When it comes to life insurance products, the ocean is far and wide. Sometimes the hardest part is just getting started. So if you’re not sure where to start (concept, whole, universal, random), Mutual of Omaha might be a good place to start. They offer all four options, making your initial search easier to manage.
And since this company is owned by policyholders, they tend to have some of the lowest interest rates on the market. Today I’m going to dive deep into Mutual of Omaha so you can decide if they are the right company for you.
What is Mutual of Omaha Life Insurance?
Mutual from Omaha has been around since 1909. In addition to offering life insurance products, they also offer a variety of other products.
Not only do they offer life insurance products for individuals, they also offer group policies for companies looking to insure their employees.
Mutual of Omaha was also the company behind the famous Mutual of Omaha’s Wild Kingdom television series, which began in 1963. Even though they no longer run the series on television, they still run online.
Let’s face it, they have their hands in lots of different pots! But their life insurance products are some of the best and cheapest around.
How does Mutual of Omaha life insurance work?
Mutual of Omaha offers a number of different life insurance products. These include risk life, entire life, universal life, and accident insurance. However, the most popular life insurance product is usually term life insurance, which I have chosen.
If you are not sure whether term life insurance is the right product for you, give a few points about who it is best for. And if that’s not enough, they also have a calculator to help determine your specific needs. Personally, I’m a huge fan of this feature as it takes a lot of guesswork.
To start taking out term life insurance with them, I clicked the “Get my offer” button.
After that, I was redirected to the Term Life Insurance Quote page to fill in some details about myself.
Once the correct information is entered, I hit the “Calculate Results” button. I was then redirected to the bottom of the page where an offer was calculated for me – done!
However, you can change the quote by changing the term. Initially I was automatically suggested a term of 10 years, but I wanted to see how long the term would be 30 years as I want to make sure my children and spouse are looked after in case something happens to me later. And since policies only get more expensive with age, it makes more sense for me to buy a longer-term policy now and spend less money in the long term.
Ultimately, this course is pretty competitive when compared to some of the other offers I’ve received. However, I would still have to contact an agent to secure the policy.
Whether or not you need a medical exam will depend on how you answer certain medical and lifestyle questions with the agent. Hence, this noted rate could ultimately be higher or lower.
What does Omaha Mutual Life Insurance cost?
Omaha Mutual Life Insurance is typically one of the most affordable products. However, prices vary depending on the product selection, your individual history and the term you are looking for.
Take my Term Life quote, for example. They quoted me at $ 53.54 per month for the 30 year term. This doesn’t mean that once I’m done with the agent, I’ll actually pay for this. Assuming my interest rate is close to its advertised rate, for the same amount of $ 500,000, they are slightly higher than my current 30 year term. Right now I’m paying $ 47.08 per month instead. While the offer is a little higher, that doesn’t mean I might not be able to pay less.
My current policy required a medical examination after which I was classified as a Premium Plus customer. That label helped bring down my rate. So it stands to reason that their rate could be comparable if I took a medical exam at Mutual of Omaha.
Features of Mutual of Omaha Life Insurance
Mutual of Omaha has pretty good life insurance rates from the get-go. Plus, they have a good list of additional features for most of their life insurance policies.
The additional drivers depend on whether you get one Term or entire life policy. Both options provide the first two drivers in case you want to add them.
Accelerated Death Benefit Rider
This begins when you are diagnosed with an incurable disease and have less than a year to live. If so, you can get up to 80% of the policy’s death benefit or $ 1 million, whichever is less.
If the insured’s death occurs accidentally, that driver steps in to make an additional death benefit payment.
Child protection rider
This applies to all eligible children between the ages of 15 days and 20 years. You can choose from $ 1,000 to $ 10,000.
Waiver of disability by the premium driver
This begins after a waiting period of six months after an event in which you are permanently disabled and foregoing your monthly rewards for an indefinite period of time.
Another insured driver
This can be covered by another person with the same basic insurance, but the premium depends on the nominal amount and the age of the other insured person.
All term policies can be converted into a universal or permanent plan should you wish in the future.
Premium rider’s unemployment waiver
This begins after a waiting period of four weeks after unemployment and waives your monthly premiums for a total of six months.
My experience researching the Mutual of Omaha life insurance
I wasn’t sure what to expect when researching life insurance at Mutual of Omaha. But I have to say I was pleasantly surprised with their multitude of options.
Aside from the fact that they had four different life insurance options, they also offer:
This variety of products turned my head! But one of my favorite things about them was all of the different calculators that they could use to make the best product selection for my life.
The “Determine Your Life Insurance Needs” calculator was by far my favorite tool.
It didn’t hurt that their website was extremely easy to use and intuitive. So overall, that was a very good experience shopping for life insurance.
Who is Mutual of Omaha Life Insurance best for
Mutual of Omaha is best suited for people between the ages of 20 and 30 for reasons of cost. But they could also be a great option for those with pre-existing conditions who may have had difficulty getting life insurance elsewhere.
And if you are looking for a more affordable life insurance product, this might be a great option for you.
Who is Mutual of Omaha life insurance is not right for
Omaha Mutual Life Insurance is not best for the elderly, e.g. B. 50s and 60s. This is due to the much higher rates.
Nor are they suitable for those who prefer to have a policy fully online without a medical exam. No matter what, you need to contact an agent. And chances are you’ll likely need a medical exam too.