Mutual of Omaha Life Insurance Review

Life insurance products offered: 

  • Term life
  • Whole life
  • Universal life
  • AD&D insurance

Get a Quote


Mutual of Omaha Life Insurance is a top rated company and currently in our top ten best life insurance companies list as well as making our top final expense or burial insurance company list.

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. However, the company began as Mutual Benefit Health & Accident Association in 1909. The company grew fast and by 1920, Mutual Benefit was available in 15 states, growing to all 48 states and 2 territories by 1939. In 1950, the company shortened its name to Mutual of Omaha.

Life insurance policies are issued by United of Omaha Life Insurance Company, a Mutual of Omaha affiliate since 1926. So if you are looking for United of Omaha Life Insurance Reviews, you are in the right place! United of Omaha began as United Benefit Life Insurance Company, changing its name to United of Omaha in 1981.

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
  • Comdex ranking: 93 (out of 100)

Both United of Omaha Life Insurance Company and Mutual of Omaha Insurance Company have top financial ratings. With a Comdex ranking of 93, Mutual of Omaha is one of the highest rated life insurance companies in the U.S.


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 your 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

In addition to term life, Mutual of Omaha also offers permanent life insurance. Among its permanent offerings are three different guaranteed universal life insurance policies.

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

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 Policies

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 Disability Insurance

Mutual of Omaha is one of the best disability insurance companies in the U.S. Often overlooked, disability insurance is one of the least used but most needed insurance coverage. According to the SSA, 1 in 4 young adults will experience a disability before age 65. And disability can ruin your life, as it takes a huge toll on your finances. Medical bills can add up, leading to bankruptcies. And if you do not have income protection in place, you may lose your home, your place of business, other insurance coverage, etc.

Mutual of Omaha offers a nice selection of individual disability income insurance. Among its different disability insurance offers are simplified disability income insurance, accident only disability insurance, short term disability insurance and long term disability insurance.

Simplified Disability Income Insurance

Priority Income Protection provides simplified disability income insurance, i.e. no medical exam required.

Priority Income Protection snapshot:

  • Available for ages 18-61
  • 70% up to $4,000 maximum monthly benefit amount
  • 12, 24, or 36 month benefit periods available
  • 30 day accident and 90 day sickness elimination period
  • Guaranteed renewable to age 65
  • All occupations accepted

Short-Term Disability Income Insurance

Short term disability insurance is essential if you don’t want to tap into your own emergency fund while you wait for the elimination period on your long term disability insurance policy to pass.

Short Term Disability Income Insurance snapshot:

  • Available for ages 18-61
  • Elimination period for accident/sickness 0/7, 7, 0/14, 14, 30, 60 or 90 days
  • 3, 6, 12, or 24 month benefit periods available
  • $5,000 maximum monthly base benefit amount
  • Guaranteed renewable to age 67; conditionally renewable to age 75
  • Most occupation classes accepted

Long-Term Disability Income Insurance

The best long term disability insurance provides income provides own-occupation disability definition for the duration of the benefit period. Mutual of Omaha’s long term disability income insurance allows you to add a rider to your policy that extends the own-occupation disability definition through the duration of your benefit period.

Long-Term Disability Income Insurance snapshot:

  • Available for ages 18-61
  • 60, 90, 180 or 365 day elimination periods available
  • 2, 5, or 10 years, or to age 67 benefit periods available
  • $12,000 maximum monthly base benefit amount
  • Guaranteed renewable to age 67; conditionally renewable to age 75
  • Most occupation classes accepted based on benefit period selected; longer benefit periods are more restrictive

If you are interested in Mutual of Omaha disability income insurance quotes or would like to compare it to the other top disability insurance companies we represent, please give us a call today to speak to a member of our team of professional independent disability insurance agents, who can help align you with the best disability insurance company and policy.

Mutual of Omaha Long Term Care Insurance

Long term care insurance (LTC) is a vital part of any asset protection plan. If you have a chronic or disabling condition that prevents you from carrying out 2 of 6 activities of daily living (ADLs), LTC insurance can provide the financial provision to help you and your family pay for your care. The alternative is depleting your hard earned money that you had earmarked for your children, a charity, or to simply maintain your quality of life.

The best long term care insurance companies will allow you to use your benefits for many different long-term care opportunities, including in home health care, nursing homes and assisted living facilities.  Long term care costs can average over $6,000 a month. Long term care planning with LTC insurance provides peace of mind that you can receive the best care possible, without dying a pauper.

Long-term care insurance provides that upon certification of a chronic illness or disability, you will be eligible for either a reimbursement benefit or cash benefit upon completion of your policy’s elimination period. Your cash benefit or reimbursement limit is paid to you as long as you remain eligible up until the maximum policy limit has been paid.

Mutual of Omaha’s Long Term Care Insurance snapshot:

  • Monthly benefit from $1,500 to $10,000
  • Choice between cash benefit or reimbursement benefit
  • Elimination periods of 90, 180 or 365 days
  • Waiver of premium while you are receiving benefits
  • Policy benefit limits 24, 36, 48 or 60 months
  • Alternate care option if better treatment becomes available in the future
  • Potential discounts if you and your spouse sign up for the same LTC coverage through Mutual of Omaha
  • Inflation protection rider increases benefits to keep up with the rising costs of LTC
  • Security benefit rider which allows you to use a portion of your reimbursement benefit for your partner’s care
  • Shared care rider provides you with benefits form your partner’s identical policy if you have exhausted your policy benefits and still need care

 The bottom line

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.

Recommendation

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.


27 comments... add one
    • TermLife2Go

      Hi Robert,

      We’d be happy to help you get a quote for life insurance. One of our agents will be reaching out via email or you can call us at: 888-234-8376.

      Thank you!
      TermLife2Go

Leave a Comment