Pros
- Whole life insurance policies are available without a medical exam
- Offers a wide range of insurance products
- Provides the option to convert term life policies into permanent coverage without requiring a medical exam.
Cons
- Policy terms and age eligibility differ by state.
- Limited online service options.
- Physical agent offices are not available in every state.
About Mutual of Omaha
Founded in 1909, Mutual of Omaha is a Nebraska-based mutual company owned by its policyholders. It has a strong financial foundation and offers guaranteed-issue whole life insurance, making it a convenient option for those who prefer to apply online without undergoing a medical exam. However, obtaining a term life policy requires speaking with an agent.
Beyond life insurance, Mutual of Omaha provides a variety of insurance products and financial services designed for both individuals and businesses.
Policies
When considering Mutual of Omaha for life insurance, it’s essential to weigh both the benefits and potential limitations. Factors such as state-specific terms and the availability of digital services may impact your decision. Reviewing the company’s offerings in detail can help ensure you choose a policy that best fits your needs and expectations.
Permanent Life Insurance
Permanent life insurance policies provide both a death benefit and a cash value component. These policies may be ideal for individuals who want lifelong coverage, as long as premiums are maintained. Mutual of Omaha offers two types of permanent life insurance:
- Whole Life Insurance: Available to individuals aged 45 to 85, Mutual of Omaha’s whole life insurance policies do not require a medical exam and include a cash value feature that can be beneficial. The company also offers whole life insurance policies for children.
- Universal Life Insurance: Mutual of Omaha provides standard universal life insurance and two indexed universal life options. The cash value of indexed universal life policies is linked to the performance of a market index, offering potential growth opportunities.
Term Life Insurance
Mutual of Omaha offers term life insurance policies with durations of 10, 15, 20, and 30 years. Like many term policies, policyholders can convert their coverage into a permanent policy when the term ends. This type of policy can be a suitable option for those seeking coverage for a specific timeframe, such as until their children reach adulthood.
Accidental Death Insurance
Mutual of Omaha offers accidental death insurance as a standalone policy, providing coverage for fatalities resulting from covered accidents, including workplace incidents. This type of policy may be a suitable choice for individuals who are ineligible for traditional life insurance options such as term or whole life coverage.
Insurance riders
Endorsements, also known as riders, are optional add-ons that offer extra coverage for a policy. However, not all riders from Mutual of Omaha are available for every policy or in every state where the company operates. The insurer offers a variety of riders, including:
- Child Life Insurance Rider: Provides coverage for children, typically from six months to 21 years old, though age limits may vary by state.
- Chronic Illness Rider: Allows for an accelerated death benefit if diagnosed with a chronic condition that prevents performing at least two of six daily living activities for 90 consecutive days.
- Critical Illness Rider: Offers an accelerated death benefit upon diagnosis of certain serious conditions, such as ALS, kidney failure, life-threatening cancer, major organ failure, heart attack, stroke, dementia (including Alzheimer’s), severe burns, AIDS, or aortic aneurysm surgery.
- Terminal Illness Rider: Grants early access to benefits if diagnosed with a terminal illness expected to result in death within 12 months.
Pricing
The following are sample monthly rates for a 20-year term life insurance policy with $500,000 coverage. These estimates apply to a nonsmoking man and woman in excellent health. However, actual quotes may vary based on factors such as age, health status, lifestyle, occupation, and driving history.
| Age | Woman | Man |
| 20 | $20.43 | $23.87 |
| 30 | $20.43 | $23.87 |
| 40 | $31.61 | $37.20 |
| 50 | $69.02 | $92.67 |
| 60 | $189.42 | $273.70 |
How to Apply for a Policy?
Mutual of Omaha does not offer an online application for term life insurance. Clicking the “Get My Quote” button directs you to a page with a phone number to call for more information.
However, you can apply online for the company’s guaranteed-issue whole life policies. The process is simple, requiring basic details such as gender, ZIP code, date of birth, and desired coverage amount to receive an instant cost estimate.
At this stage, you can modify the coverage amount to see how it affects your premium. Once you’re ready to proceed, click “Apply Now” to enter your personal information, designate a beneficiary, and complete your policy purchase.
Customer Support
You can contact Mutual of Omaha through the following methods:
- Phone: Call 800-775-6000 for general inquiries, available Monday through Thursday from 7 a.m. to 5:30 p.m. CT and Friday from 7 a.m. to 5 p.m. CT.
- Claims Assistance: For questions about claims, call 800-775-1000 during the same business hours.
Conclusion
Mutual of Omaha provides long-term care insurance nationwide, with premiums that depend on factors such as age, location, marital status, and gender. A premium calculator is available to give an estimated cost, though actual expenses can vary based on individual circumstances.
The company offers several advantages with its long-term care policies, including inflation protection and spousal shared care. Additionally, the look-back period may vary depending on state regulations. Mutual of Omaha is highly rated and maintains strong financial stability.
