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Mutual Of Omaha Life Insurance Review 2019 // Term Life & Final Expense

Jun 19, 2019 (0) comment

mutual of omaha life insurance reviews

Review of: ​Mutual Of Omaha (MOO)

Use: Buy ​Term Life Insurance

Process

​Application to approval can take up to 12 Days.

Price

One of the most affordable on the market.

​Customer Service

​Mutual Of Omaha has ​excellent customer service. 

AM Best Rating

​Mutual Of Omaha is rated A+ (​Superior) By A.M. Best

​Simply Insurance Overall Star Rating:

We Like

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

We Don't Like

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

Summary: ​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!

Rates From $9.07/month (30-Day Free Look Period)

*Premium for a 18 year old female, Select Preferred Non-Tobacco rate, 10 year term, $100,000 policy. ​


​​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.

​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. ​

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​​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

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.

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 (Stage 1)

​Mutual Of Omaha's underwriting process is a bit faster than most insurance companies​because 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 ​Mail

​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.

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.

​Final Expense Life Insurance

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 behin​d.

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.

​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


$2​1.32/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.

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.

Thanks For Reading My Review... Before You Go!

What did you think of my review?  Did I miss anything?

Summary
Review Date
Reviewed Item
Mutual Of Omaha Life Insurance
Author Rating
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Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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