Mutual of Omaha Life Insurance Review of 2024

Nobody likes the thought of preparing for his or her own death. But the cold hard truth is that it is an inevitable event that can happen at any given moment. And, dying is expensive, not to mention debts and other financial loose ends that your family will be forced to reconcile.

So, what can you do to be prepared? You need life insurance coverage for starters. Life insurance coverage ensures that your family and loved ones are able to handle your estate and/or other unhandled business that you may leave behind.

But, how can you know which insurance policy is the best one for your situation? And, once you do find one, how do you know the company providing the coverage is any good?

In this article, we’re reviewing Mutual of Omaha Life Insurance company so that you can make an educated decision about policies and comparisons. Keep reading to learn more.

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Mutual of Omaha Life Insurance Company

Mutual of Omaha Life Insurance Company has been serving the United States for over a century. It is a Fortune 500 company that prides itself on excellent coverage and service for policyholders. They are one of the most respected insurance companies in the industry today. 

Mutual of Omaha policies is underwritten by United of Omaha Life Insurance Company offers a variety of terms and benefit amounts. Mutual of Omaha offers a wide selection of insurance type policies including four major life insurance policies including one for children. The company’s products are diverse enough to serve just about anybody in search of a good life insurance policy.

Here are the five policies offered by Mutual of Omaha Life Insurance:

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Term Life Answers (Term Life Insurance)

Mutual of Omaha offers two types of term life insurance coverage. The first version is their fully underwritten version called Term Life Answers. The second version is a no medical exam version called Term Life Express.

Coverage is offered to individuals starting at the age of 18 and can remain in effect all the way up to age 80.

Benefit amounts begin as low as $25,000 and can go well over $1,000,000 if needed. The no exam option is capped at a maximum of 300,000.

Both versions of coverage offer several optional policy riders as well as a conversion option that allows for you to switch out your policy for permanent coverage without having to go through any new underwriting.

Term Life policies are great for just about anyone who needs life insurance especially younger people who need affordable coverage for only a specified period of time, such as child-rearing years.

Term Life Answers (Fully Underwritten)

Issue Ages: 18-80

Contract Lengths: 10, 15, 20 & 30 years

Face Amounts: $25,000 – $1,000,000+

Conversion Option: Yes

Included Riders: Terminal Illness & Waiver of Premium for Unemployment Rider

Optional Riders: Accidental Death, Dependent Children’s Rider, Other Insurance Rider & Disability Waiver of Premium

Term Life Express (No Medical Exam)

Issue Ages: 18-65

Contract Lengths: 10, 15, 20 & 30 years

Face Amounts: $25,000 – $300,000

Conversion Option: Yes

Included Riders: Living Benefit Riders (Terminal, Chronic & Critical), Residential Damage Waiver of Premium Rider, Waiver of Premium for Unemployment Rider & Common Carrier Death Benefit Provision

Optional Riders: Accidental Death, Dependent Children’s Rider, Other Insurance Rider & Disability Waiver of Premium

 

Mutual of Omaha
Universal Life Insurance

If your life insurance needs are more so on the permanent side rather than temporary, Mutual of Omaha has you covered by offering up four different types of universal life insurance options.

Each one of Mutual of Omaha’s universal life insurance options is designed to meet an individual insurance goal. Whether that’s cash value growth or just low-cost permanent protection, one of the four available types of universal life insurance coverage can meet those goals.

Universal Life policies are flexible and the protection lasts throughout your lifetime or the life of the policy. Since coverage is considered flexible, it is a good policy to insure against changes in your life insurance needs later in life. You can increase or decrease the amount of coverage depending on your situation.

Most universal life insurance policies have the ability to earn cash values that may be available through loans or withdrawals on the policy, as defined within your specific contract.

Mutual of Omaha offers four different Universal Life Insurance policies:

Guaranteed Universal Life – GUL

Mutual of Omaha’s guaranteed universal life insurance coverage is one of the more popular coverage options of the four. This coverage is a great option for those who are looking for affordable permanent life insurance and not too concerned about cash growth.

