Mutual of Omaha Life Insurance Review

Mutual of Omaha Life Insurance is one of the biggest and most widely recognized names in the insurance world. Founded in 1909, this company is a national insurance writer (underwritten by United of Omaha), providing financial products for individual clients as well as for larger businesses and corporations. Our agents at Spectrum Insurance Group will help you determine if Mutual of Omaha Life Insurance is the best option for you. They sell their insurance products in all 50 states and have racked up the highest ratings from the following organizations:

  • A.M. Best: A+
  • Moody’s Investor Service – A1
  • Standard & Poor’s – A-
Mutual of Omaha Life Insurance Review

In addition to these three review moguls, Mutual of Omaha has received the highest possible “A+” rating in terms of customer service. That being said, the company scores quite a bit lower in ratings by Consumer Affairs, achieving a 2.75 out of 5-stars. The are also considered A+ rated by the BBB.

Let’s take a more in-depth look at their Life Insurance policies.

Quick Navigation

Types of Life Insurance Sold Through Omaha
About Omaha Life Insurance’s “Term Life” Option
About Omaha Life Insurance’s “Whole Life” Option
About Omaha Life Insurance’s “Universal Life” Option
Pros of Purchasing Mutual of Omaha Life Insurance
Cons of Purchasing Mutual of Omaha Life Insurance

Types of Life Insurance Sold Through Mutual of Omaha

Five primary types of life insurance can be purchased through Mutual of Omaha. They are:

  1. Term Life
  2. Universal Life
  3. Indexed Universal Life
  4. Whole Life
  5. Whole Life For Children

Besides these five types of products and services, the company also provides insurance for people with disabilities, people with critical illnesses (for example, cancer, as well as heart and stroke problems), and people in long-term care facilities, as well as accidental death insurance, annuities, and medicare supplements including drug and dental insurance.

Mutual of Omaha’s Life Insurance “Term Life” Option

Term Life

Omaha Life’s “Term Life” policies allow buyers to be covered for $100,000+ in terms of 10, 15, 20, or 30 years. Depending on the selected term length coverage is offered between the ages of 18 to 80 years old. Once the selected term ends the premium would increase annually and give you the option to continue with no evidence of insurability to age 95. Although most people end the coverage once the term ends. These plans need to be bought through an insurance agent, however, you can get quotes online. If you’re turned off by the prospect of finding an agent, fear not. Spectrum Insurance Group website can offer you quotes with one with the click of a button. You can either reach out to our agents yourself or request to be contacted by one, it all comes down to personal preference. This process is done simply and professionally.

Approval Process-

  1. Speak to an agent to determine eligibility.
  2. Decide on the coverage amount and term length.
  3. Submit application
  4. Schedule health exam if required.
  5. Review final approval and make any adjustments.
  6. E-sign and make first premium to activate your policy.

Riders Available-

  • Accelerated Death Benefit for Terminal Illness Rider*
  • Accidental Death Benefit Rider
  • Waiver of Premium for Unemployment Rider*
  • Dependent Children’s Rider
  • Other Insured Rider
  • Disability Waiver of Premium Ride

*Included in the policy.

Conversion Options-

Term Life 10 – Before age 75, or during the first 2 years after a policy is issued, whichever is later.

Term Life 15, 20 – Before age 75

Term Life 30 – Only during the first 20 years.

Issue Ages-

  • Term Life 10 – Non tobacco: 18-80 Tobacco: 18-75
  • Term Life 15 – Non tobacco: 18-74 Tobacco: 18-70
  • Term Life 20 – Non tobacco: 18-68 Tobacco: 18-65
  • Term Life 30 – Non tobacco: 18-55 Tobacco: 18-50

About Mutual of Omaha Life Insurance “Whole Life” Option

Mutual of Omaha Living Promise insurance policies are simplified issue, which means if you purchase one of these policies, you will only have to answer a few simple questions about your health but will not have to undergo a medical examination. These policies are written to handle funeral and other final expenses and is geared towards clients between the ages of 45 to 85. When you complete the application, you can purchase between $2,000 and $40,000 of coverage. You may also be able to add an accidental death benefit rider for an additional cost that will double coverage if death occurred from and accidental cause. While completing your application with an agent they can tell you what amount of coverage you will qualify for. Depending on your health Mutual Of Omaha may offer you a policy with coverage that starts from day one without a waiting period.

Whole Life Policies also exist for children and further quotes and information can be sought through a conversation with one of Spectrum Insurance Group agents. These policies will offer whole life coverage for children between the age of 14 days to 17 years old. The coverage amounts offered are $5,000-$50,000. These policies are an excellent gift from parents or grandparents for their child’s financial future since the premiums will never increase.

