Due to a variety of reasons, there are times when we are unable to successfully draft initial premiums.
To limit potential impacts and fees that may occur for clients, we will now limit the number of premium draft attempts to three for our simplified issue products to place coverage in force. If we are unsuccessful in drafting the initial premium after three attempts, the policy will be canceled.
The proposed insured may reapply for coverage with updated bank information or once any challenges with their account have been resolved.
We want to continue to be a good partner and are diligently working on improving our processes to accelerate processing time when new draft requests are received.
If you have any questions, please contact Mutual of Omaha’s Life Underwriting Call Center at 800-775-7896.