Mutual of Omaha Life Insurance Review
Mutual of Omaha final expense, guaranteed issue, accidental, term, whole life, and children's policy reviews.
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Last updated: March 20th, 2023
Table of Contents
Our take on Mutual of Omaha
Mutual of Omaha is a company with a strong financial background. Their experience dates back to 1909, translating to superior customer service.
Is Mutual of Omaha life insurance a good choice? We believe so, especially for their level term life insurance with an exam, final expense insurance, guaranteed issue, and children’s life policies.
Their products often include riders for free. Other insurance companies can be more affordable but charge an additional fee for these riders.
We like Mutual of Omaha’s product called Living Promise. It’s a whole life insurance policy and is seniors’ most popular final expense product. If you are between ages 45 and 85, you’ll be able to get $2,000 – $40,000 in coverage. Since this is a whole-life policy, you don’t have to worry about renewing terms or policy end dates.
What we like
The company has over a century of experience
Mutual of Omaha was founded in 1903. During this time, Mutual of Omaha has always focussed on offering exceptional service. And that has translated into a high customer rating.
Exceptional financial history
Financial stability in a life insurance company is important. If the company has financial issues that may endanger your life insurance claim. Mutual of Omaha has held an excellent financial rating with A.M. Best and S&P.
Mutual of Omaha’s Life Insurance Products
Term
Term Life Answers
This product has multiple health classes, so people with good health can get a great price. The medical exam is only waived when the coverage amount is under $100,000. Mutual Omaha has exceptional customer service.
- Issue ages: 18-65 years
- Face amounts: $100,000 to $1,000,000 and above
- Standard non-tobacco and Standard tobacco health classes
- Term periods: 10, 15, 20, and 30 years
- Automatically included riders: Accelerated Death Benefit for Terminal Illness Rider and Waiver of Premium for Unemployment Rider,
- Optional riders: Accidental Death Benefit rider, Dependent Children’s rider, Other Insured rider and Disability Waiver of Premium rider
- Renewability
Term Life 10 The policy automatically renews annually in year 11 and thereafter to age 95, without evidence of insurability - Term Life 15 The policy automatically renews annually in policy year 16 and thereafter to age 95, without evidence of insurability
- Term Life 20 The policy automatically renews annually in policy year 21 and thereafter to age 95, without evidence of insurability
- Term Life 30 The policy automatically renews annually in policy year 31 and thereafter to age 95, without evidence of insurability
Conversion option
- Term Life 10 Before age 75, or during first 2 years after policy issue, whichever is later
- Term Life 15, 20 Before age 75
- Term Life 30 Only during the first 20 years
Common Mutual of Omaha riders:
- Accidental Death Rider – This rider pays additional benefits if the cause of death is due to an accident. Many individuals buy an Accidental Death policy separately since it’s so affordable. But with a Mutual of Omaha policy, you’ll enjoy it built-in to your policy.
- Accelerated Death Benefit Rider – This rider goes in effect if you are diagnosed with a condition resulting in a life expectancy of 24 months or less. In that case, Mutual of Omaha will pay you up to 92% of your death benefit. This payment comes in a lump-sum payment. After this payment, your policy will be terminated.
- Disability Waiver of Premium Rider – This rider goes into effect if you become disabled due to a qualifying event. The life insurance premiums will be waived, after a 6 month waiting period.
- Chronic Illness Rider – If you cannot perform 2 or more of 6 daily activities for 90 consecutive days, Mutual of Omaha will pay up to 80% of your death benefit.
Term Life Express
United of Omaha’s Term Life Express is an amazing product that provides more living benefits than any other policy, included at no cost. The product is only offered at the standard/regular health class and has one of the most liberal build charts in the industry. United/Mutual of Omaha is a great company with extremely high ethical standards. Most policies are issued either immediately or within 10 days.
- Issue ages 18-65 years.
- Face amounts to $25,000 to $300,000 for ages 18-50. $25,000 to $250,000 for ages 51-65.
- No medical exam. Medical records may be requested from doctors.
- Standard non-tobacco and Standard tobacco health classes.
- Term periods: 10, 15, 20, and 30 years.
- Automatically included riders include: Terminal Illness, Chronic Illness, Critical Illness, Residential Damage, Waiver of Premium for Unemployment, and Common Carrier Death Benefit Provision.
- The application can be completed in 20-25 minutes via phone.
- A policy with a 5-year premium guarantee is available, but we do not sell it. We only sell the policies that are guaranteed level for the full term.
- Policies typically take 1-10 days to issue.
Conversion option
- Term Life Express is convertible after policy year two through the lesser of a) the end of the level term period, or b) the policy anniversary following the Insured’s 70th birthday. Cannot be converted to a fully underwritten product.
