Mutual of Omaha is one of the better-known life insurers. Being founded in 1909, they are well-established and are known for outstanding customer service and competitive rates. The company operates across the U.S. through four separate life insurance companies:
- Mutual of Omaha Insurance Company
- United of Omaha Life Insurance Company
- Companion Life Insurance Company
- United World Life Insurance Company
All four insurance companies enjoy excellent ratings for financial stability:
- M. Best A+ Superior (2nd highest out of 16)
- Moody’s Investors Service A1 Good (5th highest out of 21)
- Standard & Poor’s AA- (4th highest out of 21)
These excellent ratings represent the company’s financial strength and ability to meet ongoing financial obligations.
Products Offered by Mutual of Omaha
Term Life Insurance
Although considered temporary insurance, term insurance is the most affordable insurance product available and is typically used to purchase a large death benefit to pay off debt, provide for loss of income, fund college expenses for surviving children, and provide the money needed for monthly expenses for surviving loved ones.
- Term Life Answers – This is term life insurance that is available in 10, 15, 20, and 30-year terms. The eligible ages are 18 to 80-years-old. There is a conversion option in the policy that allows the insured to convert to permanent insurance such as universal life or whole life. The minimum available death benefit is $100,000, and there are various riders that can be added to the policy.
- Term Life Direct – This term insurance product was designed to provide coverage to age 80. The insurance is available for applicants age 30 to 74. The death benefit can be purchased from $25,000 to $100,000, and no medical exam is required. There are several riders that can be added to customize the coverage to meet your individual needs.
Whole Life Insurance
Whole Life is considered permanent insurance because the policy will remain in force for the lifetime of the insured. Whole life has a guaranteed death benefit, guaranteed level premium, and cannot be canceled for any reason other than non-payment. Whole life policies build cash value that earns an interest rate stated in the policy. The cash value can be accessed through policy loans or policy surrender.
- Whole Life Guaranteed
Whole Life Guaranteed was designed for people needing final expense insurance. The death benefit available is $5,000 – $20,000 with issue ages of 45 to 85-years-old. Guaranteed issue means that health history is immaterial to an issued policy.
- Whole Life Express®
This is a typical whole life product but with death benefit limits of $20,000 to $50,000. Applicants age 18 – 85 are eligible, and there is simplified underwriting which means a medical exam is not required. This is also a good product for final expenses.
Universal Life Insurance
Universal life is a permanent insurance with a cash account attached. The cash account is credited a minimum interest rate by the company but may be increased if the insurer’s portfolio exceeds their expectations. Universal life is flexible because the insured can adjust their periodic premium and add riders to customize the policy coverage.
- Guaranteed Universal Life
Guaranteed Universal life is considered permanent insurance because the policy can be designed to provide coverage for a lifetime. Available death benefits are $100,000 to $1million and higher. Several riders are available to help the insured customize the policy. The minimum interest rate is set by the company.
- Income Advantage (Indexed Universal Life)
This product is designed to accumulate cash based on the performance of a market index. Issue ages are 0 – 85-years-old and available death benefits are $100,000 and up. The insured has the flexibility to adjust the periodic premium payment, and additional riders can be added to customize the policy.
- AccumUL Plus
The AccumUL Plus policy is designed to allow the policyholder accumulate funds for later use (retirement income, education fund) while also providing a death benefit for surviving loved ones. Various riders are available to customize the policy to meet the needs of the applicant.
- Guaranteed Universal Life Express
This a universal life insurance policy designed to remain in force for a lifetime. Eligible issues ages are 18 – 65. Death benefits are $25,000 – $300,000 for ages 18 – 50 and $25,000 – $250,000 for ages 51 – 65. The underwriting is simplified and typically does not require a medical exam. Various riders are available to customize the policy.
Mutual of Omaha is a well-respected insurance company, and we are proud to represent them. As with any company we represent, there are some positive and negative points to consider.
- Application Process- We rate the application process a 4 out of 5 stars. The pros are the company offers electronic applications, average number of forms, and fast than average approval period. The only negative we considered is that the policy is only delivered 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 very competitive in most every state if the insured in a non-smoker and in very good health.