Fri. Mar 29th, 2024

Mutual of Omaha Life Insurance Review 2023<!-- wp:html --><p class="headline-regular financial-disclaimer">Our experts answer readers' insurance questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/insurance-rating-methodology" class="not-content-link" target="_blank" rel="noopener">here's how we assess insurance products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" rel="noopener">our partners</a>; however, our opinions are our own.</p> <p>Mutual of Omaha offers whole, term, and other permanent life insurance plans. Life insurance can be used for retirement, end-of-life planning, and much more.</p> <p>Since its founding in 1909 (by a medical student at Nebraska's Creighton University and his wife), Mutual of Omaha Life Insurance has evolved into a Fortune 500 company offering financial solutions and insurance coverage to over 5 million people across the country. It remains a big player in <a href="https://www.businessinsider.com/personal-finance/best-life-insurance-companies">life insurance</a> for good reason. A policy from MOH empowers individuals to leave loved ones with choices for navigating long-term financial futures, not expenses.</p> <div class="insider-raw-embed"> <div></div> </div> <h2>Types of Life Insurance Plans from Mutual of Omaha</h2> <p>When steered by the right company, a life insurance policy becomes an investment vehicle for death and retirement. Mutual of Omaha Life Insurance boasts a wide range of life insurance products. Here's the rundown:</p> <p><strong>Term life insurance:</strong> This affordable choice offers coverage for a specific period (say, an individual's critical income-earning years) or purpose, like a home mortgage. Term life insurance is simple. It comes with a death benefit for a specific "term," carries no cash value, and remains the most affordable option. If the policy is not converted to a whole life insurance policy within the guidelines in your policy documents, it will expire, and no death benefit will apply.</p> <p><strong>Term Life Express:</strong> This is available for individuals ages 18-80 (with maximum age varying by state and risk class) in standard terms of 10, 15, 20, and 30 years. Death benefits begin at $25,000 and top out at $300,000. This option, available without a medical exam, comes with lower maximum coverage to offset the company's risk. In addition, Term Life Express offers an accelerated death benefit rider, unlike standard term life insurance policies. If the buyer can prove they will die within 24 months, buyers can withdraw up to 92% of the value in a lump-sum payment.</p> <p><strong>Term Life Answers</strong>: This policy is available for individuals ages 18-70, depending upon the term. Choose from 10, 15, 20, and 30 years, with coverage beginning at $100,000. A medical exam is required for qualified life insurance applicants.</p> <p><strong>Whole life insurance:</strong> This option offers stability via a handful of guarantees, including a minimum rate of return on cash value, plus premium rates that won't increase and death benefits that won't decrease, no matter how long you live (so long as premiums are paid). Interested buyers can add riders to protect their death benefit if they miss payments. Some buyers can convert term policies to whole life insurance with Mutual of Omaha.</p> <p><strong>Guaranteed Whole Life Insurance</strong>: As you might expect, the Guaranteed Whole Life Insurance product from Mutual of Omaha comes with <a href="https://www.businessinsider.com/personal-finance/best-no-medical-exam-life-insurance">guaranteed coverage with no medical exams</a> or health-related questions. Like other no medical exam life insurance policies, not all interested buyers are qualified, and the payouts are limited. This policy is available for individuals ages 45-85, and benefits range from $2,000-$25,000. Premiums are also fixed for the life of your policy. This option allows the insured to access cash value and comes with a graded death benefit. If the insured suffers a non-accidental death within the initial two years, the beneficiary only receives premiums paid plus 10%. After the initial two years, the full death benefit becomes available in most states.</p> <p><strong>Universal life insurance:</strong> This type of permanent life insurance comes with a lifetime death benefit plus cash value along with the flexibility (and inherent risk) of fluctuating premiums and death benefits within certain limits. In other words, your monthly premium could increase or decrease based on market rates. Universal life insurance provides options for buyers who want a more significant death benefit if they live longer (and make more premium payments).