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.
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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.
