Mutual of Omaha Guaranteed Universal Life Insurance Reviews

Mutual of Omaha Guaranteed Universal Life Insurance Reviews

Mutual Of Omaha Guaranteed Universal Life Insurance Reviews

One of the top life insurance companies in the marketplace, Mutual of Omaha offers an excellent Guaranteed Universal Life insurance option to shoppers. With Guaranteed Universal Life (GUL) you can quickly and easily compare plans just like you would with term life insurance. Just know that there are some differences between GUL and Term. To learn more about GUL products (also known as Term to 100 or Lifetime Term) please read an overview of GUL here.

What company is the best?

Are you just looking for the best Guaranteed Universal Life insurance companies? We reviewed the top rated GUL companies right here.

Mutual of Omaha Life Insurance Company

Cost
Products
Financial Strength
Review Summary

Mutual of Omaha is an excellent carrier that offers shoppers whole, term and universal life insurance options. They also offer shoppers Medicare Supplements, critical illness, disability, long-term care insurance and annuities.

91.67
Excellent!
mutual of omaha best life insurance company

Mutual of Omaha Overview

Mutual of Omaha is a well respected company and is listed in the Fortune 500. They are located in Omaha, Nebraska and was founded back in 1909. In the beginning, they were actually called the Mutual Benefit Health and Accident Association. Since that time, they’ve grown quickly and now have a few well know subsidiaries named United World and United of Omaha.

Mutual of Omaha is one of the most well known life insurance companies due to their relationship with the classic TV show, Wild Kingdom. Overall, Mutual of Omaha is a financially strong and stable life insurance company.

Let’s look more closely at Mutual of Omaha’s financial ratings and Guaranteed Universal Life insurance policies.

Guaranteed Universal Life (GUL) is a type of universal life insurance- but doesn’t have the market risks of UL.

Your premiums remain the same with GUL just like term life. With a GUL, you get coverage with a “no-lapse” guarantee. This means that if you pay your insurance premiums, you’ll always be covered. GUL is not made for cash value and it resembles and functions similarly to term life insurance. Term life insurance only covers you for a set number of years. GUL covers you to a specific age such as: Age 90, 95, 100, 110, or 121.

Mutual of Omaha GUL Products

Mutual of Omaha offers four guaranteed universal life insurance products:

  1. GUL
  2. GUL Plus
  3. GUL Express
  4. GUL Survivor
Let’s look more closely into these Mutual of Omaha’s GUL products.

Overview: 

Issue Ages

Ages 18-85

Minimum Benefit Amount

$50,000

Coverage Lengths

Ages 90, 95, 100, 105 and 120

Maximum Benefit Amount

Over $10,000,000

Overview: 

Issue Ages

Ages 18-85

Minimum Benefit Amount

$50,000

Coverage Lengths

Ages 90, 95, 100, 105 and 120

Maximum Benefit Amount

Over $10,000,000

GUL Plus has the same benefits as the GUL with a couple of differences:

  • Better for short pays &1035s
  • 50% interest rate bonus beginning 10th policy year

Overview: 

Issue Ages

Ages 18-85

Minimum Benefit Amount

$50,000

Coverage Lengths

Ages 90, 95, 100, 105 and 120

Maximum Benefit Amount

$250,000

GUL Express features:

  • Health classes are: standard tobacco and standard non-tobacco
  • A Guaranteed interest rate of 3%
  • There is a guaranteed 20-year minimum coverage to age 120
  • Included accelerated death benefit for terminal and chronic illness
  • At the beginning of the tenth policy year you’ll get a 50% interest rate bonus

Overview: 

Issue Ages

Ages 18-85

Minimum Benefit Amount

$50,000

Coverage Lengths

Ages 90, 95, 100, 105 and 120

Maximum Benefit Amount

Over $250,000

GUL Survivor features:

  • A Guaranteed interest rate of 3%

Mutual of Omaha Financial Ratings

Financial Strength Ratings

  • AM Best: A+
  • Moody's: A1
  • Standard & Poor's: A+
  • Fitch: N/A

How to choose? If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.

Health Class Ratings

Life insurance classifications are important because they affect your premium. The better your health class rating, the lower your premium will be with. All companies (including Mutual of Omaha) classify you differently.

These are the health classes that are offered for most of Mutual of Omaha’s products:

  • Preferred Best
  • Preferred
  • Standard Plus
  • Standard
  • Substandard
  • Non Tobacco & Tobacco

Sample Rates

Now let’s look at how much the Mutual of Omaha GUL policy can cost. Below are some sample annual rates for a healthy non smoking 46 year old man.

Death Benefit

to Age 90

to Age 100

to Age 121

$100,000

$878.43

$951.93

$969.93

$500,000

$3755.80

$4118.85

$4217.85

$750,000

$5633.70

$6178.28

$6326.78

Make sure to use an independent life insurance agent that can shop from all the top life insurance companies. They will be able to provide you unbiased recommendations based on your specific health, age, and needs.

Life insurance rates depend on many factors. The life insurance company you choose is a major factor because each company rates you differently. Someone with diabetes may qualify for different rates depending on each company they apply with.

Learn more about life insurance shopping.