</p> <p><strong>AccumUL Answers</strong>: AccumUL boasts a lifetime death benefit with payouts between $25,000 and over $1 million. Individuals ages 18-85 may qualify. With growing (tax-deferred) cash value over the life of your policy, the premium you choose determines how fast your death benefit grows, but it's not based on one limited death benefit. While this option is guaranteed to earn 2% annually, canceling or surrendering this policy within the first nine years may result in a surcharge.</p> <p><strong>Indexed universal life insurance:</strong> Another type of permanent life insurance, these flexible policies carry lifelong coverage but few guarantees. Enjoy the option of adjustable premiums and death benefits if your life situation changes. That said, the policy's cash value is tied to a specific index, which means it will rise and fall with said index. While floors and caps ultimately limit gains and losses, an IUL requires aggressive account management. So it's coupled with high account management fees.</p> <p><strong>Life Protection Advantage</strong>: This plan offers a fixed-interest cash value with no less than 0% downside protection. In the worst-case scenario, you can lose interest gains but not the premiums you paid). So you'd leave with exactly what you contributed. This option has a guaranteed minimum death benefit of $100,000 through age 90. Canceling a policy within 14 years may lead to surrender charges. Discussing these with your life insurance agent at the time of purchase is best.</p> <p><strong>Income Advantage</strong>: This plan is available to individuals ages 18-85 and has zero limits on coverage. It has more significant growth potential for cash value than Life Protection Advantage as it is tied to the S&P 500 and offers no less than 0% downside protection and a guaranteed rate of 2% interest on fixed premiums. Canceling a policy within 14 years may involve surrender charges.</p> <h3>Additional Coverage Options</h3> <p>When shopping for life insurance, add-ons and extras typically take shape as a rider. A rider is <a href="https://www.businessinsider.com/personal-finance/average-life-insurance-rates">optional coverage, at additional cost</a>, for circumstances not included in your standard policy. At Mutual of Omaha Life Insurance, a whopping 14 riders (spanning Overloan Protection to Waiver of Surrender Charges plus a dozen in between) allow for customizable coverage. Rider availability is dependent upon policy type.</p> <p><strong>Accidental death benefit rider: </strong>This rider provides additional benefits for accident deaths as opposed to illness or old age. It offers a minimum benefit of $10,000 with a maximum benefit based on the insured's age at the time of policy issuance.</p> <p><strong>Additional insured term rider: </strong>This rider offers an additional death benefit to the insured or up to four other individuals named on the policy, assuming they meet all requirements. It provides a minimum death benefit of $25,000 and a maximum benefit of two times the base value.</p> <p><strong>Child life insurance rider:</strong> The child coverage rider offers coverage for dependent children ages 15 days to 20 years (to be paid up until their 23rd birthday or until the insured turns 65. This is a term rider, meaning the covered children should buy permanent life insurance policies as adults. It comes with $1,000 minimum coverage and a $10,000 maximum, dependent upon the base life insurance plan.</p> <p><strong>Chronic illness rider:</strong> Chronic illness protection offers early access to death benefits to help pay for the costs associated with chronic illness. The insured must meet specific qualifications. The use of this rider is based on their ability to perform routine daily activities for 90 days. Physician certification is also required.</p> <p><strong>Critical illness rider:</strong> The critical illness rider provides early access to death benefits upon diagnosis of a physician-confirmed condition, including major organ failure, terminal cancer, or ALS (among others). Your life insurance agent can review the exact distribution of payments at the time of purchase or when used.</p> <p><strong>Disability rider:</strong> This rider provides a monthly benefit: the lesser of 1.5% of the issued face amount, $3,000 per month, or 60% of one's gross monthly income. It activates should the insured become disabled.</p> <p><strong>Guaranteed insurability rider:</strong> This insurability rider provides the option to increase coverage upon each eligible life event. Eligible life events include marriage, the birth/adoption of a child, or the third anniversary of a policy and every three years after). Increases of $10,00-$50,000 are available with this rider.