Mutual of Omaha Life Insurance

Eric Van Haaften Life Insurance Reviews

The United of Omaha Insurance Company offers its loyal policyholders an array of term, indexed, and whole life insurance policies.

Mutual of Omaha life insurance plans can be easily customized to fit your needs and budget.

Our comprehensive Mutual of Omaha Life Insurance Review will explain everything you need to know about this prominent insurance company.

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Is Mutual of Omaha a good insurance company?
Is Mutual of Omaha term life insurance competitive?
Why do seniors by Mutual of Omaha’s whole life insurance?
How does United of Omaha’s indexed universal life work?
What riders can be added to your policy?
Mutual of Omaha Life Insurance Review

Mutual Of Omaha Insurance Company

Most people are familiar with Mutual of Omaha because of its logo featuring a lion and for sponsoring the popular television program Wild Kingdom.

Is United of Omaha the same company as Mutual of Omaha?

Mutual of Omaha was officially founded 114 years ago as a mutual insurance company. Mutual insurers are owned by their policyholders rather than their stockholders.

The Mutual of Omaha Insurance Company owns all United of Omaha shares.

Mutual of Omaha also has subsidiaries, United World Life and Companion Life, which sell life, accident, health, and voluntary insurance products.

Is Mutual of Omaha trustworthy?

Mutual of Omaha has been accredited with the Better Business Bureau since 1940, consistently maintaining an A+ rating.

Considering the financial strength ratings from independent agencies like A.M Best, Duff &Phelp’s, Fitch Ratings, Standard & Poor’s, and Comdex is vital.

These rating agencies perform extensive analysis to determine each insurer’s financial strength and claims-paying ability.

A rating is not a guarantee of financial strength, but it can be considered a reliable indicator of how a company will perform in the future.

Mutual of Omaha Ratings

Rating Agency	Grade
AM Best	A +
Duff & Phelps	AA-
Fitch	N/A
S & P Global	A+
Comdex	90

Mutual of Omaha Term Life Insurance

Mutual of Omaha term life insurance products were created to meet different financial planning objectives.

When you buy a term life insurance policy, the insurer determines the premium based on your elected term duration and death benefit.

Mutual of Omaha has two term life policies, the Term Life Answers and Term Life Express, with term lengths of 10, 15, 20, or 30 years.

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Mutual of Omaha Term Life Answers

Term Life Answers is United of Omaha’s cheaper term product, with coverage starting at a $100,000 death benefit.

You can buy term coverage between ages 18 and 65 and must undergo a physical examination to qualify for coverage.

It’s good to know that his term portfolio automatically includes a terminal illness accelerated death benefit.

You can further customize this policy with a disability waiver, income protection, child rider, and accidental death benefit riders.

Mutual of Omaha term life insurance is reasonably priced, with comparable premiums to popular insurers like Transamerica, Prudential, and Lincoln Financial.

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United of Omaha Term Life Express

Term Life Express offers a simplified issue underwriting process with coverage ranging from a $25,000 to $300,000 death benefit.

You can buy coverage between ages 18 and 65, and you only need to undergo a telephone interview rather than a physical exam.

Your telephone interview will include health questions like your age, height and weight, tobacco use, health history, lifestyle, and occupation.

Term Life Express has higher premiums and smaller death benefits since no medical exam is required.

Term Life Express is unique because you can purchase coverage with as little as a $25,000 death benefit.

Plus, Omaha life insurance provides living benefits, which let you receive a portion of the death benefit available if you become terminally, chronically, or critically ill.

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CONVERTING United of Omaha INSURANCE

You can convert your Mutual of Omaha term life insurance into permanent coverage regardless of health.

With a term life insurance conversion, you will automatically qualify for the same rate class you were initially approved for with no additional underwriting.

You can convert Term Life Express after you have had your term policy for more than two years to United of Omaha’s expensive whole-life plan.

While Term Life Answers allows conversions after you have had your term policy for more than two years to a cheaper universal life policy.

Conversion privileges exist until the end of your term as long as it is before the policy anniversary following your 70th birthday.

Mutual of Omaha Whole Life Insurance

Whole life insurance is the most popular form of permanent coverage because of its contractual guarantees and dividend potential.

Unfortunately, United of Omaha does not offer investment-style whole-life policies with dividends.

Mutual of Omaha is best known for selling expensive final expense policies with limited death benefits.

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United of Omaha Living Promise

The Living Promise whole-life policy offers up to a $40,000 death to those aged 45 to 85.

For qualifying applicant’s coverage starts immediately with no waiting period on this full-benefit policy.

Plus. this permanent coverage includes an accelerated death benefit if you are confined to a nursing home or are diagnosed with a terminal illness.

Mutual of Omaha will accelerate 50% of your death benefit if either of these scenarios happens.

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United of Omaha Guaranteed Issue

The Living Promise also has a graded whole-life policy if you do not qualify for the level death benefit policy.

United of Omaha’s whole-life offers tax-deferred cash value, level premiums, and lifetime death benefits from $2,000 up to $25,000.

These expensive guaranteed issue policies are for people aged 45 to 85 and do not require a medical exam.

However, if you pass away in the first two years of the policy, your beneficiary will receive 110% of the premiums paid instead of the total death benefit.

Here is a cost comparison for a $10,000 death benefit for males, with a few companies offering this coverage.

$10,000 Guaranteed Issue Whole Life Comparison

Insurer	Age 60	Age 70
United of Omaha	$56	$89
AIG	$58	$90
Gerber	$65	$94

Guaranteed whole life can be a great option if you do not have excellent health and have difficulty qualifying for traditional coverage.

