2022 Mutual of Omaha Life Insurance Review • Benzinga – Benzinga
Minimum Coverage$2,000Maximum Coverage$1 millionEligible Ages18 to 95Term Lengths10 to 30 years# of Rider Options11+
At a glance, Mutual of Omaha life insurance offers the following:
Average cost: $26.02 per month for a 35-year-old nonsmoking male and $22.15 for a 35-year-old non-smoking femaleTerm life policy limits: $25,000 minimumWhole life policy limits: $2,000 to $40,000 ($5,000 to $40,000 in Washington state)Riders and add-ons: Accelerated death benefit for terminal illness rider, accidental death benefit rider, waiver of premium for unemployment rider, dependent children’s rider, another insured rider, disability waiver of premium rider, living benefit riders, residential damage waiver of premium rider, common carrier death benefit provision and disability income riderEligibility: 18 to 80 years old for term life policies, 45 to 85 for guaranteed whole life policiesDiscounts available: N/AOther insurance offered: Universal life insurance and accidental death insurance
According to multiple ratings and data, Mutual of Omaha ranks among the best companies for term life, whole life and universal life insurance. It also ranks among the best for companies not requiring a medical exam.
BBB RatingA+AM Best RatingA+NAIC Complaint Index1.06Moody’s RatingA1J.D. Power Rating789
For certain individuals, like a 35-year-old nonsmoking male, average health premiums are roughly $74.18 per month. A 35-year-old nonsmoking female in average health with a 20-year, $1 million term policy is about $61.28 per month. These numbers are for informational purposes only because several factors determine premium prices.
Age has a significant influence on cost because insurers base rates on life expectancy. Providers charge older people closer to the end of their lives higher premiums. Age contributes to the length of coverage an individual may qualify for, too. Those older than 50 may be eligible for a 25-year term life policy. By age 70, though, they will only qualify for terms of 20 years or less.
Other elements that affect life insurance rates include:
Health: Pre-existing conditions like diabetes and heart disease will place someone in a higher-risk category.Gender: Gender determines premiums and is responsible for the difference between males and females. Monthly premiums for a 35-year-old female and a 35-year-old male differ by $13. When males and females reach age 65, the difference is about $440 per month.Unhealthy habits: Anyone with a smoking or drinking habit will pay higher life insurance rates. A history of traffic accidents or violations can impact rates, too.Hobbies: Insurers charge higher rates for people who engage in dangerous pastimes such as skiing and skydiving.Location: Life insurance companies use regional life expectancy data when calculating rates. Those who live in areas with low life expectancy will pay more.
Mutual of Omaha life insurance premiums rate four out of five stars.
You can purchase Mutual of Omaha life insurance by visiting the company’s website to compare information and quotes. This will help narrow down the life insurance option that works best for you. Once you have completed this step, it’s time to find or match with an agent to help you complete the process. You can find an agent by name, ZIP code or by calling the company and filling out an online form.
To determine whether you need term, whole or universal life insurance, Mutual of Omaha asks you to review:
Why you need or want life insuranceYour anticipated current and future financial obligationsHow long you want coverage
At the same time, Mutual of Omaha considers your age, gender and desired death benefit amount. Sometimes the company looks at term duration, health and tobacco use.
Out of a five-star rating system, Mutual of Omaha receives 4 stars.
Mutual of Omaha vs Competitors
Comparing Mutual of Omaha to competitors like Banner Life Insurance Co. and Prudential Financial Inc. (NYSE: PRU) will emphasize the differences. For instance, Mutual of Omaha offers whole life products while Banner Life sells term life and universal life. Banner Life ranks No. 1 in cheapest life insurance ratings with an average premium of $54.24 for a 20-year, $1 million dollar policy. The same policy under Mutual of Omaha has an average premium of $67.73.
Both life insurance carriers’ universal life policies come with unique features. With Mutual of Omaha universal life policies, accelerated death benefits are included, and Banner Life provides coverage up to age 121.
Mutual of Omaha also offers free online quotes. Prudential and Mutual of Omaha provide whole life insurance, too. Both carriers have earned an AM Best Financial Strength rating of 5 out of 5 stars.
Types of plans
Term, Whole, Universal
Age Requirements
18 – 68
1 Minute Review
Purchasing life insurance requires you to be familiar with essential benefits. Different types of life insurance such as permanent insurance can give you peace of mind because you know your beneficiaries will receive death benefits, regardless of when you die.
For quality life insurance, look at Mutual of Omaha, which offers whole and universal life insurance policies that guarantee coverage for your entire life. A medical exam isn’t required, premiums don’t increase, you can access the cash-value portion of the policy in an emergency, and you can set a death benefit. Below is Benzinga’s list of pros and cons associated with Mutual Omaha life insurance.
