Mutual of Omaha Life Insurance Company | Company Review

Mutual of Omaha Life Insurance company

Mutual of Omaha got its start over a century ago in 1909, and at that time was named Mutual Benefit Health & Accident Association. 

Within 10 years, the company then combined their work with Omaha Health & Accident Association, allowing them to take on more 3,000 clients. 

Over the course of the next 30 years, the insurance provider expanded into nearly all 50 states.

Mutual of Omaha Life Insurance Company

By 1950, the company changed its name to Mutual of Omaha, along with the logo that we still recognize today.  Mutual of Omaha first went live in 1997 on the internet with their brand new website and continued to stay on the cutting edge of technology by offering online applications for both life insurance and Medicare supplements.  To date, Mutual of Omaha and its subsidiaries continue to blaze the trail in terms of technology and insurance innovation.

Ratings and Financial Strength

Presently, Mutual of Omaha has more than 3.5 million clients, nearly $35 million in assets, and a $2.8 billion surplus.  Numbers such as these suggest the company’s stability in the marketplace, the company’s growth, as well as their future potential.

If Mutual of Omaha’s financial numbers weren’t solid enough, the company has also received excellent ratings from the leading rating agencies.  A.M. Best rates the carrier with an “A+”, Standard & Poor’s rates them with an “AA-”, and Moody’s awarded an “A1” rating.

Mutual of Omaha Life Insurance Products

Selecting Mutual of Omaha as your life insurance carrier provides you access to a vast amount of life insurance products, including Term, Whole, Universal, and Indexed Universal life from one of the best life insurance companies.

Term Life Insurance

Mutual of Omaha offers two different term life insurance choices, Term Life Direct, and  Term Life Answers.  They are vastly different products, so knowing which one is right for you will not be difficult.

Term Life Direct is a simplified-issue product and provides coverage ranging from $25,000 up to $100,000.  It has no conversion privileges and the death benefit is formulated as a term life policy up to age 80.

Term Life Answers provides death benefits more than $100,000, but it requires full medical underwriting.  The policy can be purchased with 10, 15, 20, or 30-year term limits and it can be converted into a more permanent form of life insurance.


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Whole Life Insurance

Mutual of Omaha offers three different whole life insurance policies, with the latter being for children exclusively.  These policies are known as Whole Life Guaranteed, Whole Life Guaranteed (Direct), Whole Life Express, Children’s Whole Life, and Children’s Whole Life (Direct).

Whole Life Guaranteed policies are guaranteed issue, as the name implies.  There are no health questions, medical exams, or other further underwriting required.  Essentially, if you meet the minimum criteria for the death benefit and with regards to age, you are eligible for coverage.  However, there is a waiting period for the first few years where no payout or only a partial payout will be available.

Whole Life Express, however, is slightly different due to the fact that it’s not a fully guaranteed issue policy.  Since it’s simplified, there will be no medical exam, but there will be much more underwriting than the other option.

Children’s Whole Life insurance policies are available for children ages two weeks to 17 years of age.  This life insurance product is one of the most highly valued and competitive insurance products available for children.  A rider is also available in order for you to increase your child’s coverage to $250,000 without the need for a medical exam.

Mutual of Omaha Life Insurance Company is one of the few providers that offers coverage with no medical exam.

Universal Life Insurance

Mutual of Omaha offers four different options for universal life insurance coverage.  Included are Guaranteed Universal Life, Guaranteed Universal Life Express, AccumUL Plus, and Income AdvantageSM IUL.  Depending on your needs, all are suitable for a number of reasons.

Guaranteed Universal Life provides a death benefit with some guarantees.  It is the most affordable way to obtain permanent, lifetime coverage.

Guaranteed Universal Life Express is similar to the above, with two distinct differences.  Rather than 85 years of age, 65 is the maximum age an applicant can apply and there are no blood tests or medical exams.  If you’re in a hurry to get coverage, this policy’s faster underwriting and slightly lower death benefits may be the way to go.

Both the AccumUL Plus and AdvantageSM IUL possess cash accumulation potential and allow your life insurance the ability to perform sufficiently.  Whether you’re attracted to the idea of monetary growth by linking your cash value to the market indices, or the chance of your life insurance policy paying you later don the road, while you’re alive, either one is acceptable.

Other Mutual of Omaha Products

If you’re considering investments, Mutual of Omaha offers variable annuities, mutual funds, and 529 policies that assist you in preparing your child for college.  Additionally, they offer long-term care insurance, Medicare supplements, critical illness insurance, disability insurance, and much more.

As with most life insurance providers, Mutual of Omaha Life may not be able to serve every consumer’s needs.  Naturally, you want the best policy for the best price.  Talk with a licensed insurance agent regarding your specific situation and requirements to determine if Mutual of Omaha will be the best choice.

One More Thing…

The Mutual of Omaha companies, including United of Omaha and New York-based Companion, maintain excellent standings within the life insurance community, and well it certainly looks like they’re here to stay.

Mutual of Omaha’s Guaranteed option is quite competitive, similar to UHL, Gerber, and a few others, while their Children’s Life option is popular choice providing up to $50,000 in permanent death benefit coverage.  Despite their term life option not being the cheapest, it can help to complete your financial portfolio at any point if you’d like to group your policies with one carrier.  With over a century in the life insurance business, a nationwide presence, and numerous lines of coverage, they are easily able to accompany any of their high performing insurance products.

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