Searching for life insurance isn’t fun. We understand that. There are thousands of companies and policies to consider before making a decision on which one is the best.
If you have heard about Mutual of Omaha and want to find out if they are the best life insurance company for you, we are here to help.
In this review, we’ll tell you more about the company’s history, financial ratings, and policy options.
About Mutual of Omaha
As one of the over 30 providers we represent, Mutual of Omaha is 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 offered only health and accident insurance until the 1920s, when they started offering life insurance policies.
Today, Mutual of Omaha has developed and grown into a highly esteemed national insurance provider, and receive Superior (A+) ratings from rating services such as A.M. Best and Standard & Poor’s.
You shouldn’t have any worries about purchasing a policy from this financially sound company.
They are one of the most recognized and widely used insurance companies across the United States, but that doesn’t necessarily 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 Term Life Insurance
Mutual of Omaha offers two different term life insurance policies, which are the Term Life Express and the Term Life Answers.
Term Life Express
This life insurance policy is the general option that Mutual of Omaha offers. It’s quick and easy to sign up for because there is no medical exam required.
Term Life Express policies provide 15, 20, or 30-year terms that have the minimum death benefit of $50,000 up to the maximum of $400,000. This type of policy can be good for long-term financial requirements plus there is an assortment of features that are offered with it.
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 with death benefits ranging from $100,000 and up. 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.
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.
Is Mutual of Omaha Life Insurance Worth It?
Mutual of Omaha is a financially strong company, but 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. However, they still provide excellent benefits and customer service to their customers. There are plenty of reasons that you should still consider purchasing a policy through them.
How Much Insurance Coverage Do You Need?
Calculating your insurance needs is going to help you choose the best policy. You may see that you need more insurance coverage than Term Express offers, which means Term 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 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, thousands of families have loved ones pass 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.
How Does Mutual of Omaha Compare to Other Providers?
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 1-800-712-8519 and we can help you shop for term life insurance.