Mutual of Omaha is implementing adjusted rates for new and in-force business for the 2010 Modernized Medicare supplement in Hawaii, Michigan, and Oregon—effective Oct. 1, 2022. A 1990 Standardized Rate Adjustment will be effective on Nov. 1, 2022, for Montana, and on Dec. 1, 2022, for Montana.
Enter Mutual of Omaha’s Summer Sizzle Incentive Program
There is still time to earn an Amazon.com Gift Card during the Summer Sizzle incentive. Simply issue the required number of Medicare supplement apps or dental apps during the contest period that ends Sept. 30, 2022. For full details, visit Mutual of Omaha’s website.
Mutual of Omaha 2023 PDP Enrollment Kits Available for Pre-Order
The 2023 Prescription Drug Plan enrollment kits can be pre-ordered starting Wednesday, Sept. 14, 2022. The pre-orders will be held and will not ship until Oct. 1, 2022. Contact Mutual of Omaha to order yours.
Lincoln Financial Implements Price Decreases for Life Insurance Offerings
Lincoln Financial Group is implementing pricing decreases for its MoneyGuard Fixed Advantage® and MoneyGuard II® life insurance product offerings. The change is effective starting Monday, Sept. 12, 2022.
Genworth Announces In-Force Rate Increases in Iowa and Virginia
Genworth Financial has announced in-force rate increases in Iowa for its Choice 1 long-term care insurance product, and in Virginia for its Privileged Choice® and Classic Select® long-term care insurance products. Policyholders will begin being notified of these changes starting Sept. 20, 2022.
Genworth Announces In-Force Rate Increases in Alaska, Hawaii, and Ohio
Genworth Financial has announced in-force rate increases in Alaska, Hawaii, and Ohio for its Privileged Choice® Flex long-term care insurance product. Policyholders will begin being notified of this change starting Sept. 13, 2022.
ELCO Mutual’s Financial Strength Rating Upgraded
AM Best, the industry’s most prominent insurance rating agency, has upgraded ELCO Mutual’s financial strength rating from B to B+. With this upgraded rating, ELCO continues its commitment as a strong partner for policyholders and agents.
ELCO Mutual’s Flex Annuity Rate Increasing
Effective June 27, 2022, the current crediting rate for ELCO Mutual Life & Annuity’s Flexible Premium Deferred Annuity (FPDA) will increase from 2.50% to 3.50% APY. This change affects new business and FPDA policies that went into effect from 2016 to 2022.
ELCO Mutual’s MYGA Rates Increasing
Effective June 1, 2022, ELCO Mutual Life & Annuity’s interest rates for Multi-Year Guaranteed Deferred Annuities (MYGAs) will once again increase. Interest rates will be updated for 3-year, 4-year, 5-year, and 10-year terms.
ELCO Mutual Updating MYGA Product
Effective January 1, 2022, ELCO Mutual Life & Annuity will be implementing changes to its Multi-Year Guaranteed Deferred Annuities (MYGAs). The new minimum premium requirement for this product will be $20,000 at one year and $10,000 at two years and beyond. This applies to both tax-qualified and non-qualified funds. Commissions and interest rates will also be updating.