Mutual of Omaha Life Insurance Review

Mutual of Omaha, an A+ rated company founded in 1909, offers competitive underwriting for a range of health conditions, including high limits for accelerated death benefits

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Overview

Mutual of Omaha, an A+ rated company founded in 1909, offers competitive underwriting for a range of health conditions, including high limits for accelerated death benefits, allowing those who have been diagnosed with terminal illness to access a portion of their policy’s death benefit while still alive.

Financial Strength

  • Founded: 1909
  • Policyholders: 507,000
  • A.M. Best: A+
  • BBB Rating: A+
  • J.D. Power: 4 of 5

Accolades

Mutual of Omaha was named one of "America's Best Employers" in Forbes magazine's 2015 list, ranking #29 out of 500 companies. The poll asked employees at large companies how likely they were to recommend their employers to others compared to other companies in the same industry.

Finding the best rates

Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Mutual of Omaha treats a variety of common health conditions from an underwriting perspective.

Pricing for health conditions

HEALTH CONDITIONPRICING
Survivor/Family HistoryExcellent
Recent Weight LossGood
Heart AttackGood
DiabetesGood
Sleep ApneaExcellent
Former Tobacco UseFair
High Blood PressureGood
High CholesterolGood
  • Excellent - Above average; company provides excellent coverage for clients with this condition.
  • Good - Spot on; company doesn’t look at this condition unfavorably in underwriting.
  • Fair - Could use some work; clients with this condition may be issued a lower health rating, and subsequently higher rates than other insurers.

Compare Mutual of Omaha to other top carriers

Find head-to-head comparisons of Mutual of Omaha and other top-rated life insurance companies to help you make the right decision.

Mutual of Omaha Company Details

Mutual of Omaha has a slower than average application turnaround time. Once you have your policy, you cannot update any of your information online. Mutual of Omaha makes up for it by including high benefits for the accelerated death benefit, which allows you to take money out of your policy to pay for charges related to a terminal illness.

How's the application process?

Carrier review 4 star ratings

Pros

  • Electronic application
  • Average number of application forms
  • Faster than average application approval

Cons

  • Policy delivery by mail

How's the customer service?

Carrier review 4 star ratings

What you can do online

  • N/A

What you can’t do online

  • Changing address or payment info, or policy cancellation, requires a phone call (Note: Online changes to address, payment, or policy available with Living Promise plan)
  • Updating beneficiaries requires paper forms or phone call

Mutual of Omaha Term Life Plan Details

Common features

All term life policies offered on our site provide life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:

  • Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
  • Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
  • Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
  • No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
  • No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
  • Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
  • Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

Cost comparison

Quote for: $500,000, 20-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums

COMPANYPLANMALE - AGE 30MALE - AGE 40MALE - AGE 50FEMALE - AGE 30FEMALE - AGE 40FEMALE - AGE 50
AIGSelect-a-Term$21.11$30.62$79.93$18.08$28.46$59.60
AIGROP Select-a-Term$91.21$150.77$281.97$75.80$124.95$261.56
Banner LifeOPTerm$21.44$32.38$94.07$18.19$26.60$58.62
John HancockTerm$26.95$34.65$81.70$24.20$34.00$78.99
Lincoln FinancialLifeElements$28.44$38.94$78.75$23.63$30.63$58.63
Lincoln FinancialTermAccel$21.00$29.75$78.75$17.94$25.81$57.31
Mutual of OmahaTerm Life Answers$21.66$33.47$85.53$23.41$28.66$64.09
Pacific LifePacific PROMISE Term$20.84$29.59$77.09$19.18$26.68$61.67
PrincipalTerm$22.75$31.94$79.63$20.04$27.56$59.24
ProtectiveCustom Choice UL$20.37$28.91$76.82$17.93$25.25$55.75
ProtectiveClassic Choice Term$20.21$28.38$75.68$17.63$25.94$55.47
PrudentialTerm Essential$34.20$43.65$88.65$27.90$38.70$76.95
PrudentialReturn of Premium Term$101.00$143.62$291.99$88.12$130.04$253.37
SBLILevel Premium Term$21.32$40.05$96.06$24.48$34.71$65.87
TransamericaTrendsetter Super$22.36$37.85$79.12$18.06$30.96$62.78
TransamericaTrendsetter LB$24.95$38.27$92.89$20.65$34.84$73.11

