To better align with our other product lines, beginning June 5, 2020, compensation for LTC policies will be paid at the time all Post Issue Requirements (PIRs) are received and the case is considered placed
As a reminder, below are the PIRs that must be received to place the policy in force:
Outstanding Premium
Monthly EFT drafts will occur on the first renewal date selected by the customer. For all modes other than monthly, a billing statement will be sent with the policy. Total premium is due 60 days from issue.
Policy Delivery Acknowledgement
A Policy Delivery Acknowledgement (PDA) is currently required for five states: WV, LA, SD, NE and IL.
Amendments
An amendment is required when a response to an application question is missing or has changed. Amendments are also required when the policy is issued with a different risk class or benefits than applied. Changes to policy benefits made after policy issue and within the free look period will also require an amendment to be signed. The Benefit Change Form included in the policy kit will not satisfy the amendment requirement.
PIR Follow-up Procedures for All Scenarios:
- After 30 days, the case manager will reach out to the designated contact on the application outline any outstanding PIR(s).
- If outstanding requirements are not received within 60 days from the issue date, the policy will be cancelled effective as of the issue date.
If you have any questions regarding compensation, please contact Mutual of Omaha’s Distribution Compensation Support Center at 1-800-475-4465.
If you have any other questions about the application or PIR process, please contact Case Management at 800-275-5528.