</p> <p><strong>Lapse protection rider: </strong>This rider protects against policy lapses and the taxes incurred upon borrowing or withdrawing too aggressively against the policy. It is included in all policies for individuals aged 76 and younger.</p> <p><strong>Long-term care rider:</strong> The long-term care rider offers early access to the insured's death benefits to cover in-home or nursing home care costs. The insured must be aged 30-79 when the policy is issued.</p> <h2>How Much Does Mutual of Omaha Life Insurance Cost?</h2> <p>Ranked #3 in overall customer satisfaction according to the <a href="https://www.jdpower.com/business/press-releases/2022-us-individual-life-insurance-individual-annuity-studies">JD Power 2022 US Individual Life Insurance Study</a>, Mutual of Omaha Life Insurance earns consistently high marks from customers based on five factors, including price.</p> <p>Since life insurance costs are calculated based on an individual's age, health, and chosen coverage, prices run the gamut. While Mutual of Omaha's term life insurance rates are average, its Guaranteed Whole Life Insurance (the company's only whole-life option) is one of the industry's cheapest insurance plans.</p> <p>At first glance, cheap rates and high payouts make term life insurance popular. That said, once the term expires, uncertainty prevails. There are no guarantees a term policy will convert to a whole-life policy. If it does, rates will no longer be locked, which means rising premiums.</p> <h2>How to File a Claim</h2> <p>Following the death of a loved one, contact Mutual of Omaha Life Insurance to begin the claims process. For individual coverage, call 888-493-6902. For employer-based coverage, call 800.775.8805 or use Mutual of Omaha's <a href="https://www.mutualofomaha.com/support/claims" target="_blank" rel="noopener">online form</a> as a first step.</p> <p>Before beginning, be sure you have the following details:</p> <p>Policyholder's information (including dates of birth and death)Insurance policy numberBeneficiary's information</p> <h2>Mutual of Omaha Life Insurance FAQs</h2> <h3 class="faq-question"><strong>What is life insurance?</strong></h3> <p class="faq-answer">Like all insurance, life insurance is a safety net designed to protect your family with a lump-sum payout at the time of death. Modern life insurance policies offer the option to buy more coverage to be used on a set schedule. Some buyers use life insurance to save for retirement or pay medical bills for a terminal illness.</p> <h3 class="faq-question"><strong>Why do I need life insurance?</strong></h3> <p class="faq-answer">Life insurance benefits can cover a wide range of financial needs, from meeting final expenses following the death of a loved one to paying college tuition for a deceased's dependent minor or scheduling monthly mortgage costs.</p> <h3 class="faq-question"><strong>What type and amount of life insurance do I need?</strong></h3> <p class="faq-answer">Your unique situation dictates your life insurance needs. Consider things like monthly expenses and outstanding debts as a starting point. This <a href="https://www.mutualofomaha.com/life-insurance/calculator" target="_blank" rel="noopener">online calculator </a>is another valuable tool.</p> <h3 class="faq-question"><strong>How much does life insurance cost?</strong></h3> <p class="faq-answer">Life insurance options are available to fit almost every budget. Your choice will ultimately depend on where you are and what you have planned for the future. Generally speaking, annual premiums range from a couple of hundred dollars to several thousand, depending on your age, risk factors, and coverage options. The average life insurance customer makes payments monthly.</p> <h3>Methodology: How We Reviewed Mutual of Omaha Life Insurance</h3> <p>Life insurance companies are compared based on product quality, available insurance riders, net performance scores, pricing, and customer service. In addition, we look at the diverse range of life insurance products to compare death benefit plans with life insurance designed for long-term financial planning. Our opinions are wholly based on facts gathered.</p> <p>Ensure you find the policy to fit your needs by shopping for life insurance with a qualified agent. Experienced life insurance agents can run quotes and advise you on premiums, life insurance loans, accelerated death benefits, and more.</p> <h2>Compare Mutual of Omaha vs. New York Life</h2> <p>Qualifying New York Life Insurance - Editorial Name Only customers can convert its policies to permanent life insurance. Remember, any conversion is processed as a new application. In other words, you still have to go through the underwriting process accounting for your age and health at the time of application. A whole life insurance policy from New York Life builds cash value very well early on. This leaves the insured options to bolster retirement income or borrow against the policy when needed, up to age 90. Unlike term policies, there's no expiration date. So no conversion is necessary. We recommend talking to your New York Life agent about riders to protect you should you miss a payment.