Mutual of Omaha Life Insurance Company Review

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Mutual of Omaha will forever be linked as the primary sponsor of Mutual of Omaha’s Wild Kingdom with Marlon Perkins (for those who can remember.)  The show ran for 25-years before transitioning online, where it still exists as Mutual of Omaha’s Wild Kingdom Web Series.

But, Mutual of Omaha was already well established as one of the best  life insurance companies long before it came into millions of American homes every week on the TV.

Mutual of Omaha was chartered in 1909 and the Nebraska-based company offers a strong line of individual and group, life, health and accident insurance products.  They have multiple subsidiary companies that cover their vast line of insurance products.

  • United of Omaha Life Insurance Company offers a diversified portfolio of life insurance, fixed annuities, Medicare supplement and other insurance and financial services products through Mutual of Omaha’s agency sales force, group sales offices and independent agent networks.
  • Companion Life Insurance Company offers a full line of individual and group life insurance plans in New York.
  • United World Life Insurance Company offers Medicare supplement insurance through direct marketing, Mutual of Omaha’s agency sales force and independent agent networks.
  • Omaha Insurance Company was founded in 2006 and offers Medicare supplement insurance through direct marketing, Mutual of Omaha’s agency sales force and independent agent networks.
  • Mutual of Omaha Investor Services, Inc.is the company’s registered broker-dealer and provides mutual funds directly to consumers through Mutual of Omaha’s agency sales force and Retirement Plans division.

Stats

A.M. Best RatingA+
B.B.B. RatingA+
PolicyZip RatingA+
Founded1909
HeadquartersOmaha Nebraska
Number of EmployeesNot Available
Total AssetsNot Available

Mutual of Omaha Life Insurance Company offers many insurance products:

  • Term Life Insurance. Term life coverage is available online up to $100,000, but higher amounts are available when you purchase a policy through an agent.
  • Whole Life Insurance. Whole life policies are generally marketed to cover funeral and other final expenses and max out at $50,000.
  • Universal Life Insurance. Universal life insurance is available in larger amounts.

Mutual of Omaha also offers:

  • Critical Illness
  • Disability
  • Long-term care insurance
  • Medicare supplement plans and annuities.

In 2016, the company introduced a disability insurance policy with a simplified application. No medical exam or information from a doctor is required.

Product base plans, features and riders may not be available in all states and may vary by state. Claims cannot be filed online. Your only option for filing a claim is with the telephone claims service or by visiting a local agent.

Mutual of Omaha Life Insurance Products

Depending on what kind of life insurance you buy, some or all of the following factors will affect the price of your life policy.

  • Current Age. The younger you are, statistically, the longer you’ve probably got left to live. So, a premium payment at a younger age is generally less expensive.
  • Tobacco Use. Tobacco users will pay more because usage puts you at a higher risk for health ailments that can impact the number of years you live.
  • Gender. On average, women live longer than men, which means they generally pay lower rates for life insurance.
  • Health and Pre-Existing Conditions. Healthy individuals or individuals who diligently manage their health situations will pay less because they tend to live longer and therefore are a more favorable life insurance risk.
  • Death Benefit Amount. Like most things with life insurance, the more you purchase the greater the total cost. However, your cost per dollar of coverage may be less when you purchase a higher amount.
  • Term Duration. The longer the policy term duration, the higher the premium payment. This is because the policy premium must consider risks at a greater span of ages. And, statistically, that risk increases with age.

Mutual of Omaha Term Life Insurance

Below are some considerations before buying term life insurance:

  • You need affordable coverage for a specified period;
  • You want to make sure your family can continue to afford to live in their current home even if you are no longer around;
  • You have a temporary need to cover short-term financial responsibilities such as a car loan, a child’s education, or credit card debt;
  • You require additional coverage temporarily, such as during child-raising years, and/or
  • You want to provide an emergency fund for your family.

Customized 10-, 15-, 20- and 30-year term periods are available.  During this term, your payment remains level and your family is protected.

Polices are issued for clients between 18 and 80 years old.  After the level term period you can renew your policy for one-year periods as long as you don’t exceed 94 at the time of renewal. The policy expires on the policy anniversary date following the date you turn age 95. Benefit amounts are $100,000 plus.

