Mutual if Omaha Just Left NYS

May 26, 2016

  1. L5tc
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    L5tc Super Genius

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    The Companion life products gone. Some stuff still around FE etc

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    OF Omaha ha ha - I guess it's "if" now!
     
    L5tc, May 26, 2016
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  2. Mattschmidt
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    Mattschmidt Guru

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    wow! so no more FE product? or is it still around?
     
  3. Tahoe Ray
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    Tahoe Ray Guru

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    It doesn't affect any of their simple issue products. Term and GUL only.
     
  4. Mattschmidt
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    Mattschmidt Guru

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    Thanks for clarification
     
  5. MichaelBurton
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    MichaelBurton Super Genius

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    I think you meant to post this in the "no load term life insurance thread".

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    Can you explain this more, please? Companion Life is owned by Mutual of Omaha? And Mutual of Omaha pulled out of New York State?
     
  6. Robert Barney
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    Here is the official notice:

    Companion of New York Announcement

    which says:

    Due to the New York regulatory environment for term products and products with secondary guarantees, Companion of New York will be temporarily suspending sales for our Term Life Answers (TLA) and our GUL, GUL Plus and GUL Survivor products in New York only. This decision was not made lightly. We will continue to monitor this position closely in efforts to bring these products back to New York in the future.​

    Now the question is what other companies will follow suit. If a trend develops, I will be issuing a press release warning New York consumers to "get'em while their hot, and before they are gone".
     
  7. Ami
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    Ami Expert

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    Thank you, Michael, Much appreciated. You are perfectly correct.:yes:
     
    Ami, May 27, 2016
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  8. MichaelBurton
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    Thanks, Bob. I know you'll keep us posted on that development!
     
  9. goillini52
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    goillini52 MAGA...BUILD THAT WALL!!!

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    Not to be confused with the Companion Life that's owned by BCBS of S. Carolina.
     
  10. Tahoe Ray
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    This has already been happening for years. Metlife, US Life, William Penn, etc have all pulled products with secondary guarantees before. US Life exited the market completely and then came back in with their term.

    It happens.
     
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