</p> <p><a href="https://www.businessinsider.com/personal-finance/new-york-life-insurance-review">New York Life</a>'s Variable Universal Life Accumulator II comes with guaranteed death benefits and cash value that grow with the market. Market Wealth Plus offers buyers open to more risk the option of enhanced cash value accumulation. Quotes are unavailable online, and policy prices reflect life insurance agent commissions. One of the best things about New York Life is its knowledgeable agents trained to answer any questions you might have about its policies. The most significant difference is Mutual of Omaha Life Insurance - Editorial Name Only focuses on term policies, no medical exam life insurance, and other death benefit policies. New York Life's life insurance plans are built for investment and long-term retirement planning.</p> <h2>Compare Mutual of Omaha vs. Northwestern Mutual</h2> <p>Northwestern Mutual Life - Editorial Name Only is known for competitive pricing on whole life insurance for individuals of all ages and health risks. Its financial strength means policies build cash value early on (which equals quick access to more money). Variable universal insurance allows buyers to borrow tax-free or withdraw from the cash value, but at a cost: significant fees and considerable risk. Minimum death benefits range from $50,000 to $500,000.</p> <p>Both Mutual of Omaha and <a href="https://www.businessinsider.com/personal-finance/northwestern-mutual-life-insurance-review">Northwestern Mutual</a> offer trusted life insurance plans and services with high financial strength ratings from sites like AM Best and S&P. Mutual of Omaha Life Insurance - Editorial Name Only provides better options for buyers looking for easier application processes and lower death benefits. However, both companies offer accelerated death benefits, more comprehensive life insurance policies, etc.</p> <h2>Compare Mutual of Omaha vs. Globe Life</h2> <p>Life Insurance - Editorial Name Only offers both term and whole life insurance with no medical exam. As you might expect, these policies come with significantly lower coverage limits (read $100,000 and $50,000 for term and whole life insurance, respectively) across the board. Term life insurance rates also increase with age, to the tune of once every five years when buying from Globe Life. Mutual of Omaha Life Insurance - Editorial Name Only offers plans with set premiums to protect your budget and payout.</p> <p>Those on limited incomes will appreciate low-cost options like burial insurance. Death benefits range from $5,000-$25,000, and these are solely used to cover funeral expenses or residual debts of the deceased. Overall, Mutual of Omaha caters to a diverse range of life insurance customers.</p> <h2>Who Are The Ideal Customers for Mutual of Omaha?</h2> <p>Individuals looking for extra layers of protection will find Mutual of Omaha Life Insurance - Editorial Name Only's robust array of additional options a relief. Mutual of Omaha's life insurance riders provide peace of mind in an uncertain world.</p> <p>Mutual of Omaha's diverse offerings go beyond <a href="https://www.businessinsider.com/personal-finance/best-whole-life-insurance-companies">traditional life insurance</a>. For example, those who don't qualify for its more popular life insurance policies might be eligible for the Mutual of Omaha Accidental Death Insurance. It comes with up to $1,000,000 in available benefits and provides a low-cost alternative.</p> <p>Are you in the market for traditional whole-life insurance? Then keep looking. Mutual of Omaha has minimal options in this department. The same goes for no-exam options that rival the price of conventional medical exam life insurance plans.</p> <h3>What Does "No Medical Exam" Mean with Mutual of Omaha?</h3> <p>Qualified buyers can purchase Term Life Express and Guaranteed Whole Life policies with no medical exam. However, as health-related questions are required to determine eligibility, being transparent about preexisting conditions is essential. Dishonesty can lead to a policy being canceled or death benefits being withheld. These rules apply to life insurance policies in general.</p> <div class="read-original">Read the original article on <a href="https://www.businessinsider.com/personal-finance/mutual-of-omaha-life-insurance-reviews">Business Insider</a></div><!-- /wp:html -->

Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.

Mutual of Omaha offers whole, term, and other permanent life insurance plans. Life insurance can be used for retirement, end-of-life planning, and much more.

Since its founding in 1909 (by a medical student at Nebraska’s Creighton University and his wife), Mutual of Omaha Life Insurance has evolved into a Fortune 500 company offering financial solutions and insurance coverage to over 5 million people across the country. It remains a big player in life insurance for good reason. A policy from MOH empowers individuals to leave loved ones with choices for navigating long-term financial futures, not expenses.

Types of Life Insurance Plans from Mutual of Omaha

When steered by the right company, a life insurance policy becomes an investment vehicle for death and retirement. Mutual of Omaha Life Insurance boasts a wide range of life insurance products. Here’s the rundown:

Term life insurance: This affordable choice offers coverage for a specific period (say, an individual’s critical income-earning years) or purpose, like a home mortgage. Term life insurance is simple. It comes with a death benefit for a specific “term,” carries no cash value, and remains the most affordable option. If the policy is not converted to a whole life insurance policy within the guidelines in your policy documents, it will expire, and no death benefit will apply.

Term Life Express: This is available for individuals ages 18-80 (with maximum age varying by state and risk class) in standard terms of 10, 15, 20, and 30 years. Death benefits begin at $25,000 and top out at $300,000. This option, available without a medical exam, comes with lower maximum coverage to offset the company’s risk. In addition, Term Life Express offers an accelerated death benefit rider, unlike standard term life insurance policies. If the buyer can prove they will die within 24 months, buyers can withdraw up to 92% of the value in a lump-sum payment.

Term Life Answers: This policy is available for individuals ages 18-70, depending upon the term. Choose from 10, 15, 20, and 30 years, with coverage beginning at $100,000. A medical exam is required for qualified life insurance applicants.

Whole life insurance: This option offers stability via a handful of guarantees, including a minimum rate of return on cash value, plus premium rates that won’t increase and death benefits that won’t decrease, no matter how long you live (so long as premiums are paid). Interested buyers can add riders to protect their death benefit if they miss payments. Some buyers can convert term policies to whole life insurance with Mutual of Omaha.

Guaranteed Whole Life Insurance: As you might expect, the Guaranteed Whole Life Insurance product from Mutual of Omaha comes with guaranteed coverage with no medical exams or health-related questions. Like other no medical exam life insurance policies, not all interested buyers are qualified, and the payouts are limited. This policy is available for individuals ages 45-85, and benefits range from $2,000-$25,000. Premiums are also fixed for the life of your policy. This option allows the insured to access cash value and comes with a graded death benefit. If the insured suffers a non-accidental death within the initial two years, the beneficiary only receives premiums paid plus 10%. After the initial two years, the full death benefit becomes available in most states.

Universal life insurance: This type of permanent life insurance comes with a lifetime death benefit plus cash value along with the flexibility (and inherent risk) of fluctuating premiums and death benefits within certain limits. In other words, your monthly premium could increase or decrease based on market rates. Universal life insurance provides options for buyers who want a more significant death benefit if they live longer (and make more premium payments).

AccumUL Answers: AccumUL boasts a lifetime death benefit with payouts between $25,000 and over $1 million. Individuals ages 18-85 may qualify. With growing (tax-deferred) cash value over the life of your policy, the premium you choose determines how fast your death benefit grows, but it’s not based on one limited death benefit. While this option is guaranteed to earn 2% annually, canceling or surrendering this policy within the first nine years may result in a surcharge.

Indexed universal life insurance: Another type of permanent life insurance, these flexible policies carry lifelong coverage but few guarantees. Enjoy the option of adjustable premiums and death benefits if your life situation changes. That said, the policy’s cash value is tied to a specific index, which means it will rise and fall with said index. While floors and caps ultimately limit gains and losses, an IUL requires aggressive account management. So it’s coupled with high account management fees.

Life Protection Advantage: This plan offers a fixed-interest cash value with no less than 0% downside protection. In the worst-case scenario, you can lose interest gains but not the premiums you paid). So you’d leave with exactly what you contributed. This option has a guaranteed minimum death benefit of $100,000 through age 90. Canceling a policy within 14 years may lead to surrender charges. Discussing these with your life insurance agent at the time of purchase is best.

Income Advantage: This plan is available to individuals ages 18-85 and has zero limits on coverage. It has more significant growth potential for cash value than Life Protection Advantage as it is tied to the S&P 500 and offers no less than 0% downside protection and a guaranteed rate of 2% interest on fixed premiums. Canceling a policy within 14 years may involve surrender charges.

Additional Coverage Options

When shopping for life insurance, add-ons and extras typically take shape as a rider. A rider is optional coverage, at additional cost, for circumstances not included in your standard policy. At Mutual of Omaha Life Insurance, a whopping 14 riders (spanning Overloan Protection to Waiver of Surrender Charges plus a dozen in between) allow for customizable coverage. Rider availability is dependent upon policy type.

