From United of Omaha Life Insurance Company, a Mutual of Omaha CompanyWish you could add up to $25,000 to your family's financial safety net? Now you can—with no medical exam—GUARANTEED! Show
You can now easily add $3,000 … $5,000 … $10,000 … up to $25,000 in life insurance to your family's financial protection.
This coverage offers two important guarantees that deliver exceptional value: 1. Your benefits NEVER decrease due to age or changes in your health 2. Your rates NEVER go up because you get older or develop health problems. You can apply for this whole life insurance policy if you are age 45 to 85 and your acceptance is guaranteed. Help reinforce your family's financial safety net today with up to $25,000 in benefits. For more information or to apply online, click here. Note: Not available in all states. Underwritten by United of Omaha Life Insurance Company, Mutual of Omaha Plaza, Omaha, NE 68175. This policy has exclusions, limitations, and reductions. United of Omaha Life Insurance Company is licensed nationwide, except in New York. Policy Form ICC11L059P or state equivalent (7780L-0505 in FL). AFN44902 Pros Explained
Cons Explained
Complaint IndexMutual of Omaha received about the number of complaints that would be expected based on its market share, according to the National Association of Insurance Commissioners (NAIC). The organization publishes a complaint index to help consumers compare the number of complaints that different-sized companies receive. For example, a very large company is likely to receive more complaints than a smaller company simply because it has more customers. But that doesn’t necessarily mean those customers are less satisfied. The NAIC complaint index essentially removes size from the equation so you can compare the complaint records of different-sized companies. If a company received an expected number of complaints for its size, its index is 1.0. An index of less than 1 means that the company received fewer complaints than expected. The lower the number, the better. We researched Mutual of Omaha’s NAIC complaint index over three years and came up with an average complaint index of 1.067. That’s not bad, but it’s not as good as many of the top carriers that it competes with on our list of best life insurance companies. Third-Party RatingsSince financial stability and customer satisfaction are two pillars of a life insurance company’s reliability, we consider the analysis of industry experts when it comes to both. The ratings agency AM Best gives Mutual of Omaha an A+ for financial stability, which is the second-highest rating and means the company has a “superior” ability to take care of its contractual insurance obligations, like paying claims. AM Best has been rating the financial strength of life insurance companies since 1899 and uses letter grades that range from A++ to D. Mutual of Omaha also does well when it comes to customer satisfaction, ranking No. 5 out of 21 major life insurance companies in the 2021 J.D. Power Individual Life Insurance Study. Mutual of Omaha scored 795 points out of a possible 1,000, while the No. 1 company (State Farm) scored 822 points. Competition
An NAIC complaint index of 1.0 means the company received an expected number of complaints based on its size. An index greater than 1.0 means it received more complaints than expected; less than 1 means it received fewer complaints than expected. The lower the number, the better. Policies AvailableChronic, critical, and terminal illness riders are included free of charge on Mutual of Omaha’s Term Life Express and IUL Express policies. Most other policies include chronic and terminal illness riders at no additional cost. Term Life InsuranceIf you need affordable and temporary life insurance coverage, term life insurance may be a good fit. Term insurance guarantees that your beneficiaries will receive a death benefit if you die during the policy term, such as 30 years. Both Mutual of Omaha term products offer 10-, 15-, 20-, and 30-year terms. Both are also convertible term policies, which means you can convert your term coverage to a permanent life insurance policy without having to go through the underwriting (application) process.
Universal Life InsuranceUniversal life (UL) insurance is designed to last for your entire life and builds a tax-advantaged cash value within the policy over time. Permanent policies typically are more expensive than term, but you may be able to borrow or make withdrawals from the cash value.
