First established in 1909, Mutual of Omaha is a self-described financially strong and family-oriented organization. Also known for its popular nature television series, Mutual of Omaha has established itself as a household name for all kinds of financial services.
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 our list of the 10 best no exam life insurance companies. It also offers some of the best life insurance products for seniors.
Mutual of Omaha offers a range of diverse life and disability insurance products that can be easily customized with riders to meet the needs of its customers. It has a long history of having competitive rates and dependable coverage. With strong financial ratings and a dedication to excellent customer service, Mutual of Omaha works to generate trust and provide dependable coverage to as many people as possible.
As with almost all insurance providers, Mutual of Omaha has a few minor downsides to consider. While great coverage is available, some of the processes are not as easy as they could be. Just like with many older companies, Mutual of Omaha has yet to transition everything to online services. Steps like cancelling your policy or making payment information or address changed must still be done over the phone and with paper forms for most plans. However, this is a small inconvenience and the product you receive is worth the added effort.
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.
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.
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.
- If you buy through an agent: Get simplified underwriting and two coverage options:
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.
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:
Indexed Universal Life (IUL)
Income Advantage: Indexed Universal Life
Guaranteed Universal Life
AccumUL: Universal Life
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 review will not complete without mentioning the company's strong financial ratings. The financial strength of a company is essential to being able to place your confidence in it for your life insurance needs. A strong company will likely endure long enough to pay your claims down the road. Take a look at how Mutual of Omaha ranks.
|Standard & Poor´s||AA-||Very Strong|
Ultimately, you can’t go wrong choosing Mutual of Omaha as your insurance provider. Strong financial ratings, diverse products, and a commitment to customer service go a long way toward defining an ideal life insurance company.
However, 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.