Mutual of Omaha Review

Written by Buy Mortgage Protection

Mutual of Omaha and United of Omaha are major players in mortgage protection and life insurance sales. Founded in 1926, they provide life insurance, pension, and annuity products for individuals and groups. United of Omaha falls under the business umbrella of Mutual of Omaha. They have a long history of protecting homes and families for over 90 years.

Both fully underwritten life insurance and simplified issue life insurance products are offered through Mutual of Omaha.

Many individuals grew up watching Mutual of Omaha’s The Wild Kingdom. It was the highlight of many television watchers’ week to see and experience wildlife adventures throughout the world.

In this Mutual of Omaha review and United of Omaha review, we will discuss the pros and cons of both for mortgage protection and life insurance.

United of Omaha Financial Strength

United of Omaha (MOO) has an A+ rating from A.M. Best. A.M. Best is a third-party reporting and ranking company that is one of the most reputable of its kind. A.M. Best has 15 rating categories, of which an “A” rating is one of the highest ratings given. This score was achieved in February of 2016.

The “A” A.M. Best rating system says a lot about how United of Omaha does business and the quality of their company. Few insurance companies are rated as high as United of Omaha. Make no mistake; United of Omaha and Mutual of Omaha are financially sound with vast financial reserves.

Simplified issue life insurance mortgage protection insurance offered by Mutual of Omaha

Term Life Express (TLE) details:

  • Offered in 10, 15, 20, and 30 year terms.
  • It is offered in face amounts from $25,000 to $400,000.
  • No medical exam

TLE included riders are:

  • Cancer/Heart Attack/ Stroke provision – This pays the beneficiary an additional 10% of the death benefit if the death results from cancer, heart attack, or stroke.
  • Accelerated death benefit rider – pays 92% of the death benefit in a lump sum if life expectancy is less than 24 months. If life expectancy of the policy owner is less than 12 months, a lump sum of 94% can be paid out from the policy. Rules vary by state.
  • Unemployment provision – This will waive premiums for one six-month period should you become unemployed.
  • Residential damage coverage rider – If your primary residence sustains $25,000 or more of damage, this allows the premium of the base policy and all riders to be waived for one six-month period
  • Common carrier death benefit provision – If the insured dies while on an airplane, train, or bus, this rider provides an additional death benefit equal to 100% of the original face amount.

Optional riders:

  • Disability income rider
  • Waiver of premium rider
  • Accidental death benefit rider dependent children’s coverage rider

Mutual of Omaha fully underwritten life insurance policies

When we have clients that, not only want to protect their home, but also their income (or future income), Mutual of Omaha term life answers fit in the mix. And unlike other mortgage protection agents or agencies, we will help protect our clients with fully underwritten products when they qualify for it and when it will get them the best pricing.

Some attractive term riders are available with the Term Life Answers (TLA) insurance product:

  • Term Life Answers life insurance offers coverage and 10, 15, 20, and 30 year periods.
  • Conversion up to age 75 to any of MOO’s universal life products
  • Renewable up to age 95
  • An accelerated death benefit for terminal illness – After the insured provides evidence of a life expectancy 12 months or less, the insured can request up to 80% of the current death benefit, or $1 million (whichever is less).
  • Waiver of premium for unemployment – This rider waives premiums for the base plan and included riders should the insured become unemployed.
  • Accidental death benefit rider – the insured’s dependent children can be added as a rider (which may be converted later).
  • Other insured riders (this would require full underwriting on the additional insured)
  • Disability waiver of premium – this writer waves the premium should you become disabled for six months or more.

Mutual of Omaha Permanent Life Insurance

Mutual of Omaha also offers permanent life insurance products:

Guaranteed Universal Life (GUL) – This is a universal life insurance policy with a fixed premium. This product has a guaranteed 2% interest rate, with a .5% interest rate bonus that starts on the ten-year anniversary of the policy.

Guaranteed Universal Life Survivor – This is a survivorship life insurance policy offering a fixed premium that insures both spouses or partners. A death benefit is paid to the surviving spouse after the death of their spouse or partner.

GUL riders are available for both Guaranteed Universal Life and Guaranteed Universal Life Plus:

  • Guaranteed refund option
  • Accelerated death benefit for terminal illness and chronic illness rider
  • Waiver of surrender charges for partial withdrawals writer
  • Disability waiver of policy charges writer
  • Disability continuation of plan premium rider accelerated death benefit rider
  • Dependent children’s writer
  • Guaranteed insurability rider

Mutual of Omaha AccumUL Plus

AccumUL Plus

  • Has riders similar to the GUL and GUL+ plans that offer a 3% guaranteed interest rate, and the policy will mature at age 120.

AccumUL Plus Included riders:

  • Accelerated Death Benefit for Terminal and Chronic Illness Rider
  • Lapse Guard Rider

Mutual of Omaha AccumUL

AccumUL Optional riders:

  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Waiver of Policy Charges Rider
  • Disability Continuation of Planned Premiums Rider
  • Dependent Children’s Rider
  • Association Group Disability Rider
  • Additional Insured Term Rider
  • AccumUL Answers – has riders similar to the GUL and GUL+ plans that offer a 2% guaranteed interest rate, and the policy will mature at age 120.

