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Mutual of Omaha Company Review

Written by Andrea Tolar

One alternative to applying for a medically underwritten policy is to go with a no medical exam life insurance plan.

As the name suggests, there is no health exam is required to qualify for this type of coverage – and, in some cases, depending on which no medical exam coverage you apply for, you may have no health questions to answer either.

One company that has a long-standing and positive reputation in life insurance is Mutual of Omaha.

The History of Mutual of Omaha Insurance Company

Mutual of Omaha has been in business offering insurance protection to its customers for more than 100 years. The company was initially established in 1909, and at that time, it was known as Mutual Benefit Health & Accident Association.

Over time, the company extended its products to companies, as well as to individuals, and by 1920, it was licensed to sell insurance products in 15 of the U.S. states. Over time, the company’s name has changed, until it eventually became Mutual of Omaha in 1950.

Due to its increased advertising in the 1950s and 60s, the company’s income tripled. One way that many consumers got to know the Mutual of Omaha name throughout the years is due to the company’s sponsorship of the Wild Kingdom program. It also sponsored many other TV and radio shows, such as Zoo Parade, The Breakfast Club with Don McNeil, and What’s My Line, a popular game show at the time.

Mutual of Omaha Company Review

Today, Mutual of Omaha offers insurance, financial, and banking products to its customers, and serves both individuals and businesses. As of the third quarter 2016, the company had assets more than $38 billion, and total revenues in the amount of nearly $5.8 billion. This is an increase over the same quarter of the previous year.

As a mutual insurance company, Mutual of Omaha operates for the good of its customers, and it has always operated using a strict Code of Business Ethics, as well as with high expectations and guidelines for its employees’ practices and behavior.

This helps to ensure that its employees are accountable for their results. In addition, Mutual of Omaha has continually received high ratings from the leading industry rating organizations over the years, which also includes a high mark from the Better Business Bureau.

Insurer Ratings and BBB Grade

  • A+ (Superior) from A.M. Best and Company
  • A1 (Good) from Moody’s Investor Services
  • AA- (Very Strong) from Standard & Poor’s

No Exam Life Insurance

Mutual of Omaha offers both term and permanent policies offered with no exam. These options can often allow those who are otherwise unable to qualify for medically underwritten policies to obtain the life insurance coverage that they need.

The permanent policy offered by Mutual of Omaha is a whole life option. This means that the amount of the premium and the death benefit are guaranteed. The insurance carrier cannot increase the future premium that is due – as the individual ages and whether he or she contracts an adverse health issue.

The face amount of coverage on these whole life insurance policies can range up to $250,000 based on the applicant’s age at the time they apply for the coverage. While there is no medical exam required, the company may still require a background check – including obtaining information from the MIB (Medical Information Bureau) regarding health and prescription drug details.

The Living Promise Whole Life insurance policy is available to anyone ages 45 thru 85, with a graded death benefit option that is available to those up to age 80. This policy allows a face amount of between $2,000 and $40,000, and it is often purchased for the purpose of covering one’s funeral and final expenses.

The Children’s Whole Life insurance policy is available to children who are between the ages of 14 days and 25 years. This policy can be purchased with a coverage amount of between $5,000 and $30,000.

Mutual of Omaha’s no medical exam coverage also includes a Guaranteed Advantage Accidental Death Plan, which will pay out anywhere between $50,000 to $500,000 if the insured dies as the result of a covered accident.

Mutual of Omaha also offers no medical life insurance that is term coverage. This term policy has available lengths of 10, 15, 20, and 30 years, and face amounts of coverage that range between $25,000 and $400,000. This policy is renewable up until the insured’s age 100, and there is also a return of premium rider available for an additional amount of premium.

Other Products Available Through Mutual of Omaha Insurance Company

Mutual of Omaha also offers fully underwritten coverage. These also can come as either a term or a permanent life insurance coverage. The term life policy can be purchased in a variety of time lengths, such as ten years, 15 years, 20 years, and even for 30 years.

The insured may be able to convert the term policy over into a permanent life insurance option, which include any of the universal life insurance options that are offered via Mutual of Omaha. If the insured opts to keep the policy as term, the policy is renewable up to the insured’s age 95.

Mutual of Omaha’s term policy also has a number of riders that the insured may choose to include with the coverage. These are:

Accelerated Death Benefit

With the accelerated death benefit, if the insured is diagnosed with a terminal illness that deems his or her life expectancy to be 12 months or less, they may obtain money from the policy’s death benefit in the amount of 80 percent of the current figure, or $1 million – whichever amount is less.

Waiver of Premium for Unemployment

With the waiver of premium rider for unemployment, if the insured becomes unemployed and is unable to make their policy premiums, the premium amount for the base insurance plan – as well as that for any of the additional policy riders – will be waived, which will allow the policy to remain in force.

Children’s Term Rider

The children’s term rider allows coverage for dependent children of the primary insured. This rider also allows the coverage on the children to be converted over to a permanent form of coverage at a future time.

Disability Waiver of Premium

If the insured should become disabled and unable to work and pay the premium, the premium will be waived on the policy. (This requires that the insured is disabled for six months or longer).

There are also permanent life insurance options available in the fully underwritten category. These include a Guaranteed Universal life policy, a Guaranteed Universal Life Plus policy, and a Guaranteed Universal Life Survivor policy.

With the Guaranteed Universal Life insurance policy option, the insured will have a fixed premium amount, and the cash value – which grows tax deferred – has a guaranteed 2 percent rate of interest growth. This policy has a number of optional riders that can be chosen from which are similar to those that are offered on the term insurance plans.

The Guaranteed Universal Life Plus policy option also has both death benefit and a cash value component that grows at a rate of 2 percent. This policy is available to anyone ages 18 thru 80.

The Guaranteed Universal Life Survivor policy is an option that insures two lives as versus just one. (This is often less expensive for married couples or partners than the purchase of two separate policies). The death benefit will be paid at the death of the second insured. This policy also offers a fixed premium rate that will not increase over time.

Mutual of Omaha also offers a long list of other insurance and financial products, which include:

  • Medicare Supplement Insurance
  • Long-Term Care Insurance
  • Retirement Annuities
  • Disability Insurance
  • Critical Illness Insurance
  • Cancer, Heart Attack, and Stroke Insurance
  • Investments
  • Structured Settlements
  • Small Business Solutions
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Our specialty is life insurance without a medical exam. Let us help you decide if a non-med policy is right for you. Get a quote on this page, or contact us with any questions.

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