Mutual of Omaha Life Insurance
Mutual of Omaha offers affordable term life insurance as well as a host of permanent life insurance products, such as whole life and universal life.
Mutual of Omaha Term Life Insurance
Mutual of Omaha provides some of the simplest and easiest term life insurance coverage you will find on the market. As with other life insurance companies, Mutual of Omaha is directing much of its customer base to a simplified-issue type of term life insurance policy to help speed up underwriting time. As a leader in the no-exam life insurance product category, Mutual of Omaha’s term life insurance coverage is one of strongest and most customizable term life options out there.
To qualify for simplified underwriting, the face amount must be between $25,000 and $300,000. If more coverage is needed, then you have the option to go through the standard underwriting process, which requires a medical exam.
Mutual of Omaha offers standard 10-year to 30-year term life insurance, with the option for a return of premium on the 20-year and 30-year term products. The company’s term life insurance policies also offer additional benefits AT NO ADDITIONAL COST to customers who purchase a term life policy, such as:
Accelerated death benefits
This is a standard feature of most every term life insurance policy on the market. This rider allows for there to be a lump-sum payout of 92% of the face value of the policy in the event your life expectancy is 24 months or less because of a terminal illness.
Living benefits riders
For non-return of premium policies, you can tap the face value of the life insurance policy in the event that you have a qualifying critical, chronic, or terminal illness, up to the amount authorized in the policy. Living benefits are great options to have if a serious health issue arises. For example, they can assist in paying for medical expenses incurred in an end-of-life situation.
Residential damage rider
If your main residence receives $25,000 or more in damage, Mutual of Omaha will waive your premiums for six months.
Waiver of premium for unemployment rider
If you become unemployed as the result of a qualifying event, Mutual of Omaha will waive your premiums for six months.
Common carrier death benefit
If the insured dies as a fare-paying customer on an airplane, train, or bus, Mutual of Omaha will automatically provide an extra benefit that is equal to the face value of the policy, up to $250,000, in addition to the policy’s normal death benefit.
Additional riders are available, such as dependent children riders and accidental death riders. However, these require an additional premium on top of the standard policy.
How Much Does Mutual Of Omaha’s Term Life Insurance Cost?
In the picture below, we show you the cost per month for a $100,000, 20-year term life insurance policy. This is for a 44-year-old male non-smoker in average health who lives in Arizona.
As you can see, Mutual of Omaha is not the cheapest life insurance option when compared with others. This might be because the term life insurance product Mutual of Omaha provides has much better riders built in automatically.