Include benefits:
Chronic Illness Rider
Provides an accelerated death benefit if the insured is certified by a physician within the last 12 months as unable to perform two of six Activities of Daily Living (ADLs) for 90 consecutive days, or requires substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment.
Terminal Illness Rider
Provides an accelerated death benefit if the insured provides evidence that their life expectancy is 12 months or less.
Critical Illness Rider
Provides an accelerated death benefit if the insured has been certified by a physician as having one or more of the following conditions within the last 12 months: ALS, kidney failure, life-threatening cancer, major organ failure, heart attack, and stroke.
Residential Damage Rider
If your primary residence sustains $25,000 or more of damage, the premium of the base policy and all riders are waived for one six-month period.
Waiver of Premium for Unemployment Rider
Unemployment Rider: D185LNA10R.) In the event of qualifying unemployment, United of Omaha waives the premium for the base plan and all riders for one six-month period.
Common Carrier Death Benefit Provision
If you should die in an accident while a fare-paying passenger on a common carrier (e.g., airplane, train, or bus), this rider provides an additional death benefit equal to 100 percent of the original face amount or $250,000, whichever is less.
Optional benefits:
Disability Income Rider
With this rider, the insured can apply (at issue) for a maximum monthly disability income benefit equal to the lesser of:
- 1.5 percent of the face amount at issue or
- $3,000 per month or
- 60 percent of your monthly gross income
The insured can apply for either an 18- or 30-month benefit. The monthly income amount and the benefit period cannot be changed after the issue. The elimination period is 90 days.* * In MD 120-day elimination period. Availability may vary by product.
Disability Waiver of Premium Rider
If the insured becomes disabled and cannot work, the premium for the base policy and all riders is waived through the level period. The elimination period is 90 days.** This benefit continues as long as the insured is disabled. If the insured does not become disabled prior to the earlier of the end of the level period or age 60, the benefit is no longer available. **In MD 120-day elimination period.
Accidental Death Benefit Rider
This rider can only be added at issue and the issue age of the base insured must be 18-55. The rider terminates, and the premiums stop at the earlier of the end of the level period or the anniversary date of the policy following the insured attaining age 65. The benefit amounts available are based on the issue age of the base insured and are as follows:
- Minimum ADB amount: $10,000
- Maximum ADB amount: issue ages 18-25: $100,000; 26-55: $250,000 (or the face amount, if less)
Dependent Children’s Rider
The rider can only be added at issue and is available for the base insured only. Face amounts are $5,000 and $10,000. The Dependent Children’s Rider terminates, and the premiums stop at the earlier of the anniversary date following the insured’s age 65, when the youngest child attains age 23 or when the base policy terminates.
Accident Indemnity Rider
The Accident Indemnity Rider pays additional death benefits if the insured dies due to an accidental bodily injury. Double the additional amount is payable if the accidental bodily injury occurs while the insured is a fare-paying passenger on a common carrier. Death must occur within 90 days from the accident and before age 70 of the insured. The insured cannot be engaged in hazardous occupations, as determined by the company.
Final Expense
Living Promise
Living Promise offers competitive premiums that fit many budgets.
Simplified underwriting. No medical exam – coverage is based on your answers to a few simple health questions.
A great product with a strong brand and from a stable and secure company that you know.
***Not available in AR, MT, NC.
Level Benefit plan:
- Death Benefit: 100%
- Issue Ages: 45-85
- Face Amounts: $2,000 – $40,000
- Underwriting Classes: Standard Tobacco/Nontobacco
- Underwriting Requirements: MIB, pharmaceutical check, random phone interviews
- Accelerated Death Benefit for Terminal Illness Rider in CA (D482LCA14R): Allows the owner a one-time election to receive the Accelerated Benefit if the insured is diagnosed as having a terminal illness that, with a reasonable degree of certainty, will result in the insured’s death within 12 months or less from the date a physician signs the statement of proof of terminal illness.
Graded Benefit Plan
- Death Benefit: This policy contains a graded benefit meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive all premiums paid plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury.
- Issue Ages: 45-80
- Face Amounts: $2,000 − $20,000
- Underwriting Class: Standard (no tobacco distinction) • Underwriting Requirements: MIB, pharmaceutical check, random phone interviews
Riders on both products
Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement (ICC12L084R)
Allows the owner a one-time election to receive the Accelerated Benefit if the insured is either: (a) diagnosed as having a terminal illness that, with a reasonable degree of certainty, will result in the insured’s death within 12 months or less from the date a physician signs the statement of proof of terminal illness, or (b) has been confined to a nursing home for 90 consecutive days or more and is expected to remain confined in a nursing home for the duration of the insured’s life.
