Mutual of Omaha Company Life Insurance Review

Written by Jeff Root

Mutual of Omaha was originally started in 1909, where it was registered in Nebraska as the Mutual Benefit Health and Accident Association.

For over 100 years the company has committed itself to listen to customers and helping provide an array of insurance products.

Company Financial Rating
A.M. Best A+
Moody’s A1
Fitch N/A
Standard & Poor’s AA-

Mutual of Omaha Term Life Insurance Review 

mutual of omaha life insurance company reviewMutual of Omaha offers straightforward coverage for a specified amount of time which is perfect for covering short-term debts and needs. During this time your payment will stay the same and your family will be protected.

These term policies are great if you need coverage for a set amount of time or if you want to make sure that your family can continue to live in their current home even after you pass away.

It is also a great policy if you have temporary needs such as short-term financial responsibilities like credit card debt or a car loan. If you require additional coverage temporarily specifically to help raise children, you can set up your Term Policy for however long you need.

With the Mutual of Omaha term policies once the level term expires you are able to renew the policy annually until you reach age 94. The policy will expire after you turn 95.

You can customize your term length and shoes from 10 years, 15 years, 20 years, or 30 years. The policy issue ages are between 18 and 80. Of course, the caveat being that once you have a policy in place you can continue to renew it until 94.

The benefit amounts start at $100,000 or higher. With any of these term policies once you reach the end of the term you can convert the coverage to a permanent plan.

Term Life Answers

This is a level term life insurance policy available for 10 years, 15 years, 20 years, or 30 years. It is a convertible policy up until the age of 75 at which point you can convert it to a universal life product. Once the term expires you can annually renew until the age of 95.

There are benefits built into this Term Policy. The first is the accelerated death benefit whereby if you are diagnosed with a terminal illness and your life expectancy is less than 12 months, you can take out up to 80% of your current death benefit to use for any medical costs.

This amount cannot exceed $1,000,000 or 80% of the total benefit. There is also a waiver of premium which allows you to avoid paying your premiums in the event that you become unemployed. There is an accidental death benefit feature as well.

If you have children you can choose the dependent children to feature and cover your children under your policy. Once they become adults they can convert the policy themselves to something else. If you become disabled for 6 months or more you can also use the disability waiver of premium to avoid paying the premiums.

Term Life Direct

The term life direct policy is for anyone between the ages of 30 and 74. You can set a time up to age 80. At the end of this policy, you cannot convert to a permanent plan.

However, this design has an easy and simplified application where you only have to answer a few medical questions and you do not have to undergo a medical exam.

Term Life Insurance Rates

Face Amount Age Female monthly 10 year term Female monthly 15 year term Female monthly 20 year term Male monthly 10 year term Male monthly 15 year term Male monthly 20 year term
$250,000 30 $9.84 $11.81 $12.25 $11.38 $13.34 $13.56
$250,000 35 $10.28 $12.69 $13.78 $11.59 $14.66 $14.88
$250,000 40 $12.47 $15.97 $17.06 $14.00 $18.38 $20.13
$250,000 45 $16.84 $21.66 $24.72 $19.25 $25.38 $30.63

Whole Life Insurance

The whole life insurance policies offered by Mutual of Omaha are guaranteed to have level premiums which means the price never goes up. They also offer potential cash value that grows on a tax-deferred basis. While you are still alive you can access that cash value growth to meet any monetary needs that might arise.

Whole life insurance is available for anyone between the ages of 45 and 85. If you live in New York it is available between the ages of 50 and 75. The benefit amounts range between $2,000 and $25,000. There are no medical exams or health questions that you need to answer.

These policies are guaranteed and they have a graded death benefit. This means that if you die from natural causes within the first two years of the policy your beneficiary will receive all of the premiums you have paid plus an additional 10%.

After the first two years your beneficiary will receive your full death benefit if you passed away. The full death benefits will be paid to your beneficiary if you pass away from an accidental injury.

Who is Whole Life Insurance Best For?

