mutual of omaha logo

Our Verdict

4.0

Mutual Of Omaha has been named one of the best companies in America to work for and they have some of the most affordable rates in the industry.

They also have some of the best rates for someone with Sleep Apnea and strong customer service records.

This is why I put this Mutual Of Omaha Life Insurance Review together, to help you understand if this product is best for you and how it works.

To help you see how easy and affordable they make it for you to apply for life insurance and get covered.  Enjoy!

mutual of omaha logo

Our Verdict

4.0

Mutual Of Omaha has been named one of the best companies in America to work for and they have some of the most affordable rates in the industry.

They also have some of the best rates for someone with Sleep Apnea and strong customer service records.

This is why I put this Mutual Of Omaha Life Insurance Review together, to help you understand if this product is best for you and how it works.

To help you see how easy and affordable they make it for you to apply for life insurance and get covered.  Enjoy!

Pros

  • Above Average Application Approval
  • Electronic Application
  • Best Rates For Smokers
  • Short Application Form

Cons

  • Policy Delivered By Snail Mail
  • Can't File Claims Online

I am a huge believer in the no medical life insurance option; however, there are some situations where "no physical exam" isn't your best option and a fully underwritten option is best.

Especially if you have pre-existing conditions such as sleep apnea, or need more than $1 Million in life insurance.

mutual of omaha life insurance reviews

The best way to speed the underwriting process up will be to get your exam completed as early as possible so that your results get back to the insurance company faster.

If you need the most affordable rates and are fine with a 2 to 3 week turn around, then getting term life insurance rates and coverage from Mutual Of Omaha is the best answer.

Who Is Mutual Of Omaha Life Insurance?

Mutual Of Omaha was founded in 1909 which makes it over 110 years old. 

mutual of omaha

The age of a life insurance company is essential because it shows that they aren't going anywhere and have longevity.

Mutual Of Omaha is known for its reputation and has an A+ (Superior) rating with A.M. Best

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

Why Should You Care About A.M. Best?

I like to think of A.M. Best like the JD Power of the insurance industry, they have been around for over 117 years.

They rate companies based mainly on their financial strength, which can be an indicator or claims-paying ability.

Claims Paying Ability "in plain English":   A Life Insurance Company's ability to pay out on a policy.

am best

What Makes Them Different?

What makes Mutual Of Omaha different is that they are owned by their policy holders.

This means that a surplus may be distributed to policyholders in the form of dividends or retained by the insurer in exchange for reductions in future premiums.

Mutual Of Omaha is offering over $1 Million in life insurance coverage, final expense options, and multiple insurance options.

They also have much higher limits when it comes to the accelerated death benefit rider.

This rider allows you to receive a portion of your benefits while you are still living if you get diagnosed with a terminal illness.

INSURANCE WHERE YOU LIVE

Life insurance by state.

How Does Mutual Of Omaha Life Insurance Work?

Mutual Of Omaha is focused on affordable life insurance rates with solid underwriting for people that could have health issues like sleep apnea.

Their life insurance process works like this:

Electronic Application

The application process is electronic, simple and short, once you submit the application you will be sent into stage 1 of underwriting.

Fast Underwriting With Phone Interview

Mutual Of Omaha's underwriting process is a bit faster than most insurance companiesbecause they always first check to see if you qualify without needing an exam.

They will pull your Prescirption Report, your MIB report, and your MVR to see if you can be approved without an exam.

If not, they will schedule an examiner.

Policy Delivered Via Email

Once your policy has been approved and issued you will have to wait for your policy in the mail.

The down side to this is the waiting and having to keep up with paper documents.

You might want to upload a copy of it to the cloud like with Google Drive.

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

What Does Mutual Of Omaha Life Insurance Cover?

Mutual Of Omaha offers a few different policy options for you to choose from.

Each policy comes with coverage options from $50,000 up to $10,000,000.

10 Year Term Life Policy

The ten year term life option is going to cover you for 10 years before it's time to purchase a new policy.

This policy is going to be the most affordable option with low-range pricing and will be best for people who are looking at both their  short term and long term needs.

The amount of life events that can happen in 10 years is massive and being prepared for them is very important.

A 10 year term is a great starting point and locking your low rates in is going to be essential.

15 Year Term Life Policy

The fifteen year term life option is going to cover you for 15 years before you have to purchase a new policy.

This policy is going to be the second most affordable and be best for people who are in the middle of life events like having a baby or switching jobs. 

20 Year Term Life Policy

The twenty year term life policy will be the second most expensive of the 4; however, it will still be very affordable.

This term length is going to be best for someone focused very much so on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the twenty year term option, then I would suggest you go with the 20 year term option.

30 Year Term Life Policy

The thirty year term life policy will be the most expensive of the 4; however, it will still be affordable.

This term length is going to be best for someone focused on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the thirty year term option, then I would suggest you go with it.

It's a really good option if you just purchased a home.

All Cause Death Benefit

All of these policies will pay out for all types of death from accidental death, terminal illness, critical illness or chronic illness.

