Mutual of Omaha Life Insurance Review
Mutual of Omaha Life Insurance Policies provide both flexible design options and low premium rates.
This well-known carrier offers simple applications and some of the best policies on the market.
We strongly suggest exploring what they have to offer.
Mutual of Omaha Life Insurance Overview
- Policies available: Term, Whole Life, Universal Life
- Guaranteed Acceptance options of individuals in poor health
- Low premium rates
- Simplified Applications
- Top-rated carrier
- Contributes heavily into local communities
Character & Integrity Define Mutual of Omaha
Before we explore Mutual of Omaha’s life insurance options, we want to highlight the company’s character.
For over a century, Mutual of Omaha has been committed to listening to its customers and helping them through the inevitable transitions of life. This may sound cliche; however, they have a long track record of business integrity and providing innovative products.
The company sets itself apart from other insurance providers by cultivating a culture of inclusiveness, responsibility, and giving back to the communities they serve. Last year, over 1,200 employees contributed over 10,000 volunteer hours to over 200 nonprofit organizations.
We understand that most consumers are concerned primarily about premium rates and policy options; however, we want to highlight the importance of doing business with a company that doesn’t focus solely on sales numbers.
Mutual of Omaha Life Insurance Options
MOO offers three types of policies.
Term Life Insurance
- Choose either a 10-, 15-, 20- and 30-year terms policy
- Policy issue ages: 18 – 80
- Benefit amounts: $100,000 plus
- Option to convert into permanent coverage
Mutual of Omaha Term life Insurance provides temporary coverage for a specific period. These policies are best suited for younger, working-aged individuals as a financial safety net against early death. This policy does require medical underwriting, and therefore, not everyone qualifies.
Older individuals and those in poor health should look for whole life options.
Universal Life Insurance
- Policy issue ages: 18 – 75
- Ability to grow cash value
- Accelerated death benefit that provides access to policy funds while living
- Flexible design options that allow the policy to last a lifetime or for the life of the policy
Mutual of Omaha Universal Life Options
Life Protection Advantage: an indexed Universal Life policy with potential for greater cash accumulation that can help with future living expenses.
Income Advantage: grows cash value based on a selected interest rate and is tied to market performance.
AccumUL Answers: not tied to market performance and is guaranteed to grow at least 2% interest annually.
Whole Life Insurance
- Permanent coverage that never expires
- Policy ages : 45 – 85
- Benefit amounts: $2,000 – $40,000
- No medical exam & Guaranteed acceptance for individuals in poor health
- Builds cash value
- Affordable premiums that never increase
- Ideal for individuals looking to cover end-of-life expenses
Whole life insurance is a type of permanent life insurance coverage designed to reduce or eliminate end-of-life expenses. Additionally, these policies grow cash value that is accessible in an emergency.
Mutual of Omaha Whole Life Options
Living Promise: provides traditional final expense life insurance to cover burial, funeral, and end-of-life costs. There is no medical exam; however, there is a medical questionnaire, and not everyone qualifies.
Guaranteed Acceptance: is a last resort coverage option for the elderly and individuals in poor health. There are no medical exams or any health questions whatsoever. As long as you’re between age 45 – 80, you cannot be turned down due to health reasons. Guaranteed policies have a two-year waiting period before the full benefit is available. If you die within the first two-years, your policy returns all premiums paid plus an additional 10%.
They also include Everest Funeral Concierge for you and your family with 24/7 expert funeral planning at no extra cost.
How Competitive Are The Rates?
The primary concern for most of our clients is premium rates. No one wants to overpay for their coverage. Mutual of Omaha has very competitive rates, especially for their final expense and guaranteed acceptance whole life options. The company is run exceptionally well to cut down on operation costs, which allows them to offer lower premium rates to their customers.
Reviews & Complaints
Another way that Mutual of Omaha stands out from the competition is the way they treat their customers. They have a solid A + Rating with the BBB, and a low customer complaint ratio compare to total policies sold.
Financial Ratings
- A.M. Best A+ (Superior)
- Moody’s A1
- S&P AA-
MOO financial ratings reflect a long history of sound investment practices, paying out claims quickly, and operating a positive balance sheet. Mutual of Omaha Life Insurance Company is strong, stable, and a safe provider to invest with.
Find Your Best Policy
Although we have nothing but positive things to say about Mutual of Omaha and their products, they still might not be the best option. Several other top providers compete with Mutual of Omaha on policy value, premium rates, and customer service. Finding your best policy requires that you shop and compare all the top providers before making a policy purchase.
Our independent agency is here to help you do just that. We specialize in assisting individuals over age 50 to find the best life insurance policy and the lowest premium rate.
We’ve helped thousands save both time and money on their coverage. And we’d love to help you too!
Explore your options today by requesting your personalized Mutual of Omaha life insurance quote.
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