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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.

Our Take

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.

Financial Strength

Founded

1909

PolicyholderstooltipThis is how many active US life insurance customers this company insures.

507,000

AM BesttooltipA.M. Best is an independent rating agency that evaluates the financial strength of insurance companies. Ratings as of May 2016, on a scale from A++ to D.

A+

BBB RatingtooltipBetter Business Bureau (BBB) is a non-profit that collects consumer feedback on businesses around the country.

A+

JD PowertooltipJ.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior.

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 plan details

Unique features

  • 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

When applying

How's the application process?

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Pros

  • Electronic application
  • Average number of application forms
  • Faster than average application approval (28 days)

Cons

  • Policy delivery by mail

After you're a policyholder

How's the customer service?

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What you can do online

  • N/A

What you can't do online

  • Changing address requires a phone call
  • Changing payment info requires a phone call
  • Policy cancellation requires a phone call
  • Updating beneficiaries requires paper forms

Sample quotes

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

Details

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

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

  • checkmarkChild Protection RidertooltipCovers all current & future dependent children (ages 15 days - 20 years old) in one rider. Available coverage of $1,000 - $10,000.

    Provides life insurance coverage for all eligible children.

  • checkmarkOther Insured RidertooltipCovers one other person with the same term of the base policy; premium is based on the age and face amount of the other insured person.

    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.

  • checkmarkDisability Income RidertooltipWaives premium if you become totally disabled (after a waiting period of 6 months).

    If you become totally disabled as a result of a qualifying event, you will not have to pay premiums for a fixed period of time.

  • checkmarkUnemployment Waiver of Premium RidertooltipWaives premium for up to 6 months if you become unemployed (after a waiting period of 4 weeks).

    If you become unemployed, you will not have to pay premiums for a limited period of time.

  • checkmarkAccelerated Death Benefit RidertooltipI 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).

    Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness.

  • checkmarkAccidental Death Benefit RidertooltipPays an additional death benefit if the cause of death is due to an accident.

    Pays an additional death benefit on top of the base policy's death benefit if the death resulted from qualifying accidental injuries.

Common features

This policy, like all term life policies offered on our site, provides 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.

The review on this page is only for this company's term life insurance products.

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50 West 23rd Street, Floor 9

New York, NY 10010

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Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET

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