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Mutual Of Omaha Improves Group Life Portability

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NU Online News Service, Feb. 1, 2005, 1:01 p.m. EST

A Midwestern insurer wants to let workers take some benefits with them when they leave their employers.[@@]

The insurer, Mutual of Omaha, Omaha, Neb., is adding the portability provision to its basic group life insurance coverage.

Workers under 70 can use the portability feature to continue up to $500,000 in coverage for themselves and up to $250,000 in coverage for their spouses after they leave their employers without meeting other eligibility requirements, Mutual of Omaha says.

Workers can continue their coverage even if their former employers stop buying group life coverage from Mutual of Omaha, the company says.