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Mutual of Omaha Life Insurance Review

Mutual of Omaha was founded in 1909 and is headquartered in Omaha, Nebraska.

Is Mutual of Omaha a Good Life Insurance Company?

You may recognize the Mutual name through its Wild Kingdom television series.

As a Fortune 500 company,

Mutual of Omaha and its subsidiary United of Omaha are great life insurance companies to consider.

Financial Strength

  • AM Best – “A+”
  • Moody’s – “A1”
  • S&P – “A+”

Ratings as of 05/2021 and subject to change


How Easy is it to Get a Policy with Mutual of Omaha?

Life insurance policies are underwritten by United of Omaha Life Insurance Company.

United offers a number of underwriting options depending on the product you choose.

The Fit Underwriting Credit Program provides opportunities for individuals who have mild health impairments.

Individuals who would normally receive a table rating may receive credits that lower the rate.

For example, if you meet some of the following medical and lifestyle characteristics,

you may receive life insurance underwriting credits.

Medical Examples include:

  • No family history deaths prior to age 70
  • Cholesterol ratio less than 5.0
  • A1c test less than 5.7
  • Serum Albumin greater than 4.2 for ages 61-75
  • Favorable cardiac testing
  • GXT exercise performance greater than 10
  • Blood pressure average of 135/85 or better
  • Preferred – Preferred Plus build for age 18-60
  • Standard Plus or better build for age 61-75
  • BNP less than 100 ages 61-75
  • Normal CBC ages 61-75

Lifestyle Examples Include:

  • Regular preventative medical care
  • No tobacco use for 10 years
  • Income greater than $100,000
  • Net Worth greater than $1,000,000
  • Preferred or better driving record

Are Mutual of Omaha Policies Competitive?

Life insurance policies by United of Omaha include “fully underwritten” and “simplified issue” policies.

The basic difference between fully underwritten and simplified issue is that fully underwritten is less expensive,

But requires you to complete a paramed exam…simplified issue does not.


Term Life Answers

Term Life Answers is a fully underwritten term policy.

The policy offers competitive pricing, and offers the following features and benefits:

  • Minimum Face Amount – $100,000
  • Term Lengths – 10, 15, 20 & 30 year term lengths
  • Issue Ages:
    • 10-year term – Age 18-80 (tobacco users – 75)
    • 15-year term – Age 18-74 (tobacco users – 70)
    • 20-year term – Age 18-68 (tobacco users – 65)
    • 30-year term – Age 18-55 (tobacco users – 50)
  • Conversions to permanent insurance subject to rules
  • Accelerated Death Benefit for Terminal Illness – no cost
  • Accidental Death Benefit Rider
  • Waiver of Premium for Unemployment – no cost
  • Children’s Rider
  • Other Insured Rider
  • Disability Waiver of Premium Rider
  • High-Risk Underwriting through Table 16

Income Advantage IUL

Income Advantage IUL is fully underwritten by United of Omaha.

This policy offers the potential for greater cash value accumulation than other IUL policies by United.

IUL competitors include Equitable, Lincoln National, AIG, etc.

Benefits and Features include:

  • Minimum Face Amount – $100,000
  • Issue Ages:
    • Standard rates only age 0-17
    • Non-tobacco, tobacco, and high-risk age 18-80
    • Standard rates only age 81-85
  • Guaranteed Refund Rider – no cost
  • Long Term Care Rider
  • Accelerated Death Benefit for Terminal or Chronic Illness
  • Lapse Guard Rider
  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Continuation of Premium Rider
  • Disability Waiver of Policy Charges
  • Dependent Children’s Rider
  • Additional Insured Term Rider

Life Protection Advantage IUL

This policy offers affordable life insurance with longer no-lapse guaranteed death benefits.

Benefits and features of this policy include:

  • Minimum Face Amount – $100,000
  • Issue Ages:
    • Standard rates only for ages 0-17
    • Non-tobacco, tobacco, and high-risk for ages 18-80
    • Standard rates only for ages 81-85
  • Guaranteed Refund Rider – no cost
  • Long Term Care Rider
  • Accelerated Death Benefit for Terminal or Chronic Illness
  • Lapse Guard Rider
  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Continuation of Premium Rider
  • Disability Waiver of Policy Charges
  • Dependent Children’s Rider
  • Additional Insured Term Rider

With any permanent life insurance policy, especially indexed universal life,

It is important for you to receive the full life insurance illustration.

The illustration provides information to you such as

  • Illustrated interest rate
  • Expense loads of the policy
  • Loan interest rates
  • Participation information
  • Index crediting method

Living Promise Whole Life

Living Promise is a whole life insurance policy from United of Omaha.

This may be a great option if you’re looking for a small life insurance policy that does not require a paramedical exam.

Underwriting consists of

  • Completing the application
  • Prescription database check
  • Medical Information Bureau (MIB) review
  • Possibly a phone interview.

There are 3 possible underwriting outcomes with this policy.

  • Level Death Benefit Approval
  • Graded Death Benefit Approval
  • Declined for any policy

For the application, underwriting questions are divided into Part 1 questions and Part 2 questions.

  • Part 1 – “YES” answers will result in a decline in all coverage.
  • Part 2 – “YES” answers will result in a graded death benefit.

If you are able to answer “NO” to all questions, a level death benefit whole life policy is available.

Here are the differences between the level death benefit and the graded death benefit whole life policies.


Level Death Benefit Whole Life

Benefits and features of the level death benefit include:

  • Face Amounts – $2,000 – $40,000 ($5,000 min in WA)
  • Issue Ages – 45-80
  • Rate Classes – Non-Tobacco and Tobacco rates
  • Terminal Illness Rider – no cost
  • Nursing Home Confinement Rider – no cost
  • Accidental Death Benefit Rider

Other companies that offer smaller whole life policies include Gerber Life, Foresters, and Assurity.


Graded Benefit Whole Life

Benefits and features of graded death benefit whole life include:

  • Face Amounts – $2,000 – $20,000 ($5,000 min in WA)
  • Issue Ages – 45-80
  • Rate Classes – There is one rate class
  • Riders – No riders are available

This policy contains a graded benefit.

This means that for death due to natural causes (any cause other than accidental) during the first two years,

the beneficiary will receive all premiums paid plus 10 percent.

After 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.

It’s important to note that for both the level and graded benefit policies,

Not all policies, features, and benefits are available in every state.

We’ll let you know what is available in your state of residence.


Accidental Death Insurance

Accidental death insurance is issued by Mutual of Omaha.

This is a great option to consider for situations where you may be uninsurable for traditional life insurance,

Or you receive an expensive rating.

Benefits and features include:

  • Face Amounts – $50,000 – $500,000
  • Issue Ages – 18-70
  • Rate Classes – Guaranteed Issue
  • Renewable to Age 80
  • Return of Premium Rider (not in all states)

Underwriting is fast and easy for this policy, consisting of an online e-application and approval in less than 10 days.


Does Mutual of Omaha Provide Good Customer Service?

You may call customer service at 800-775-6000

Online access to your policy information is available by logging in – here

Corporate headquarters is located at:

3300 Mutual of Omaha Plaza – Omaha, Nebraska 68175

Conclusion

Mutual of Omaha is a company worth considering for term life, universal life, or whole life insurance policies.

Please take a few minutes to complete your free quote request today.

Thank you.

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Meet the Author - Michael Horbal

That’s me to the left. I’m the founder and owner of RiskQuoter. I hate the fact that many people pay too much for life insurance because they end up with the wrong life insurance company, agent or both.

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