Mutual of Omaha is committed to providing insurance solutions to help you protect your customers and prepare them for the future. As we continue to review our product portfolio, we must make business decisions that are in the best interest of our policyholders and our company.
Effective March 1, 2017, we are suspending sales of the following products:
- Guaranteed Universal Life Plus—designed for larger first-year premium dump-ins
- Guaranteed Universal Life Survivor—designed for second-to-die, survivorship sales
Our individual Guaranteed Universal Life product will remain available, which is where we receive the majority of our fully-guaranteed life insurance business. This product will continue to provide your customers significant value with flexible features such as the Guaranteed Refund Option Rider and Accelerated Death Benefit Rider for Terminal and Chronic illness, all included at no additional cost.
We also offer many additional product solutions to help you fulfill your clients’ life insurance needs, including our Income Advantage IUL, Term Life Answers, Living Promise Whole Life, Children’s Whole Life, and our Express Term and GUL products.
In order to do what we feel is right for our agents and customers, please be assured that we will continue to underwrite any GUL Plus and GUL Survivor applications that are already in the home office. We also know you may have outstanding quotes or pending applications in process, and we will continue to accept these applications, as well, subject to the following transition rules.
GUL Plus and GUL Survivor applications must be signed on or before February 28, 2017, and received in the Home Office no later than March 17, 2017. Any applications signed after February 28, 2017 (regardless of date received) or applications received after March 17, 2017 (regardless of signed date) will not be accepted. Unfortunately, we will not make any exceptions to these dates.
- WinFlex will be updated beginning March 1, 2017. Please update your software through the internet update or through Sales Professional Access.
- The Home Office will have access to the GUL Plus and GUL Survivor illustration software in order to run illustrations for applications already submitted.
We appreciate your dedicated partnership with Mutual of Omaha and remain committed to being your “Carrier for Life.” We look forward to growing our relationship with you and continuing to provide you with product solutions that meet your clients’ needs.