One important bonus feature to this coverage is the built-in guaranteed refund option. This option allows the policy owner to surrender the life insurance policy in specified policy years for a return or premium.

This means if you decide later in life that life insurance coverage is no longer needed; you can cancel for up to 100% of all your money paid into the contract.

Issue Ages: 18-85

Contract Lengths: To age 120

Face Amounts: $50,000 – $1,000,000+

Included Riders: Guaranteed Refund Option, Accelerated Death Benefit for Terminal and Chronic Illness Riders & Waiver of Surrender Charges for Partial Withdrawals Rider

Optional Riders: Guaranteed Insurability Rider, Accidental Death Benefit Rider, Disability Continuation of Planned Premium Rider, Disability Waiver of Policy Charges Rider and Dependent Children’s Rider

AccumUL Plus – Traditional Universal Life

Looking for permanent life insurance protection with cash value growth? If so, you’ll then want to consider Mutual of Omaha’s AccumUL Plus universal life insurance coverage.

Aside from providing permanent life insurance protection, one main focus of AccumUL Plus is growing cash value over time. The cash growth can eventually be used as a supplemental income during retirement years. Coverage has a 3% guaranteed minimum interest rate on the cash accumulation value.

Issue Ages: 18-85

Contract Lengths: To age 120

Face Amounts: $25,000 – $1,000,000+

Included Riders: Accelerated Death Benefit for Terminal and Chronic Illness Riders & Lapse Guard Rider

Optional Riders: Guaranteed Insurability Rider, Accidental Death Benefit Rider, Disability Continuation of Planned Premium Rider, Disability Waiver of Policy Charges Rider, Dependent Children’s Rider & Additional Insured Term Rider

Income Advantage – Indexed Universal Life

Another form of permanent life insurance offered by Mutual of Omaha is their Income Advantage Indexed Universal Life Insurance. This coverage is also designed to provide permanent life insurance protection with a focus on cash value growth.

It’s ideal for individuals between the ages of 30-55 who have time to allow the policy to grow in value to later be used for potential expenses such as college costs or to be used as another supplement to retirement income.

Cash value growth is achieved based off the performance of the S&P 500 and using an annual point-to-point crediting method to declare an interest rate. Should the S&P ever goes down, the index interest credits will never be less than 0%.

In addition to death benefit protection and cash value potential, Income Advantage also has a built-in return of premium option. This means the policy owner can surrender their coverage for a full return of premium if coverage is no longer needed or if cash values haven’t met expectations.

Issue Ages: 18-80

Contract Lengths: To age 120

Face Amounts: $100,000 – $1,000,000+

Included Riders: Guaranteed Refund Option, Accelerated Death Benefit for Terminal and Chronic Illness Riders & Lapse Guard Rider

Optional Riders: Long-Term Care Rider, Guaranteed Insurability Rider, Accidental Death Benefit Rider, Disability Continuation of Planned Premium Rider, Disability Waiver of Policy Charges Rider, Dependent Children’s Rider & Additional Insured Term Rider

Life Protection Advantage – Indexed Universal Life

A second indexed universal life insurance option offered by Mutual of Omaha is its Life Protection Advantage plan. This coverage has similarities to the Income Advantage coverage but the main focus is on death benefit protection.

Life Protection Advantage offers a longer “no-lapse” protection guaranteeing the life insurance coverage to age 85. Coverage will remain active to age 120 provided there is enough cash value to cover the monthly policy deductions.

Cash value growth is based on the performance of the S&P 500 just the same as the Income Advantage IUL plan. This coverage also offers the guaranteed return of premium option as well.

Issue Ages: 18-80

Contract Lengths: To age 120

Face Amounts: $100,000 – $1,000,000+

Included Riders: Guaranteed Refund Option, Accelerated Death Benefit for Terminal and Chronic Illness Riders & Lapse Guard Rider

Optional Riders: Long-Term Care Rider, Guaranteed Insurability Rider, Accidental Death Benefit Rider, Disability Continuation of Planned Premium Rider, Disability Waiver of Policy Charges Rider, Dependent Children’s Rider & Additional Insured Term Rider

 

Mutual of Omaha
Whole Life Insurance

Mutual offer an excellent final expense whole life insurance coverage called Living Promise. This type of whole life insurance coverage is ideal for people looking for smaller death benefits to possibly cover final expenses or burial needs.