Policy holders have the option to convert coverage to a permanent plan. Permanent provides protection that lasts a lifetime or for the life of the policy. It may build cash value that can be used even when you are living.  It is typically used to cover long-terms needs such as paying for final expenses, to provide ongoing income for your family, to supplement retirement income or to fund an estate of business continuation plan.

Term Life policy ownership generally takes less than one month.  After an application is completed and submitted, an MIB report, a pharmaceutical report and, in some cases, a motor vehicle report are ordered. The application is then reviewed by underwriters who determine if further requirements are necessary. Paramedical examinations are based on applicant age and benefit amount. If a paramedical examination is required, a medical examiner will schedule an appointment within a week. If an applicant has a health condition or has recently visited a physician or medical facility, an attending physician’s statement may be ordered.

If an applicant’s occupation, avocations or expected foreign travel include a larger than usual degree of risk, further details may be requested.

All of these requirements are reviewed by underwriters who determine if further information or requirements are necessary. When all requirements are in, the underwriter evaluates the risk according to set standards and reaches a decision.

Mutual of Omaha Whole Life Insurance

Whole life insurance protects your loved ones from the financial consequences of your death.

You should consider a whole life policy if:

  • You have long-term life insurance needs;
  • You need to cover final expenses such as medical or funeral expenses or credit card debt;
  • You want to leave a legacy for a young person who is important to you, and/or
  • You would like to supplement existing life insurance coverage.

Whole life insurance offers premiums that are guaranteed not to increase and a benefit to be paid to your designated beneficiaries at your death.  Policies may also offer cash value that will grow on a tax-deferred basis.  The cash value can be accessed through loans, as defined in the contract. Any policy loans and loan interest will reduce policy values and benefits.

You can purchase a policy either online or with the help of an agent.

Buying Life Insurance Online

You get guaranteed coverage because the death benefits payable for natural causes (any cause other than accidental) are reduced during the first two years you own the policy – your beneficiary receives all the premiums you’ve paid plus 10 percent. The full benefit is paid for death due to natural causes after your second year of coverage.  Full death benefits will be paid if death results from an accidental injury.

Policy issue ages are between 45 and 85 years old (in NY, ages 50-75).

Benefit amounts range from $2,000 to $25,000.

There are no medical exams or health questions to answer.

The average time to process an application is less than one week.

Buying Life Insurance from an agent

You will go through a simplified underwriting process which means that there will be a limited number of health questions that shortens the application process.

You have two coverage choices when buying burial insurance through an agent:

  1. Level Benefit Plan in benefit amounts ranging from $2,000 to $40,000 ($5,000 to $40,000 in Washington) with policy issue ages ranging from 45 to 85 years old. There is an Accelerated Death Benefit from Terminal Illness or Nursing Home Confinement.
  2. Graded Benefit Plan in benefit amounts ranging from $2,000 to $20,000 ($5,000 to $40,000 in Washington) with policy issue ages ranging from 45 to 85 years old. This policy contains a graded benefit meaning that for death due to natural causes (any cause other than accidental) during the first two years the beneficiary will receive all premiums plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury.  This policy is not available in Arkansas, Montana or North Carolina.

Mutual of Omaha Universal Life Insurance Products

Universal Life is a flexible life insurance place that can either last a lifetime or for the duration of the policy.

With universal life, the premiums and benefit amount are flexible and, if your life insurance needs change later in life, you may be able to increase or decrease the amount of coverage.

You should consider a universal life insurance policy if:

  • You need to create a death benefit that helps protect your loved ones from the financial consequences of your death;
  • You value the opportunity for cash accumulation that can help with future financial needs such as supplemental college funding, retirement income or emergencies, and/or
  • You want the flexibility to adjust premium-payment amounts and frequency, as well as the ability to increase or decrease the death benefit amount*.

Life Protection Advantage Indexed Universal Life

  • Offers permanent life insurance coverage with a death benefit that can be guaranteed through age 85—and, perhaps longer—if you pay the no-lapse premium or greater.
  • Has the potential for greater cash value accumulation than traditional fixed-interest universal life insurance.
  • Provides flexibility for the future through accessible cash value as well as included accelerated death benefit and guaranteed refund option riders.

