United of Omaha - Updates to Conversion Language for Term Life Answers
03-19-2020
Effective April 1, 2020, United of Omaha will be updating the conversion language for their Term Life Answers policies.
Conversion Period
The conversion period allowed will be as follows:
- 10-Year Term
- For issue ages 18-72: The earlier of 10 years or age 75
- For issue ages 73+: During the first 2 policy years only
- 15-year Term:
- The earlier of 15 years or age 75
- 20-year Term:
- The earlier of 20 years or age 75
- 30-year Term:
- During the first 20 policy years only
Conversion Product
Beginning April 1, 2020, the language in the Term Life Answers policy referring to the available conversion product will read as: The new policy will be a form of permanent insurance that we make available for conversions at the time of conversion. The previous Term Life Answers conversion language indicated the conversion product could be 'any form of whole life insurance being issued by us at that time'. This language is no longer relevant to the products being offered in today's marketplace.
The current company practice will continue to allow Term Life Answers conversions into any of the products listed below, regardless of issue date. As with the previous language, the conversion products available are subject to change at any time and may vary in the future in accordance with the policy language.
Current Products for Conversion |
Minimum Face Amount |
|---|---|
| Income Advantage IUL or Life Protection Advantage IUL |
$100,000 |
| GUL Express or IUL Express | $25,000 |
| AccumUL Answers | $25,000 |
| Whole Life (conversion only product) | $5,000 |
Transition Rules
The new conversion language will be used for all Term Life Answers applications signed on or after April 1, 2020. Applications signed prior to April 1, 2020 and received in the Home Office by April 30, 2020 will use the old conversion language. Any applications received in the home office after April 30, 2020, regardless of the application signed date, will use the new conversion language.
Please note: The updated conversion language is only applicable to Term Life Answers policies. It does not impact the Term Life Express conversion language.
Please give us a call at 1-800-792-6795 if you have any questions about these changes.