Looking for a comprehensive Mutual of Omaha Life Insurance Company Review? Are you wondering if Mutual of Omaha is one of the top 10 life insurance companies? You’re in the right place to find out. When looking for the best life insurance company there are various factors that help determine if a company is the best fit for you. It can be a difficult process trying to figure out which life insurance company will provide you the best coverage at the lowest rate.
Let’s find out if Mutual of Omaha is the best company for you.
Mutual Of Omaha Life Insurance Company
Review Summary
The Mutual Of Omaha Life Insurance Company is an excellent carrier for many people. They're a financially strong company with several No Medical Exam options.
Mutual of Omaha Life Insurance Company Review
You’ve likely heard the name Mutual of Omaha and are wondering if you should select them as your life insurance provider. This review will give you some details about their history, policies, and financial ratings.
Mutual of Omaha is just one of more than 60 life insurance companies represented by us, and is one of the most renowned life insurance companies in the U.S. To figure out which provider is most suitable for you, it is best to compare quotes.
Tip: Get instant life insurance quotes now by simply completing our free quoter here. If you’re looking for our Mutual of Omaha Life Insurance Company Review, read our post below.
Mutual of Omaha History
Established over 100 years ago under the name Mutual Benefit Health & Accident Association, Mutual of Omaha provided accident and health insurance for the first 10 years of its existence. In the 1920’s, they began selling life insurance products to consumers. From this point onwards, Mutual of Omaha evolved into a financially stable and respected provider of life insurance solutions.
Mutual of Omaha Life Insurance Company Financial Ratings
It has an A+ ranking from insurance rating services like Standard & Poor and A.M. Best. Each rating is positive, making them a trustworthy company to buy a policy from.
Mutual of Omaha is a widely-used insurance company in the U.S., but their popularity doesn’t equate to being the most suitable choice. Most consumers simply select an insurance company they’ve seen an advertisement for without taking insurance coverage costs into consideration.
Mutual of Omaha Life Insurance Products
If your needs ever change, Mutual of Omaha provides a variety of life insurance types. They offer term, permanent and term life insurance policies that can be switched into permanent life insurance.
Mutual of Omaha’s Term Life Insurance Products
This company provides a pair of individual term life insurance policies, namely Term Life Express and the Term Life Answers.
Both policies are discussed below.
Term Life Answers
Much like Term Life Express, this kind of policy provides more terms than its counterpart.
Term Life Answers comes in 10, 15, 20, or 30-year terms, all of which can be changed into permanent coverage for applicants between the ages of 45 and 85. This life insurance policy is renewable up to age 95.
This policy’s premium rates won’t ever go up during the length of the term you prefer.
The death benefits begin at a minimum of $100,000. Much like the Express, Answers come with an accelerated death benefit, letting you access 94% of the death benefit. However, the life expectancy limit is only 1 year instead of 2.
Numerous other features include a child rider and disability waiver that lets you purchase term life insurance for dependents no older than 20 years old.
What Are Mutual of Omaha’s Rates Like?
The good news is that Mutual of Omaha actually has some of the best rates around.
Mutual of Omaha is very competitive life insurance company in several situations. You need to be aware that your exact rates are going to depend on factors like your age, gender, health condition, and certain activities you engage in.
| COMPANY | POLICY | AGE 30 MALE | AGE 40 MALE | AGE 50 MALE | AGE 30 FEMALE | AGE 40 FEMALE | AGE 50 FEMALE |
|---|---|---|---|---|---|---|---|
| Prudential | Term Essential | $34 | $43 | $88 | $27 | $38 | $76 |
| AIG | Select-a-Term | $21 | $30 | $79 | $18 | $28 | $59 |
| Banner Life | OPTerm | $21 | $32 | $94 | $18 | $26 | $58 |
| John Hancock | Term | $26 | $34 | $81 | $24 | $34 | $78 |
| Foresters | Your Term | $21 | $31 | $79 | $18 | $27 | $57 |
| Lincoln Financial | LifeElements | $28 | $38 | $78 | $23 | $30 | $58 |
| Lincoln Financial | TermAccel | $21 | $29 | $78 | $17 | $25 | $57 |
| Mutual of Omaha | Term Life Answers | $21 | $33 | $85 | $23 | $28 | $64 |
| Pacific Life | Pacific Promise Term | $20 | $29 | $77 | $19 | $26 | $61 |
| Principal | Term | $22 | $31 | $79 | $20 | $27 | $59 |
| Protective | Custom Choice UL | $20 | $28 | $76 | $17 | $25 | $55 |
| Protective | Classic Choice Term | $20 | $28 | $75 | $17 | $25 | $55 |
| Prudential | Return of Premium Term | $101 | $143 | $291 | $88 | $130 | $253 |
| Sagicor | Term | $23 | $29 | $82 | $19 | $25 | $71 |
| SBLI | Level Premium Term | $21 | $40 | $96 | $24 | $34 | $65 |
| Transamerica | Trendsetter Super | $22 | $37 | $79 | $18 | $30 | $62 |
| Transamerica | Trendsetter LB | $24 | $38 | $92 | $20 | $34 | $73 |
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Will MOO or some other company like Prudential, AAA, Lincoln Financial, or CMFG Life Insurance get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
Mutual of Omaha No Medical Exam Life Insurance
A No Exam life insurance option is the basic and convenient life insurance choice. Mutual of Omaha offers a fast and simple way to purchase life insurance because a medical exam isn’t required. Much like other businesses providing life insurance – the Term Life Express offered by Mutual of Omaha has multiple terms to choose from.
