Mutual of Omaha Life Insurance
Company Review

Available Products

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. It helps cover final expenses or 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
• Flexibility
• 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 guaranteed 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.