With all insurance policies, there are some limitations so be sure to read the policy for things that aren't covered.

All Cause Death Benefit

One of the most popular Mutual of Omaha products is their whole life insurance plan.

It has some of the most affordable rates for final expense plans and will last your whole life.

Just like any whole life or permanent product the mutual of omaha final expense product also builds cash value. 

Mutual Of Omaha Life Insurance Products

Mutual Of Omaha has a term product, the Term Life Answers, and a Final Expense Product The Living Promise, and we detail them below:

Mutual Of Omaha Term Life Answers

The Term Life Answers product has very competitive underwriting for a range of health conditions.

It offers coverage for people between the ages of 18 to 80 and up to $1,000,000 in life insurance.

They have 10, 15, 20 and 30 year term options available

A wide selection of riders available to personalize your coverage and high limits for accelerated death benefit for terminal illness

You can also convert this policy into a whole life policy by following the below guidelines:

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.

Some of the optional riders available are:

Child Protection Rider - This rider will cover all eligible children between the ages of 15 days and 20 years old. Available coverage of $1,000 - $10,000.

Other Insured Rider - Covers one other person with the same terms of the original base policy. Premium is based on the age and face amount of the other insured person

Waiver Of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 180 day waiting period). Rider ends at age 65.

Accelerated Death Benefit Rider - You can accelerate up to 75% of the death benefit if you've been diagnosed with a qualifying terminal illness.

Unemployment Waiver of Premium Rider - If you become unemployed, you will not have to pay premiums for up to 6 months (after a 4 week waiting period).

Accidental Death Benefit Rider - Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

The Term Life Answers product is going to be the best option for you if you want a no exam product or fully underwritten product.

Mutual Of Omaha Living Promise (Final Expense Whole Life)

The Living Promise Whole Life Insurance product from Mutual of Omaha is the best option when it comes to a Final Expense product.

It gives you very affordable coverage for things like a funeral, a cremation, medical bills, or any other final expenses someone may leave behind.

This policy is for people between the ages of 45 to 85 and offers face amounts between $2,000 and $40,000.

This policy is guaranteed level and can never be canceled for anything other than non-payment.

They also have a Graded option that requires almost no underwriting but limited benefits in the first 2 years.

Overall this policy doesn't require an exam, just answering a few questions for approval

Some of the optional riders available are:

Accidental Death Rider - For an extra cost you can add more life insurance to your policy if your death is the result of an accident.

Accelerated Death Benefit Rider - You can accelerate a portion of the death benefit if you've been diagnosed with a qualifying terminal illness or confined in a nursing home.

INSURANCE WHERE YOU LIVE

Life insurance by state.

Mutual Of Omaha Life Rates & Comparisons

Just to give you an idea, below I wanted to compare Mutual Of Omaha life rates with multiple companies.

A 20 Year, 500,000 Term Policy for a 30 year old male in perfect health and a non-tobacco user, see the results below:

Company Name

Plan Name

$500,000 Quote

protective life logo

Classic Choice Term

$20.21/month

pacific life logo

Pacific PROMISE Term

$20.84/month

lincoln financial logo

TermAccel

$21.00/month

aig logo

Select-A-Term

$21.11/month

sbli logo

Level Premium Term

$21.32/month

banner life logo

OPTerm

$21.44/month

mutual of omaha logo

Term Life Answers

$21.66/month

haven life logo large

Haven Term

$22.48/month

bestow life insurance logo

Bestow No Exam Term

$26.25/month

While Mutual of Omaha, is toward the bottom of the pile of rates, they make up for it by having some of the best customer service in the industry.

It is probably worth the small difference in premium to choose Mutual Omaha because of that customer service.

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

How Mutual Of Omaha's Claims Process Works

Unlike most major companies, you can't file your claim online with Mutual Of Omaha, you will have to call the telephone claims service or by visiting a local agent. 

This is probably the worst thing about this product to be honest.

Are There Any Claim Exclusions

There are a few exclusions when paying out on a life insurance claim.

The exclusions include death from suicide (within the first 2 years of coverage), which is standard for almost all life insurance policies.

As always, please read the policy specifics when it arrives in the mail; however, those are some general exclusions which is industry standard for most policies.

Mutual Of Omaha Life Availability & Policy Options

To qualify for the Mutual Of Omaha term life insurance policy, you must:

  • Be a U.S. citizen or Permanent Resident between the ages of  18 - 80
  • Looking For Term Options Of 10 - 30 Years
  • Need Between $100,000 to $1,000,000 in coverage
  • Need Less Than $40,000 If You Want Final Expense Coverage
  • Mutual Of Omaha is available in all states

How To Take Action

No other Mutual Of Omaha Life Insurance Reviews are as long as mine; however, I wanted to make sure that I gave as much detail as possible.

The 30-day free look period takes away any excuse you may have for not purchasing your life insurance.

Mutual Of Omaha has made it easy to apply for life insurance, you will either be approved without an exam or with an exam, it is all dependent on your health issue.

Just click on the link below to get started.


Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 11 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

Sa El

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