Term Life Express – No Exam Policy
Term Life Express offers terms as long as 15, 20, or 30 years that come with a $50,000 minimum death benefit that can go as high as $400,000.
Coverage offered with Term Life Express can be ideal for long-term financial needs. There is a variety of features that come with Term Life Express, such as the accelerated death benefit, which allows you to use up to 92% of your death benefit if you are terminally ill and not expected to live longer than 2 years.
This is an outstanding benefit that several insurance companies don’t provide in their policies.
Long-term care and medical bills can get quite costly, and families can end up owing thousands of dollars to treat someone who is terminally ill. With this rider, you’ll be able to capitalize on your life insurance policy when you need it most.
Alternatively, you can opt for the residential damage rider, which dismisses your monthly premiums for half a year if your home endures over $25,000 in damages.
Not everyone is suited for Term Life Express, even though it’s offered for consumers between the ages of 18 and 65.
Becoming accepted will be contingent on the health qualification questions.
Since the Express option doesn’t require a medical exam, anticipate paying more.
No Exam life insurance typically is more expensive than a fully underwritten policy.
Be mindful that the maximum coverage is $400,000, and the express can’t be converted to permanent coverage.
Mutual of Omaha Permanent Life Insurance Products
If term life insurance doesn’t meet your goals, Mutual of Omaha also offers permanent life insurance options.
Mutual of Omaha provides 3 GUL (Guaranteed Universal Life) options to meet these needs. MOO is one of the best companies for guaranteed universal life insurance. Here are their GUL options:
- Guaranteed Universal Life. This Mutual of Omaha GUL policy will provide you with a fixed premium and 2% interest rate.
- Guaranteed Universal Life Survivor. This policy will pay a death benefit of a surviving spouse. The policy has a fixed premium that will insure both spouses.
- Guaranteed Universal Life Plus. This GUL policy provides applicants ages 18-80 a 2% guaranteed interest rate as well as an interest rate bonus of 50% beginning in the 10th year of the policy.
- AccumUL Answers. This product offers higher target premiums, extended no-lapse protection, a shorter surrender charge period, and enhanced accelerated death benefit riders.
- AccumUL Plus. With face amounts of $25,000 and up, AccumUL Plus provides two levels of no-lapse protection, which allow the policy to stay inforce even if the Surrender Value is not enough to cover the monthly deduction.
Mutual of Omaha Riders
Life insurance riders can provide you with extra benefits and peace of mind. Mutual of Omaha offers the following life insurance riders:
Term Life Insurance Riders
Mutual of Omaha offers the following term life riders:
Guaranteed Universal Life Riders
Mutual of Omaha guaranteed universal life insurance riders:
- Terminal Illness Rider
- Accelerated Death Benefit Rider
- Disability Waiver of Premium Rider
- Chronic Illness Rider
- Dependent Child Rider
Pros and Cons of Mutual of Omaha
Let’s look into what we like and don’t like with Mutual of Omaha.
Strengths
There are several advantages with Mutual of Omaha. They include:
- Top 10 life insurance company when comparing rates for age groups 40 to 65 years old.
- Underwriting isn’t as strict as other companies for a variety of health niches.
- One of the top companies for high face amounts. If you’re shopping for a $1 million to $5 million life insurance policy, Mutual of Omaha is a good choice.
Weaknesses
Not every company will be the best for every situation. Mutual of Omaha isn’t the best choice for all health conditions. Depending on your health risk, MOO may or may not be a good fit.
How Much Insurance Coverage Do I Require?
Determining your insurance needs will aid you in choosing which policy is most ideal. You might require more insurance coverage than what comes with the Express option, so Answers may be the better way to go.
There are multiple aspects you must take into consideration to figure out which life insurance option is best for you and your loved ones. Eliminating debt is your first factor. An insurance policy’s primary goal is to pay in full any final debts or expenses that your family is responsible for in the event of your death.
Each year, there are an abundance of families that are blindsided by the death of their family members or spouses, putting them under heavy financial strain. With the right insurance plan, your loved ones will have what they need to take care of any expenses you left behind.
Another factor of life insurance is to have your yearly income replaced. Life insurance is a must have purchase for the primary income earner. Disaster can strike any family when the bread winner is no longer able to provide their salary.
What is the typical amount of life insurance needed to replace your income? It varies from each individual, but 7-10 times your annual income is a common amount.
Is Mutual of Omaha the Best Life Insurance Company?
We know that Mutual of Omaha is financially strong. They offer a variety of term and permanent products. Are they going to be the cheapest life insurance for you? It’s possible, but there are too many factors that will determine the best company for you.
Perhaps the best way to find the lowest life insurance premium is to simply compare quotes. Getting quotes from a variety of life insurance companies will start you off on the right path.
Final Thoughts
Thank you for reading our article, Mutual of Omaha Life Insurance Company Review. We recommend comparing quotes from multiple life insurance companies by using our free instant life insurance quoter located on this page. You can also contact us directly for help.
Mutual of Omaha Company Details
Name(s): Mutual of Omaha Life Insurance Company; Mutual of Omaha Insurance Company; Companion Life Insurance Company (NY Residents); United of Omaha Life Insurance Company
Address:
Mutual of Omaha Plaza
Omaha, Nebraska 68175
Phone: 800-228-7104
Website: www.mutualofomaha.com
Ratings: A.M. Best (A+), Standard & Poor’s (AA-), Moody’s Investors Services (A1), Comdex (93)