Term Life Answers

Unique features

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  • Competitive underwriting for a range of health conditions
  • Wide selection of riders available to personalize your coverage
  • High limits for accelerated death benefit for terminal illness

Details

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  • Annual Payment Discount - 5%
  • Payment methods available - Check; Auto bank draft
  • Is coverage available without a medical exam? - No
  • What is the rule for converting the policy? - The 10-year policy may be converted any time up to age 75. Policies issued at age 74 or 75 have a 2-year conversion window. The 15 and 20-year term policies can be converted before age 75. Term Life Answers 30 may be converted in the first 20 policy years.
  • Is temporary coverage available? - Yes, up to $1,000,000.

Available riders

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Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • Child Protection Rider - Provides life insurance coverage for all eligible children. Covers all current & future dependent children (ages 15 days - 20 years old) in one rider. Available coverage of $1,000 - $10,000.
  • Other Insured Rider - Covers one other person with the same terms of the base policy. Premium is based on the age and face amount of the other insured person.
  • Disability Waiver of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 6 month waiting period).
  • Unemployment Waiver of Premium Rider - If you become unemployed, you will not have to pay premiums for up to 6 months (after a waiting period of 4 weeks).
  • Accelerated Death Benefit Rider - I you are diagnosed with a terminal illness with less than 12 months to live, you can access up to 80% or $1 million of the policy's death benefit (whichever is less).
  • Accidental Death Benefit Rider - Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

Mututal of Omaha Simplified Issue Life Plan Details

Sample quotes

Quote for: $200,000 in coverage for a PI in California, non-tobacco user with no health complications, monthly premiums, and no medical exam required.

COMPANYPLANMALE - AGE 30MALE - AGE 40MALE - AGE 50FEMALE - AGE 30FEMALE - AGE 40FEMALE - AGE 50
Liberty MutualPassport Term - Simplified Issue$33.75$55.13$144.67$25.20$42.53$107.78
Mutual of OmahaTerm Life Express$35.96$64.44$139.37$34.18$60.88$131.19
SBLILevel Premium Term$13.57$19.07$43.00$12.02$17.98$34.05
TransamericaTrendsetter LB$46.28$79.65$155.84$37.68$63.82$119.89

Term Life Express

Unique features

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  • Fast-track eligible. No medical exam required; policies issued at Standard Tobacco or Substandard Nontobacco underwriting classes; qualifying applicants must be between age 18-50, for policy amounts between $25,000-$300,000 (up to $250,000 for ages 51-65)
  • Competitive underwriting for a range of health conditions
  • Wide selection of riders available to personalize your coverage
  • High limits for accelerated death benefit for terminal illness
  • Fast track eligible for qualifying applicants

Details

View
  • Annual Payment Discount - 5%
  • Payment methods available - Check; Auto bank draft (for monthly payments only)
  • Is coverage available without a medical exam? - Yes, up to $300k max ($250k for ages 51-65)
  • What is the rule for converting the policy? - The 10-year policy may be converted any time up to age 75. Policies issued at age 74 or 75 have a 2-year conversion window. The 15 and 20-year term policies can be converted before age 75. Term Life Answers 30 may be converted in the first 20 policy years.
  • Is temporary coverage available? - Yes, up to $100,000.

Available riders

View

Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • Child Protection Rider - Provides life insurance coverage for all eligible children. Covers all current & future dependent children (ages 15 days - 20 years old) in one rider. Available coverage of $1,000 - $10,000.
  • Other Insured Rider - Covers one other person with the same terms of the base policy. Premium is based on the age and face amount of the other insured person.
  • Disability Waiver of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 6 month waiting period).
  • Unemployment Waiver of Premium Rider - If you become unemployed, you will not have to pay premiums for up to 6 months (after a waiting period of 4 weeks).
  • Accelerated Death Benefit Rider - I you are diagnosed with a terminal illness with less than 12 months to live, you can access up to 80% or $1 million of the policy's death benefit (whichever is less).
  • Accidental Death Benefit Rider - Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

