Business Underwriters Associates, LLC

United of Omaha - Life Insurance Underwriting Update

06-01-2023

** Updated 06/01/2023 **

United of Omaha is happy to announce the following changes to their COVID guidelines for Fully Underwritten Life, effective June 1, 2023.

Acceptance Guidelines Based on Insured's Issue Age

  • United of Omaha is now accepting applications on clients through age 79 without table rating restrictions
  • Additionally, United of Omaha is now able to consider clients age 80-85 for Standard risk class ONLY

Clients with Positive COVID Test

A Statement of Good Health continues to be required if:

  • The client had a positive COVID diagnosis within the past 3 months
  • The client was hospitalized with a positive COVID diagnosis within in the last 6 months

Additional COVID Related Underwriting Updates

•             United of Omaha will now allow any applicable temporary flat extra

 

** Updated 03/02/2023 **

Mutual of Omaha is happy to announce the following changes to their COVID guidelines for Fully Underwritten Life, effective March 1, 2023. 

Acceptance Guidelines Based on Insured's Issue Age 

  • We are now accepting applications for clients through age 74 up to Table 8  --- An increase from the prior Table 6 limit
  • Ages 75-79 remain capped at Table 6
  • Ages 80+ continue to be postponed 

Clients with a Positive COVID Test  

  • A Statement of Good Health is required if:
    • The client has had a positive COVID diagnosis within the past 3 months
    • The client was hospitalized due to a positive COVID diagnosis within the last 6 months
  • If the client indicates they have had a positive COVID diagnosis, outside of the stated 3-month range but were NOT hospitalized and their symptoms have been resolved with no further care or residual effects, we will no longer require an Attending Physicians Statement (APS). 

Additional COVID Related Underwriting Updates

  • A Personal History Interview (PHI) is no longer mandated to provide an offer.
  • For applications with a face amount of up to $5 million, we will now allow a Temporary Flat Extra of $5 per thousand for 3 years, on applicable cases. 

 

** Updated 07/29/2022**

Mutual of Omaha is pleased to announce they will be changing their temporary guideline changes effective August 1, 2022.  These guidelines apply to all fully underwritten life insurance cases and includes all newly submitted and pending in-house cases, whether formal or informal.

Acceptance Guidelines Based on Insured's Issue Age:

  • Mutual of Omaha will now accept applications for clients through age 79 and up to table 6
  • If the client is age 80 and above all cases will be temporarily postponed

Fit Underwriting Program  

  • Mutual of Omaha will be reinstating the FIT underwriting program for individuals through age 75 and through Table 4

Positive COVID Testing  

If the applicant has tested positive for COVID-19 at the time of the application, they will postpone the application for 30 days. 

  • After 30 days if there are no further symptoms, Mutual of Omaha will process the application as normal and there will be no need for a negative test
  • If the applicant is hospitalized,Mutual of Omaha will postpone the application for a minimum of 90 days and symptoms must be resolved with no further care or residual effects  

Applicants with a history of COVID-19, will be required to provide a Statement of Good Health upon delivery otherwise Mutual of Omaha will return their pre-COVID guidance for Statement of Good Health.

For Express Products  

  • If the client admits to a positive COVID Test, Mutual of Omaha will postpone the case for 30 days in lieu of the previous temporary guideline of 90 days.

** Updated 05/24/2021 **

Throughout the pandemic, Mutual of Omaha has been continuously evaluating their underwriting and new business practices to support business continuity, deliver a high level of service and maintain our financial strength.

Mutual of Omaha is happy to announce they will be adjusting their temporary guideline changes effective May 24, 2021.  These guidelines apply to all fully underwritten life insurance cases and includes all newly submitted and pending in-house cases, whether formal or informal.