Best For
Anyone entering their prime earning years
Customers willing to take on additional risks with their policy
Pros
Policies offer financial protection that last throughout your lifetime
Policies provide cash value that can be accessed while you are still alive
Universal life insurance policies enable you to adjust premium payments and frequency
You can decrease or increase the amount of your death benefit
Cons
Policy options are limited when buying online compared to purchasing through an agent.
get started
securely through Fabric Life Insurance’s
website
Age Requirements
21 – 60
1 Minute Review
Fabric offers term life insurance, free digital will creation and other tools to help you better your family’s financial life. They’re the one stop shop for young families looking for financial security.
Fabric offers 10, 15, 20, 25 and 30 year term options and coverage ranging from $100,000 to $5 million.
Fabric offers highly reviewed online customer service through its app and website and has the highest TrustPilot rating in its class.
Best For
No exam required for most
Those who want to avoid the hassle of insurance salesmen
New or expecting parents looking for a broader suite of financial tools
Pros
Affordable premiums
Free digital will creation
Free app with helpful tools for parents
Apply and see your rate in less than 10 minutes
Cons
No term life coverage in New York or Montana
Can’t increase coverage after purchasing
Types of plans
Universal, Term, Whole
Age Requirements
18 – 100
1 Minute Review
Northwestern Mutual offers a variety of life insurance policies that are suitable for a wide range of people. Policies are available in all 50 states, although some policies and riders may not be available in every state. The company has strong financial strength ratings and an above-average rating when it comes to consumer complaints.
To get a quote from Northwestern Mutual, you have to talk to one of its agents. However, you can browse information on its website and use the coverage calculator tool to estimate how much life insurance coverage is recommended for your family.
Best For
Affordable term life insurance that can be converted to a permanent life insurance policy later
Adding riders to a life insurance policy
Pros
Strong financial strength ratings and a low number of consumer complaints
Several types of life insurance policies available
Offers other financial planning, insurance and investment products and services
Cons
Lack of clarity about the product offerings on Northwestern Mutual’s website
Can’t get a quote or apply directly for a policy online
Get started
securely through Bestow Life Insurance’s
website
Disclosure: *excludes New York
1 Minute Review
Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.
Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.
Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.
Best For
People who are looking for short-term life insurance
Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
Pros
Plans start at just $8/month
Decent coverage options if you need insurance quickly and without hassle
Cons
Offers 2 types of plans; does not offer whole or universal life insurance policies
The 10- and 20-year plans not available to users under 21 or older than 55
Types of plans
Depends on Carrier
Compare Quotes
securely through PolicyGenius’s
website
Age Requirements
18 – 80
1 Minute Review
Policygenius is a great option if you want to compare cheap life insurance companies and apply for a policy all in one place.
The service could save you up to 40% with its comparison of top-rated carriers. And because Policygenius is a marketplace, not an insurance company, you can trust that you’re getting unbiased life insurance advice from their licensed experts.
Use Policygenius’ free cost calculator to help you figure out the amount of coverage you need. There are also good educational tools if you want to buy a policy on your own.
Policygenius can also help you find the best provider to build an online will and plan your estate, rounding out their life insurance resources.
Best For
Comparing policies side-by-side
Multiple coverage options
Pros
Comparison of multiple policies
Unbiased advice from licensed insurance experts
Free cost calculator
Cons
Quotes from all providers not always available
Mutual of Omaha has a rating of 4.5 out of 5 stars. It rises to the top by allowing prospective customers to require online quotes that only take a minute to complete. Quotes show available plans by state, premium cost and discount, and original prices.
Mutual of Omaha: Additional Options
Life insurance policies can be overwhelming, so it is important to compare options as soon as possible. Insurance policies are more affordable when you are younger. You might be pleasantly surprised at how low your premiums might be when you apply early. Mutual of Omaha offers free quotes for you to compare which option is best suited for you.
Frequently Asked Questions
Who is eligible for Mutual of Omaha life insurance?
1
Who is eligible for Mutual of Omaha life insurance?
asked 2022-01-20
Jim Vassallo
1
It depends on the type of Mutual of Omaha life insurance policy. A term life policyholder must be between the ages of 18 and 80. Anyone seeking whole life coverage needs to be between 45 and 85. Mutual of Omaha doesn’t require medical examinations for whole life products, and poor health isn’t a disqualifying factor.
Answer Link
answered 2022-01-20
Benzinga
What riders are available from Mutual of Omaha?
1
What riders are available from Mutual of Omaha?
asked 2022-01-20
Jim Vassallo
1
Mutual of Omaha offers a variety of riders. Under term life policies, riders for accidental death, residential damage waiver of premium and waiver of premium for unemployment are all included at no additional cost. You can add riders for accidental death, dependent children and disability waiver of premium.
One of the most significant advantages of Mutual of Omaha is that whole life policies allow you to choose an accelerated death benefit or nursing home rider at no extra cost. If you feel so inclined, you can add an accidental death benefit rider but at an additional charge.
All universal add-ons include long-term care, guaranteed insurability and disability waiver of policy charges riders. Accelerated death benefits and chronic illness riders are included at no additional charge.
Answer Link
answered 2022-01-20
Benzinga