Term Life Express with ROP

Unique features

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  • Refund of premiums - If the insured outlives the policy's term, then the premiums paid will be refunded. Think of it as "money-back" term life insurance.
  • Fast-track eligible. No medical exam required; policies issued at Standard Tobacco or Substandard Nontobacco underwriting classes; qualifying applicants must be between age 18-50, for policy amounts between $25,000-$300,000 (up to $250,000 for ages 51-65)
  • Competitive underwriting for a range of health conditions
  • Wide selection of riders available to personalize your coverage
  • High limits for accelerated death benefit for terminal illness
  • Fast track eligible for qualifying applicants

Details

View
  • Annual Payment Discount - 6%
  • Payment methods available - Check; Auto bank draft (for monthly payments only); Credit card payment can be called in for quartly, amiannualy, or annual payments.
  • Is coverage available without a medical exam? - Yes
  • What is the rule for converting the policy? - The 10-year policy may be converted any time up to age 75. Policies issued at age 74 or 75 have a 2-year conversion window. The 15 and 20-year term policies can be converted before age 75. Term Life Answers 30 may be converted in the first 20 policy years.
  • Is temporary coverage available? - Yes, up to $100,000.

Available riders

View

Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • Child Protection Rider - Provides life insurance coverage for all eligible children. Covers all current & future dependent children (ages 15 days - 20 years old) in one rider. Available coverage of $1,000 - $10,000.
  • Other Insured Rider - Covers one other person with the same terms of the base policy. Premium is based on the age and face amount of the other insured person.
  • Disability Waiver of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 6 month waiting period).
  • Unemployment Waiver of Premium Rider - If you become unemployed, you will not have to pay premiums for up to 6 months (after a waiting period of 4 weeks).
  • Accelerated Death Benefit Rider - I you are diagnosed with a terminal illness with less than 12 months to live, you can access up to 80% or $1 million of the policy's death benefit (whichever is less).
  • Accidental Death Benefit Rider - Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

Mutual of Omaha Whole Life Plan Details

Common features

This policy is a final expense whole life policy and provides coverage for the duration of your life. Key features of this policy include:

  • Fixed premiums - once you’ve been approved, the cost of the policy (the premium you pay) can never change.
  • No medical exam required - you will not be asked to undergo a medical exam or to visit any laboratory for tests for underwriting.
  • No expiration date - whole life policies don’t expire. Your policy will last as long as you continue to pay the premiums on time.
  • Best price guarantee - the cost of this policy, for a given coverage amount and customer, will always be the same regardless of who you buy it from. Prices are government-regulated, and based on underwriting tables the insurer files with state agencies.
  • Cancel at any time - you can cancel at any time if you decide you don’t want the policy anymore. The insurer, however, can never cancel your policy as long as you pay the premiums on time.

Cost comparison

Quote for: $20,000, whole life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums.

COMPANYPLANMALE - AGE 50MALE - AGE 60MALE - AGE 70FEMALE - AGE 50FEMALE - AGE 60FEMALE - AGE 70
AIGGuaranteed Issue$101.85$124.33$184.28$69.66$88.27$138.83
Mutual of OmahaLiving Promise$55.11$82.31$144.20$46.14$62.53$103.28
TransamericaFinal Expense$59.42$85.58$147.27$48.60$65.40$105.94

Living Promise

Unique features

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  • Fast-track eligible.
  • No medical exam or APS, coverage is based on your answers to a few simple health questions.
  • Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider is the face amount of your policy minus a 6% charge.

Details

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  • Annual Payment Discount - 6%
  • Payment methods available - Check; Auto bank draft; Credit card only for first payment
  • Is coverage available without a medical exam? - Yes, up to $40,000
  • What is the rule for converting the policy? - N/A
  • Is temporary coverage available? - N/A

Available riders

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Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • Accelerated Death Benefit Rider - Allows the owner a one-time election to receive the Accelerated Benefit if the insured meets specific health conditions.
  • Accidental Death Benefit Rider - This Rider provides an additional death benefit equal to the policy’s face amount if the death of the insured results from accidental bodily injury and independently of sickness and all other causes.