Whole life insurance policies are best for those who have long term life insurance needs, those who might need to cover medical or funeral expenses or even credit card debt, people who want to leave behind an inheritance, or those who want to supplement their existing life insurance coverage.

Smokers and Health Issues

Smokers and those with health issues which would normally render their application denied, can still apply for the whole life insurance policy which is guaranteed by Mutual of Omaha. Again, this particular permanent policy is one that will be there for the rest of your life, the price you pay in premiums will not change, but you will not undergo an examination.

By not undergoing a medical exam you will not be charged higher rates or denied coverage like you would with other policies by other insurance providers. If you have something that you know will increase your cost substantially, avoiding the medical exam and taking out a more limited face amount might be in your best interest.

Admittedly the premiums you pay might be higher than a regular term or permanent policy but that is the exchange you pay for avoiding the medical exam which might put you in a lower-risk class.

Universal Life Insurance Review

Universal life insurance is a type of permanent life insurance with a flexible policy which lasts for your lifetime. The flexibility applies to the coverage and the premiums. If at any point your financial needs change, you can reduce or increase the coverage you have. Paying higher premiums can help build more cash value over time.

Who is Universal Life Insurance Best For? 

This policy is good for people who need to create a death benefit to protect their loved ones, people who need to adjust their premium payment amount or frequency or perhaps changed the death benefit amount, and people who want the opportunity to accumulate cash regularly to help supplement things like retirement income or prepare for emergencies.

Types of universal life insurance products offered by Mutual of Omaha:

Life Protection Advantage

This is an indexed universal life insurance policy which gives you permanent coverage guaranteed through h88 and has the potential for cash value associated with the direct performance of an indexed account.

Income Advantage

This index universal life insurance policy gives you the opportunity to build cash based on the selected interest crediting options tied to a market index performance. Rest assured that your money is never directly invested in the market. You also get downside protection which guarantees that you will receive no less than 0% even if the market index percentage changes to negative figures.

Universal Life

This universal life insurance policy is guaranteed and provide you the flexibility to add features or Riders like the accelerated death benefit, to focus on a guaranteed death benefit rather than cash accumulation, and to get coverage for a selected amount of time. You can choose of course to extend that amount of time to the whole of your lifetime.

AccumUL

This policy accumulates cash value with a declared interest rate which guarantees that you will earn at least 2% every year. This product emphasizes cash value growth more than the guaranteed life insurance so you have more future potential income.

Mutual of Omaha Universal Life Insurance Policy Riders:

Each of these Universal products has a death benefit, the cash value accumulation, flexibility to change the benefit amount or premium payments, accelerated death benefits, and tax advantages.

How Does Mutual of Omaha Compare?

In terms of what is offered, Mutual of Omaha life insurance has a wide array of life insurance policies, specifically permanent policies. Mutual of Omaha is amongst the top life insurance companies when it comes to customer satisfaction and financial strength.

Company Policies Offered A.M.Best Customer Reviews
Banner Life
  • Term Life Insurance
  • Universal Life Insurance
A+ 4.5 / 5
Lincoln Financial
  • Term Life Insurance
  • Universal Life Insurance
  • Variable Life Insurance
A+ 4.2 / 5
Mutual of Omaha
  • Term Life Insurance
  • Universal Life Insurance
  • Whole Life insurance
  • Indexed Universal Life Insurance
A+ 4.1 / 5
Protective Life
  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Survivorship Life Insurance
  • Variable Life Insurance
  • Child Life Insurance
A+ 4.3 / 5

How to Find the Right Life Insurance Policy for You

Finding the right policy starts with researching multiple companies. As you can see from the table above, Mutual of Omaha has a larger array of universal life insurance policies and the customer service they have the offer is well regarded among the industry.

There are a lot of life insurance companies to choose from. Depending on your health, age, sex, and lifestyle, there may be a myriad of different life insurance policies available for you that can help provide for your family in the event of your death.

Speaking with an agent can help you understand the differences between your coverage options, and help you choose the best life insurance policy for you based on price and coverage.

Give our agents a call today to compare your life insurance policy options, or use our online quoting engine for quick and easy life insurance quotes instantly.

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