Mutual of Omaha Life Insurance Review

Mutual of Omaha has been helping families protect what matters most for over a century. With a strong reputation and solid financial backing, it’s a name many people know and trust.

Mutual of Omaha offers a wide range of life insurance products, and their underwriting makes it possible for many people, including those with high-risk health concerns, to get approved quickly and affordably.

This guide covers everything you need to know.

Yes, Mutual of Omaha is one of the most trusted life insurance company names in the industry. Founded in 1909 and headquartered in Omaha, Nebraska, this Fortune 500 company has over 100 years of experience and a strong reputation for customer service.

You may recognize the name from its long-running TV show, Wild Kingdom. However, behind the brand is a comprehensive lineup of policies catering to nearly every type of life insurance shopper, from healthy 30-somethings to seniors with pre-existing health conditions.

Mutual of Omaha continues to earn high marks for financial stability:

• AM Best: A+
• Moody’s: A1
• S&P: A+

These ratings indicate that the company is financially stable and positioned to meet future claims.

Mutual of Omaha (through its underwriting company, United of Omaha) offers both underwritten and simplified issue life insurance. This includes:

• Term Life Insurance
• Whole Life Insurance
• Indexed Universal Life Insurance (IUL)
• Accidental Death Insurance

Lets break it down.

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

Mutual of Omaha’s Term Life Express product is used for simplified underwriting cases.

• Face amounts:
  • Ages 18-50: $25,000 – $300,000
  • Ages 51-60: Up to $250,000
  • Ages 61-70: Up to $150,000
• Term Lengths: 10, 15, 20, or 30 years.
• Living benefits included (terminal, chronic, critical illness)
• Riders available, including:
  • Return of Premium (ROP)
  • Disability Income
  • Accidental Death
  • Dependent Children’s Coverage

Good Fit For: People who want fast approval and moderate coverage without a medical exam.

Other companies that offer similar include Banner Life, Corebridge Financial and Protective Life.

Income Advantage IUL is fully underwritten by United of Omaha. This policy offers the potential for more significant cash value accumulation than other IUL policies by United.

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

IUL competitors include Equitable, Lincoln National, and North American.

This policy offers affordable life insurance with more extended 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, mainly indexed universal life, you need to receive the entire life insurance illustration that shows you:

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

We’ll provide you with all necessary illustrations to help you understand your policy.

Living Promise is a burial 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 three 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 can answer “NO” to all questions, level death benefits whole life policy is available.

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

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.

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.

Mutual of Omaha issues accidental death insurance.

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. It consists of an online e-application and approval in less than ten days. Mutual of Omaha offers some disability insurance options as well.

MutualCare Solutions is a traditional long-term care insurance policy.

Mutual of Omaha offers flexible underwriting, including full underwriting, accelerated underwriting (no exam in some cases), and simplified issue.

They also offer a Fit Underwriting Credit Program. If you have minor health conditions (e.g., elevated cholesterol or blood pressure) but otherwise live a healthy lifestyle, you might qualify for a better rate than expected.

Some credit-worthy factors include:

• No family history of early death
• Clean driving record
• Active lifestyle
• Healthy lab results (A1c, BNP, cholesterol, etc.)
• High income or net worth

Mutual of Omaha offers custoemr service through:

• Phone: 800-775-6000
• Mail: 3300 Mutual of Omaha Plaza, Omaha, NE 68175
• Online access to your policy information is available by logging in – here

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.