Accidental death benefit rider: This rider provides additional benefits for accident deaths as opposed to illness or old age. It offers a minimum benefit of $10,000 with a maximum benefit based on the insured’s age at the time of policy issuance.

Additional insured term rider: This rider offers an additional death benefit to the insured or up to four other individuals named on the policy, assuming they meet all requirements. It provides a minimum death benefit of $25,000 and a maximum benefit of two times the base value.

Child life insurance rider: The child coverage rider offers coverage for dependent children ages 15 days to 20 years (to be paid up until their 23rd birthday or until the insured turns 65. This is a term rider, meaning the covered children should buy permanent life insurance policies as adults. It comes with $1,000 minimum coverage and a $10,000 maximum, dependent upon the base life insurance plan.

Chronic illness rider: Chronic illness protection offers early access to death benefits to help pay for the costs associated with chronic illness. The insured must meet specific qualifications. The use of this rider is based on their ability to perform routine daily activities for 90 days. Physician certification is also required.

Critical illness rider: The critical illness rider provides early access to death benefits upon diagnosis of a physician-confirmed condition, including major organ failure, terminal cancer, or ALS (among others). Your life insurance agent can review the exact distribution of payments at the time of purchase or when used.

Disability rider: This rider provides a monthly benefit: the lesser of 1.5% of the issued face amount, $3,000 per month, or 60% of one’s gross monthly income. It activates should the insured become disabled.

Guaranteed insurability rider: This insurability rider provides the option to increase coverage upon each eligible life event. Eligible life events include marriage, the birth/adoption of a child, or the third anniversary of a policy and every three years after). Increases of $10,00-$50,000 are available with this rider.

Lapse protection rider: This rider protects against policy lapses and the taxes incurred upon borrowing or withdrawing too aggressively against the policy. It is included in all policies for individuals aged 76 and younger.

Long-term care rider: The long-term care rider offers early access to the insured’s death benefits to cover in-home or nursing home care costs. The insured must be aged 30-79 when the policy is issued.

How Much Does Mutual of Omaha Life Insurance Cost?

Ranked #3 in overall customer satisfaction according to the JD Power 2022 US Individual Life Insurance Study, Mutual of Omaha Life Insurance earns consistently high marks from customers based on five factors, including price.

Since life insurance costs are calculated based on an individual’s age, health, and chosen coverage, prices run the gamut. While Mutual of Omaha’s term life insurance rates are average, its Guaranteed Whole Life Insurance (the company’s only whole-life option) is one of the industry’s cheapest insurance plans.

At first glance, cheap rates and high payouts make term life insurance popular. That said, once the term expires, uncertainty prevails. There are no guarantees a term policy will convert to a whole-life policy. If it does, rates will no longer be locked, which means rising premiums.

How to File a Claim

Following the death of a loved one, contact Mutual of Omaha Life Insurance to begin the claims process. For individual coverage, call 888-493-6902. For employer-based coverage, call 800.775.8805 or use Mutual of Omaha’s online form as a first step.

Before beginning, be sure you have the following details:

Policyholder’s information (including dates of birth and death)Insurance policy numberBeneficiary’s information

Mutual of Omaha Life Insurance FAQs

What is life insurance?

Like all insurance, life insurance is a safety net designed to protect your family with a lump-sum payout at the time of death. Modern life insurance policies offer the option to buy more coverage to be used on a set schedule. Some buyers use life insurance to save for retirement or pay medical bills for a terminal illness.

Why do I need life insurance?

Life insurance benefits can cover a wide range of financial needs, from meeting final expenses following the death of a loved one to paying college tuition for a deceased’s dependent minor or scheduling monthly mortgage costs.

What type and amount of life insurance do I need?

Your unique situation dictates your life insurance needs. Consider things like monthly expenses and outstanding debts as a starting point. This online calculator is another valuable tool.

How much does life insurance cost?

Life insurance options are available to fit almost every budget. Your choice will ultimately depend on where you are and what you have planned for the future. Generally speaking, annual premiums range from a couple of hundred dollars to several thousand, depending on your age, risk factors, and coverage options. The average life insurance customer makes payments monthly.

