Effective Thursday, July 22, 2021, for the State of Washington ONLY, Mutual of Omaha is increasing the minimum face amount required on all IUL insurance policy applications that include the long-term care rider to $250,000. This action is being taken to prevent individuals from applying for a life insurance policy with LTC to avoid the Washington State’s Long-Term Care Trust Act payroll tax deduction with no intention of keeping the policy in force. Mutual of Omaha has a responsibility to our policyholders and distribution partners to ensure our product offerings are used as designed, offering lasting life insurance and LTC
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Have you heard the news? Mutual of Omaha’s Income Advantage IUL product is now compliant with section 7702 as of July 8, 2021. This change has dramatically increased our competitive position in the “Cash Accumulation/Income” IUL marketplace. In addition, to our competitive position, the Income Advantage has some of the lowest internal costs in the industry. When you combine the GRO rider, low cost structure, competitive income values and our no cost Chronic/Terminal Illness or available LTC rider, the Income Advantage IUL should be considered one of your top “go to” IUL products. This change comes as a result of
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