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Mutual of Omaha Life Insurance Review
By Jim Tobin, CFP
ELife Insurance Help Desk Rating
If you are thinking about applying for term life insurance from the Mutual of Omaha, you have landed in a good place. This Mutual of Omaha life insurance review will address the company's history and financial ratings, product offerings, underwriting niches, pricing, and available alternatives.
Mutual of Omaha Life Insurance Review Of Company History
One of the better name recognition life insurance carriers, Mutual of Omaha has been on the scene in various incarnations since 1909
Easily recognized by it's affiliation as a sponsor of television's Wild Kingdom, Mutual of Omaha is a privately held Fortune 500 located in Omaha, Nebraska.
Mutual of Omaha Life Insurance Review of Financial Ratings
With more than 3.5 million customers and 35 billion in assets, Mutual of Omaha is a strong performer in the life insurance market.
The Comdex score, an industry specific financial rating, for MoO is 93.
Below is a compilation of the major rating companies. You can learn more about the financial strength of life insurance carriers here.
Mutual of Omaha Life Insurance Rating
A+ (Superior) from A.M. Best
AA- (Very Strong) from S&P
A1- (Very Strong) from Moody's
94 COMDEX score 93
Mutual of Omaha life Insurance Review of Products
Like many of the stronger life insurers, Mutual of Omaha has a broad choice of products to choose from. Among the life insurance choices are :
- Universal Life
- Whole Life
Within these categories are several iterations to serve distict market segments.
Term products available:
- Term Life Direct - 25k-100k simplified issue (no blood or urine)
- Term Life Answers- 100K + this traditional term product is sold in 10, 15, 20 & 30 year options.
Universal Life Insurance
- Guaranteed universal Life (GUL)
- GUL Express - No blood or urine
- IUL- Universal life insurance product that is indexed to the equities markets.
- AccumUL- a traditional current assumption universal life product.
- Guaranteed Issue WL- Guaranteed policy that is often used for final expense applicants who do not qualify for "day one" coverage. Therefore, the benefit is graded.
- Whole Life Express- a simplified issue product with day one coverage.
- Kid's WL- Offered to children up to age 17
Other Products (Non Life Insurance)
Mutual of Omaha is a major player in the Medicare supplement market and participates in Long term Care, Disability insurance and investment products.
Mutual of Omaha Life Insurance Review of Underwriting Niches
Unlike some other carriers we have reviewed, Mutual of Omaha does not jump out at you for specific medical condition underwriting niches.
However, because of ease of application process (and being well known), the carrier is wildly popular with seniors. Along those ame lines, Mutual of Omaha is often among the best priced of the well known carriers.
Mutual of Omaha Life Insurance Review of Pricing
Mutual of Omaha is competitive in some cases and appears expensive in others. However, it is important to note that even in cases where they appear expensive they could be the best deal.
You may be asking: "How can the be?"
it all comes down to the underwriting class you are given. If Mutual of Omaha is the most expensive of the major carriers at standard rates but the more competitive carriers would grade you as table 2/B or 4/D, then the "more expensive" standard rate would be the best deal.
If you would like to see accurate rates based on underwriting class for Mutual of Omaha term life insurance, simply input your information into the quote tool and press "Display Quotes". Just bear in mind that, as I have discussed, the best rate is not always the best deal for your particular health situation.
Mutual of Omaha is a solid carrier with a diverse product line up. While seldom the least expensive option, they are competitive when you take into account strong financials and occasional niche underwriting.
Mutual of Omaha is worthy of consideration if your particular situation works well with their product offering. Should you have any specific questions about your situation and MoO please drop us a line.
Alternatives to Mutual of Omaha Policies
In cases where Mutual of Omaha is not the most competitive rate (for example marijuana users), there are over 50 carriers available at the Life Insurance Help Desk. Whether it's a condition that Mutual of Omaha underwriting chooses not to see more favorably than others or it's a no exam term option you are looking for, the Life Insurance Help Desk will be happy to help you get the best deal possible.