When you are deciding on the best life insurance company that fits your specific criteria, looking at life insurance company reviews can be very helpful. That’s why we’ve put together this Mutual of Omaha Life Insurance review: to help you make an informed decision about purchasing a life insurance policy from Mutual of Omaha Life Insurance.
You may have already seen that Mutual of Omaha Life Insurance is one of our top no medical exam life insurance companies, but why? Keep reading this review of Mutual of Omaha Life Insurance to find out!
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 above, Mutual of Omaha is very strong financially so you can rest assured that MOO will be able to meet its financial obligations.
In addition, Mutual of Omaha has a wide range of different types of products, including term life and permanent life insurance.
Lastly, MOO also has a large range of simplified issue life insurance. The benefit here is that you do not need to take an exam to qualify for life insurance coverage.
We will go into some detail of its main life insurance products below.
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.
Drawbacks of Mutual of Omaha Life Insurance
As you can tell from this review of Mutual of Omaha Life Insurance, we really do believe this is a great company. The solid ratings, range of policies, and customer satisfaction make it hard for us to say anything bad about Mutual of Omaha Life.
The only real complaint we have about Mutual of Omaha isn’t even a real complaint: it’s just that there may be a better life insurance company for your specific situation.
If you have a special case or specific needs (don’t we all?) then Mutual of Omaha may give you a great policy…but perhaps not the best policy. Of course, they may be the life insurance company best for you.
So how do you know who the best life insurance company will be for you? Well, it’s simple: call an expert.
Who can help me find a life insurance company?
We can! With years of experience in the life insurance industry, we know the ins and outs of the business. We know which life insurance companies offer what products, and who is best in each situation. But what we don’t know is about you!
InsuranceBrokersUSA is a life insurance broker that works with dozens of the best life insurance companies in the United States, and help people like you find the right life insurance policy. We do not have any motivation to push one life insurance company over another, which should reassure you that we only have your best interest at heart!
So what are you waiting for? Give us a call today and experience the IBUSA difference!