January 5, 2018

Children’s Whole Life Product Enhancements

Children’s Whole Life coverage is a natural fit for parents and grandparents who want to protect their children and grandchildren. As you know, CWL is an affordable express policy that allows clients to lock in low premiums and future insurability throughout the lifetime of their child or grandchild.

Effective January 22, 2018, CWL – with some important revisions – can do more than ever to protect children’s financial future.

Product Enhancements

  • Increased maximum face amount
    • Current Maximum Face Amount – $30,000
    • NEW Maximum Face Amount – $50,000
  • Improved Guaranteed Insurability Rider
    • Current rider triggers for additional coverage
      • Can add additional coverage at ages 30, 33, 36 and 39
      • If the election is not made on the first option date, the rider is discontinued
    • NEW rider triggers for additional coverage
      • Ages 25, 30, 35 and 40
      • Marriage
      • Birth or adoption of a child
      • Home purchase
      • You can elect to use the rider up to 5 times, mixing and matching birthdays and life events and the rider will not be discontinued if a life event or birthday passes
  • Waiver of premium*
    • Current – Not available
    • NEW – Premium is waived 90 days upon death of owner

*Not available in the state of Massachusetts

Transition Rules

  • The new Children’s Whole Life application will be available in paper and electronic form January 22, 2018.
  • Old application forms must be signed no later than February 28, 2018, and received in the home office by March 16, 2018.
  • New applications with a signature date of March 1, 2018, and later must be received on the new application forms.
  • In order to receive the new product features the new application forms must be signed and submitted.
  • The product enhancements are pending state approvals in Virginia and New York. The old Children’s Whole Life product will remain available for sales in these states but through the use of the paper applications only.
  • Children’s Whole Life is not available for sales in Washington.

Material Ordering

  • New paper applications are available to order through Sales Support at 1-800-693-6083. New applications must be signed and submitted beginning January 22, 2018 to receive the new product features.
  • Marketing materials will be available on Sales Professional Access (SPA) and through Sales Support on January 22, 2018.

Quoting Tools

  • Quotes for Sales Professionals (the Mobile Quotes app) and Mobile Quotes web will be updated and ready for you to quote on January 22, 2018.
  • Winflex will be updated and ready for you to quote on January 22, 2018.

iPipeline e-Application Transition

  • We will have two Children’s Whole Life versions displayed on the Case Information screen during the 30 day transition period so you can access your pending applications – without losing any information.
  • Below is a guide for which version you will need to select based on your case status after the install.

Locked Case

Select Children’s Whole Life (DO NOT USE for New Business) and continue through the regular signature process to submit your case.

Unlocked Case

You will select Children’s Whole Life (Current Version) and everything from your case will be mapped over to the new e-App screens. We recommend you review the information for accuracy. You will then follow the new signature process.

New Case

You will select Children’s Whole Life (Current Version) and begin your case following the updated e-App screens and the new signature process.

For more information please contact your Sales Director, Account Executive or Sales Support at 800-693-6083 or sales.support@mutualofomaha.com.

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