Mutual of Omaha Term Life Insurance Policies Review [2023]
Searching for term life insurance can be confusing, especially when there are so many plans on the market. Mutual of Omaha term life insurance is a straightforward type of insurance that has all-inclusive coverage as well as competitive market rates. They also offer whole and universal life insurance policies. What type of policy you end up with will depend on your individual circumstances.
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Laura Kuhl
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Laura Kuhl holds a Master’s Degree in Professional Writing from the University of North Carolina at Wilmington. Her career began in healthcare and wellness, creating lifestyle content for doctors, dentists, and other healthcare and holistic professionals. In 2018, she started writing for the cannabis industry. She curated news articles and insider interviews with investors and small business ...
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UPDATED: Jun 26, 2023
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- There are plenty of policy options and riders available for seniors depending on the coverage you select
- Payouts for life insurance policies can reach up to $1 million
- Mutual of Omaha’s financial strength rests at an A+ with A.M. Best
Dating back to 1909 and originally based in Omaha, Nebraska, Mutual of Omaha offers an array of insurance products that include everything from life insurance policies to general insurance policies. In addition, Mutual of Omaha also offers insurance for disabilities, short-term and long-term care, as well as supplementary insurance.
Mutual of Omaha term life insurance policies are available to applicants between the ages of 18 and 80. In addition, they can be renewed on an annual basis — up to age 95 — with coverage maxing out at $1 million.
Continue reading to discover more about Mutual of Omaha’s life insurance policies and what is covered. Are you ready to begin saving? Simply enter your ZIP code to start comparing quotes in your area.
What type of life insurance does the Mutual of Omaha Insurance Company offer?
Mutual of Omaha offers three different types of insurance policies, including whole life insurance, indexed universal life insurance, and term life insurance.
Here is a basic breakdown of what is offered with each:
| Policy | Term | Info |
|---|---|---|
| Term Life | 10 to 30 years | Policies start at $100,000 with the option to convert their term life policies to permanent life insurance up to age 80 |
| Universal life | 10 to 30 years | Policies include accelerated death benefits at no additional cost; also features downside protection, accelerated death benefits, and guaranteed refund option riders |
| Whole life | 10 to 30 years | For people ages 45 to 85 (50 to 75 in New York); policies do not require answering health questions or taking a medical examination; policies start from $2,000 and range to $25,000 |
While the universal life policy carries accelerated death benefits without any penalty, the whole life policy has limited benefits.
Term Life Insurance
Mutual of Omaha has two different policies regarding term life insurance, consisting of Term Life Express and Term Life Answers. Both of these policies cover a set period of time (10 to 30 years) but are slightly more expensive when compared to Mutual of Omaha’s other products, such as whole life.
But what is the difference between Term Life Express and Term Life Answers?
| Type | Info |
|---|---|
| Term Life Express | This policy does not require you to take a medical exam in order to qualify, but you will need to participate in a phone interview that will detail your health history; the maximum coverage option available is from $25,000 to $300,000 |
| Term Life Answers | This policy has a minimum death benefit of $100,000 and a maximum of $65 million; you must take a medical exam to qualify |
Term Life Answers policies tend to be slightly more expensive than policies from other life insurance companies but are generally more affordable than Term Life Express.
Since you are not required to take a medical exam for Term Life Express, your rates will be higher than average, and the size of any purchasable death benefits will be significantly lower for payouts.
Whole Life Insurance
Mutual of Omaha whole life insurance is designed to provide lifelong coverage without a medical exam. This policy offers rates that are guaranteed not to increase and can be purchased by individuals between the ages of 45 and 85.
Death benefits range from $2,000 to $25,000.
Universal Life Insurance
There are four different policies offered under Mutual of Omaha’s universal life insurance:
- AccumUL – This is a permanent life insurance policy which guarantees that your cash value account will grow at a minimum of 2% annually.
- Guaranteed Universal Life – This is a universal policy that will not lapse if your cash value reaches zero.
- Life Protection Advantage – Also known as indexed universal life insurance, this policy is tied to the performance of a market index and will accrue cash value.