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Children’s whole life insurance

United of Omaha’s life is for children between 14 days and 17 years old and does not require a medical exam.

These small policies offer children coverage between $5,000 and $50,000 death benefits.

United of Omaha Universal Life

One of United of Omaha’s universal life plans might fit your needs if you want life insurance coverage with flexible features.

The United of Omaha universal life portfolio comprises of the AccumUL, Life Protection Advantage IUL, and Income Advantage IUL products.

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Universal life

Universal life insurance is a flexible, permanent life insurance policy that provides lifelong coverage with the potential for cash value accumulation and tax-deferred savings.

The AccumUL is their standard universal life insurance plan and guarantees the cash value account will grow at a minimum of 2% annually.

However, this universal life policy is not contractually guaranteed, which is undesirable for lifetime protection.

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Indexed universal life

Indexed universal life insurance invests your cash value into fixed or various indexes, such as the Dow Jones, S&P 500, and the NASDAQ.

The cash value inside an IUL policy grows due to index performance, and your gains are generally capped at a certain percentage.

IUls also offer downside protection guarantees that prevent you from losing money if the market index change is negative.

Indexed universal life insurance can be purchased through United of Omaha’s Life Protection Advantage and Income Advantage products.

1. Life Protection Advantage IUL

Life Protection Advantage offers permanent coverage with a death benefit guaranteed through age 90 or longer.

You must pay the no-lapse premium to prevent your policy from lapsing regardless of your cash value performance until age 90.

Life Protection Advantage has the potential for more significant cash value accumulation than traditional universal life coverage.

These policies provide flexible policy loans, accelerated death benefits, and guaranteed refund option riders.

Life Protection Advantage is their most popular form of permanent coverage because of its affordability and long-term guarantees.

2. Income Advantage IUL

Income Advantage emphasizes cash accumulation which can potentially produce more retirement income than Life Protection Advantage.

Cash value performance is tied to the performance of a selected market index with downside protection to prevent you from ever losing money.

Income advantage has its place for those looking to accelerate returns but lacks a no-lapse rider found with Life Protection Advantage.

Universal Life Buyer’s Tip

If you need affordable lifetime coverage, always buy guaranteed universal life because very little money is allocated toward building savings inside your policy.

Since United of Omaha’s universal coverage is primarily designed for cash accumulation, they are often more expensive than many competitors.

Pacific, Penn Mutual, American General, and Protective have excellent permanent coverage if you are looking for cheaper alternatives.

CNBC just ranked Pacific number one on its annual review of the top universal life insurance companies.

Mutual of Omaha Insurance Riders

Life insurance riders are add-ons to a life insurance policy that can provide extra coverage for an additional cost.

Each kind of Mutual of Omaha life insurance policy has its own unique riders that should be discussed with your insurance agent.

Waiver of Premium: If you become disabled and unable to pay your premiums, the waiver of premium rider ensures your policy remains in force until you can resume making payments.
Accelerated Death Benefit: If you are diagnosed with a terminal illness, this rider will pay the death benefit before your death if you face a qualifying terminal illness.
Child Rider: An optional rider that provides up to a small death benefit for one or more children in the family.
Additional Insured Term Rider: Provides additional death benefit for up to four other individuals named on the policy.
Chronic Illness Rider: If you develop a chronic illness, you may be able to access some of their death benefits during your lifetime.
Critical Illness Rider: Allows early access to death benefits upon critical illness diagnosis.
Long-term Care Rider: The long-term care rider offers early access to your death benefits to cover nursing home costs.
Disability Rider: Provides a monthly benefit if you become totally disabled.
Lapse Protection Rider: Protects against policy lapses when borrowing against your policy.
Guaranteed Insurability Rider: This insurability rider provides the option to increase coverage upon eligible life events.

Mutual of Omaha Review

Before choosing an insurance company, you must determine whether you need term, whole, or universal life insurance.

You can get some United of Omaha term and whole life insurance quotes online, but in most cases, you will need to interact with a licensed agent to buy a policy.

If you want to get the best term insurance rates, we recommend buying Term Life Answers which requires a medical exam.

Term Life Answers is a competitively priced term portfolio with various riders for customization, and you can purchase substantial death benefits.

Time-crunched buyers can secure up to $300,000 without doing a medical exam with Term Life Express.

However, Term Life Express is more expensive than other no-exam companies like William Penn, Pacific Life, and Lincoln Financial.

Living Promise whole-life can be a good fit for those with health issues or seniors needing coverage for their final expenses.

If you need lifetime protection, we recommend Lifetime Protection Advantage because the death benfit can be guaranteed for an an extended period of time.

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Mutual of Omaha Life Insurance Underwriting

United of Omaha reviews your age, gender, smoking, overall health, and family history to establish the cost of your policy.

Mutual of Omaha’s underwriting is usually fair for most people treated for minor medical conditions.

For instance, you can qualify for their best rates with high cholesterol and blood pressure, even when your condition is controlled with medication.

United of Omaha tends to be expensive life insurance for cigarette smokers but, ironically, is affordable for occasional cigar and marijuana users.

Overweight people and those treated for mild sleep apnea and asthma can often qualify for excellent rates.

United of Omaha is an excellent choice for high-risk occupations like pilots and those with dangerous hobbies like scuba diving.

United of Omaha is one of the only insurers offering coverage that is priced based on your current age, making them cheaper than many competitors.

Many insurance companies use your closest age when calculating your premiums, increasing the premium paid over the life of your policy.

If you have a pre-existing medical condition, shopping around and evaluating plans from multiple insurers to get the best offer is beneficial.

Using our calculator, you can compare Mutual of Omaha life insurance rates with other insurance companies without speaking with an agent.