Purchasing life insurance requires you to be familiar with essential benefits. Different types of life insurance such as permanent insurance can give you peace of mind because you know your beneficiaries will receive death benefits, regardless of when you die.
For quality life insurance, look at Mutual of Omaha, which offers whole and universal life insurance policies that guarantee coverage for your entire life. A medical exam isn’t required, premiums don’t increase, you can access the cash-value portion of the policy in an emergency, and you can set a death benefit. Below is Benzinga’s list of pros and cons associated with Mutual Omaha life insurance.
- Anyone entering their prime earning years
- Customers willing to take on additional risks with their policy
- Policies offer financial protection that last throughout your lifetime
- Policies provide cash value that can be accessed while you are still alive
- Universal life insurance policies enable you to adjust premium payments and frequency
- You can decrease or increase the amount of your death benefit
- Policy options are limited when buying online compared to purchasing through an agent.
Mutual of Omaha Ratings at a Glance
| Life Insurance Policy Options | |
| Customer Service | |
| Life Insurance Premiums | |
| Life Insurance Application Experience | |
| Life Insurance Overall |
Life insurance is one of those things that can make a huge difference in how you leave your loved ones once you pass. You can leave behind enough money so they won't have to struggle, or in the worst-case scenario, leave them not enough to even pay for your final expenses. But finding the right life insurance company can be difficult because there are so many choices. Read on to find out about Benzinga's Mutual of Omaha life insurance review.
| Minimum Coverage | $2,000 |
| Maximum Coverage | $1 million |
| Eligible Ages | 18 to 95 |
| Term Lengths | 10 to 30 years |
| # of Rider Options | 11+ |
At a glance, Mutual of Omaha life insurance offers the following:
- Average cost: $26.02 per month for a 35-year-old nonsmoking male and $22.15 for a 35-year-old non-smoking female
- Term life policy limits: $25,000 minimum
- Whole life policy limits: $2,000 to $40,000 ($5,000 to $40,000 in Washington state)
- Riders and add-ons: Accelerated death benefit for terminal illness rider, accidental death benefit rider, waiver of premium for unemployment rider, dependent children’s rider, another insured rider, disability waiver of premium rider, living benefit riders, residential damage waiver of premium rider, common carrier death benefit provision and disability income rider
- Eligibility: 18 to 80 years old for term life policies, 45 to 85 for guaranteed whole life policies
- Discounts available: N/A
- Other insurance offered: Universal life insurance and accidental death insurance
According to multiple ratings and data, Mutual of Omaha ranks among the best companies for term life, whole life and universal life insurance. It also ranks among the best for companies not requiring a medical exam.
| BBB Rating | A+ |
| AM Best Rating | A+ |
| NAIC Complaint Index | 1.06 |
| Moody’s Rating | A1 |
| J.D. Power Rating | 789 |
For certain individuals, like a 35-year-old nonsmoking male, average health premiums are roughly $74.18 per month. A 35-year-old nonsmoking female in average health with a 20-year, $1 million term policy is about $61.28 per month. These numbers are for informational purposes only because several factors determine premium prices.
Age has a significant influence on cost because insurers base rates on life expectancy. Providers charge older people closer to the end of their lives higher premiums. Age contributes to the length of coverage an individual may qualify for, too. Those older than 50 may be eligible for a 25-year term life policy. By age 70, though, they will only qualify for terms of 20 years or less.
Other elements that affect life insurance rates include:
- Health: Pre-existing conditions like diabetes and heart disease will place someone in a higher-risk category.
- Gender: Gender determines premiums and is responsible for the difference between males and females. Monthly premiums for a 35-year-old female and a 35-year-old male differ by $13. When males and females reach age 65, the difference is about $440 per month.
- Unhealthy habits: Anyone with a smoking or drinking habit will pay higher life insurance rates. A history of traffic accidents or violations can impact rates, too.
- Hobbies: Insurers charge higher rates for people who engage in dangerous pastimes such as skiing and skydiving.
- Location: Life insurance companies use regional life expectancy data when calculating rates. Those who live in areas with low life expectancy will pay more.
Mutual of Omaha life insurance premiums rate four out of five stars.
You can purchase Mutual of Omaha life insurance by visiting the company’s website to compare information and quotes. This will help narrow down the life insurance option that works best for you. Once you have completed this step, it’s time to find or match with an agent to help you complete the process. You can find an agent by name, ZIP code or by calling the company and filling out an online form.
To determine whether you need term, whole or universal life insurance, Mutual of Omaha asks you to review:
- Why you need or want life insurance
- Your anticipated current and future financial obligations
- How long you want coverage
At the same time, Mutual of Omaha considers your age, gender and desired death benefit amount. Sometimes the company looks at term duration, health and tobacco use.
Out of a five-star rating system, Mutual of Omaha receives 4 stars.
Mutual of Omaha vs Competitors
Comparing Mutual of Omaha to competitors like Banner Life Insurance Co. and Prudential Financial Inc. (NYSE: PRU) will emphasize the differences. For instance, Mutual of Omaha offers whole life products while Banner Life sells term life and universal life. Banner Life ranks No. 1 in cheapest life insurance ratings with an average premium of $54.24 for a 20-year, $1 million dollar policy. The same policy under Mutual of Omaha has an average premium of $67.73.
Both life insurance carriers’ universal life policies come with unique features. With Mutual of Omaha universal life policies, accelerated death benefits are included, and Banner Life provides coverage up to age 121.
Mutual of Omaha also offers free online quotes. Prudential and Mutual of Omaha provide whole life insurance, too. Both carriers have earned an AM Best Financial Strength rating of 5 out of 5 stars.
*excludes New York
Mutual of Omaha has a rating of 4.5 out of 5 stars. It rises to the top by allowing prospective customers to require online quotes that only take a minute to complete. Quotes show available plans by state, premium cost and discount, and original prices.
Mutual of Omaha Life Insurance Review: Additional Options
Life insurance policies can be overwhelming, so it is important to compare options as soon as possible. Insurance policies are more affordable when you are younger. You might be pleasantly surprised at how low your premiums might be when you apply early. Mutual of Omaha offers free quotes for you to compare which option is best suited for you.
Hopefully, this Mutual of Omaha life insurance review has helped you decide whether or not this life insurance company is right for you.
Frequently Asked Questions
Who is eligible for Mutual of Omaha life insurance?
It depends on the type of Mutual of Omaha life insurance policy. A term life policyholder must be between the ages of 18 and 80. Anyone seeking whole life coverage needs to be between 45 and 85. Mutual of Omaha doesn’t require medical examinations for whole life products, and poor health isn’t a disqualifying factor.
What riders are available from Mutual of Omaha?
Mutual of Omaha offers a variety of riders. Under term life policies, riders for accidental death, residential damage waiver of premium and waiver of premium for unemployment are all included at no additional cost. You can add riders for accidental death, dependent children and disability waiver of premium.
One of the most significant advantages of Mutual of Omaha is that whole life policies allow you to choose an accelerated death benefit or nursing home rider at no extra cost. If you feel so inclined, you can add an accidental death benefit rider but at an additional charge.
All universal add-ons include long-term care, guaranteed insurability and disability waiver of policy charges riders. Accelerated death benefits and chronic illness riders are included at no additional charge.
Is term-life or whole-life insurance better?
Both whole life and term life insurance policies are good. Whole life lasts as long as you pay the premiums and term life is only good for the term that you purchase.
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Methodology
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.