Please refer to the previously released communication below regarding the new MutualCare® Solutions LTC product. The District of Columbia, Delaware and South Dakota will launch February 1, 2014. For complete details including app deadlines, click here for the full bulletin.
Mutual of Omaha is excited to announce a new long-term care insurance portfolio, MutualCare® Solutions (LTC13). This portfolio will be able to support you and your LTCi sales and addresses the needs of the changing LTCi marketplace. Look for MutualCare® Solutions to have new pricing strategies and various packaging; which will continue to support this valuable product lines longevity and remain a strong member in the long-term care industry.
The two products, MutualCare® Secure Solution and MutualCare® Custom Solution, are valuable options for clients who worry about relying on their families for care, staying home as long as possible, or protecting their retirement nest egg.
Features with MutualCare® Solutions:
- Compensation has been revised to be more competitive in the marketplace
- Sex-distinct rates
- Issue ages now 30-79
- Revised Benefit Levels and Periods
- Improved benefit definitions including a new definition of couples that now includes partner
Transition Rules
Please review the rules and dates regarding the transition to MutualCare® Solutions for District of Columbia, Delaware and South Dakota:
- MutualCare® Solutions replaces Mutual Care® Plus (LTC09M) and United LTCi Solutions (LTC09U), in the states that have been approved
- January 31, 2014- Applications for Mutual Care® Plus and United LTCi Solutions (LTC09U), must be signed on or before this date
- February 7, 2014– The last date applications will be accepted in the Home Office for Mutual Care® Plus and United LTCi Solutions (LTC09U). No exceptions will be made
- Any pending applications will be processed as applied for
- To change a pending Mutual Care® Plus or United LTCi Solutions (LTC09U), application to the new MutualCare® Solutions application, a new application will be required along with a written statement advising to withdraw the current application
Compensation
For details about specific commission rules and rates, please refer to the updated commission notifications and schedules which can be found on SPA. For additional questions the Distribution Compensation Support Center can be contacted at 800-475-4465.
Underwriting
Featured in the new MutualCare® Solutions Product and Underwriting Guide (M28379) you will find updates such as:
- All applications will require an APS
- Decreased waiting periods on certain conditions
- More conditions eligible for the Preferred rate class and 15% discount
You will be able to reference the new MutualCare® Solutions Product and Underwriting Guide for any other rules, criteria, underwriting guidelines, and uninsurable health conditions you may need to know