When it comes to finding the best life insurance company that meets your unique needs, reading life insurance company reviews can be an important step. That’s why we’ve created this review of Mutual of Omaha Life Insurance, to provide you with the information you need to make an informed decision about purchasing a life insurance policy.
As one of our top picks for the best no-medical-exam life insurance companies, Mutual of Omaha Life Insurance has a lot to offer. In this review, we’ll delve into the reasons why, including the company’s financial strength, policy options, and customer service.
While Mutual of Omaha Life Insurance may be a great fit for some individuals or families, it’s important to remember that every situation is unique. It’s always a good idea to do your research and compare multiple life insurance companies before making a final decision.
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About Mutual of Omaha
Mutual of Omaha (lovingly referred to as “MOO”) has been around for quite a while. The company was founded in 1909 , which makes it 111 years old in 2020.
MOO has a very recognizable name, particularly if you are like me, and watched Mutual of Omaha’s Wild Kingdom as a little kid back in the 80s.
The company is located right in the middle of America (in you guessed it, Omaha), MOO serves individuals, families and businesses with its wide range of life insurance policies.
Mutual of Omaha Headquarters
3300 Mutual of Omaha Plaza
Omaha, Nebraska 68175
Mutual of Omaha Life Insurance Ratings
Mutual of Omaha Life Insurance has been rated by all three of the top rating agencies: A.M. Best, Moody’s, and Standard & Poor’s, which give MOO high marks as one of the highest rated insurance companies in the U.S.
All three of these trusted and respected rating agencies have thoroughly analyzed Mutual of Omaha Life Insurance on the basis of financial strength, reliability, and prospect for the future, and all have come up with the same answer: Mutual of Omaha is a great company on solid financial ground.
Here are Mutual of Omahas ratings as of April 2020:
- A.M. Best gave Mutual of Omaha Life Insurance an A+ rating.
- Moody’s gave Mutual of Omaha Life Insurance an A1 rating.
- Standard & Poor’s gave Mutual of Omaha Life Insurance an A+ rating.
- Comdex ranking of 90 is also fantastic.
2019 GAAP pre-tax operating income was $225 million on record revenues of $10.4 billion. Net income after taxes and realized investment gains was $271 million. This marks the 8th consecutive year the company has achieved record levels of revenue. Source
With such strong ratings from all three of the major 3rd party financial rating agencies, any consumer should see that Mutual of Omaha Life Insurance is a great company!
Mutual of Omaha Product Offering
Mutual of Omaha has an extensive product offering.
- Life Insurance
- Term Life
- Whole Life
- Universal Life
- Accidental Death
- Long Term Care Insurance
- Disability Insurance
- Critical Illness Insurance
- Cancer, Heart Attack, & Stroke Insurance
- Income Annuities
- Deferred Annuities
- Medicare Supplemental Insurance
Pros of Mutual of Omaha Life Insurance
As mentioned previously, Mutual of Omaha has a solid financial standing, providing peace of mind that the company can fulfill its financial obligations.
Furthermore, Mutual of Omaha offers a wide range of life insurance products, including both term and permanent life insurance policies. This allows customers to choose the type of coverage that best suits their needs.
Another benefit of choosing Mutual of Omaha is the availability of a diverse range of simplified issue life insurance options. This type of policy allows customers to obtain life insurance coverage without the need for a medical exam.
Below, we will provide further details about Mutual of Omaha’s primary life insurance products, giving you a better understanding of which policy may be the best fit for you.
Policies Offered by Mutual of Omaha Life Insurance
Term Life Answers: Term life insurance coverage for 10, 15, 20, and 30 years. This policy is convertible to age 75 and renewable to age 95.
MOO Term life insurance riders:
- Accelerated death benefit and terminal illness
- Dependent children’s rider which is available to be converted to an independent policy later on
- Accidental death benefit rider
- Disability waiver of premium rider if you suffer a disability for 6 months or longer
Mutual of Omaha Life offers many permanent life insurance policies including:
Guaranteed Universal Life: this has a fixed premium and you are guaranteed a 2% interest rate
Guaranteed Universal Life Plus: This is available for people from 18 to 80 years of age. The policy offers a 2% interest rate, but a 50% interest rate bonus from the 10th year of the policy.
Guaranteed Universal Life Survivor: This is a life insurance policy that covers both spouses. The surviving spouse is will receive the death benefit. For married people who are concerned about their spouses – and who have spouses that are concerned about them –this is a great option.
Mutual of Omaha’s Simplified Issue life insurance policies
Term Life Express: 10-30 year simplified issue term life insurance policy that is renewable up until 100 years of age. The death benefit ranges from $25,000-$400,000.
Guaranteed Universal Life Express: Ages 18-65 with a guaranteed interest of 3%. The face amount is $50,000-$250,000.
Living Promise Whole Life: If you need whole life insurance, this policy is available for people 45-85 years old. Face amounts are up to $40,000.
Mutual of Omaha’s Living Promise Whole Life policy makes MOO one of our best final expense and burial insurance companies.
Children’s Whole Life: If you want to insure your child, this policy has a death benefit up to $30,000 and is valid for children 14 days to 25 years of age.
Potential Drawbacks of Mutual of Omaha Life Insurance
After analyzing Mutual of Omaha Life Insurance, we have concluded that it is an excellent company. Its impressive financial ratings, broad range of policies, and high customer satisfaction levels make it difficult for us to find any faults with the company.
However, it’s important to note that there may be other life insurance companies that could better suit your specific needs. Mutual of Omaha offers great policies for most people, but for those with unique circumstances, other companies may offer more suitable options. Nevertheless, Mutual of Omaha could still be the best choice for you.
So, how do you determine which life insurance company is right for you? The solution is straightforward: consult an expert. By discussing your individual needs and preferences with an insurance professional, you can gain a better understanding of which company can provide the most appropriate coverage.
While Mutual of Omaha Life Insurance has received excellent ratings, offers a wide range of policies, and has a high level of customer satisfaction, it’s important to keep in mind that it may not be the best life insurance company for everyone. Every individual has unique needs and preferences when it comes to life insurance coverage, and there are many factors to consider when choosing a life insurance policy.
To ensure that you find the best life insurance policy for your specific needs, it’s important to do some shopping around and compare policies from several different companies. This can help you find a policy that provides the coverage you need at a price that fits your budget. You can also speak with one of our licensed insurance agent who can provide expert guidance and help you navigate the complex world of life insurance.
In summary, while Mutual of Omaha Life Insurance may be a great option for many individuals, it’s important to do your research and explore all of your options before making a decision.