Mutual of Omaha has changed long-term care insurance underwriting and agent commission rules, the company says in a bulletin sent to LTCI agents. The company's announcement is just part of a recent wave of carriers modifying or entirely dropping out of the LTCI space.
Mutual of Omaha, a major LTCI provider, says it will cut first-year gross commissions on new LTCI policy sales by 15 percent in most states and by 10 percent in two.
Mutual of Omaha also is tightening underwriting requirements, the company says. Mutual of Omaha says, for example, that any applicants with a history of schizophrenia will be considered uninsurable and that those who have received Social Security Disability Insurance benefits within the previous 5 years will be considered uninsurable.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