Acceptance Guidelines Based on Insured's Issue Age:

  • If the client is age 0-59: 
    • The client is eligible for the best risk class Underwriting

Please note, if the individual has co-morbid conditions resulting in a rating higher than Table 4, it may be postponed

  • If the client is ages 60-79            
    • Risk class must be Table 4 or better.
  • If the client is age 80 and above all cases will be temporarily postponed               

A current statement of health is required on all policy approvals.

Fit Underwriting Program

Mutual of Omaha will be reinstating the FIT underwriting program for ages 18-75 except for those with co-morbid conditions

International Travel Guidelines

All fully underwritten life insurance cases where the proposed insured plans to travel or has traveled internationally to countries under a Level 4 travel advisory will be postponed until they have been back in the United States for a minimum of 30 days.

** An applicant's Covid-19 vaccination status will not be considered in determining the eligibility for coverage or underwriting classification.

 

** Updated 10/01/2020 **

Mutual of Omaha will be expanding the cases they accept beginning Thursday, October 1, 2020. The following guidelines will apply to all fully-underwritten life insurance cases. This includes any newly submitted and pending in-house cases, whether formal or informal. Please note, the guidelines below are temporary.

International Travel Guidelines

  • All fully-underwritten life insurance cases where the proposed insured plans to travel or has traveled internationally to countries under a Level 4 travel advisory will be postponed.
  • All other cases where the proposed insured plans to travel or has traveled internationally may be considered after all international travel is complete, and the proposed insured has been back in the United States for a minimum of 30 days.


Acceptance Guidelines Based on Insured's Issue Age

  • If the individual is age 0-59: Eligible for best risk class underwriting
    • Please note, if the individual has co-morbid conditions resulting in a rating higher than Table 4, it may be postponed. Mutual of Omaha will be suspending the FIT Underwriting Credit program for insureds age 0-59 with co-morbid conditions.
  • If the individual is age 60-69: Must be rated a Table 2 or better
    • Mutual of Omaha will be temporarily suspending the FIT Underwriting Credit program for all insureds age 60-69.
  • If the individual is age 70-79: Must have Standard or better risk classification
    • Mutual of Omaha will be temporarily suspending the FIT Underwriting Credit program for all insureds age 70-79.
  • If the individual is 80 and above: Temporarily postponed

 

** 04/14/2020 **

Throughout the rapidly evolving pandemic, Mutual of Omaha has been continuously evaluating their underwriting and new business practices to support business continuity, deliver a consistently high level of service, and maintain their financial strength.

As a result, effective Wednesday, April 15, 2020, Mutual of Omaha is implementing the following temporary changes to their life insurance underwriting guidelines. These changes apply to all fully-underwritten life insurance cases that are not already approved or issued. This includes any newly submitted and pending in-house cases, whether formal or informal.

  • Postponements Due to International Travel
    All fully-underwritten life insurance cases where the proposed insured has plans to travel internationally between now and the end of the year will be postponed. These postponed cases may be considered after all international travel is complete, the proposed insured has been back in the United States for a minimum of 30 days, and no further international travel is planned this year.
    Mutual of Omaha will continue to monitor this situation and make adjustments as warranted.
     
  • Postponements Based on Insured’s Issue Age
    Mutual of Omaha will be postponing all fully-underwritten life insurance cases in the following categories:
    • If the individual is age 70 and above
    • If the individual is age 60-69 and is rated greater than a Table 2. We will also be temporarily suspending the FIT Underwriting Credit Program for all insureds age 60-69.

The temporary changes above are in addition to the guidance on COVID-19 announced on March 24th which postpones underwriting if the proposed insured has traveled or resided outside of the U.S. within the past 30 days, if the proposed insured or any member of his or her household has come into close contact with anyone known to have tested positive for COVID-19, or if the insured has tested positive for COVID-19 or has been hospitalized or quarantined for the virus.

Mutual of Omaha wants to thank you for your flexibility and understanding as everyone continues to adapt to changing conditions. 

Please give us a call at 1-800-792-6795 if you have any questions about these updates.