As you know, Mutual of Omaha began implementing adjusted rates on all Mutual Care® Plus and United LTCi Solutions inflation riders (including the Future Purchase Option) for new business on February 1, 2012. Effective December 17, 2012 the new rider rates will be implemented for the additional state listed below.
- New York
- Massachusetts
As states continue to approve the adjusted inflation rider rates, you will be notified accordingly. This adjustment will not affect any current inforce policyholders. These changes are only on new business.
Transition Rules
In order to receive the existing rates, individual and multi-life applications for the approved state shown above must be signed on or before December 16, 2012 and must be received in the Home Office no later than December 21, 2012. Applications signed on or after December 17, 2012 or received in the Home Office after December 21, 2012 will receive the adjusted rates.
Illustration Software
Updated illustration software will be available for download on Sales Professional Access with the adjusted inflation rider rates on December 14, 2012. If you wish to run quotes with the existing rates do not update your software prior to December 17, 2012. Please update your software before running any new quotes on or after December 17, 2012.
A Frequently Asked Questions has been attached for your convenience to help answer your questions.
Please contact us immediately if you are working on cases in these states so we can write and submit the business before the deadlines. 612-454-4400.