Mutual of Omaha is one of the more premiere life insurance companies in the United States, and has been for a long time. For more than a century, Mutual of Omaha has been helping people find appropriate insurance all across America. Keep reading to find our more.
Our Mutual of Omaha Life Insurance Company Review
Started 106 years ago in 1909, Mutual of Omaha was then named Mutual Benefit Health & Accident Association. Within just a decade, they would combine their efforts with Omaha Health & Accident Association, which would allow them to adopt more than 3,000 new clients. Over the next 30 years, they would expand into almost all 50 states, beginning Companion Life Insurance Company as their brand for New York.
In 1950, the company institutes its new name, Mutual of Omaha, and its new logo to create the brand we still know today. In 1997, they first went live onto the internet with a website, and would later be on the cutting edge of insurance technology, allowing online applications for both medicare supplements and life insurance.
Mutual of Omaha, and their subsidiaries, continue to be on the forefront of technology and insurance innovation.
Today, Mutual has started off the year with more than 3.5 million customers, a $2.8 billion surplus, and total assets approaching $35 million. These numbers are representative of the company’s growth, their stability in the current marketplace, and the potential they have for the future.
If these numbers weren’t solid enough, they have excellent ratings from three of the four major rating agencies. They have secured an “A+” from A.M. Best, an “A1” from Moody’s, and finally, an “AA-” from Standard & Poor’s.
This results in a top tier Comdex score of 93. These are some of the highest marks in the industry, leading us to consider them for our list of 10 overall best life insurance companies of 2017.
Life Insurance Products Available
Choosing Mutual of Omaha as your life insurance provider gives you a nice array of life insurance products, including
- Indexed Universal
Under the term life choices, you have can pick between two:
- Term Life Direct
- Term Life Answers®
They are distinctly different, with little overlap, so you’ll know which is right for you without much trouble.
The Term Life Direct, for example, is only available up to $100,000 (with a $25,000 minimum), is a simplified issue product, and has no conversion privileges. The death benefit is structured as a term life to age 80.
Mutual of Omaha is one of just a handful of carriers who offer no exam coverage.
On the other hand, the Term Life Answers® product is only available for death benefits above $100,000, requires full underwriting, and is convertible to more permanent products, show below. It can also be purchased in 10 year, 15 year 20 year, and 30 year options.
You’ll have a little more freedom of choice among Mutual of Omaha’s universal line up, with four options:
- Guaranteed Universal Life
- Guaranteed Universal Life Express
- Income AdvantageSM IUL
- AccumUL Plus
Based on what your’e looking to accomplish, each is going to be suitable in a number of uses.
If you want strictly death benefit with some guarantees, the Guaranteed Universal Life from Mutual of Omaha is your best bet. It’s going to be the cheapest way to get permanent, lifelong coverage.
The Guaranteed Universal Life Express is very similar, though there are two distinct differences. The maximum age of an applicant is 65 (instead of 85), and there is no medical exam or blood test. With options for slightly lower death benefits and faster underwriting, it may be an option for you to lock in your rate with haste.
If you aim for a little more performance from your life insurance, by way of increase cash accumulation potential, take a look at the Income AdvantageSM IUL and the AccumUL Plus. Whether you like the idea of increased gains by tying your cash portion to the market indices, or the prospect of your policy paying you pay later, while you’re still alive, either one may suitable.
There are essentially three different whole life plans from Mutual of Omaha, with the third being strictly for children. They are:
- Whole Life Guaranteed (Direct)
- Whole Life Guaranteed
- Whole Life Express®
- Children’s Whole Life (Direct)
- Children’s Whole Life
The Whole Life Guaranteed policies are, like the name clearly implies, guaranteed issue. In other words, there aren’t any health questions, exams, or other underwriting required. If you meet the minimum standards of age and death benefit, you’re covered. The drawback, however, are how they are paid out; expect a partial or no payout in the first few policy years.
Whole Life Express® is slightly different, because it isn’t fully guaranteed issue. It is simplified, so there’s no exam, but there is more underwriting than the above. You trade an exam for the ability to have the policy payout much quicker, should something happen to you early on.
Finally, the Children’s Whole Life is for any child two weeks old, up to the age of 17. This is one of the most competitive, and highly valued products available for children, so if this is your aim, you’ll be very satisfied with Mutual of Omaha.
There is also a rider allowing you to expand this to $250,000 over the child’s life, without ever requiring medical information.
Other Products From Mutual Of Omaha
They also have medicare supplements, long term care insurance, disability insurance, critical illness insurance, and more.
For those considering investments, you’ll have your choice of mutual funds, variable annuities, and even 529 plans to help you children prepare for college.
Mutual of Omaha, United of Omaha, and Companion, respectively, have an excellent standing within the life insurance industry, and it looks like they are here to stay.
The Guaranteed option is very competitive to the likes of Gerber, UHL, and others, while the Children’s Life is a popular choice allowing up to $50,000 in permanent death benefit. While their term isn’t the cheapest, it can complete your portfolio at one place if you choose to have your life insurance all with one carrier.
With over 100 years in the business, multiple lines of coverage, and nationwide presence they are able to complement their already high performing products.
|Company Name (and Subsidiaries)||Mutual of Omaha Insurance Company|
Mutual of Omaha Life Insurance Company
United of Omaha Life Insurance Company
Companion Life Insurance Company (NY)
|Company Ratings||A.M. Best (A+)|
Moody’s Investors Services (A1)
Standard & Poor’s (AA-)
|Headquarters (Address, Phone, Web)||Mutual of Omaha Plaza|
Omaha, Nebraska 68175
|Policy Types Available||Term|