Mutual of Omaha is one of the most favorable and most popular life insurers. Since the company was founded in 1909, they are very well-established and are recognized for exceptional customer service and very competitive rates. The organization operates all over the U.S. using four distinct life insurance companies:
- United World Life Insurance
- Companion Life Insurance
- United of Omaha Life Insurance
- Mutual of Omaha Life Insurance
Each of these four Mutual of Omaha companies boasts excellent ratings and financial stability, meaning there will be no difficulties in paying claims and operating expenses.
- Standard & Poor’s Rating Services AA- (represents the 4th highest out of 21)
- Moody’s Investors Service A1 Good (represents 5th highest out of 21)
- M. Best Rating Services A+ Superior (ranked second highest out of 16)
Available Insurance Products
Term Life Insurance
While regarded as temporary life insurance, term insurance is the most budget-friendly type of insurance policy available and is commonly used to acquire a significant death benefit to cover debts, replace lost income, finance college expenses for remaining children, and offer the funds needed for month-to-month expenses for remaining loved ones.
Term Life Answers
This particular term insurance is available in 10, 15, 20, and 30-year terms. The suitable ages are 18 to 80-years-old. There is a term conversion privilege in the policy that permits the policyholder to convert the coverage to permanent insurance like universal life or whole life insurance. The lowest death benefit that is available is $100,000, and there are a variety of riders (options) that can be added to your Mutual of Omaha term insurance policy.
Term Life Direct
Term Life Direct – This term policy was developed to offer insurance coverage up to age 80. This insurance policy is available for individuals age 30 to 74. The death benefit can be selected from $25,000 to $100,000, and there is no medical exam required. There are a variety of riders that can be included to personalize the insurance coverage to satisfy your individual requirements.
Term Life Express
Mutual of Omaha’s Term Life Express policy works perfectly for individuals and families who wish to purchase sufficient death benefits to take care of debts, the mortgage, college tuition, and living expenses if a breadwinner should pass away. The policies are available in face amounts of $25,000 to $300,000 for 18 to 50 year-olds and $25,000 to $250,000 for 51 to 65 year-olds.
Simplified underwriting includes build chart, MIB check, Rx check, motor vehicle report, and telephone interview.
Mutual of Omaha Whole Life
Whole Life insurance is considered to be permanent insurance due to the fact that insurance the policy will remain in force for the entire lifetime of the policyholder.Mutual of Omaha’s Whole life insurance has a fully guaranteed death benefit, fully guaranteed level premium, and can’t be terminated for any cause other than non-payment. Whole life insurance policies develop cash value that earns a guaranteed interest rate stated in the policy. The cash value account can be withdrawn by using policy loans or surrendering the policy.
Whole Life Guaranteed
Whole Life Guaranteed was developed for individuals requiring final expense insurance coverage. The death benefit available to applicants is $5,000 – $20,000 with eligibility ages of 45 to 85-years-old. Guaranteed issue signifies that the applicant’s health history is irrelevant to getting a policy issued.
Whole Life Express®
Whole Life Express® is a traditional whole life policy that has death benefit options of $20,000 to $50,000. Individuals age 18 – 85 are eligible, and there is simple underwriting which implies an insurance medical exam is not necessary. This is also an effective policy for final expense coverage.
The Mutual of Omaha Living Promise plan is designed to accommodate applicants looking for final expense insurance that is guaranteed for a lifetime. The Living Promise is available in two plans:
Level Benefit Plan – this plan is provided for applicants ages 45 to 85. The available face amounts range from $2,000 to $40,000 and the policy comes with the Accelerated Death Benefit Rider.
Graded Benefit Plan – this plan is available for applicants who do not qualify for the Level Benefit Plan due to health reasons. Eligible ages for coverage is 45 to 85 and the available death benefit is $2,000 to $20,000.
The Graded Benefit Plan contains a graded benefit which means that if the insured dies from natural causes during the first 2 years of coverage, the beneficiary would receive all premiums paid plus an additional 10%. After two years, the full death benefit will be paid if the insured dies for any reason. The full death benefit will be paid in the first two years, however, if the insured dies as a result of a covered accident.
Mutual of Omaha Universal Life Insurance
Universal life is also permanent insurance coverage (if properly funded) with a cash account included. The cash account is credited an interest rate that is guaranteed by the insurer but can be enhanced if the insurer’s portfolio surpasses the company’s expectations. The Mutual of Omaha universal life insurance is flexible mainly because the policyholder can change their periodic payment and also add riders to personalize the policy coverage
Guaranteed Universal Life
Guaranteed Universal life is referred to as permanent insurance because the insurance policy can be structured to provide life insurance coverage for a lifetime. The death benefits available are $100,000 to $1million and higher. A number of riders are readily available to assist the insured in customizing the policy. The minimum amount interest paid on the policy is set by the company.
Income Advantage Universal Life
This indexed Universal Life product is developed to accrue cash dependent on the overall performance of a market index. The eligible issue ages are 0 – 85-years-old and the death benefits are $100,000 and up. The policyholder has the versatility to modify the premium amount, and a variety of riders can be integrated to customize the insurance coverage.
Mutual of Omaha’s AccumUL Plus policy is developed to enable the policyholder to build up funds for future use (retirement income, education fund) while also delivering a death benefit for remaining loved ones. A variety of riders is provided to personalize the policy to meet the needs of the policyholder.
Guaranteed Universal Life Express
This a universal life policy structured to continue in force for a lifetime. The age group that is eligible for coverage is age 18 to 65. Available death benefits are $25,000 to $300,000 for ages 18 – 50 and $25,000 to $250,000 for ages 51 – 65. The underwriting is considered simplified and normally does not require an insurance medical exam. A variety of riders are provided to customize the policy.
We consider Mutual of Omaha Life Insurance Company to be a well-respected company throughout the marketplace and we are proud to represent them. Like any life insurers, there are both positive and negative aspects to consider.
- Application Process- We rate the ease of application 4 out of 5 stars. The pros are the company offers electronic applications, they require the average number of forms, and have a faster than average approval period. The only negative we considered is that the policy is only deliverable by mail.
- Customer Service – We found the customer service 4 out of 5 stars also. Although many customer service issues can be handled through the company’s web portal, some issues such as change of address, payment information changes, and updating beneficiary information cannot.
- As for competitive rates, we’ve found Mutual of Omaha to be a very competitive insurer in almost every state if the insured in a non-smoker and in very good health.