- Children’s whole life insurance – This policy is available for children between the ages of 14 days and 17 years old and is meant to provide financial protection if your child becomes seriously ill or passes away unexpectedly.
Rates from Mutual of Omaha start at approximately $24 a month for their most basic plans and increase intermittently. This makes Mutual of Omaha an ideal life insurance option for seniors who are on a fixed budget.
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What are Mutual of Omaha life insurance reviews like?
Mutual of Omaha has great financial strength as well as an above-average rating for reviews.
Their A.M. Best rating sits at a strong A+ and they’ve also received a J.D Power customer satisfaction index score of 792. This has placed them fifth out of 23 other insurance providers. Moody’s Corporation has also ranked them A1 for financial strength and S&P 500 rated them AA-.
Most consumer reviews are generally positive, praising the fast and tech-savvy claims processes as well as overall satisfaction with the company’s customer service.
Mutual of Omaha Term Life Insurance Policies Review: Key Takeaways
Having reputable life insurance can be life-changing, as well as give you the peace of mind that you and your loved ones are covered in times of need and during unexpected events.
With Mutual of Omaha’s competitive prices and all-inclusive policies, they are a great option for life insurance.
Now that you’ve learned about Mutual of Omaha’s term life insurance, take the time to enter your ZIP code and begin comparing rates in your area.
Frequently Asked Questions
What is Mutual of Omaha?
Mutual of Omaha is a well-established insurance and financial services company that has been in operation for over 100 years. They offer a range of insurance products, including term life insurance, whole life insurance, and other financial services to individuals and businesses.
What term life insurance policies does Mutual of Omaha offer?
Mutual of Omaha offers various term life insurance policies to suit different needs. Some of the common term life insurance options they provide include:
- Term Life Express: This is a simplified issue term life insurance policy that offers coverage without requiring a medical exam.
- Term Life Answers: This is a fully underwritten term life insurance policy that provides higher coverage amounts and may require a medical exam.
- Term Life Direct: This is an online-only term life insurance policy that allows individuals to purchase coverage directly through Mutual of Omaha’s website.
How can I apply for Mutual of Omaha term life insurance?
To apply for Mutual of Omaha term life insurance, you can contact Mutual of Omaha directly or work with a licensed insurance professional who represents their products. The application process typically involves providing personal and medical information, completing a health questionnaire, and, in some cases, undergoing a medical examination. The insurance company will evaluate the application and determine your eligibility and premium rates based on your health and other factors.
What are the benefits of Mutual of Omaha term life insurance policies?
The benefits of Mutual of Omaha term life insurance policies may include:
- Affordable coverage: Term life insurance policies generally offer more affordable premiums compared to permanent life insurance options.
- Flexible coverage terms: Mutual of Omaha offers a range of term lengths, allowing individuals to choose the coverage period that aligns with their needs and financial goals.
- Convertibility options: Some term life insurance policies from Mutual of Omaha may offer the option to convert to a permanent life insurance policy without a medical exam, providing flexibility for the future.
- Additional riders: Optional riders, such as accelerated death benefit riders or waiver of premium riders, may be available to enhance the coverage and tailor it to specific needs
Can I customize the coverage amount and term length of a Mutual of Omaha term life insurance policy?
Yes, Mutual of Omaha often allows policyholders to customize the coverage amount and term length of their term life insurance policies to suit their specific needs. You can choose a coverage amount that aligns with your financial obligations and select a term length that provides the desired level of protection.
How do I make premium payments for my Mutual of Omaha term life insurance policy?
Mutual of Omaha offers various payment options for their term life insurance policies. You can typically make premium payments through automatic bank withdrawals, online payments, or by mail. The specific payment methods available may vary, so it’s best to refer to your policy documents or contact Mutual of Omaha’s customer service for detailed instructions.
Can I renew or convert my Mutual of Omaha term life insurance policy?
Mutual of Omaha may offer options for policy renewal or conversion, depending on the specific terms of your policy. Renewal options typically allow you to extend the coverage beyond the initial term, while conversion options allow you to convert your term policy into a permanent life insurance policy without undergoing a new medical exam. It’s important to review your policy or consult with a Mutual of Omaha representative to understand the renewal or conversion options available to you.