Mutual of Omaha Life Insurance: An Overview
Founded in 1909, Mutual of Omaha is a well-established life insurance provider in the United States. It’s a popular choice, particularly for seniors, thanks to its generous age limits and strong customer service ratings. This review will delve into the company’s offerings, explore the pros and cons, and provide you with the information needed to decide if Mutual of Omaha is the right fit for your life insurance needs.
Why Consider Mutual of Omaha?
One of the most appealing aspects of Mutual of Omaha is that its whole life insurance policies don’t require a medical exam for applicants up to age 85 (75 in New York State). Additionally, term life policies can be converted into permanent ones without a medical exam.
What to Know Before You Apply
It’s important to be aware of a few limitations:
- You can’t get quotes or purchase term life insurance online.
- The company has physical branches in only about half of the country.
Mutual of Omaha Life Insurance: Policies and Features
Mutual of Omaha offers a variety of life insurance options to meet different needs.
Term Life Insurance
Term life insurance provides coverage for a specific period. Mutual of Omaha’s Term Life Answers policy is available for adults aged 18-80, with terms of 10, 15, 20, or 30 years. The death benefit starts at $100,000, but the policy does not disclose the upper limit.
The Term Life Express policy provides a simplified underwriting process and doesn’t require an exam for those 75 or younger. However, it has age and coverage limits:
- Ages 18 to 50: $25,000 to $300,000
- Ages 51 to 60: $25,000 to $250,000
- Ages 61 to 75: $25,000 to $150,000
Whole Life Insurance
Whole life insurance is a permanent policy that provides coverage for your entire life. Mutual of Omaha offers whole life insurance to applicants aged 45-85 (50-75 in New York). With coverage limits between $2,000 and $25,000, these plans can be used to cover final expenses like funeral costs and outstanding debts. An exam is not required, and premiums remain level over time.
Children’s Whole Life Insurance
Mutual of Omaha also offers children’s whole life insurance, available for children as young as 14 days old and up to age 17. Coverage limits range from $5,000 to $50,000. These policies build cash value, and coverage lasts the child’s entire life.
Universal Life Insurance
Similar to whole life, universal life insurance builds cash value over time. The growth of the cash value component is tied to interest rates and the market. You need to closely monitor your plan to ensure it’s not underfunded, which could lead to cancellation.
Mutual of Omaha offers several universal life insurance options, including:
- Life Protection Advantage: An indexed universal life insurance policy where the cash value is tied to a stock market index, like the S&P 500.
- Income Advantage: This plan’s cash value is linked to the stock market’s overall performance.
- AccumUL Answers: This universal life policy requires a medical exam.
Mutual of Omaha Life Insurance Riders
Mutual of Omaha offers various riders, or add-ons, to customize your coverage. (Note: Mutual of Omaha only provides a public list of riders for their term life policies, not whole or universal life).
Common riders include:
- Terminal Illness Rider: Allows you to access a portion of your death benefits if you’re diagnosed with a terminal condition.
- Critical Illness Rider: Provides early access to benefits for specific conditions like heart attack or major organ failure.
- Chronic Illness Rider: Allows access to benefits if you have a condition preventing you from performing daily living activities.
- Waiver of Premium for Unemployment Rider: Waives premiums for up to six months if you lose your job.
- Residential Damage Waiver of Premium Rider: Premiums are waived for up to six months if your home requires significant repairs.
- Common Carrier Death Benefit Provision: Provides an additional death benefit if you die on an airplane, train, or bus.
- Waiver of Premium Rider: Waives premiums if you become disabled while the policy is active.
- Accidental Death Benefit: Increases your death benefit if you die from an accident.
- Dependent Children’s Coverage: Covers children instead of buying separate policies.
Customer Service and Reputation
Mutual of Omaha generally receives positive customer reviews.
- They scored above the average in J.D. Power’s 2024 U.S. Individual Life Insurance Study.
- They have achieved an A+ rating from the Better Business Bureau.
- The National Association of Insurance Commissioners reports a low volume of complaints compared to competitors.
Keep in mind:
- Term life insurance rate quotes are not available on the website or app.
- There is no online chat feature.
- Customer service representatives are available by phone only on weekdays.
- Physical branches are located in 27 states.
How Does Mutual of Omaha Compare?
Here’s how Mutual of Omaha stacks up against competitors:
Mutual of Omaha vs. Guardian
Guardian offers online quotes and policies, including no-exam plans worth up to $3 million as well as more whole life insurance options. However, Mutual of Omaha accepts applicants up to age 80 while Guardian limits its term-life policies to age 75.
Mutual of Omaha vs. State Farm
State Farm offers various life insurance products and is highly rated for customer service. Mutual of Omaha provides final expense whole life insurance up to $25,000, making it a strong competitor for State Farm.
How to Buy Life Insurance from Mutual of Omaha
To buy a policy:
- Call the sales department at 866-248-2851, Monday to Friday, 8:30 a.m. to 4:30 p.m. ET.
- Submit your contact information on the Mutual of Omaha website for an agent to contact you.
- Visit a physical branch in one of the 27 states with locations.
Keep in mind, rate quotes for term life insurance aren’t available online. You can get quotes and buy whole life insurance through the website.
Is Mutual of Omaha Right for You?
Mutual of Omaha is a solid choice if you’re looking for guaranteed whole life or children’s whole life insurance, or if you desire higher-than-average age limits and strong customer service. It may not be the best fit if you want to buy term life insurance online or are seeking robust whole life insurance options.
Frequently Asked Questions (FAQs)
What is the age limit for Mutual of Omaha’s whole life insurance policy?
Applicants aged 45 to 85 (50–75 in New York State) are eligible.
Does Mutual of Omaha require a medical exam for life insurance?
No, for some policies, including most whole life policies. However, the Term Life Answers plan does require a medical exam.
Is Mutual of Omaha a good life insurance company?
Yes, the company has been in business for over 100 years, has strong customer service, and an A+ financial strength rating from A.M. Best. It is a strong choice for seniors and those seeking no-exam final expense insurance.
