Important Term Life Answers (TLA) Conversion Policy Changes
Mutual of Omaha allows term conversions to any product and they will continue to offer this conversion option. One change that they are implementing is the way in which they compensate term conversions for Term Life Answers (TLA).
After careful review, Mutual of Omaha has modified the compensation rates for TLA policies converted to one of their permanent policies:
- Now, term conversions years 2 through 9 will receive full new business first-year commissions payable --- an increase to what is currently paid!
- For term conversions in years 10+, the year 2 renewal commission rate will apply
- These compensation changes are effective July 22, 2022
- All TLA term conversion applications must be signed by July 22, 2022 AND received by the Home Office by July 29, 2022 to receive the current compensation rules (as of this communication)
- TLA term Conversion applications signed on July 23, 2022 and later and/or received by the Home Office on July 30, 2022 or later, will receive the new term conversion compensation detailed above
- No exceptions will be made
Please give us a call at 1-800-792-6795 if you have any questions