We are excited to announce maximum issue age increases to both our IUL Express and Term Life Express Non-ROP (10T) products that will be effective March 1, 2023! These enhancements will position our Simplified Issue product options to be available in more sales scenarios and will serve a wider range of clients. Below are some of the key updates you will need to know:
IUL Express:
- Maximum issue ages for both Tobacco and Non-Tobacco ratings will increase to age 75
- Currently Non-Tobacco is age 70 and Tobacco is age 65
- Maximum face amount for ages 71-75 will remain $150,000
Term Life Express Non-ROP (10T):
- Maximum issue age for Non-Tobacco* will increase to age 75
- *Please note there is no Tobacco rating available for this product
- Maximum face amount for ages 71-75 will remain $150,000
Transition Rules:
- Applications must be signed, and submitted with a March 1, 2023 date or after, to be eligible to apply with these increased ages.
- If your client would like to change products, applying for IUL Express or Term Life Express (10T non ROP) at these new ages will require a withdraw of the pending application, or a replacement of an issued policy.
We thank you for your commitment to Mutual of Omaha, and we look forward to your continued partnership!