Currently one of the most recognized life insurance companies, Mutual of Omaha has dramatically increased its footprint since its founding in 1909. The company has dynamic name recognition and meets its customers’ expectations by offering outstanding rates on a variety of products and outstanding customer service and claims service. They are especially recognized for their Final Expense Insurance.
The company operates across the United States using four subsidiary companies to administer and market its financial products:
- Mutual of Omaha Life Insurance.
- United World Life Insurance
- United of Omaha Life Insurance
- Companion Life Insurance
As a dominant U.S. life insurer, Mutual of Omaha continues to post excellent ratings that have been awarded by the most well-known rating services:
|Rating Service||Rating||Rating Description|
|A.M. Best||A+||2nd Highest out of 16|
|Moody’s||A1||5th Highest out of 21|
|Standard & Poor’s||AA-||4th Highest out of 21|
Mutual of Omaha Life Insurance Products
Mutual of Omaha offers a complete list of life insurance products for customers and agents. They will typically be able to offer insurance solutions for virtually any financial scenario and at the same time, their products are competitively priced in order to meet the budget of middle Americans.
Term Life Insurance
Considered a temporary life insurance solution, term insurance is typically used to replace lost income for young to middle-aged adults and families. The company offers significant death benefits which enable individuals, families, or small businesses to insure against lost income, current and future debts, mortgage protection, and living expenses. The company offers term life insurance using two distinct products.
Term Life Direct
The Term Life Direct product is designed to provide life insurance coverage up to age 80. It is available for individuals between the ages of 30 and 74-years old. The company offers death benefits that range from $20,000 (minimum) to $100,000 (maximum) with no medical exam required. Mutual of Omaha offers several riders for applicants to broaden their coverage and in some cases, offer living benefits. Riders are an ideal solution for the insured to customize their coverage to meet their individual needs.
Term Life Answers
Mutual of Omaha’s Term Life Answers is the solution for applicants needing a higher death benefit. This policy is fully underwritten and offers some of the most affordable insurance rates found in the marketplace.
Both products are available in 10, 15, 20, and 30 year term periods and both products can be converted to permanent life insurance coverage without proof of insurability.
Mutual of Omaha’s Term Life Answers policy is a great solution for applicants who want enough life insurance to provide the funds to replace the income of a primary breadwinner. This death benefit would need to be sufficient enough to provide money for all or some of the following:
- Pay monthly living expenses for a specified number of years..
- Pay off debts, a mortgage, and vehicle loans.
- Provide funds needed to cover college tuition expenses..
- Provide funding for a retirement plan for the surviving spouse.
- Provide funds to cover final expenses such as funeral and burial costs.
Term Life Insurance Riders
Mutual of Omaha offers various optional insurance riders that allow you to customize your insurance policy by broadening your coverage and adding living benefits:
Accelerated Death Benefit
The Accelerated Death Benefit provides for the insurance company to advance a portion of the death benefit to the insured in the event that he or she is diagnosed with a qualifying terminal illness.
Disability Income Rider
This optional rider allows the insured person to discontinue paying their insurance premium for a specified period of time if they become totally disabled.
Accidental Death Benefit
This rider provides for the insurance company to pay an additional death benefit if the insured’s death is the result of a covered accident.
Other Insured Rider
The Other Insurance rider allows the insured to add one additional person to the policy with the same terms of the base policy. The premium for the additional insured will be based on the age and death benefit for that person.
Child Protection Rider
This rider allows the insured to provide insurance coverage for all eligible children in the household.
Unemployment Waiver of Premium
Provides for the insurance to waive premium payment for a specified period of time if the insured becomes unemployed.
It’s also important to note that term life insurance from Mutual of Omaha can be converted to one of their permanent policies like Guaranteed Universal Life or Whole Life without having to go through medical underwriting again. Your permanent policy pricing will be based on your age at conversion and the Mutual of Omaha insurance product you elect to convert to.
Be sure you speak with your independent insurance agent about each of these option riders to determine if they will meet your coverage needs.
Here are actual rates for a $500,000 20-year policy from Mutual of Omaha. The rates are based on healthy male and female non-smoker using the “preferred” rate class:
Universal Life Insurance
Mutual of Omaha’s Universal Life products are considered permanent life insurance that can include a cash value component. The cash account within the policy is credited each month with a portion of the premium payment and then earns interest based on the performance of the company’s investments. Universal life insurance is the only flexible insurance product available and gives the policyholders options that other policy types do not offer.
Guaranteed Universal Life – This insurance product is considered permanent insurance since it can be structured to provide coverage for the life of the insured. Available face amounts range from $100,000 to $1 million and above and the company offers several riders to enhance the coverage of the policy.
Income Advantage Universal Life – This is an Indexed Universal Life policy that was developed to accrue cash value dependent on the performance of a market index rather than the performance of the carrier.
AccumUL Plus – Mutual of Omaha’s AccumUL Plus is a great product to use for college funding and retirement planning strategies. The company offers additional riders that can help personalize the policy to meet the specific needs of the policyholder.
Whole Life and Final Expense Insurance
Mutual of Omaha’s whole life insurance selection is designed to meet the needs of the policyholder with substantial guarantees and provides the accumulation of cash value.
The primary benefits provided by whole life insurance are a lifetime death benefit, non-cancelable policy if premiums are paid, level periodic premiums that will never go up, and the accumulation of cash value over time that can be accessed through policy loans or withdrawals.
Whole Life Express® – Mutual of Omaha’s Whole Life Express policy is a typical whole life policy with face amount options of $20,000 to $50,000. This coverage is available for applicants between the ages of 18 and 85-years old. The policy is issued with “simplified underwriting” which means that no medical exam is required. Whole Life Express can be used as a Final Expense Insurance policy for individuals who qualify.
Living Promise Level Benefit Plan – Mutual of Omaha’s level benefit policy is a perfect solution for applicants who want to purchase Final Expense Insurance. Coverage is available for individuals who are 45 to 85-years old with face amounts from $2,000 to $40,000. The policy comes with the Accelerated Death Benefit rider built in at no additional charge.
Although a medical exam is not required for Mutual of Omaha’s Level Benefit Plan, there are a number of health questions on the application that could disqualify an applicant if multiple questions are answered yes.
Living Promise Graded Benefit Plan – Mutual of Omaha’s Graded Benefit Plan is intended for applicants who do not qualify for the Level Benefit Plan. Applicants aged 45 to 80-years old are eligible for coverage and the face amounts that are available are $2,000 to $20,000 except for WA where the face amounts are $5,000 to $40,000.
This plan has a graded death benefit which means there is a two year waiting period before the company will pay the full death benefit if the insured dies as a result of natural causes. During the waiting period, the company will pay 110% of all premiums paid by the policyholder to the beneficiary. If, however, the insured dies during the waiting period because of an accident, the full death benefit will be paid.
After the two year waiting period, the full death benefit will be paid for death resulting from all causes.
Here are actual rates for a $20,000 (most popular) final expense insurance plan:
As you can see from this rate chart, the insurance rates for men are higher than the rates for women. This is because women generally live longer than men and therefore the insurance company is able to collect premium payments longer.
After many years representing Mutual of Omaha, LifeInsure.com has found this company to be one of our primary providers for Final Expense Insurance. Their product listing, competitive rates, and exceptional customer service make them our go-to insurance company for final expense insurance and other types of insurance solutions for our clients.