Mutual of Omaha Life Insurance Review of 2022 –The Pro’s and Con’s

In order to live a comfortable life, many Americans are looking for a life insurance policy.

Mutual of Omaha is one of the most well-known companies in the United States that provide this kind of service.

This company has been around since 1909 (yes, that’s right, 112 years ago!) and has grown into a massive company that employs over 5,000 people.

Mutual of Omaha Life Insurance offers products for various needs and can also help on your quest to find the right product for you.

In this article, we will take a closer look at Mutual of Omaha Life Insurance, what is it, the plans it offers, and the pros and cons of this insurance company.

Keep reading!

Mutual of Omaha Life Insurance Review

First Thing First, What is Mutual of Omaha?

Mutual of Omaha Life Insurance is a financial services company that sells life insurance and annuities to individuals and businesses.

Mutual of Omaha also provides general insurance products such as automobiles, homeowners, and property casualties.

Mutual of Omaha Life Insurance is headquartered in Omaha, Nebraska and it’s one of the oldest insurance companies in the United States.

The company’s 3 main divisions are Retail, Mutual Funds, and Insurance.

The Retail division offers life products such as disability, term life insurance, and long-term care insurance.

It also offers medical plans for individuals and families.

Mutual of Omaha is a pioneering life insurance company with an emphasis on investments.

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The History Behind Mutual of Omaha Insurance

Mutual of Omaha Insurance has been in business since 1909 when they were founded by a medical student at Omaha’s Creighton University and his wife, Dr. C.C. Criss, and Mabel Criss.

It has grown since then into a Fortune 500 company offering insurance and financial solutions for individuals, businesses, and groups throughout the United States.

Should I Opt For a Mutual of Omaha Life Insurance?

Mutual of Omaha Life Insurance is a financial service provider with a goal to help clients save and plan for their future.

Mutual of Omaha’s team offers a range of services including auto, home, retirement, investment, and life insurance plans.

The company provides a variety of resources to make financial decisions easier for their customers.

To summarize things for you, below you can find pros and cons to consider of Mutual of Omaha Life Insurance.

Mutual of Omaha Insurance Pros

  • Mutual of Omaha Insurance provides many available riders.
  • It offers a wide range of insurance products.
  • A life insurance questionnaire to help determine coverage needs.
  • High customizable life insurance policies.
  • Whole life insurance is available without a medical exam.
  • Great reputation with strong customer service rankings.

Mutual of Omaha Insurance Cons

  • Lack of online tools and resources.
  • Policies must be purchased through an agent.
  • Some customers noted that the buying process can be slow.

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Mutual of Omaha Available Insurance Plans

Mutual of Omaha has been in the insurance business for over 100 years and provides a variety of products that can be customized to meet any person’s needs.

Below, we will take a closer look at the type of life insurance products Mutual of Omaha offers to its customers.

Mutual of Omaha Term Life Insurance

Enjoy full-level premiums for the duration of the term you choose (10, 15, 20, or 30 years of level coverage).

Mutual of Omaha offers its Term Life Express for applicants aged between 18 and 80 where the coverage amounts start at $100,000.

The Term Life Express provides many benefits including but not limited to:

  • 4 Term periods to choose from.
  • The ability to opt for a permanent policy with no fee or medical exam.
  • Level-type premiums are guaranteed.

Mutual of Omaha Whole Life Insurance

Whole life insurance is a form of permanent coverage that builds cash value from fixed premiums, while also offering a death benefit and assistance with final expenses.

Mutual of Omaha offers whole life insurance called Guaranteed Issue (i.e there are no health questions or medical exams) and Living Promise (i.e they are geared to covering funeral and other final expenses). 

The latter is only for adults aged between 45 and 85 (50 and 5 in the state of New York); for the Living Promise Policy are ages 45 and 85 for the level-benefit plan and 45 to 80 for the graded-benefit plan.

Additionally, policy benefits range from $2,000 to $25,000 or $5,000 to $25,000 in Washington.

You can buy up to $40,000 of coverage with a simplified application through an agent.

A simplified application means you answer several health questions, but there is no medical exam.

Mutual of Omaha also offers whole life policies for children.

Mutual of Omaha Universal Life Insurance

Mutual of Omaha offers universal life insurance which is a policy that will not lapse if the cash value is zero.

Typically, a permanent life insurance policy could lapse if the cash value were to go below zero, in which case the policy would be terminated.

Mutual of Omaha offers Life Protection Advantage SM, Income Advantage SM, Guaranteed Universal Life, and AccumUL Answers.

All these Mutual of Omaha’s universal life policies feature lifetime terms and coverage ranging from $100,000 to more than $1 million.

Plus, they come with some features including but not limited to:

  • No issue-age restrictions.
  • Premiums are flexible (flexibility in coverage, premium frequency and amounts).
  • These policies are variable and not guaranteed.
  • Premiums are due until age 120, or age 100 for the AccumUL Answers policy.
  • There is no standard monthly base price, as premiums are customizable.

