Mutual of Omaha Disability Insurance Review

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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 Oct 5th 2017