Review of Mutual of Omaha Life Insurance Company
The following United of Omaha Life Insurance Company review, also known as Mutual of Omaha Life Insurance, will cover the pros, cons, and offer a recommendation. The key take away is that TermLife2Go is an agency that works with dozens of top rated life insurance carriers, including the top simplified issue no exam life insurance companies like Mutual of Omaha.
The best companies focus on niches and it is our job to align our clients with the niche that best suits that client’s need. Is United of Omaha the best company for you? Keep reading this review or give us a call today to find out.
Before we dive in you may want to take a moment to watch our video on the importance of comparing companies when looking for the best life insurance quotes. It “pays” to shop around.
About United of Omaha
If you are looking for United of Omaha Life Insurance Reviews, you are in the right place! Mutual of Omaha Life Insurance is a top rated company and currently in an honorable mention in our top ten best life insurance companies list as well as making our top final expense or burial insurance company list.
United of Omaha is a Mutual of Omaha affiliate since 1926. You might recognize the name for those of you who grew up watching Mutual of Omaha’s Wild Kingdom. This is a great Company that has some great life insurance products.
Mutual of Omaha and United of Omaha Life Insurance Company Financial Ratings
Any good United of Omaha Life Insurance review will need to address the company’s strong ratings. As of January 27, 2016, A.M. Company Best, the flagship rating agency, gives United of Omaha an A+ “Superior” rating.
Standard and Poor’s offers the same top notch rating giving United of Omaha an AA-, “Very Strong” rating.
And Moody’s Investor Service also has strong marks for MOO with an A1, Good rating.
MOO ratings summary:
- A.M. Best rating: A+ Superior
- S&P’s rating: AA- Very Strong
- Moody’s rating: A1 Good
Mutual of Omaha Life Insurance Policies
In the following section of this United of Omaha Life Insurance Review we will cover the different policies offered by Mutual of Omaha. The company offers several fully underwritten and simplified issue products, so we have segmented the next section by the different underwriting requirements.
Fully Underwritten Policies offered by Mutual of Omaha
When considering from among the different types of life insurance policies it is important that you understand you own needs and what product will best meet your specific needs and objectives.
Many times people will automatically default to term life vs permanent life because of the lower price tag. However, you do yourself and your family a disservice if you make price your #1 priority. With that in mind, MOO offers several term and permanent policies, starting with Term Life Answers.
Term Life Answers
Term Life Answers is level term life insurance coverage for 10, 15, 20, and 30 years.
Available Term Riders
- Convertible life insurance to age 75 to any of the Company’s Universal Life products.
- Annual Renewable Term to age 95.
- Accelerated death benefit for terminal illness rider providing accelerated death benefit if the insured provides evidence that their life expectancy is 12 months or less. The requested benefit amount may not exceed the lesser of $1,000,000 or 80 percent of the current death benefit.
- Waiver of Premium for Unemployment rider which waives premiums for the base plan and all riders if the insured becomes unemployed.
- Accidental death benefit rider.
- Dependent children’s rider available to be converted later on.
- Other insured rider (requires full underwriting).
- Disability Waiver of premium rider if you become disabled for six months or more.
Permanent Life Insurance
Guaranteed Universal Life: Universal Life Insurance with a fixed premium. Guaranteed 2% interest rate.
Guaranteed Universal Life Plus: Ages 18-80 for all risks. 2% guaranteed interest rate. 50% interest rate bonus starting the 10th policy year.
Guaranteed Universal Life Survivor: Survivorship life insurance with a fixed premium insuring both spouses. Death benefit is paid upon the death of the surviving spouse.
Available GUL Riders
- Accelerated Death Benefit
- Chronic Illness Rider
- Terminal Illness Rider
- Disability waiver of policy charges rider
- Dependent Children’s rider
AccumUL Plus: Universal life insurance with similar riders to GUL with 3% guaranteed interest rate. Policy matures at age 120.
AccumUL Answers: 2% guaranteed interest rate. Policy matures at age 120.
Simplified Issue Products offered by Mutual of Omaha
Simplified issue products do not require a medical exam, which means no invasive blood work. Typically all that is required on your end are answers to some health and lifestyle questions. The company may check the MIB, Rx database and MVR.
Term Life Express: 10, 15, 20 and 30 year terms. $25,000-$400,000 face amounts available. Return of Premium option available. Renewable to age 100.
Guaranteed Universal Life Express: Face amounts $50,000-$250,000. Ages 18-65. Guaranteed interest rate of 3%.
Living Promise Whole Life: Cash value whole life insurance available for ages 45-85 (80 for Graded Plan). Available face amounts $2,000-$40,000, where applicable. Graded and non Graded plans available in most states. Face amounts for Graded Benefit $2,000-$20,000.
Children’s Whole Life: Available to parents or grand parents considering life insurance for children or young adults ages 14 days to 25 years. Face amounts available $5,000-$30,000.
Guaranteed Advantage Accidental Death: $50,000-$500,000 face amounts available. Return of Premium rider available.
United of Omaha Life Insurance Niches
As you may have read in other Mutual of Omaha Life Insurance Reviews, United of Omaha has some interesting niches that help set the Company apart from its competitors.
One of the best niches is the Company’s Fit Underwriting Credit Program which benefits clients who normally would be rated below standard. The Company offers 14 lifestyle and health credits. If a client possesses characteristics identified as three or more of the credits then the client will be eligible for a better rate class, up to two table ratings.
Mutual of Omaha Life Insurance Pricing
United of Omaha’s life insurance rates are priced competitively, often ranking in the top 5 spots for various term lengths for both genders ages 40-65.
United of Omaha Life Insurance Quotes
Sample United of Omaha term life and guaranteed universal life quotes are based on a 50 year old preferred plus male as of December 2015. Rates are subject to change and must be qualified for.
|10 years||15 years||20 years||30 years||GUL|
Sample United of Omaha term life and guaranteed universal life quotes are based on a 50 year old male standard rate class as of December 2015. Rates are subject to change and must be qualified for.
|10 years||15 years||20 years||30 years||GUL|
Mutual of Omaha Life Insurance – Cons
In the following section of this United of Omaha Life Insurance Reviews we will cover the cons to choosing United of Omaha as your life insurance provider.
United of Omaha Life Insurance is but One of Many
As is the case of every insurance carrier, it is unlikely that United of Omaha Life can serve the needs of every client. As a consumer, you want the best company with the best price—for you! That is where we come in. United of Omaha Life might be the best company for you. However, we might offer a different recommendation based on your specific need, health and lifestyle.
We at TermLife2Go have a recommendation for anyone considering a life insurance policy from United of Omaha Life. Give us a call and let us see if Mutual of Omaha Life Insurance is the best choice with the best price for your coverage needs. If they happen to be the best offer, we will let you know. However, with many life insurance companies to choose from, you might save thousands of dollars over the life of your insurance policy by going with another life insurance provider.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
So, what are you waiting for? Give us a call today to see what we can do for you!
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