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Mutual of Omaha Disability Insurance Review

Mutual of Omaha, a privately-held Fortune 500 mutual insurer, offers disability insurance designed to protect people in all occupations.

Basics

Founded1909
A.M. Best ratingA+
BBB ratingA+
Company info“During these uncertain economic times, Mutual of Omaha is strong, stable, secure and ready to meet your insurance and financial needs.”

Ratings

Evaluation3.5/5 - Mutual of Omaha offers a strong contract with great underwriting, designed to protect all occupations.
Contract4/5
Application process2/5
Customer service4/5
Underwriting4/5

Base Policy Details*

Product nameChoice
Elimination period60 days, 90 days, 180 days, 365 days
Benefit period2 year, 5 year, 10 year, Age 67
Definition of disabilityTwo-year Own Occupation, then Any Occupation
GuaranteeGuaranteed Renewable
Partial/residual disabilityBasic Partial Disability

Built-in Features*

Proportionate Disability BenefitPays a partial benefit if you experience a loss of income due to injury or illness.
Survivor BenefitA lump sum benefit paid if insured dies while disabled.
Terminal Illness BenefitOption to accelerate 12 months of payments if diagnosed with a terminal illness while disabled.
Presumptive Total DisabilityPresumes total disability if you lose sight, hearing, speech, hands, or feet. No elimination period and full benefit paid regardless of employment.
Waiver of PremiumNo premiums once claim is approved.
Transplant BenefitPays a benefit if disability arises out of transplant.
Rehabilitation BenefitVocational training and education to help return to work.

Additional Riders Available*

Extended Own Occupation DisabilityExtends the True Own Occupation definition of disability beyond two years.
Future Insurability BenefitAllows future increases to the coverage without evidence of medical insurability.
Extended Proportionate Disability BenefitExtends the partial disability benefit beyond two years.
Cost of Living AdjustmentIncreases the monthly benefit while on claim.
Social Insurance SupplementPart of the monthly benefit could be reduced if you qualify for social security disability.
Return of PremiumRefunds a portion of the premiums paid, net of the benefits paid out, when the policy is terminated.
Critical Illness BenefitPays an additional lump sum if disability is caused by a critical illness.
Accident Medical Expense BenefitReimbursement for medical expenses caused by accidents.
Hospital Confinement Indemnity BenefitReimburses for hospital rooms for injuries due to an accident.

*Subject to availability based on individual applicant’s personal profile.

Last updated on Mar 19th 2018

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