Advantages

  • Benefits

Mutual of Omaha uses your actual age for product pricing

Most life insurance companies will use your nearest birthday when pricing their rates.  For example, if you turn 30 on 1/1/18 and you get a quote in 10/1/18, most companies will consider you as age 31.  That’s your nearest birthday because you’re closer to at 31 than age 30.  However, Mutual of Omaha will use your “Actual Age” pricing. This can be a huge advantage and save you considerable money now and over the life of your policy.

Guaranteed Refund Option (GRO)

  • This “Option” means that policyholders have to choice of whether on not they want to select this option. The GRO is not a rider.
  • The GRO provides you 7 seven separate “60-day opportunities” that your life insurance policy can be surrendered. You can surrender your policy for a full refund of the premiums that you’ve already paid. The 1st opportunity is at the end of year 15. At the end of year 15, you can get 50% of the premium back.  100% of your premiums can be received during the other 6 opportunities. These occur after years 20, 21, 22, 23, 24 and 25.
  • The Guaranteed Refund Option is often compared to a Return of Premium term life policy in how you get back the premiums you’ve paid.

Chronic Illness and Accelerated Death Benefit Riders included

These life insurance riders are included at no extra cost.

  • Chronic Illness Rider: You are able to get a portion of your death benefit if you can’t perform two of the six listed ADLs or Activities of Daily Living.
  • Accelerated Death Benefit Rider: If you have a qualifying diagnosis where your life expectancy is determined to be 12 months or less- you can access a portion of your life insurance death benefit.

Competitively Priced

Many life insurance companies have a niche where they’re one of the best. With Mutual of Omaha, they’re a great choice for GUL policies with high benefit amounts. If you’re looking for a GUL policy for $250,000 or more- Mutual of Omaha should be looked at closely.

Missed a premium payment? No worries!

Mutual of Omaha really separates from the pack with this feature. With Mutual of Omaha’s GUL and GUL Plus plans, you are able to catch up missed premium payments without losing your guarantees. Most carriers are pretty strict with when premiums have to be paid. Make sure to read the specifics of this policy feature.

 

Disadvantages

  • One of Many

Mutual of Omaha is just one of many life insurance companies in the market. They don’t offer every option and they aren’t always priced the best. Depending on your health and age- another carrier may give you a better deal.

Life insurance underwriting is the process of a company looking at the level of risk you present to the insurer. Once they can determine your risk level- they can decide the cost of the premium for you. This is similar to how a car insurance company will ask you if you have had any previous moving violations, accidents, DUI or license suspensions before providing you your final rate.

Learn more: Underwriting

Underwriting Information

 

Not all life insurance companies will look at you the same. Mutual of Omaha and every other life insurance company has their own underwriting guidelines. Here are Mutual of Omaha’s underwriting strengths and weaknesses:

Strengths

These conditions typically get a better rating compared to the competition:

  • Occasional cigar users (2 or less per month) can qualify for Preferred Plus, Preferred & Standard Plus non-tobacco rates if there is a negative urinalysis test
  • If you occasionally use marijuana, you may qualify for standard nonsmoker rates
  • Family history qualifications do not apply if the proposed insured is 60 or older for Preferred Plus, Preferred & Standard Plus classes
  • Family history of deaths due to diabetes can qualify for Preferred Plus, Preferred and Standard Plus
  • Mild Asthma clients may be eligible for Preferred
  • Mild Sleep Apnea may be eligible for Preferred with verified c-PAP usage
  • Preferred tobacco class is available.

Weaknesses

These conditions may get a better rating with another carrier:

  • SCUBA Divers (over 100 feet)

Life Insurance Riders

Let’s look at what life insurance riders are available with this guaranteed universal life insurance policy.

Included for free:

  • Guaranteed Refund Option
  • Accelerated Death Benefit for Terminal and Chronic Illness Rider
  • Waiver of Surrender Charges for Partial Withdrawals Rider

Included with extra cost:

  • Disability Waiver of Policy Charges Rider
  • Disability Continuation of Planned Premium Rider
  • Accidental Death Benefit Rider
  • Dependent Children’s Rider
  • Guaranteed Insurability Rider

Life insurance riders are some additional benefits that can be added to a life insurance policy. Some riders are included for free and some are an additional cost. These riders provide you the ability to increase or limit the insurance coverage of your policy. Not all companies offer every rider.

Learn more: Life Insurance Riders

How to buy the best Guaranteed Universal Life policy?

 

We cannot stress enough the importance of using an independent life insurance agent to help you choose the right GUL product at the most affordable price possible. 

Independent life insurance agents have access to multiple companies. We know which life insurers offer the best rates when it comes to buying guaranteed universal life insurance.

We hope this article gives you a good overview of guaranteed universal life insurance. GUL policies are a great solution for many shoppers that can provide protection for your loved ones.

About Life Insurance Blog

 

Life Insurance Blog is an impartial life insurance broker who represents dozens of life insurance companies. We help our customers pick the best life insurance carrier and options that’s right for them. We do not push any companies because we have access to all the best rated life insurance carriers. We don’t try to put shoppers into a plan that is not suitable for their goals and needs. Our number one concern is our clients and future policyholders.

We offer you free life insurance consultations and work with you to understand your goals and then help you with an appropriate recommendation.  So, what are you waiting for?  Contact us today or visit our Life Insurance Quotes page and see how we can help you!

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Michael Quinn

Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. Please email or call us at 888-411-1329. We're here to answer your questions & help you get the best policy available.