What Does Mutual Of Omaha’s Life Insurance Cover?

A life insurance policy from Mutual of Omaha covers whatever the designated beneficiaries need after the policyholder’s death, including but not limited to:

  • Daily expenses
  • Debt payoffs
  • College education

Mutual of Omaha also offers riders on some life insurance policies that let the policyholder tap into benefits during their lifetime to cover a variety of financial needs, such as healthcare for terminal illness.

Do I Have To Speak With An Agent To Buy Mutual Of Omaha’s Life Insurance?

Mutual of Omaha only sells their immediate coverage Living Promise plan via licensed agencies.

They do not sell it directly. If you call Mutual of Omaha, the only product they can offer you is their guaranteed acceptance plan.

That policy has a two-year waiting period (and generally costs more).

What Is Mutual Of Omaha’s Life Insurance Best For?

Mutual of Omaha is a solid company that excels at offering coverage for those with family health history challenges.

It’s excellent for accelerated underwriting and driving record.

Mutual of Omaha is also a  major player in the Medicare supplement market and participates in Long term Care, Disability insurance, and investment products.

What Riders Does Mutual Of Omaha Offer?

Accelerated Death Benefit Rider

This rider is included in your policy at no charge.

Accidental Death Benefit Rider

Your policy’s beneficiary will receive an increased death benefit with this rider, if you die due to an accident.

Waiver of Premium for Unemployment

If you become unemployed for at least four consecutive weeks, Mutual of Omaha will waive premium payments up to a total of six months.

Child Rider

For a small annual fee, add a child rider that covers your children under age 20.

Premium Waiver for Disability

Mutual of Omaha will waive premium payments if you become disabled and are unable to work.

Mutual Of Omaha Universal Life Insurance Financial Ratings And Customer Reviews

United of Omaha and its parent Mutual of Omaha are great choices for the best-guaranteed life insurance available.

Being one of the oldest and most reputable insurance companies, it’s well above average in terms of its financial strength ratings.

Its A+ (superior) A.M. Best rating indicates that United of Omaha has the financial ability to pay claims.

Furthermore, Mutual of Omaha ranked No. 5 out of 23 companies in J.D. Power’s 2020 U.S. Life Insurance Study for overall customer satisfaction.

Although their plans provide standard coverage and few optional riders when compared with similarly sized carriers, their enrollment process is simple, and their policies are accessibly priced.

Another great thing about Mutual of Omaha is that it has a below average volume of customer complaints according to the NAICS Association.

For a company of its size, Mutual of Omaha’s negative online complaints are quite low.

How To Buy A Life Insurance The Right Way?

Before buying your life insurance, there are certain steps that you need to follow.

First, you may want to choose first the type of life insurance you want, such as term or whole life.

Decide which life insurance riders, if any, you want the policy to include.

Calculate how much life insurance you need and how long you want the coverage to last.

Check that the insurers you’re considering offer the coverage you’re looking for.

Mutual of Omaha offers an online life insurance calculator, online estimates, and online bill payments.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time.

It’s also important to make sure the policy’s medical requirements match your needs.

For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.

Price may not be the biggest driver behind your decision to buy.

Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

How to Buy Mutual of Omaha Life Insurance?

You can use the company’s online information and quotes to help narrow down the type of life insurance that works best for you.

The next step is finding an agent to complete the process.

You can search for agents in your zip area, or if you know the name of an agent you’d like to work with, you can find him or her in the directory.

If you do not have one in mind, you can call or complete an online form to be matched with one.

Remember the first step we listed above about how to buy life insurance the right way? The first step is to decide on the type of life insurance you want to go with, right?

Well, to help you determine if you need term, whole life, or universal life insurance, Mutual of Omaha smoothes the process for you by asking you to consider the following:

What is your goal of having life insurance (think of your current and future anticipated financial obligations) and how long do you want coverage?

To determine the details of your actual insurance policy, Mutual of Omaha considers:

  • Age
  • Gender
  • The desired death benefit amount
  • Term duration
  • Health
  • Tobacco use

Mutual of Omaha Insurance – Final Thoughts

Mutual of Omaha is a company that provides insurance products and services to more than 4 million customers in the United States of America.

The company has been been in business for more than 100 years and they have been ranked as one of the top 50 US companies to work for by Forbes Magazine.

Mutual of Omaha offers coverage in a variety of areas such as life, auto, home, and disability.

Mutual of Omaha pride themselves on being there for their customers and keeping them first, making it a premier choice for insurance needs.

Mutual of Omaha Insurance company has been around for over 100 years and their strong ethical standards and customer service can be seen as a result of their longevity.

Ultimately, you can’t go wrong choosing Mutual of Omaha as your insurance provider.

Strong financial ratings, diverse products, and a commitment to customer service go a long way toward defining an ideal life insurance company.

Mutual of Omaha is worthy  of consideration if your particular situation works well with their product offering.  If you have any specific questions about your situation feel free to contact them via their official website.

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