Many of our life insurance products require illustrations with the application for insurance. Underwriting and New Business want to reduce confusion and provide clarity on what is required for revised illustrations. When a Life product requires an illustration, the illustration must match how the policy is issued. When changes are made after the application is submitted, a newly signed illustration marked as revised is required to meet compliance standards. This can be accomplished one of two ways: Any time you create an illustration after the application has been submitted, make sure the “Revised” indicator on the policy options tab is
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LTCi Rate Adjustments Effective May 1, 2023
Mutual of Omaha actively monitors our inforce long-term care business, filing rate adjustments when necessary to ensure we keep our promises to policyholders and remain competitive in the marketplace. We will be implementing the following inforce rate adjustments effective May 1, 2023*: Impacted Policy Forms Impacted States LTC04G Utah, Wyoming For details on yearly rate adjustment percentages, view the supplemental grid here. Policyholder Notification Process Policyholders will receive a letter notifying them at least 60 days prior to the premium rate increase effective date as outlined above. Along with the premium rate increase notification letters, most policyholders will receive
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Inforce Long-Term Care Insurance Rate Adjustments Effective April 1, 2023
Mutual of Omaha actively monitors our inforce long-term care business, filing rate adjustments when necessary to ensure we keep our promises to policyholders and remain competitive in the marketplace. We will be implementing the following inforce rate adjustments effective April 1, 2023*: Impacted Policy Forms Impacted States LTC04G Maine*, New Hampshire, New Mexico, Ohio LTC04I Maine*, New Mexico, Ohio LTC04I7 Maine*, New Mexico, Ohio LTC09M Maine*, New Mexico, Ohio LTC06UI Maine*, New Mexico, Ohio LTC09U Maine*, New Mexico, Ohio * The state of Maine requires a 90-day notification period for all policyholders. Therefore, the effective date for the affected
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Help Clients Ease the Financial Burden with Living Promise
Our Living Promise Whole Life Insurance offers simplified underwriting and level and graded benefit plans for seniors to help cover final and other expenses. Whole life insurance can help your clients ease the financial burden associated with outstanding medical bills, debt and final expenses. A Living Promise Whole Life policy offers: Level and graded benefit plans for ages 45-85 Affordable rates that never increase Simplified underwriting for face amounts of $2,000-$40,000 Quick policy issue Accelerated Death Benefits for Terminal Illness or Nursing Home Confinement Learn more about Living Promise Whole Life Insurance in the Product and Underwriting Guide. Help
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Updated Life Underwriting Guidelines
The Life Underwriting Guidelines for Term and Permanent Products has been updated, new for January 1, 2023, and is now available to order. Some changes include: Inspection Reports – page 14 The Fully Underwritten Requirements Chart – pages 16 & 17 Fit Program parameters – page 23 Accelerated UW Program – page 26 Impairments – pages 34, 35 & 38 Remember, all materials are available to view/download through SPA or can be ordered through your normal channels. If you have questions, please contact your Sales Director or Account Executive. Updated Life Underwriting Guidelines #goldencareagent #mutualofomaha
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Close the Sale Faster with Automated Underwriting
With Automated Underwriting, you receive a point-of-sale decision day or night with your clients. The process is simple — use the iPipeline iGO e-App on your IUL Express, Living Promise, and Term Life Express applications and it will automatically go through Automated Underwriting. Looking for e-App training, or simply want to understand the process better? Check out our e-App training videos. They walk you through each step of the process – or you can skip ahead to the specific section you need. IUL Express Living Promise Term Life Express Find these helpful resources and more on mutualofomaha.com/simple. No need to
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Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).
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Introducing the Four Quarters Club
You work hard all year long to fulfill your clients’ expectations, and Mutual of Omaha feels you should be rewarded for your diligence. We are thrilled to introduce the Four Quarters Club, a brand-new incentive program that pays out a 10% bonus on a quarterly basis to all qualifiers. Beginning January 1, 2023, you’ll have not just one, but four opportunities to earn funds that you are able to use at your discretion. You take care of your clients throughout the year and in 2023 we will recognize your hard work and dedication throughout the year as well. Find all
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Upcoming Fixed Account Rate Changes for Life Products
Fixed Account Rate Changes Effective January 1, 2023, we are increasing the fixed crediting rates as follows: Income Advantage IUL fixed account rate will increase 0.50% from 3.00% to 3.50% Life Protection Advantage IUL fixed account rate will increase 0.50% from 2.75% to 3.25% IUL Express fixed account rate will increase 0.50% from 2.75% to 3.25% These rates change will apply to newly issued policies, as well as to any new premiums received on in force policies. Your WinFlex illustration software will automatically update to reflect the new fixed account rate on January 1st. There will be no changes to
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End of the Year Office Closings & 2022 End of Year Pay Dates
Mutual of Omaha and its affiliates (United of Omaha and United World) will be closed on Monday, December 26th, 2022, and Monday, January 2, 2023. Below are the cut-off dates and times and the adjusted pay schedules for Monday, December 26th, 2022. Holiday Pay Calculation Schedule Med Supp E-App & All Life Cutoff 3:00 PM Health Cutoff 3:00 PM Long Term Care Cutoff 3:00 PM Direct Deposit (EFT) Available Monday 12/26/2022 Tuesday 12/27/2022 Tuesday 12/27/2022 Tuesday 12/27/2022 Friday 12/23/2022 Friday 12/30/2022 Below are the cut-off dates and times and the adjusted pay schedules for Monday, January 2nd, 2023. Holiday
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Accident Insurance, Critical Illness, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).
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Inforce LTCi Rate Adjustments Effective March 1, 2023
Mutual of Omaha actively monitors our inforce long-term care business, filing rate adjustments when necessary to ensure we keep our promises to policyholders and remain competitive in the marketplace. We will be implementing the following inforce rate adjustments effective March 1, 2023*: Impacted Policy Forms Impacted States LTC04G District of Columbia, Kansas, Montana LTC04I7 District of Columbia, Kansas, Montana, Virginia LTC04I District of Columbia, Kansas, Montana, Virginia LTC09M District of Columbia, Kansas, Montana, Virginia LTC09U District of Columbia, Kansas, Montana, Virginia LTC06UI District of Columbia, Kansas, Montana, Virginia LT50, NH50, HCA, NHA and LTA Ohio * The state of
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