Mutual of Omaha Life Insurance Review

Policies Available 

Chronic, 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 Insurance

If 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. Mutual of Omaha term products offer 10-, 15-, 20-, and 30-year policies. Both are convertible term policies where you can convert your term coverage to a permanent life insurance policy without the application process. 

• Term Life Answers: This is Mutual of Omaha’s fully underwritten term life insurance product offered to those 18-70 years of age and requires a health history and medical exam. Coverage starts at $100,000. Chronic and terminal illness riders are included at no cost.
• Term Life Express: You can skip the medical exam with this policy, and critical, chronic, and terminal illness riders are included at no additional cost. Benefits range from $25,000 to $300,000. You can purchase a Return of Premium (ROP) version and receive up to 100{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of premiums paid into the policy if you surrender it.

Universal Life Insurance

Universal life (UL) insurance is designed to last your entire life and builds a tax-advantaged cash value within the policy over time. Permanent policies are more expensive than term, but you may be able to borrow or withdraw from the cash value.

• AccumUL Answers: This product requires a medical exam and includes permanent life insurance coverage. The policy accumulates cash value using a declared interest rate, with a guaranteed 2{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} annually.

Indexed Universal Life Insurance

Indexed universal life (IUL) policies tie their cash value to a stock market index, such as the S&P 500. Gains credited to the account are based on the performance of the index is tied to, subject to caps and floors. IUL policies are considered riskier than UL policies because cash value returns may not 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{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7}. Mutual of Omaha has two Indexed universal life insurance policies: 

• Life Protection Advantage IUL: This IUL policy offers permanent life insurance coverage with a death benefit that can be guaranteed through age 90. It provides the potential for more value accumulation than traditional fixed-interest universal life insurance policies.
• Income Advantage IUL: This IUL option offers permanent life insurance coverage that builds value based on selected interest-crediting options tied to the performance of a market index. This policy provides more growth potential than Life Protection Advantage.

Whole Life Insurance

Whole life insurance is permanent life insurance coverage that protects your family by securing benefits that help pay for end-of-life expenses and a cash value that can be used in an emergency. Mutual of Omaha offers a guaranteed issue whole-life policy, which means you won’t be denied coverage based on your health.

• Guaranteed Whole Life Insurance: Available to applicants between 45 and 85 years old for coverage between $2,000 and $25,000. Your beneficiaries will get the full death benefit at any time for accidental death or if you die from natural causes after the first two years.

Available Riders

• Critical illness benefit: You can request up to 80{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of the death benefit early if you experience a critical illness, such as kidney failure or a heart attack.
• Terminal illness benefit: If your life expectancy is less than 12 months, you can request up to 80{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of the death benefit.
• Chronic illness benefit: If you lose the ability to perform at least two activities of daily living, such as bathing and feeding yourself, for 90 consecutive days, you can request up to 80{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of the death benefit.
• Accidental death benefit rider:  Benefits are based on the age of the insured and range from $10,000 to $250,000.
• Dependent children’s rider: This rider is added at issue and available for the insured only. Face amounts are $5,000 and $10,000 and terminate when the youngest child attains age 23 or when the base policy ends. 
• Waiver of premium rider:  If the insured becomes disabled and unable to work, the premium for the base policy and all riders are waived for a period.
• Disability income: The insured can apply for a maximum monthly disability income benefit equal to the lesser of 1.5{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of the face amount, $3,000 per month, or 60{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of your monthly gross income.

Customer Service

Customer 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 to 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. 

Price

Mutual of Omaha provides quote estimate calculators on its website. We pulled quotes for applicants in excellent health at different ages and found that pricing for term coverage is average with other providers. Below are 30-year term monthly quotes with a $250,000 death benefit.