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
| Founded | 1909 |
|---|---|
| A.M. Best rating | A+ |
| BBB rating | A+ |
| Company info | “During these uncertain economic times, Mutual of Omaha is strong, stable, secure and ready to meet your insurance and financial needs.” |
Ratings
| Evaluation | 3.5/5 - Mutual of Omaha offers a strong contract with great underwriting, designed to protect all occupations. |
|---|---|
| Contract | 4/5 |
| Application process | 2/5 |
| Customer service | 4/5 |
| Underwriting | 4/5 |
Base Policy Details*
| Product name | Choice |
|---|---|
| Elimination period | 60 days, 90 days, 180 days, 365 days |
| Benefit period | 2 year, 5 year, 10 year, Age 67 |
| Definition of disability | Two-year Own Occupation, then Any Occupation |
| Guarantee | Guaranteed Renewable |
| Partial/residual disability | Basic Partial Disability |
Built-in Features*
| Proportionate Disability Benefit | Pays a partial benefit if you experience a loss of income due to injury or illness. |
|---|---|
| Survivor Benefit | A lump sum benefit paid if insured dies while disabled. |
| Terminal Illness Benefit | Option to accelerate 12 months of payments if diagnosed with a terminal illness while disabled. |
| Presumptive Total Disability | Presumes total disability if you lose sight, hearing, speech, hands, or feet. No elimination period and full benefit paid regardless of employment. |
| Waiver of Premium | No premiums once claim is approved. |
| Transplant Benefit | Pays a benefit if disability arises out of transplant. |
| Rehabilitation Benefit | Vocational training and education to help return to work. |
Additional Riders Available*
| Extended Own Occupation Disability | Extends the True Own Occupation definition of disability beyond two years. |
|---|---|
| Future Insurability Benefit | Allows future increases to the coverage without evidence of medical insurability. |
| Extended Proportionate Disability Benefit | Extends the partial disability benefit beyond two years. |
| Cost of Living Adjustment | Increases the monthly benefit while on claim. |
| Social Insurance Supplement | Part of the monthly benefit could be reduced if you qualify for social security disability. |
| Return of Premium | Refunds a portion of the premiums paid, net of the benefits paid out, when the policy is terminated. |
| Critical Illness Benefit | Pays an additional lump sum if disability is caused by a critical illness. |
| Accident Medical Expense Benefit | Reimbursement for medical expenses caused by accidents. |
| Hospital Confinement Indemnity Benefit | Reimburses 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
50 West 23rd Street, Floor 9
New York, NY 10010
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Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET
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