Mutual of Omaha Life Insurance Review

Mutual of Omaha, which was founded in 1909, is a Fortune 500 company providing mutual insurance and financial services. They have achieved very high ratings from A.M. Best, Moody’s and Standard & Poor’s. They are huge advocates of equality of rights at the workplace and have been nationally recognized for their numerous initiatives.

By: admin Posted: August 30, 2010 Filed under: Life Insurance

The Good

Fortune 500 Company • Rated AA from A.M. Best, Moody’s and S&P’s • Reputable and Experienced Company • Lapse Guard™ - Lapsed Payment Protection • Online Policy Purchase • Medical Examination Free Policy Purchase

The Bad

Not Available in Some Locations

Overview

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Policies / Plans

Mutual of Omaha offers the 4 basic types of Life Insurance:

Term Life Insurance Plans

Mutual of Omaha has 3 policy offerings under Term Life Insurance i.e. Term Life Express; Term Life Complete and Term Life Answers. These plans are available at 10, 15, 20 and 30 year terms with an option to convert to a permanent plan with the exception of Term Life Express as it is the most basic plan available under their Term Life Insurance plans. Death benefit payments start as low at US$ 50,000! Premiums are easily refunded upon the surrender of the policy. This is the quickest life insurance policy they offer. All term life insurance plans from Mutual of Omaha carry certain provisions whereby in the event of unemployment or if the insured’s home suffer damage, monthly base premiums are waived for up to 6 months. Customers may opt for the Accelerated Death Benefit rider where at least 92% of the death benefit is paid lump sum if the insured’s life expectancy is 24 months or less. In addition to this, in the event of accidental death as a fare-paying passenger of commercial transport will earn beneficiaries additional monetary death benefit payments for up to US$ 250,000!

Universal Life Insurance Plans

Mutual of Omaha offers single and flexible premium payments with adjustable benefits, permanent life insurance that can accrue values more than the guaranteed cash value at a much lower cost. All the plans under their universal life insurance is protected against lapsed payments (Lapse Guard™) so there is virtually no risk of lapse. Customers have the freedom and flexibility to adjust and customize their premium payments as well as death benefit in accordance with their needs.

Whole Life Insurance

Premium payments for Mutual of Omaha’s whole life insurance plans are fixed and are based on the amount of death benefit chosen by the customer, which can start from as low as US$ 3,000 even. Physical examinations are not required and customers may even opt to purchase their policies online.

Accidental Death Insurance

For customers who are not qualified for other life insurance plans, Mutual of Omaha offers death benefits of up to US$ 1,000,000 for mishaps which include commercial vehicle fare-paying passenger benefits, auto and pedestrian benefits and general all-risk accident coverage.

Pricing / Rates

Mutual of Omaha offers flexible premium payments for flexible coverage and for flexible terms. It is up to the customer to choose a plan that suits their needs and finances. Plans may start from as low as US$ 24.95 a month (less than US$ 300 a year) and for a relatively low price, a simple coverage of US$ can be obtained.

Getting A Quote

Quotes are readily available online at Mutual of Omaha’s official website. Customers have an option of procuring a quote themselves, connecting with an agent by providing details online so that agents may contact them at their convenience or even purchasing policies immediately, online.

Customer Service

Serving customers is a top priority at Mutual of Omaha. There is dedicated section in their website for customer services which includes an in-depth FAQ, printable claims and service forms and customer support which is readily available via email, post and toll-free phone.

Summary

Policies / Plans Rating:

Policies / Plans:

Mutual of Omaha offers the 4 basic types of Life Insurance: <h3>Term Life Insurance Plans</h3> Mutual of Omaha has 3 policy offerings under Term Life Insurance i.e. Term Life Express; Term Life Complete and Term Life Answers. These plans are available at 10, 15, 20 and 30 year terms with an option to convert to a permanent plan with the exception of Term Life Express as it is the most basic plan available under their Term Life Insurance plans. Death benefit payments start as low at US$ 50,000! Premiums are easily refunded upon the surrender of the policy. This is the quickest life insurance policy they offer. All term life insurance plans from Mutual of Omaha carry certain provisions whereby in the event of unemployment or if the insured’s home suffer damage, monthly base premiums are waived for up to 6 months. Customers may opt for the Accelerated Death Benefit rider where at least 92% of the death benefit is paid lump sum if the insured’s life expectancy is 24 months or less. In addition to this, in the event of accidental death as a fare-paying passenger of commercial transport will earn beneficiaries additional monetary death benefit payments for up to US$ 250,000! <h3>Universal Life Insurance Plans</h3> Mutual of Omaha offers single and flexible premium payments with adjustable benefits, permanent life insurance that can accrue values more than the guaranteed cash value at a much lower cost. All the plans under their universal life insurance is protected against lapsed payments (Lapse Guard™) so there is virtually no risk of lapse. Customers have the freedom and flexibility to adjust and customize their premium payments as well as death benefit in accordance with their needs. <h3>Whole Life Insurance</h3> Premium payments for Mutual of Omaha’s whole life insurance plans are fixed and are based on the amount of death benefit chosen by the customer, which can start from as low as US$ 3,000 even. Physical examinations are not required and customers may even opt to purchase their policies online. <h3>Accidental Death Insurance</h3> For customers who are not qualified for other life insurance plans, Mutual of Omaha offers death benefits of up to US$ 1,000,000 for mishaps which include commercial vehicle fare-paying passenger benefits, auto and pedestrian benefits and general all-risk accident coverage.

Pricing / Rates Rating:

Getting A Quote Rating:

Getting A Quote:

Customer Service Rating:

Overall Rating:

8.50

Based on the factors stated, Mutual of Omaha Life Insurance scored what it did. The only downside is that not all of their products (and features) are available everywhere.