Mutual of Omaha Life Insurance Company Review in Brief:
A Review of Mutual of Omaha and United of Omaha Life Insurance Company
If you are looking for Mutual of Omaha Life Insurance reviews, you have come to the right place!
In this review of Mutual of Omaha, get everything you need to know when shopping life insurance products with this company. We’ve broken down the details of all the products Mutual of Omaha life insurance company offers to help you make the best decision for your family.
The following United of Omaha and Mutual of Omaha life insurance company reviews will cover everything you need to know. But before we start, let us answer a very common question asked by many of our customers:
Is United of Omaha and Mutual of Omaha the Same Company?
Yes. United of Omaha is a subsidiary company of Mutual of Omaha. It first began as United Benefit Life Insurance Company and then changed its name to United of Omaha in 1981. It now concentrates on issuing life insurance policies and annuity products.
Why Buy Life Insurance from Mutual of Omaha?
First established in 1909, Mutual of Omaha is a self-described financially strong and family-oriented organization.
This company is one of the best life insurance companies and has made a place in our list of best term life insurance companies in 2018 as well as in 10 best no exam life insurance companies. It also offers the best life insurance products for seniors.
United of Omaha life insurance review will not complete without mentioning the company’s strong financial ratings. As of Friday, October 5th, 2018 Mutual of Omaha ranks A+, “superior” with A.M. Best, A1, “good” with Moody’s, and AA-, “very strong” with Standard & Poor’s. They also have a Better Business Bureau accreditation of A+.
Life Insurance Products Offered by Mutual of Omaha
Term Life Insurance:
Good if you need affordable coverage for a specific period of time, need to cover short-term financial needs like loans and debts, need additional coverage while raising a child.
- Customize terms from 10 to 30 years for ages 18-80, with coverage starting at $100,000
- Conversion options
Permanent Life Insurance:
Good for lifetime coverage needs, and the need for living benefits with the addition of a cash value component. Helps cover final expenses, loss of income, supplements retirement income, or can fund and estate/business continuation plan.
Whole Life Insurance:
It is good if you have long-term life insurance needs. Most importantly if you need coverage for final expenses like funeral costs or credit card debt, or want to supplement existing coverage, then choose this option.
– Offers guaranteed fixed premiums and potential cash value growth on a tax-deferred basis. Cash value can be accessed for needs that come up while the policy is in force.
– If you buy online: Guaranteed coverage for ages 45 to 85 (NY ages 50-75), benefit amounts ranging from $2,000 to $25,000, and no medical exam or health questionnaire.
- This option includes a graded death benefit. Any death due to natural causes within the first two years of the policy, the beneficiary receives all paid premiums plus 10%. After the first two years, the full death benefit is paid upon death, regardless of the cause of death.
- Any accident-related death, at any point, full death benefits will be paid.
– If you buy through an agent: Get simplified underwriting and two coverage options:
• Level Benefit Plan: For ages 45-85. Benefits ranging from $2,000 to $40,000 (WA $5,000 to $40,000), accelerated death benefit for terminal illness or nursing home confinement
• Graded Benefit Plan: For ages 45-80. Coverage ranging from $2,000 to $20,000 (WA $5,000 to $40,000), plus a graded death benefit (see above).
Children’s Whole Life Insurance:
Covers children from 2 weeks old to age 17, paying a death benefit with a guaranteed premium. Ideal if you want to lock in low rates while raising kids. WIth this whole life policy get guaranteed coverage regardless of future health issues. It will also provide cash value that grows as your child grows.
