Effective Thursday, July 22, 2021, for the State of Washington ONLY, Mutual of Omaha is increasing the minimum face amount required on all IUL insurance policy applications that include the long-term care rider to $250,000.
This action is being taken to prevent individuals from applying for a life insurance policy with LTC to avoid the Washington State’s Long-Term Care Trust Act payroll tax deduction with no intention of keeping the policy in force.
Products Impacted:
- Income Advantage IUL
- Life Protection IUL
- Professional Advantage IUL
Transition Period:
- Applications signed before July 22, 2021 will be processed as applied for.
- All pending in-house business will be processed as applied for.
- Any applications signed July 22, 2021 or after with a face amount lower than $250,000 will be returned for a new application.
No exceptions will be made.
