Searching for life insurance isn’t fun. We know that.
There are thousands of companies and different policies that you have to comb through and decide which one is the best. It can be a long process, but we are here to help.
You’ve probably heard of Mutual of Omaha and trying to find out if you should choose them as your life insurance company.
In this review, we’ll tell you a bit about the company history, financial ratings, and policies they offer.
Mutual of Omaha History and Financial Ratings
Mutual of Omaha is one of over 30 life insurance companies we represent as well as being one of the top life insurance companies in America.
Mutual of Omaha was founded in 1909, under the name Mutual Benefit Health & Accident Association. The company at the time only offered health and accident insurance until the 1920s, in which they started offering life insurance policies.
From then on, Mutual of Omaha was developed and grew into a highly esteemed national insurance provider. It’s given a rank from insurance rating services such as A.M. Best, and Standard & Poor’s is an A+ (Superior).
All of the ratings give them excellent reviews, which means that you shouldn’t have any worries about purchasing a policy from the company, they are financially sound.
They are one of the most recognized and widely used insurance companies across the United States, but just because they are popular doesn’t mean they are always the best option. Many consumers just pick an insurance company that they’ve seen a commercial for, but they could be paying too much for insurance coverage.
Mutual of Omaha offers term life insurance policies that can be converted into permanent life insurance if your needs ever change. This company offers two different term life insurance policies, which is the Term Life Express and the Term Life Answers.
The two policies are explained thoroughly below.
Mutual of Omaha No Exam Policy
This life insurance policy is the general option that Mutual of Omaha offers, it is quick and easy to sign up for as there is no medical exam required. Similar to other companies offering life insurance, the Term Life Express through Mutual of Omaha has several different terms available.
Term Life Express provides 15, 20, or 30-year terms that have the minimum death benefit of $50,000 up to the maximum of $400,000. With the Express, the coverage it offers can be good for long-term financial requirements plus there is an assortment of features that are offered with it.
This is an excellent benefit that some insurance companies don’t offer with their policies. Medical bills or long-term care can become very expensive, and families can rack of hundreds of thousands of dollars in debt for a terminally ill love done.
Having this rider will allow you to take advantage of your life insurance policy. It’s your policy, you should be able to use it if you need it.
There is also the residential damage rider which waives your monthly premiums for six months if your residence suffers $25,000 or more worth in damages.
The Term Life Express is not for everyone, it is available for people between the ages of 18 and 65. Getting accepted will depend if you can qualify based on your health.
Because an exam isn’t mandatory with the Express product, you can expect to pay more for choosing this policy. The downside of the Express is that it is not available for conversion to permanent coverage and the maximum coverage is $400,000.
Term Life Answers
Similar to the Term Life Express, this type of policy offers more terms than its counterpart. Term Life Answers is available in 10, 15, 20, or 30-year terms and any of these terms are offered the option for converting the policy into permanent coverage – only available for people between the ages of 45 and 85.
The premium rates on this policy are assured to never increase during your preferred term. For Answers, the death benefits start at a minimum of $100,000 and up.
Just as the Express, Answers also gets the feature of accelerated death benefit – allowing you access of 94% of the death benefit, but instead of the life expectancy being 24 months or less, it is 12 months or less.
Several more feature that Answers plan comes with are: a disability waiver and a child rider that allows you to buy term life insurance for dependents 20 years or younger.
How Much Insurance Coverage do I need?
Calculating your insurance needs is going to help you decide which of these policies will work better. You may see that you need more insurance coverage than the Express option offers, which means Answers is the better option. There are several different factors that you need to consider to determine your life insurance needs for your family.
The first is your debt. The main goal of any life insurance policy is to pay off any final expenses or debt your family would be left with if you passed away.
Every year there are thousands of families that are burdened by their loved ones passing away unexpectedly. Aside from going through the emotional grief, they are suddenly placed under financial strain as well. Having a proper life insurance plan is going to give your family the resources they need to pay off any bills that you would leave behind.
The other big aspect of financial planning for which life insurance works is replacing your annual income.
We would suggest that the more people you have relying on your income, the more life insurance that you get. Typically, around seven to ten times your annual salary is a safe bet.
We can help if you are looking for a larger amount of coverage such as a one million dollar life insurance policy.
Is Mutual of Omaha For Me?
Mutual of Omaha is a financially strong company offering term life insurance. It has been our experience that they are not usually in the top 5 as far as their term life insurance rates go compared with other providers.
If you’re looking for the cheapest term life insurance, more than likely, Mutual of Omaha isn’t going to be one of those companies, but they still have excellent benefits and customer service to their customers. There are plenty of reasons that you should still consider purchasing a policy through them.
One of the best ways to get the lowest premiums is by comparing quotes from several different insurance companies. You compare prices on TVs and cars, why not life insurance?
We suggest that you compare quotes using the quote form on this page or call us at 1-888-552-6159 and we can help you shop for term life insurance.