Mutual of Omaha

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Founded in 1909, Mutual of Omaha has an A+ rating from A.M. Best and Better Business Bureau, an AA- from Standard & Poor and an A1 from Moody’s. These high ratings are proof of the company’s stability. They offer various insurance products including life insurance, dental insurance, Medicare insurance, etc. They also offer banking, investment, and other financial planning services to businesses. Mutual of Omaha issues their life insurance products under the name of United of Omaha, these names are used interchangeably but refer to the same entity.This article will be talking about their life insurance products.

Mutual of Omaha Term Life Insurance

Mutual of Omaha offers their term life policies to clients between the ages of 18 and 80, though the age limit may vary depending on your state and the policy you opt for. Their policy will cover you for a term of 10, 15, 20, or 30 years and offer a death benefit of over $100,000.

You don’t need to take a medical exam to qualify for a simplified term life policy that offers a death benefit of between $25,000 and $300,000. If you opt for more coverage, you will need to take a medical exam.

Your beneficiaries can opt for the default lump sum payment of the death benefit or installments. They also offer a return of premium with their 20 and 30-year term life policy.

You can renew your term life policy until the age of 94 but will be charged higher premiums every year. You can convert your term life policy to a permanent policy without taking a medical exam.

You can purchase the following riders when you get a term life policy from Mutual of Omaha:

  • ABR terminal illness
  • Accidental death benefit
  • Children’s rider
  • Other insured rider
  • Waiver of premium
  • Waiver of premium for unemployment

Mutual of Omaha Whole Life Insurance

Mutual of Omaha offers its whole life insurance policies to clients between the age of 45 and 85. This age limit is 50 to 75 in New York. Mutual of Omaha offers guaranteed whole life insurance with death benefits ranging between $2,500 and $25,000. If you are in New York, the minimum amount is $5,000. This insurance policy comes with a 2-year waiting period.

Mutual of Omaha offers the following riders free of cost with each of its burial insurance policies:

  • Nursing Home Confinement
  • Terminal Illness Rider

Their burial insurance is ideal if you have any of the following medical conditions:

  • Cancer
  • Confined to any nursing
  • facility
  • Dementia or Alzheimer’s
  • Dialysis
  • HIV or AIDS
  • Transplants
  • Wheelchair-bound due to  a disease or illness
  •  

Mutual of Omaha Universal Life Insurance

Mutual of Omaha offers different options for universal life insurance, Life Protection Advantage SM, Income Advantage SM, Guaranteed Universal Life, and AccumUL Answers. They also offer indexed universal life. The difference between universal and indexed universal life insurance is how the cash value is invested.

These insurance policies offer a death benefit between $100,000 and $1 million. These policies have no age restrictions, and the premiums are due until the age of 120, in the case of AccumUL Answers that age of 100.

Universal and indexed universal insurance policies come with the following riders:

  • Waiver of surrender charges
    for partial withdrawals
  • Long-term care
  • LapseGuard
  • Guaranteed refund option
  • Guaranteed insurability
  • Disability waiver of policy charges,
  • Disability continuation of the planned premium
  • Children’s rider
  • Additional insured
  • Accidental death benefit
  • Accelerated death benefit

What factors affect my premiums with Mutual of Omaha?

There are plenty of factors that help determine your premium amounts, some of them include:

Age

If you purchase your insurance policy at a young age, you will pay less premiums as you will
probably live longer.

Death benefit

The more coverage you purchase, the higher the premiums you will be charged.

Habits

If you smoke, you will be charged higher premiums.

Health

If you are healthy, you will probably live longer, thus pay less premiums.

How do I purchase a life insurance policy from Mutual of Omaha?

Mutual of Omaha offers insurance quotes and other information online, if you want to purchase a policy, you will need to work with an insurance agent. You need to fill out an application form available with insurance agents. Once you submit it, you will be required to share your MIB file, prescription history, and maybe a motor vehicle report. Once Mutual of Omaha has this information, their underwriters review your application. They may require further information based on the policy you are applying for. If your policy requires a medical exam, a medical examiner will schedule an appointment with you within a week.  If you qualify,your insurance policy is delivered to you.

How do I find a Mutual of Omaha agent?

The Mutual of Omaha website allows you to find insurance agents based on your zip code. If you want to work with a specific insurance agent, you can look them up in the directory. If that is not the case, they will match you to one.

How do I file a life insurance claim with Mutual of Omaha?

This process cannot be started online, you need to contact an insurance agent or representative. You will also be required to fill out a form that will ask for the following details:

  • The death certificate of the insured
  • The insured’s full name
  • The insured’s contact information.
  • Full name and contact information of each beneficiary.
  • How you’d like the payout

You will mail this form with the required documents to Mutual of Omaha.

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