Mutual of Omaha will be enhancing the Guaranteed Refund Option Rider (GRO) and making a premium rate adjustment. The rate adjustment will not be impacted across all ages or face amounts.

 

What’s changing?

  • GRO Rider for GUL and GUL plus: Adding years 21, 22, 23, 24 of benefit eligibility – all with 100% premiums returned.
  • GUL only: Adjusting Premiums (New York and United rates will differ).

 

Enhancing great benefits for GRO

  • At the 20, 21, 22, 23, 24, and 25 year anniversary, the same 60 day window will receive up to 100% of their premiums back.
  • The Guaranteed Refund Option Rider is automatically added at no additional cost.
  • At the 15th policy year anniversary, there is a 60 day window that the client has to surrender their policy and receive up to¬†50% of their premiums back.
  • If the client does not exercise the rider, there is no impact on the policy.

 

Transition Rules

GUL applications signed on or after January 1, 2016:

  • Will receive new rates.
  • Will be issued with the enhanced Guaranteed Refund Option rider if the insured qualifies.
  • GRO rider enhancement details: The policy owner will have an option to exercise the GRO rider benefits at the 21st, 22nd, 23rd, and 24th anniversaries in addition to the current options at year 15, 20, and 25.

GUL Plus applications signed on or after January 1, 2016:

  • Will be issued with an enhanced Guaranteed Refund Option rider if the insured qualifies.
  • GRO rider enhancement details: The policy owner will have an option to exercise the GRO benefits at the 21st, 22nd, 23rd, and 24th anniversaries in addition to the current options at year 15, 20, and 25.

Please contact the Underwriting Department on pending GUL and GULP applications with an application signed prior to January 1, 2016 if the policy owner wishes to have the option to have the new rates with option to exercise GRO rider benefits at the additional anniversaries of 21, 22, 23, and 24.

Applications taken with an application signed date prior to January 1, 2016 must be received in the Home Office no later than January 30, 2016.

 

System Updates

  • Winflex will be updated on January 1, 2016. Please update your software through internet update or through Sales Professional Access to receive the new rates.
  • Marketing materials – all marketing materials have been updated and will be available on Sales Professional Access in the Forms and Materials section. You may also order through your normal channels.
Corporate Headquarters:
604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.343.0804

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

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