Income Advantage Indexed Universal Life

  • Offers permanent life insurance coverage.
  • Offers the opportunity to build cash value based on selected interest-crediting options tied to the performance of a market index. Your money is never actually invested in the market.
  • Provides downside protection by guaranteeing that you will receive no less than 0 percent even if the percentage change in the market index is negative.
  • Emphasizes cash growth potential more than Guaranteed Universal Life, AccumUL, and Life Protection Advantage, which may result in even greater future income potential.

AccumUL Universal Life

  • Accumulates cash value using a declared interest rate, guaranteed to earn at least 2 percent annually.
  • Emphasizes cash value growth potential more than Guaranteed Universal Life.
  • Focuses on greater cash accumulation which leads to more future income potential.

Guaranteed Universal Life

  • Guarantees a death benefit for a period you choose, up to your lifetime (when scheduled premiums are paid).
  • Focuses more on guaranteeing a death benefit and less on accumulating cash value.
  • Provides flexibility for the future through accelerated death benefit and guaranteed refund option riders.

All Mutual of Omaha universal life insurance products offer:

  • Death Benefit. A death benefit that helps protect your loved ones from the financial consequences of your death.
  • Cash Value Accumulation. The opportunity to build cash values that can help with future needs such as supplemental college funding, retirement income or emergencies.
  • Flexibility. Flexibility to adjust premium payment amounts and frequency, as well as increase or decrease the death benefit amount.
  • Tax Advantages. Tax advantages in the form of an income tax-free death benefit, potential cash value accumulation and income tax-free policy loans and withdrawals.
  • Accelerated Death Benefits. Accelerated death benefits which offer early access to a portion of your death benefit in the event of a terminal or chronic illness.

Mutual of Omaha Accidental Death Insurance

Accidental death insurance provides financial support for your loved ones if you die in a covered accident.  Coverage is guaranteed through an easy application process if you qualify based on your current age.

You should consider an accidental death insurance policy if:

  • You need to supplement existing life insurance coverage.
  • You want to help provide for family should you die in an accident.
  • You would like to provide financial protection for your family, but your health or occupation doesn’t allow you to qualify for other forms of insurance.
  • You want to protect your loved ones without being subject to medical exams.

The average time for policy ownership is less than one week.

You can buy a policy either online or with the help of an agent.

Buy Accident Insurance Online

Policy issue ages are between 18 and 70 years old.  Guaranteed to be renewed up to age 80.  Benefit amounts are up to $1 million and family coverage is available.

Accidental death insurance covers death sustained from any covered injury which is the direct result of an accident or trauma that occurs while your policy is in force, work-related or non-work related.

This coverage pays up to $1,000,000 if death results from a covered accident while riding as a fare-paying passenger on a common carrier such as a boat, bus or airplane.

The auto pedestrian benefit pays up to $300,000 if the insured is killed while driving or riding in a private automobile or if struck by an automobile on a public street or highway.

Accidental Death Agent

Policy issue ages are between 18 and 70 years old.  Guaranteed to be renewed up to age 80.  Benefit amounts are $50 to $500,000 and family coverage is available.

Accidental death insurance covers death sustained from any covered injury which is the direct result of an accident or trauma that occurs while your policy is in force, work-related or non-work related.

This coverage pays double the death benefit if death results from a covered accident while riding as a fare-paying passenger on a common carrier such as a boat, bus or airplane.

The auto Pedestrian benefit pays an additional 25 percent of the death benefit if the insured is killed while driving or riding in a private automobile or if struck by an automobile on a public street or highway.

Mutual of Omaha Contact Information

Mutual of Omaha Mailing Address

Mutual of Omaha Insurance Company

3300 Mutual of Omaha Plaza

Omaha, NE   68175

Mutual of Omaha Phone Number

(800) 228-7104

Monday – Thursday 7 a.m. to 5:30 p.m. CST

Friday 7 a.m. to 5 p.m. CST

If you have specific questions, you can go to a more detailed phone number directory here.

Email Mutual of Omaha Customer Support

To send an email to Mutual of Omaha suppport, go here.

Mutual of Omaha Forms

For access to a list of forms you might need to use, go here.