Coverage is available to those who are between the ages of 45-85 and are underwritten under simplified guidelines making it a great life insurance option for seniors that may have some minor to moderate health issues.

Did we mention you are not required to take an exam and the application is rather simple?

Coverage comes available in two death benefit plans called level and graded death benefit. Qualification for a plan type is based on underwriting results.

For level death benefit plans, the full death benefit will be paid from the first day of the policy. For graded death benefit plans, should death occur due to a non-accidental death within the first 2 policy years, 100% of premiums will be paid plus 10% interest. After policy year 2, 100% of the death benefit will be paid out.

Issue Ages: 45-85

Contract Lengths: To age 120

Face Amounts: $2,000 – $40,000

Included Riders: Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider

Optional Riders: Accidental Death Benefit

 

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Children’s Whole Life Insurance

Mutual of Omaha offers a whole life insurance coverage specifically designed for children. This is a great way to provide children with permanent life insurance coverage locking in a guaranteed fix rate, guaranteed cash build up as well as insurability at a young age.

Plans are available to children as young as 14 days old up to 17 years old in coverage amounts of $5,000 to $50,000. Underwriting for this coverage is simplified meaning there are no medical exams. Parents will be required to answer a few questions to determine eligibility.

Issue Ages: 14 days to 17 years

Contract Lengths: To age 100

Face Amounts: $5,000 – $50,000

Included Riders: Guaranteed Insurability Rider & Death of Policy Owner Waiver of Premium Rider

Optional Riders: N/A

 

Guaranteed Advantage
Accidental Death

Accidental Death insurance is affordable coverage that is designed to provide your loved ones with financial support in the event of your untimely death. Mutual of Omaha’s accidental death policies are guaranteed issue meaning you cannot be turned down as long as you qualify based on your current age.

This policy issues from age 18 to 70 with guaranteed renewal and coverage to age 80. Benefit amounts go up to as high as $500,000 with family coverage available.

Accidental death policies are a bit different than traditional life insurance policies as they only pay if death is due to an accident. Accidents covered include work and non-work related accidents or injuries that result in death and an auto-pedestrian benefit.

Issue Ages: 18-70

Contract Lengths: Renewable to age 80

Face Amounts: $50,000 – $500,000

Included Riders: N/A

Optional Riders: Return of Premium Benefit Rider

 

Mutual of Omaha Company Ratings

Mutual of Omaha Life Insurance receives high marks for financial strength and customer service. There are four major ratings to be aware of:

A.M. Best is a statistical rating organization in the United States that rates insurance companies based on how well they meet policyholder obligations and financial strength.

Mutual of Omaha Life Insurance receives an A+ rating for Superior. This is the second-best rating A.M. Best provides.

Moody’s Investors Services rates companies based on their financial strength and the ability to withstand financial stress. Mutual of Omaha receives a rating of A1, or Good.

Standard & Poor’s rates for financial strength and the ability to meet policyholder obligations. The A+ rating stands for Strong regarding Mutual of Omaha.

Finally, this company also receives an A+ rating with the Better Business Bureau, or BBB.

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Mutual of Omaha Life Insurance

Regardless of your personal situation, life insurance is important coverage to invest in. It can make your family feel more secure in the event of your untimely death. Mutual of Omaha Life Insurance Company has the coverage you need.

Don’t ever settle for just one quote, however. It’s also important to shop around for different coverage and premiums to be sure you’re getting the best policy for your family and other loved ones. You don’t want to end up with a policy that costs more and covers less or stops coverage completely because of a health problem.

If you’re shopping for life insurance coverage, or if you still have questions, contact us. We offer life insurance quotes from the nation’s top life insurance companies in the United States.

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