Mutual of Omaha Life Insurance: An In-Depth Review
Founded in 1909, Mutual of Omaha is a well-established name in the life insurance industry. Known for its customer service and various policy options, the company can be a good choice for those seeking life insurance coverage. This review delves into the specifics of their offerings, helping you decide if Mutual of Omaha is the right fit for your needs.
Quick Facts
- Offers term, whole, indexed universal life, and universal life policies.
- Whole life insurance available without a medical exam for applicants up to age 85 (75 in New York).
- Term life policies can convert to permanent ones.
- Limited online quote capabilities.
- Physical branches in about half of the country.
Policy Highlights
Mutual of Omaha provides a variety of life insurance options:
- Term Life Insurance: Coverage for a set period, such as 10, 15, 20, or 30 years. Death benefits start at $100,000. Term Life Express policies are available for those 75 or younger, with a simplified underwriting process but coverage limits.
- Whole Life Insurance: Permanent life insurance that remains in place for your entire life. Policies are available for applicants between 45 and 85 (50 to 75 in New York), with coverage limits from $2,000 to $25,000.
- Children’s Whole Life Insurance: Policies available for children as young as 14 days old, with benefit amounts ranging from $5,000 to $50,000. These accumulate cash value and offer lifelong coverage.
- Universal Life Insurance: Offers flexibility in premiums and payouts, and the cash value grows based on interest rates and market performance. Mutual of Omaha’s options include Life Protection Advantage, Income Advantage, and AccumUL Answers.
Pros and Cons
Pros:
- Whole life insurance available without a medical exam.
- Term life insurance available up to age 80 (75 in New York).
- Also offers long-term care insurance
Cons:
- Does not offer term life insurance quotes online.
- Limited whole life policy offerings.
- Only has physical offices in about half of U.S. states.
- Approval for Term Life Express needs several weeks.
Mutual of Omaha Riders
Riders are add-ons that can customize a policy and potentially provide benefits while you’re alive.
- Terminal Illness Rider: Allows access to death benefits to pay for care if you become terminally ill.
- Critical Illness Rider: Allows early access to benefits for certain conditions (heart attack, organ failure).
- Chronic Illness Rider: Provides access to benefits if you can’t perform certain daily activities.
- Waiver of Premium for Unemployment Rider: Premiums waived for up to six months if you lose your job.
- Residential Damage Waiver of Premium Rider: Premiums waived for up to six months if your home requires major repairs.
- Common Carrier Death Benefit Provision: Additional death benefit if death occurs on an airplane, train, or bus.
- Waiver of Premium Rider: Premiums waived if you become disabled.
- Accidental Death Benefit: Bolsters death benefit if you die from an accident.
- Dependent Children’s Coverage: Covers child or children instead of getting separate policies
Customer Service
Mutual of Omaha generally receives high marks for customer satisfaction. They scored above average in J.D. Power’s 2024 U.S. Individual Life Insurance Study and have an A+ rating from the Better Business Bureau. Customer service representatives are available by phone on weekdays. Physical branches are in 27 states.
How Mutual of Omaha Compares to Other Life Insurance Companies
- Mutual of Omaha vs. Guardian: Guardian provides online quotes for term life and offers policies up to $5 million. Mutual of Omaha caps the Term Life Express at $300,000 and Term Life Answers require a medical exam beyond $500,000 death benefits. Guardian limits term-life policies to age 75, while Mutual of Omaha accepts applicants up to age 80.
- Mutual of Omaha vs. State Farm: State Farm offers online term life quotes. State Farm took the top spot in the 2024 life insurance survey in customer satisfaction. State Farm also offers discounts if life insurance is bundled with auto or home insurance. Mutual of Omaha has nationwide availability.
How to Purchase Life Insurance from Mutual of Omaha
To initiate your purchase of life insurance from Mutual of Omaha, you can:
- Call their sales department at 866-248-2851, Monday to Friday from 8:30 a.m. to 4:30 p.m. ET.
- Submit your information on the company’s website to be contacted by an agent.
- Visit a physical branch if one is located in your state.
Is Mutual of Omaha Right for You?
If you are looking for guaranteed whole life coverage or children’s whole life insurance, Mutual of Omaha may be a good option. The company also has high age limits and high accolades for customer service. It may not be the best choice if you want online term life quotes or robust whole life coverage options.
Frequently Asked Questions
- What is the age limit for Mutual of Omaha’s whole life insurance policy? Applicants must be between 45 and 85 (50 to 75 in New York).
- Does Mutual of Omaha require a medical exam for life insurance? Some, but not all, policies require a medical exam. Their whole life policy doesn’t.
- Is Mutual of Omaha a good life insurance company? Yes, Mutual of Omaha is a strong choice, especially for seniors or those who want final expense insurance without a medical exam.