• If you buy online: Get simplified underwriting. Cover kids from 14 days to 17 years old, with coverage ranging from $5,000 to $50,000
• If you buy through an agent: same benefits but with a more personalized experience and plan implementation
Universal Life Insurance:
Permanent and flexible premiums and benefits. Also includes the potential to build tax-deferred cash value which you can access through loans or withdrawals. All Universal Life products include the following:
- Death benefit
- Cash value accumulation
- Tax advantages
- Accelerated death benefits
Mutual of Omaha offers four types of Universal life insurance:
Indexed Universal Life (IUL)
• Permanent coverage and a guaranteed death benefit through age 85 or longer as long as premiums are paid
• Cash value potential greater than traditional fixed-interest universal life insurance
• Flexible, with access to cash value and an included accelerated death benefit, with guaranteed refund option riders
Income Advantage: Indexed Universal Life
• Permanent coverage with the option to build cash value based on selected interest-crediting options tied to the performance of a market index.
• Emphasizes the cash growth potential more than other universal life insurance options
Guaranteed Universal Life
• Guaranteed death benefit for a period of your choice, up to a lifetime, as long as premiums are paid
• Less focus on the cash value component
• Flexible, with an accelerated death benefit and guarantee refund option riders
AccumUL: Universal Life
• Accumulates cash value (hence the name) using a declared interest rate, with a guarantee of at least 2% earned annually
• Emphasizes cash value growth more than guaranteed universal life
• More future income potential
Accidental Death Insurance:
Affordable coverage to provide financial support should you die in an accident. Good for supplementing existing life insurance coverage, providing protection even if your health or occupation makes it difficult to qualify for other life insurance products, or if you want to skip the medical exam.
If you buy online: Coverage for ages 18 to 70, renewable up to age 80, with benefit amounts up to $1,000,000, with family coverage options available. Accidents covered include both work and non-work related, and pays up to $1,000,000 if death results from a boat, bus, airplane, or other fare-paid passenger accident. Up to $300,000 is paid if death results from an automobile accident on a public street or highway.
If you buy through an agent: Coverage for ages 18-70, renewable up to age 80, with benefit amounts ranging from $50,000 to $500,000. Family coverage options are available. Accidents covered include both work and non-work related, and pays double the death benefit if death results from a boat, bus, airplane, or other fare-paid passenger accident. An additional 25% of the death benefit is paid if death results from an automobile accident on a public street or highway.
Mutual of Omaha Life Insurance Rates
|30 Year old||40 Year old||50 Year old||60 Year old|
|Male, 20 yr term, $250,000||$14.18||$20.08||$46.55||$134.05|
|Male, 20 yr term, $500,000||$21.65||$33.42||$85.49||$249.55|
|Male, 20 yr term, $1,000,000||$37.80||$59.68||$163.80||$481.42|
|Female, 20 yr term, $250,000||$12.64||$17.46||$36.05||$94.02|
|Female, 20 yr term, $500,000||$18.99||$28.61||$64.05||$169.93|
|Female, 20 yr term, $1,000,000||$31.67||$51.80||$119.18||$324.80|
United of Omaha Life Insurance Company Customer Service
We went through some of the recent reviews that customers are writing on a third party website for Mutual of Omaha life insurance. It seems that the policy cancellation is a bit difficult with United of Omaha. Also, the customer service is not as efficient as it should be. The representatives are not good at answering questions and concerns that people have. This is something that Mutual of Omaha should look into.
Other than that, Mutual of Omaha life insurance is a hundred-year-old company. It has a strong financial background and the ability to pay claims. They have also invested in education and preservation of wildlife. The company is also known to provide affordable rates than its competitors.
What To Do Next?
After reading this Mutual of Omaha life insurance company review, you must be wondering what your next step should be. United of Omaha life insurance may be a good option for many but how to be sure if its one for you too?
Purchasing a life insurance policy is a big decision. Looking at only one company is not enough. LifeQuote recommends that you spend some time doing some online research and comparison shopping before deciding on one life insurance company.
First of all, calculate how much coverage you may need. You can use our free life insurance needs calculator to get an estimated amount. Then you can use our online life insurance quote tool to get rates from different top life insurance companies without going through a phone call.
If you need any help, our life insurance agents will be glad to answer your questions. Just give us a call at (800) 521-7873 or leave a message on our ‘contact us‘ page and we will get in touch with you shortly.