In April, we announced that a Senior Assessment would be required for all fully-underwritten life insurance policies when the client was age 66 and over and was applying for a face amount of $500,000 and above. Beginning August 1, 2018, we have revised this requirement. The Senior Assessment will only be needed for clients ages 66 to 70 with coverage amounts of $500,000 to $1 million when the client is applying for the Long-Term Care Rider.
The Senior Assessment will be completed at the time of the paramedical examination. Since the paramedical companies will not know if an LTC rider is a part of the sale, please be sure to specify that a Senior Assessment is necessary when the paramedical exam is ordered.
When the Senior Assessment is required:
- Clients age 66-70 with face amounts $500,000-$1 million – ONLY IF THE LTC RIDER IS INCLUDED
- Clients age 66-70 with face amounts over $1 million
- Clients age 71 and over with face amounts $500,000 and above
This testing will assess a client’s cognitive ability, memory functions, mobility testing and ability to perform Activities of Daily Living. You can use our new What Comes Next in the Application Process brochure to help prepare your clients for what to expect during the Senior Assessment.
The Underwriting Guidelines booklet will be updated with this revised requirement in mid-August.
If you have any questions, please contact your Mutual of Omaha Account Executive or Sales Director.
Senior Assessment Underwriting Requirement Changes
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