Mutual of Omaha announced a product refresh last week on its standalone long-term care insurance products – Custom and Secure. These changes will be effective on September 1. Right around the corner!
We know that there will be an increase in rates. We do not know what the increase will be and quoting of the new rates will not be available until September 1. But we do know that premiums will be higher.
Please see the attached announcement for impacted states.
Product changes will include:
- Cash benefit amount will be reduced from 40% on Custom and 30% on Secure to 25% of monthly benefit up to a maximum of $2,000 per month.
- Marital/partner discounts will be reduced from 30% for both applying and issued to 15% and one issued reduced from 15% to 5%.
We wanted to alert you of these changes in the event you have quoted Mutual of Omaha for a client recently. If at all possible, you need to have all applications signed and submitted by September 1.
If we at LTCcompass can help you with a quote, please contact me at 678-990-3670.
-Charlotte Lyons, CLTC