Mutual of Omaha Life Insurance Review In 2023
Posted in Life Insurance last updated on February 8, 2023Fill out our quoter to apply and compare 15+ life insurance companies’ quotes, including Mutual of Omaha.
Mutual of Omaha Life Insurance Review
Summary
Mutual of Omaha is a very well known life insurance company with great life insurance rates. They also have great customer service and a wide variety of life insurance products to meet your needs.
Mutual of Omaha may be well known, but what kind of life insurance products do they have?
And are they a good deal compared to others?
This review will go over all of their current life insurance products and our independent recommendations.
You can also see quotes and apply from many companies by filling out our quoter.
Table Of Contents
- Term Life Answers
- Term Life Express
- Mortgage Protection
- Living Promise
- Children’s Whole Life
- Accidental Death
- Income Advantage/Life Protection
- Life Insurance For Seniors
Mutual Of Omaha Term Life Insurance
Mutual of Omaha has two types of term life insurance. One requires a medical exam and one does not.
Term Life Answers
Term Life Answers is Mutual of Omaha’s full underwritten term life insurance policy. This policy requires a medical exam and records from any different doctors and physicians you see.
However, because of this, this fully underwritten product can be cheaper than other types of term life insurance.
You will find it hard to find better rates per thousand in coverage than Mutual of Omaha’s Term Life Answers.
Term Life Express
Term Life Express is simplified issue, meaning it does not require a medical exam and is approved usually within a few business days.
However, you cannot have any serious medical conditions.
While things like diabetes and high blood pressure are acceptable, many more serious conditions will be automatically declined.
Term Life Express is great for young people who need quick coverage. However, for older folks, specifically over 60, this product can be a little expensive.
Mutual of Omaha Mortgage Protection
Either Term Life Answers or Term Life Express can be used for mortgage protection.
Both will pay off the mortgage and come with living benefits to pay for expenses while still living if you are ever diagnosed with chronic or terminal illnesses.
They also come with unemployment riders if you are ever unemployed. This can be very beneficial for people still working.
Mutual Of Omaha Whole Life Insurance
Mutual of Omaha has two types of whole life insurance. One is for seniors and the other is for kids up to 17.
Living Promise (For Seniors)
Living Promise is Mutual of Omaha’s burial insurance, or final expense whole life product. It is for ages 45-85 and accepts most people.
These types of plans are made primarily for final expenses, or a final gift to family members. For this product, Mutual of Omaha has the absolute lowest rates in the final expense whole life insurance market we have seen. You cannot go wrong with this product.
Children’s Whole Life
This product is Mutual of Omaha’s child policy, to lock in great coverage for them while still young and it is cheap.
You can get up to $50,000 locked in for a child and it comes very cheap.
Furthermore, rates will never go up, locking in low rates while they’re young.
Mutual Of Omaha Accidental Death Insurance
Accidental death insurance is something all of the other policies on this page automatically come with, however, if you want to buy additional standalone you can through Mutual of Omaha.
Accidental death policies are only paid out in the event of an accident.
Ie., not a health related sickness.
These policies can be good for people who don’t qualify for other types of insurance or who just want more accidental death coverage.
Mutual of Omaha’s accidental death policies are very cheap.
Mutual Of Omaha Indexed Universal Life Insurance
Mutual of Omaha has a few policies for people looking into indexed universal life insurance.
Income Advantage/Life Protection Advantage
These two policies are fully underwritten and are meant for people looking to accumulate cash value over time either for retirement or for those who need a long term death benefit.
While $100,000 is the minimum for these policies, you can get many millions in coverage if you need it.
However, since they are fully underwritten, they do require a medical exam and can take a while to get approved. Most people who choose these policies are on the younger side.
Indexed Universal Life Express
This Mutual of Omaha product is a simplified issue product that was a quick approval time and no medical exam.
However, there is a max of $150,000-$300,000 depending on your age.
These are good for people who don’t need a lot of coverage and just want to have a large guaranteed death benefit with some potential upside.
These are also a good idea for people who want more coverage than Mutual of Omaha’s whole life policies, as the max coverage is a lot higher.
Mutual of Omaha Life Insurance For Seniors
Many life insurance products on this list are a great option for seniors, and we use almost all of them when working with seniors every day.
Whether it’s a small burial or final expense plan or large amounts of term life insurance to pay off a mortgage, there are many ways that Mutual of Omaha’s life insurance portfolio can meet your needs.
If you have questions about any of these products or want to enroll or get a quote on something, please reach out or fill out our quoter and we will be in touch with more information.
Overall, we recommend Mutual of Omaha for many reasons, and the author of this article also has a Mutual of Omaha policy of his own.
We look forward to speaking with you!
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