Accelerated Death Benefit for Terminal Illness or Chronic Illness Rider in FL (D359LFL12R):
Allows the owner a one-time election to receive the Accelerated Benefit if the insured is either: (a) diagnosed as having a terminal illness that, with a reasonable degree of certainty, will result in the insured’s death within 12 months or less from the date a physician signs the statement of proof of terminal illness, or (b) certified by a physician that the insured is unable to perform (without substantial assistance from another person) at least two activities of daily living due to a chronic illness.
Accelerated Death Benefit for Terminal Illness Rider in CT (D358LCT12R):
Allows the owner a one-time election to receive the Accelerated Benefit if the insured is diagnosed as having a terminal illness that, with a reasonable degree of certainty, will result in the insured’s death within 12 months or less from the date a physician signs the statement of proof of terminal illness.
Critical Illness
Issue ages: 18-89 Benefit amount:$10,000 – $100,000
Basic benefits: Lump-Sum Payment Upon Diagnosis
Additional Feature: Return of Premium if you die while coverage is active
Sample Rates: $25,000 – $61/month
$50,000 – $123/month
Covered Health Conditions:
- Internal Cancer
- Malignant Melanoma
- Heart Attack
- Stroke
- Alzheimer’s
- Major Organ Transplant
- Blindness
- Paralysis
- Deafness
- Kidney Failure
- CABG Surgery
- PTCA Surgery
Cancer insurance is their most popular critical illness plan. You can get between $10,000 and $100,000 in coverage. Mutual of Omaha will pay this lump sum if you are diagnosed with cancer.
Learn more about Mutual of Omaha Cancer, Heart attack Stroke Insurance
Additionally, Mutual of Omaha will pay for various health-related treatment costs. This includes medication, surgery, and more.
For most people, Mutual of Omaha Critical Illness isn’t a great alternative to life insurance. Instead, it’s an additional policy to provide added peace of mind.
Accidental Death
Guaranteed ADvantage
- 18-70 Accidental
- $50,000 – $500,000 (increments of $1,000)
- Spouse coverage is 100 percent of the Proposed Insured coverage, and child coverage is 20 percent of the Proposed Insured coverage
- 24-hour all-accident coverage
- Common Carrier Benefit: pays two times the accidental death benefit
- Auto Pedestrian Benefit: pays an additional 25 percent of the accidental death benefit Family Coverage: — Spouse is eligible if age 18-70 and may remain on the policy until age 80 — Unmarried dependent children under the age of 19, or age 23, if a full-time student at an accredited college or university State specials will apply • Dependent child coverage ends at age 21 or 25 if a full-time student
- Return of Premium (ROP) rider is available for ages 18-50 and pays a percentage of the premiums paid on the insurance policy at the time of cancellation. *ROP Rider is unavailable in AR, CT, GA, NY, PA, and VA.
- Pays double the death benefit if death results from an accident while riding as a fare-paying passenger on a common carrier such as a boat, bus or airplane.
- The Auto/Pedestrian benefit pays an additional 25 percent of the death benefit if the insured is killed while driving or riding in a private automobile or if struck by an automobile on a public street or highway
- Insurance policy is guaranteed renewable to age 80 as long as premiums are paid
This Policy offers coverage with no health questions, medical exams, or job restrictions. You cannot be turned down. If you have been turned down before this may be your answer.
Children’s Whole Life
Children’s Whole Life is a whole life product that can begin a lifetime of coverage for children or grandchildren.
In addition to the death benefit, the Guaranteed Insurability Rider can help protect the child’s future insurability.
Check Out These Features:
- Simplified application
- NO medical underwriting and limited health questions
- Available for ages 14 days to 17 years
- Available in face amounts of $5,000 to $50,000
- Level premiums for the life of the policy (policy matures at age 100)
- Rates never increase with age
- Builds cash value
- Benefits never decrease
- Easy payment options
- Guaranteed Insurability Rider – additional policies may be purchased in the future, at the time of several life events, without evidence of insurability
- Available in all states except MA
When the policy is in force, the Guaranteed Insurability Rider allows the owner the option of purchasing additional coverage, without evidence of insurability, based on the following life events:
1. Ages 25, 30, 35 and 40
2. Marriage
3. Birth or adoption of a child
4. Home purchase
Financial ratings
Overall, Mutual of Omaha has an excellent financial rating. This means that they are extremely likely to meet their financial obligations, like paying out death benefits.
- S&P Rating: A+ – Excellent
- A.M. Best Rating: A+ – Excellent
Customer reviews
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Brian is the founder and CEO of Insurist and carries Life, Health, and Property & Casualty licenses in all 50 U.S. states. Since 2013, Brian has been a member of Million Dollar Round Table, a designation for the top 1% of financial advisors worldwide. Brian has been featured in Yahoo! Finance, Money.com, Entrepreneur.com, Life Happens, Forbes, MSN, and Good Financial Cents. Brian’s goal is to show customers the best products, the quickest answers to their questions, and provide expert advice.