About Mutual of Omaha Life Insurance’s “Universal Life” Option

If you need larger amounts of coverage, consider investing in a Universal Life plan. These plans cover more than the Whole Life plans and there are four different kinds of universal life policies available for purchase through Omaha Life:

1. Life Protection Advantage (IUL) – This policy guarantees its buyers coverage up to the age of 85, although there is the possibility of longer coverage depending on premiums. There’s also a guaranteed refund option that can be exercised as well.

Rider Options-

  • Guaranteed Refund Option*
  • Long-term Care Rider
  • Accelerated Death Benefit for Terminal and Chronic Illness Riders*
  • Lapse GuardSM Rider*
  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Continuation of Planned Premium Rider
  • Disability Waiver of Policy Charges
  • Dependent Children’s Rider
  • Additional Insured Term Rider (self and other insured)

2. Guaranteed Universal Life – The main focus of this policy is providing a guaranteed death benefit, contingent on paying premiums. A rider can also be obtained to secure a refund of premium paid (ROP).

Rider Options-

  • Accelerated Death Benefit for Terminal and Chronic Illness Riders*
  • Waiver of Surrender Charges for Partial Withdrawals Rider*
  • Guaranteed Insurability Rider*
  • Dependent Children’s Rider
  • Accidental Death Benefit Rider
  • Association Group Disability Rider
  • Disability Continuation of Planned Premium Rider
  • Disability Waiver of Policy Charges Rider

3. AccumUL – This policy accumulates value in cash based on an interest rate that is guaranteed to increase by 2% per year. With the AccumUL option, you can up your cash quicker than the average universal life policy.

Rider Options-

  • Accel. Death Benefit for Terminal and Chronic Illness Riders*
  • Lapse GuardSM Rider*
  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Continuation of Planned Premium Rider
  • Disability Waiver of Policy Charges Rider
  • Dependent Children’s Rider
  • Add’l. Insured Term Rider (Self & Other Insured)

4. Income Advantage – This policy ties the amassing of financial assets to a market index’s performance. Even if the market index you choose happens to decline, this policy is guaranteed by the company not to lose its worth or value.

Rider Options-

  • Guaranteed Refund Option*
  • Long-term Care Rider
  • Accelerated Death Benefit for Terminal and Chronic Illness Riders*
  • Lapse GuardSM Rider*
  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Continuation of Planned Premium Rider
  • Disability Waiver of Policy Charges
  • Dependent Children’s Rider
  • Additional Insured Term Rider (self and other insured)

*Included in the policy

Getting approved for these policies may be a bit of a difficult as the underwriting process requires that you provide intimate details about your lifestyle, medical past, and general health, job, and activities. You may also need to provide your travel records if this is something that you do frequently. Depending upon age,health and amount a coverage an exam may also be required.

About Mutual of Omaha Life Insurance “Accidental Death” Option

Mutual of Omaha offers a Guaranteed ADvantage Accidental Death coverage. This accidental death coverage is offered between age 18-70. The amount of coverage can be between $50,000-$500,000. Many carriers only offer accidental coverage up to $250,000 so there is an advantage here when you need higher coverage amounts. With this policy it is renewable through age 80. Since this only covers death due to an accidental cause the policy has a very simple application and approval process.

Pros of Purchasing Mutual of Omaha Life Insurance

  1. There are a wide variety of insurance products and policies available to consumers.
  2. It is possible to purchase some life policies (both term and whole life) without undergoing a medical examination.
  3. According to the National Association of Insurance Commissioners, Omaha Life Insurance drew fewer complaints than the average when compared to other companies of its kind.
  4. Omaha Life Insurance covers you even if you constantly engage in “high risk” leisurely activities.
  5. Omaha Life has over a century of experience in the insurance industry. Put bluntly, these guys know what they’re doing.

Cons of Purchasing Mutual of Omaha Life Insurance

1. If you’d rather manage most of the details of your insurance policy online as opposed to speaking with an agent or representative, you may get annoyed with Mutual of Omaha’s policies.

2. As a follow up to the last point, if you want the best rates and/or make any permanent changes to your life insurance policy, you won’t be able to do this online. These things can only be done through an agent. This may be a matter of convenience for some, whereas others may actually prefer getting on the phone and talking to a representative.

In conclusion, Omaha Life is a solid company to go with when seeking out life insurance policies. It has very strong financial ratings, a slew of guaranteed policies, and professionally trained agents at your disposal to help you find the best possible plans for yourself or your business.