Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha, and we intend to remain a key player in this market for years to come. To fulfill this commitment, we actively monitor emerging industry trends and make any adjustments necessary that enable us to keep our promises to policyholders and remain competitive in the marketplace. For this reason, we will be implementing the following rate adjustments effective January 1, 2020: Block of Business Impacted States LTC04G Delaware, West Virginia LTC04I Delaware, District of Columbia LTC06UI Alaska, District of Columbia, Mississippi, North Dakota, West Virginia For a complete
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Advance Notice: End of Year Pay Schedule
As the holiday season quickly approaches, it’s easy to forget important dates with all the hustle and bustle. That’s why we are giving you early notice of our key end of year pay dates. Take a look and keep a copy with you to ensure you have the right dates. Mutual of Omaha and its affiliates (United of Omaha and United World) will be closed on the following days: Thanksgiving: Thursday, November 28, 2019 and Friday, November 29, 2019 Christmas: Wednesday, December 25, 2019 New Year’s Day: Wednesday, January 1, 2020 The past pay cutoff in 2019 for Life is
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Critical Illness, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).
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GUL Express Rates Are Dropping
On October 1, 2019, we will be making Guaranteed Universal Life (GULE) even more competitive, with rate decreases between 5 and 30 percent! Product Updates We will be decreasing rates – in some cases up to 30%! We will be expanding the maximum issue age for non-tobacco to age 70 (tobacco will remain at age 65) We will be changing the maximum face amounts to match Term Life Express. The maximum face amounts will now be: 18-50: $300,000 51-60: $250,000 61-65: $150,000 61-70: $150,000 The Disability Continuation of Planned Premium Rider will be introduced on GUL Express in California at
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Our LTC Rider Helps Clients Preserve Their Independence
When the need for long-term care arises, your clients’ primary concerns will be protecting their assets and preserving their independence. Our LTC Rider on Income Advantage IUL and Life Protection Advantage IUL helps your clients to do just that. We offer benefit payment options of 1%, 2% and even as high as 4% on face amounts up to $1.25 million. This allows your clients to purchase up to $50,000 in monthly LTC Rider benefits. And what’s even better, your clients are protected by a company with a proven track record. Mutual of Omaha has offered traditional LTCi for over 30
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IUL Participation Rate and Cap Rate Changes
Effective November 10, 2019, we will be making changes to our participation rates and cap rates on our Income Advantage IUL and Life Protection Advantage IUL products. The slight decreases to the rates come as a result of the current rate environment and the increased market volatility, which causes an increase in options costs. These rate changes will apply to newly issued policies, as well as to any in force policies with a segment that is created (with new premium dollars) or renews on November 10th. With the sweep feature, all money received in the home office on or before
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Flexible Payment Options Added to More Products
Good news! Flexible payment options will be available for your Critical Advantage&sig;, Priority Income Protection® and Guaranteed Advantage clients starting September 27, 2019, for your clients that prefer to pay by automatic bank deductions. They now have the option to select a flexible payment date when choosing their reoccurring automatic deductions The new flexible payment options are shown below: Static dates: 1st through 28th or last day of each month Flexible day: Week/day combination – client can select a combination of: First, second, third fourth or last week of the month and any day Monday through Friday Here is the
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Living Promise Instant Decision Enhancements
When you sit with your clients you want to provide them with an underwriting decision as quickly as possible. We are always looking for ways we can improve our processes to make doing business even easier for you and your clients. Last month we installed enhancements to the rules for Automated Underwriting on Living Promise e-Applications. After the install, we saw a 6% change. This resulted in decreases in referrals and increases in decisions at point-of-sale. We are continually watching trends and making adjustments to our rules to ensure you have the best experience possible for both you and your
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Rate Adjustments Effective December 2019
Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha and we intend to remain a key player in this market for years to come. In order to fulfill this commitment, we actively monitor emerging industry trends as well as our own experience so we can make the adjustments necessary that will allow us to keep our promises to policyholders and remain competitive in the marketplace. For this reason, we will be implementing the following rate adjustments effective December 1, 2019: Block of Business Impacted States LTC04G Arkansas, Iowa LTC04I New Mexico LTC06UI Pennsylvania, Iowa, Oklahoma, Ohio, New
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Final Reminder: October 1st Updates for 2017 CSO Table Changes
As a final reminder, on October 1, 2019, United of Omaha will be modifying our GUL and GUL Express products due to the implementation of the 2017 Commissioners Standard Ordinary (CSO) Tables. Product Impacts Guaranteed Universal Life (GUL) The product will be updated with the new CSO tables, resulting in a mix of increases and decreases in premiums. The Disability Continuation of Planned Premium Rider will be introduced on GUL in California at the same time. Guaranteed Universal Life Express (GUL Express) The product will be updated with the new CSO tables, which has resulted in decreases in the lifetime
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Coming Soon: Decreased GULE Rates
On October 1, 2019, we will be making Guaranteed Universal Life Express (GULE) even more competitive, with rate decreases between 5 and 30 percent! Here’s what you can expect beginning October 1: We will be decreasing rates – in some cases up to 30%! We will be expanding the maximum issue age for non-tobacco to age 70 (tobacco will remain at age 65) We will be changing the maximum face amounts to match Term Life Express. The maximum face amounts will now be: 18-50: $300,000 51-60: $250,000 61+: $150,000 The Disability Continuation of Planned Premium Rider will be introduced on
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