August 28, 2013

Mutual of Omaha Introduces MutualCare Solutions Portfolio

Mutual of Omaha to Launch New LTC Portfolio, MutualCare® Solutions (LTC13)


Gender neutral rates will be eliminated on 9/16/13.

Female rates will increase by as much as 50%!


In order to take advantage of the current pricing structure, applications must be received in our office no later than noon PT on 9/20/13.



Mutual of Omaha announced the following:


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 - female rates (for those who are single or married/in a partnership) will increase up to 50%       
  • Improved benefit definitions including a new definition of couples that now includes partner
  • Issue ages now 30-79
  • Revised Benefit Levels and Periods
  • Cash benefit still available - 30% on the Secure Solution and 40% on the Custom Solution.  Both will have a maximum monthly cash benefit of $2,400 at time of issue


This product will not offer rate guarantees (built-in or via rider). 


For the additional states that are still pending the approval of MutualCare® Solutions, the new revised underwriting guidelines outlined below will apply.  These guidelines will be effective September 16, 2013.  Please watch for these details to be coming soon.



Transition Rules

Please review the rules and dates regarding the transition to MutualCare® Solutions in the states from the grid below:
  • MutualCare® Solutions replaces Mutual Care® Plus (LTC09M) and United LTCi Solutions (LTC09U), in the states that have been approved
  • September 15, 2013- Applications for Mutual Care® Plus and United LTCi Solutions, must be signed on or before this date
  • September 23, 2013- The last date applications will be accepted in the Home Office for Mutual Care® Plus and United LTCi Solutions.  No exceptions will be made by the carrier. To ensure your clients' applications are processed under the current product, Pacific Advisors will request that all applications reach our office by noon PT on Friday, September 20.  Completed applications without premium can be emailed to Pacific Advisors
  • Any pending applications will be processed as applied for
  • To change a pending Mutual Care® Plus or United LTCi Solutions application to the new MutualCare® Solutions application, a new application will be required along with a written statement advising to withdraw the current application
  • MutualCare® Solutions Partnership qualification is pending approval and will be updated as states approve



Complete underwriting updates will be available in the new product and underwriting guide being released in September, but here are some of the basics:
  • All applications will require an APS
  • Decreased waiting periods on certain conditions
  • More conditions eligible for the Preferred rate class and 15% discount


Approved MutualCare® Solutions marketing materials will be available September 3, 2013.                    
Approval of consumer-approved prospecting and point-of-sale materials is still pending.   Please check our website under the 'New You Can Use' section, located on the far right, for more details after September 3.



Submit your prospects' LTC applications today to ensure they qualify for the current pricing (especially females) and, if applying for United of Omaha, ensure they receive the 5 year built-in rate guarantee.


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