now also include no-cost Living Benefit Riders (only on the TLE non-ROP policies).

The Living Benefit package will include three Accelerated Death Benefit Riders at no additional cost to the customer:

  • Chronic Illness
  • Terminal Illness
  • Critical Illness

Here’s What You Need to Know:

  • Sales effective date: August 1, 2016
  • Available in all states, except New York and California (pending approval)
  • The Living Benefit includes three Accelerated Death Benefit Riders*
    * May vary by state, for complete descriptions refer to the state specific highlight sheet

    1. Chronic Illness – Unable to perform 2 of 6 ADL’s for consecutive 90 days
    2. Terminal Illness – Life expectancy is 12 months or less
    3. Critical Illness – Diagnosed with life threatening health condition
  • Available on TLE non-ROP policies only
  • No-cost riders
  • No additional underwriting required
  • The new Accelerated Death Benefit Rider for Terminal Illness will replace the existing Accelerated Death Benefit Rider for Terminal Illness on all TLE non-ROP products

What about TLE ROP policies:
The TLE ROP policies will remain unchanged and will continue to receive the existing Accelerated Death Benefit for Terminal Illness Rider. The new disclosure form will be required for all applications, including TLE ROP.

Transition Rules:
For applications signed prior to August 1, 2016:

  • The old ABR will apply to the policy.
  • On request, any application signed prior to August 1, but pending in underwriting after August 1 may update to the new ABR, however the policy effective date must be August 1 or later. Transition rules for applications signed between August 1 and August 31 will be followed.

For apps signed between August 1, 2016 and August 31, 2016:

  • A new ABR disclosure form 49500 (or state equivalent) must be signed and submitted with all TLE and GULE apps. All qualifying policies will automatically be issued with the Living Benefit Riders.
  • Old ABR forms received during this time will be accepted, and a letter of explanation along with the new ABR disclosure form will be included with the policy. Compensation will not be held and the new ABR form will not be required to be returned to the home office.

For apps signed September 1 and later:

  • The new ABR disclosure form must be signed and submitted with the application.
  • If we receive the old ABR form, compensation will be held and the new ABR disclosure form will be required to be returned to the home office as a standard delivery requirement.

NOTE:
The new disclosure form 49500 (or state equivalent) must be submitted with all TLE, TLE ROP, and GULE applications as of August 1, 2016.
The current disclosure form, L8584_IC (or state equivalent) will no longer be accepted beginning September 1, 2016.

For more information or if you have questions please contact your Sales Director or Mutual of Omaha Sales Support at 1-800-693-6083.

Living Benefit Riders added to Term Life Express

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