Most permanent policies have a surrender period, during which time you’ll pay a surrender charge for withdrawing from the cash value or canceling the policy. Ask how long the surrender period is on any permanent life insurance you might buy. Indexed Universal Life InsuranceIndexed universal life (IUL) policies are a type of UL policy in which the cash value is tied to a stock market index, such as the S&P 500. IUL policies are not directly invested, but gains credited to the account are based on the performance of the index the account is tied to—subject to caps and floors. For example, if an index returns 10%, the account might be credited 8% due to a cap; if the index has a negative return, the cash value would not be credited anything less than 0% (the floor for many IUL policies). IUL policies are considered more risky than regular UL policies because cash value returns may not be enough to offset policy expenses. However, they’re less risky than variable universal life (VUL) policies, which are invested in the market and can have returns below 0%. Mutual of Omaha has two Indexed universal life insurance policies:
Some people use permanent insurance policies to build a tax-advantaged cash value in order to supplement their retirement income. But withdrawing or borrowing too much can potentially cause the policy to lapse. Whole Life InsuranceWhole life insurance is a type of permanent life policy that guarantees the death benefit and cash value for life as long as the specified premium is paid. Mutual of Omaha offers a children’s whole life policy.
Final Expense or Burial InsuranceThis is a type of whole life policy that is often referred to as final expense insurance, burial insurance, or funeral insurance because it provides a small death benefit for older applicants. Mutual of Omaha offers a guaranteed issue whole life policy, which means you won’t be denied coverage based on your health. As a result, there are no health questions, no medical exam, and coverage is more expensive per dollar of coverage than other types of life insurance that consider your health when setting your premium.
Available Riders
If you take part of the death benefit early via an accelerated death benefit rider, the benefit your beneficiaries receive will be reduced by that amount. Customer ServiceCustomer service is available by phone at 877-202-2676 from 8:30 a.m. to 4:30 p.m. Central time. You can also fill out a form to receive a response by phone or email, or utilize a virtual assistant that can connect you with an agent for live chat. If you’d prefer to speak with a local agent, you can find one by entering your ZIP code into the agent-finder tool. PriceMutual of Omaha’s term prices neither impressed nor alarmed us. They were exactly average. Whenever quotes are available for term policies for the dozens of companies we review, we gather quotes for males and females in excellent health aged 25, 40, and 55 years old looking for 30-year $250,000 term policies. Considering that Mutual of Omaha provides up to three living benefit riders on its term policies, along with optional disability income and return of premium features, the cost could represent a good value if these features are important to you. Is Mutual of Omaha Right for Me?Whether Mutual of Omaha is the best life insurance company for you depends on what you need. If you’re in the market for a disability income rider or ROP term policy, Mutual of Omaha is one of only a few options available, and likely an excellent choice since it ranks highly for both financial stability and customer satisfaction. And if you’re interested in an IUL, UL, or guaranteed issue whole life policy, the company is definitely worth a look. But if you want a VUL policy or a traditional whole life policy, you’ll need to look elsewhere. Also, if you prefer no-exam options that are as cheap as policies that require an exam, you should look to another carrier that offers an “accelerated” underwriting process. Our Methodology: How We Review Life Insurance CarriersWe designed a comprehensive rating methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost. In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall. To learn more, read our full Life Insurance Methodology. Can you get a life insurance policy for over a million without a medical exam in Canada?There are two main types of life insurance available in Canada: term life insurance and permanent life insurance. These two types of policies are both available with no medical examination.
Does Mutual of Omaha life insurance have a waiting period?The first-day coverage option
Mutual of Omaha Living Promise has two health ratings. There is a level death benefit and a graded death benefit. It does not have a waiting period if approved for the level benefit. You are fully insured from the very first day.
What type of life insurance is best for seniors?A guaranteed issue life insurance policy is often the best option for seniors in poor health. This is a type of life insurance that does not require a medical exam or answer any health questions, and you can't be turned down in any case.
What is Mutual of Omaha guaranteed universal life?Universal life is permanent, flexible insurance coverage. It includes the opportunity to adjust the premium and the death benefit, as well as accumulate cash value on a tax-deferred basis.
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