AccumUL Included riders:

  • Accelerated Death Benefit for Terminal and Chronic Illness Rider
  • Lapse Guard Rider

AccumUL Optional riders:

  • Guaranteed Insurability Rider
  • Accidental Death Benefit Rider
  • Disability Waiver of Policy Charges Rider
  • Disability Continuation of Planned Premiums Rider
  • Dependent Children’s Rider
  • Association Group Disability Rider
  • Additional Insured Term Rider

Mutual of Omaha Gaurenteed Universal Life Plus

Guaranteed Universal Life Plus features:

  • This life insurance product covers ages 18 – 80, all risks and all types of death.
  • This product has a guaranteed 2% interest rate.

Guaranteed Universal Life Express features:

  • Ages 18-65 years old is accepted.
  • Face amounts from $50,000-$250,000.
  • Guaranteed interest rate of 3%.
  • No medical exam

Included riders:

  • Accelerated death benefit for terminal and chronic illness
  • Guaranteed insurability rider
  • Waiver of surrender charges for partial withdrawal/liquidity rider

Optional riders:

  • Accidental death benefit rider
  • Disability waiver of policy charges writer
  • Association group disability rider
  • Disability continuation of plan premium rider
  • Child rider

Mutual of Omaha Living Promise:

Living Promise Whole Life features:

  • Ages 45 – 85 are accepted (age 84 the Graded Plan)
  • Face amounts from $2,000-$40,000 (where applicable)
  • Graded and non-graded plans available (in most states)
  • Graded benefit face amounts from $2,000-$20,000
  • No medical exam

Included riders:

  • Accelerated death benefit for terminal illness or nursing home confinement
  • Optional accidental death benefit rider

Mutual of Omaha children’s whole life:

  • Life insurance protection for children ages 14 days to 25 years.
  • Face amounts from $5,000-$30,000
  • Guaranteed Advantage Accidental Death:
  • Accidental death coverage from $50,000-$500,000.
  • Common carrier benefit – pays two times the accidental death benefit.
  • Auto-pedestrian benefit – pays an additional 25% of the accidental death benefit.

Optional Rider:

  • Return of premium benefit (ages 18 – 50). Available in most states.

What we do differently

Most mortgage protection is sold face to face in your home. We are a virtual business. This allows us to keep our overhead costs low and allows us to recommend the mortgage protection plans that get you the best pricing. Most mortgage protection companies and agents purchase your information as a “lead” after you send in mortgage protection letter that showed up in your mailbox.

We only work with people who approach us or who have found us on the internet. Because we are not paying money for your information, we don’t feel the need to sell you an overpriced plan, or a “one-size-fits-all” plan that makes healthy people pay more than they have to.

WANT MORE OPTIONS & UNBIASED RECOMMENDATIONS?
We have access to over 40 different insurance companies. We don’t work with just 3-4 insurance companies like most mortgage protection sales persons and agents. Our recommendations are personalized to your situation and your budget.

We do the shopping for you so that you don’t have to waste your time; we are specialists in mortgage protection. We won’t try to sell you a product that isn’t right for you, or that is too expensive for your budget.

Summary

We hope this Mutual of Omaha and United of Omaha review helps you understand that they are great insurance companies. If you have health impairments, Mutual of Omaha and United of Omaha mortgage protection plans are great products to consider. If you are in good to great health, we can help you get a better price with other insurance companies for mortgage protection.

We recommend you review your current mortgage protection and life insurance policies every 1-2 years. New insurance products come out yearly, with lower pricing or more favorable underwriting requirements. This means we can often save you money, even if your mortgage protection policy is 1-10 years old.

If you were sold an expensive mortgage protection policy or would like to see if you can get a better price, we are here to help you.

About BuyMortgageProtection.com
About BuyMortgageProtection.com

We work with individuals across the nation to secure the best mortgage protection rates.

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4 Comments

Joyce Capranica

I have $80.43 taken out of my checking account each month but I can not find a policy . Is there any way that you could let me know about this policy? I think it might have to do with my
mortgage on my home. Thank you for your assistance.

February 2, 2018 at 2:35 am
    Buy Mortgage Protection

    Call us at (888) 760-0903 and we will be happy to get on the phone with you with Mutual of Omaha to research your policy details and get you a copy of your current policy.

    February 4, 2018 at 8:42 am
Joyce Capranica

I believe that I have some kind of policy with Mutual of Omaha.
There is $80.43 taken from my checking account each month
for Mutual of Omaha. I believe that it might be about mortgage
insurance. Any information would be greatly appreciated. Thank you for your assistance.

February 2, 2018 at 2:41 am
    Buy Mortgage Protection

    Mutual of Omaha is a great company. Your pricing depends on what product you purchased. If you are healthy and did a non-medical policy, we can get you better pricing. If your health has changed since you were approved for this policy, you may not want to change. Call us and we can help you understand your options and if a replacement is appropriate (or even advised).

    February 4, 2018 at 8:40 am
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