Methodology: How We Reviewed Mutual of Omaha Life Insurance

Life insurance companies are compared based on product quality, available insurance riders, net performance scores, pricing, and customer service. In addition, we look at the diverse range of life insurance products to compare death benefit plans with life insurance designed for long-term financial planning. Our opinions are wholly based on facts gathered.

Ensure you find the policy to fit your needs by shopping for life insurance with a qualified agent. Experienced life insurance agents can run quotes and advise you on premiums, life insurance loans, accelerated death benefits, and more.

Compare Mutual of Omaha vs. New York Life

Qualifying New York Life Insurance – Editorial Name Only customers can convert its policies to permanent life insurance. Remember, any conversion is processed as a new application. In other words, you still have to go through the underwriting process accounting for your age and health at the time of application. A whole life insurance policy from New York Life builds cash value very well early on. This leaves the insured options to bolster retirement income or borrow against the policy when needed, up to age 90. Unlike term policies, there’s no expiration date. So no conversion is necessary. We recommend talking to your New York Life agent about riders to protect you should you miss a payment.

New York Life‘s Variable Universal Life Accumulator II comes with guaranteed death benefits and cash value that grow with the market. Market Wealth Plus offers buyers open to more risk the option of enhanced cash value accumulation. Quotes are unavailable online, and policy prices reflect life insurance agent commissions. One of the best things about New York Life is its knowledgeable agents trained to answer any questions you might have about its policies. The most significant difference is Mutual of Omaha Life Insurance – Editorial Name Only focuses on term policies, no medical exam life insurance, and other death benefit policies. New York Life’s life insurance plans are built for investment and long-term retirement planning.

Compare Mutual of Omaha vs. Northwestern Mutual

Northwestern Mutual Life – Editorial Name Only is known for competitive pricing on whole life insurance for individuals of all ages and health risks. Its financial strength means policies build cash value early on (which equals quick access to more money). Variable universal insurance allows buyers to borrow tax-free or withdraw from the cash value, but at a cost: significant fees and considerable risk. Minimum death benefits range from $50,000 to $500,000.

Both Mutual of Omaha and Northwestern Mutual offer trusted life insurance plans and services with high financial strength ratings from sites like AM Best and S&P. Mutual of Omaha Life Insurance – Editorial Name Only provides better options for buyers looking for easier application processes and lower death benefits. However, both companies offer accelerated death benefits, more comprehensive life insurance policies, etc.

Compare Mutual of Omaha vs. Globe Life

Life Insurance – Editorial Name Only offers both term and whole life insurance with no medical exam. As you might expect, these policies come with significantly lower coverage limits (read $100,000 and $50,000 for term and whole life insurance, respectively) across the board. Term life insurance rates also increase with age, to the tune of once every five years when buying from Globe Life. Mutual of Omaha Life Insurance – Editorial Name Only offers plans with set premiums to protect your budget and payout.

Those on limited incomes will appreciate low-cost options like burial insurance. Death benefits range from $5,000-$25,000, and these are solely used to cover funeral expenses or residual debts of the deceased. Overall, Mutual of Omaha caters to a diverse range of life insurance customers.

Who Are The Ideal Customers for Mutual of Omaha?

Individuals looking for extra layers of protection will find Mutual of Omaha Life Insurance – Editorial Name Only’s robust array of additional options a relief. Mutual of Omaha’s life insurance riders provide peace of mind in an uncertain world.

Mutual of Omaha’s diverse offerings go beyond traditional life insurance. For example, those who don’t qualify for its more popular life insurance policies might be eligible for the Mutual of Omaha Accidental Death Insurance. It comes with up to $1,000,000 in available benefits and provides a low-cost alternative.

Are you in the market for traditional whole-life insurance? Then keep looking. Mutual of Omaha has minimal options in this department. The same goes for no-exam options that rival the price of conventional medical exam life insurance plans.

What Does “No Medical Exam” Mean with Mutual of Omaha?

Qualified buyers can purchase Term Life Express and Guaranteed Whole Life policies with no medical exam. However, as health-related questions are required to determine eligibility, being transparent about preexisting conditions is essential. Dishonesty can lead to a policy being canceled or death benefits being withheld. These rules apply to life insurance policies in general.

Read the original article on Business Insider

By