Mutual of Omaha life insurance got its start over a century ago in 1909, and at that time was named Mutual Benefit Health & Accident Association.
Within 10 years, the company then combined their work with Omaha Health & Accident Association, allowing them to take on more 3,000 clients.
Over the course of the next 30 years, the insurance provider expanded into nearly all 50 states.
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By 1950, the company changed its name to Mutual of Omaha, along with the logo that we still recognize today. Mutual of Omaha first went live in 1997 on the internet with their brand new website and continued to stay on the cutting edge of technology by offering online applications for both life insurance and Medicare supplements. To date, Mutual of Omaha and its subsidiaries continue to blaze the trail in terms of technology and insurance innovation.
Mutual of Omaha Life Insurance Ratings and Financial Strength
Presently, Mutual of Omaha has more than 3.5 million clients, nearly $35 million in assets, and a $2.8 billion surplus. Numbers such as these suggest the company’s stability in the marketplace, the company’s growth, and their future potential.
If Mutual of Omaha’s financial numbers weren’t solid enough, the company has also received excellent ratings from the leading rating agencies. A.M. Best rates the carrier with an “A+,” Standard & Poor’s rates them with an “A+,” and Moody’s awarded an “A1” rating.
| Rating Agency | Rating | Description |
|---|---|---|
| A.M. Best | A+ (Superior) | Second highest of 16 ratings, indicating a strong ability to meet ongoing obligations to policyholders. |
| Moody’s | A1 (Good) | Fifth highest of 21 ratings, reflecting Mutual of Omaha’s stable financial position and resilience under stress. |
| S&P Global | A+ (Strong) | Fifth highest of 21 ratings, signifying strong financial strength to meet obligations to policyholders. |
Mutual of Omaha Life Insurance Products
Mutual of Omaha offers a broad range of life insurance products to suit various needs. Here’s an overview:
Term Life Insurance
- Term Life Answers®: Available in 10, 15, 20, and 30-year terms with face amounts starting from $100,000. This plan requires full medical underwriting and includes features like accelerated death benefits, conversion options, and the ability to renew annually up to age 95.
- Term Life Express®: A simplified issue term life product available for 10, 15, 20, and 30 years. Coverage ranges from $25,000 to $300,000, with no medical exam required and features that include accelerated death benefit riders.
Whole Life Insurance
- Living Promise® Whole Life: This product provides coverage from $2,000 up to $50,000 and is ideal for final expenses. It includes a level benefit plan for ages 45 to 85 and a graded benefit plan option. This plan features guaranteed death benefits to age 100 and no medical exam is required.
- Children’s Whole Life: Designed for children from 14 days to 17 years, this product offers a guaranteed coverage amount between $5,000 and $50,000. Premiums remain level, and the policy is guaranteed up to age 100, with the option to purchase additional coverage later.
Indexed Universal Life Insurance (IUL)
- Income Advantage IUL: Provides cash value growth potential linked to index performance, featuring flexible premium payments, and a variety of index crediting strategies. This IUL product is best suited for those looking to supplement retirement income with tax-advantaged growth.
- Life Protection Advantage IUL: Offers permanent life insurance with guaranteed death benefits, designed to provide lifetime protection. It features no-lapse protection options and similar index crediting strategies as the Income Advantage IUL.
- Indexed Universal Life Express: A simplified issue product that offers permanent coverage with cash value growth based on index performance. It’s available for face amounts between $25,000 and $300,000, depending on the age of the applicant.
Universal Life Insurance
- AccumUL Answers®: This universal life insurance product is focused on cash accumulation with flexible premiums. It’s available for ages 18-85 with face amounts starting from $25,000, offering several rider options, including no-lapse guarantees and accelerated death benefits for terminal and chronic illness.
Accidental Death and Ancillary Products
- Guaranteed ADvantage Accidental Death: Provides coverage for accidental death with face amounts from $50,000 to $500,000. This product includes options for guaranteed renewability and a Return of Premium Benefit Rider.
Other Mutual of Omaha Products
If you’re considering investments, Mutual of Omaha offers variable annuities, mutual funds, and 529 policies that assist you in preparing your child for college. Additionally, they offer long-term care insurance, Medicare supplements, critical illness insurance, disability insurance, and much more.
As with most life insurance providers, Mutual of Omaha Life may not be able to serve every consumer’s needs. Naturally, you want the best policy for the best price. Talk with a licensed insurance agent regarding your specific situation and requirements to determine if Mutual of Omaha will be the best choice.
Mutual of Omaha Life Insurance Conclusion
The Mutual of Omaha companies, including United of Omaha and New York-based Companion, maintain excellent standings within the life insurance community, and it certainly looks like they’re here to stay.
Mutual of Omaha’s Guaranteed option is quite competitive, similar to Colonial Penn, UHL, Gerber, and a few others, while their Children’s Life option is a popular choice, providing up to $50,000 in permanent death benefit coverage. Despite their term life option not being the cheapest, it can help to complete your financial portfolio at any point if you’d like to group your policies with one carrier. With over a century in the life insurance business, a nationwide presence, and numerous lines of coverage, they are easily able to accompany any of their high-performing insurance products.
Frequently Asked Questions
What types of life insurance does Mutual of Omaha offer?
Mutual of Omaha offers a variety of life insurance products, including Term Life, Whole Life, Universal Life, and Indexed Universal Life Insurance. Each type provides different features, such as cash value accumulation, simplified issue options, and flexible premium payments.
Does Mutual of Omaha require a medical exam for all life insurance policies?
No, Mutual of Omaha offers both fully underwritten policies, which typically require a medical exam, and simplified issue policies that don’t require one. For instance, Term Life Express® and Indexed Universal Life Express® do not require a medical exam, making them accessible options for those who prefer a quicker application process.
What is the difference between Whole Life and Indexed Universal Life insurance?
Whole Life Insurance, such as Living Promise®, offers guaranteed death benefits and premiums that never increase. In contrast, Indexed Universal Life (IUL) policies, like Income AdvantageSM IUL, provide flexible premiums and cash value growth tied to index performance, which can help supplement retirement income.
How does Mutual of Omaha’s Guaranteed ADvantage Accidental Death policy work?
The Guaranteed ADvantage Accidental Death policy provides coverage for accidental death, with face amounts ranging from $50,000 to $500,000. This policy also includes a Return of Premium Benefit Rider, allowing you to recoup a portion of the premiums paid if certain conditions are met.
What are the financial ratings for Mutual of Omaha?
Mutual of Omaha has strong financial ratings from major agencies, including an A+ (Superior) from A.M. Best, an A1 (Good) from Moody’s, and an A+ (Strong) from S&P Global. These ratings reflect the company’s financial stability and its commitment to meeting policyholder obligations.
