Changes to Mutual of Omaha Application Process Effective February 2020
Effective
February 23, 2020
, Mutual of Omaha will no longer accept premium at the time of application. Checks mailed with applications will be returned to the client. Monthly EFT drafts will now begin on the date of issue rather than upon receipt of the application, and all outstanding premium will be due 60-days from policy issuance.
As a result of this change, all policies issued will be effective on the date of issuance. There will no longer be an option for policies to be effective as of the date of application. Please note, this change has no effect on rules regarding saving age.
Applications will be updated and should be available mid-February. The version being replaced must be signed and received by Mutual of Omaha no later than
February 29, 2020
. E-Applications started prior to February 23, 2020 must be submitted no later than
February 29, 2020
as well.
Currently, compensation is paid once premium has been collected and the policy is in-force, regardless of other post-issue requirements. Beginning February 23, 2020, compensation will now be paid at the time ALL post-issue requirements are received and the case is considered placed.
The Product Guide has been updated as a result of these changes. Click the links below to download the new version, and to view Mutual of Omaha’s full announcement about the changes.
- CLICK HERE to download the new version of the Product Guide
- CLICK HERE to view the full announcement
