United of Omaha No Longer Requiring Signatures on Guaranteed Life Products

Non-illustrated Universal Life Products

News Image 12-05-2012

Beginning with applications signed January 1, 2013 and later, United of Omaha will no longer require a signed illustration to be submitted with GUL, GUL Express or GUL Survivor applications.

Although a signed illustration will no longer be required for these products, United of Omaha will continue to request a copy of the Winflex proposal to be submitted with the application, so they will know how to set up the planned premiums for the policy.

As of January 1, 2013, proposals will no longer show non-guaranteed values. Your customers will still be able to view the impact, within the Winflex proposal, of various premium patterns (e.g. dump-ins, short-pays, single pay) and guarantee periods (e.g. dial to 95, lifetime guarantee) after this change.

Please note: GUL Plus and AccumUL Plus will continue to be an illustrated form, subject to all current rules regarding signed illustrations.

Winflex Illustrated Concepts:

Because the following illustration concepts include non-guaranteed values, they will be removed from Winflex for GUL, GUL Express and GUL Survivor as of January 1, 2013:

    •Loan Illustration
    •Mortgage Acceleration
    •Deferred Comp (all)
    •Split Dollar (all)
    •Salary Continuation
    •Advance Premium Account
    •Annuity Maximization
    •Pension Maximizer
    •Various Interest Rates
    •Term vs. Permanent
    •Cash Flow Illustration
    •IRR on Cash Value and Death Benefit
    •Ledger – Secondary Guarantee
    •Ledger – Secondary Guarantee HO

Illustration concepts that will remain on Winflex for GUL, GUL Express and GUL Survivor:

    •IRR on Death Benefit

Non-Illustrated Products – Transition Rules:

Date Action
December 31, 2012: All GUL, GUL Survivor and GUL Express applications that are still pending and have an application signed date as of this date, will still require a signed mainframe illustration on delivery if the policy was not issued as applied for or if there was no illustration originally submitted.
January 1, 2013: All GUL, GUL Survivor and GUL Express applications signed this date and after will no longer require a signed illustration.A proposal should still be run for these products and sent in with the application, to assist Underwriting with setting up the policy correctly in the Administrative system.

Please note:

•The application signed date for GUL, GUL Survivor and GUL Express cannot be changed from 2013 to 2012 to allow the policy to be issued at a better rate. Transition rules for the rate changes that are also effective January 1, 2013 are documented under the AG38 transition rules above.
•Requests for illustrations showing non-guaranteed values for GUL, GUL Survivor and GUL Express will not be accommodated, since these products will be certified as non-illustrated forms.



BUA Sales Team
Phone: 1-800-792-6795
Fax: 330-576-1111