Is Mutual of Omaha the cheapest life insurance provider? No. But the cost difference between their policies, and cheapest competitors, is usually justifiable. Take the conversion option for their term life insurance products, for example. Many low-cost policies do not include this.
This goes for additional riders as well. If you were to die due to an accident, your policy would pay extra benefits. If you become unable to work, unable to perform daily activities, Mutual of Omaha has you covered.
While these riders and features aren’t necessarily unique to Mutual of Omaha, they are hard to find in cheaper policies.
Lastly, Mutual of Omaha has a strong financial and customer rating. This allows you to have added peace of mind, knowing your policy is in good hands.
Competitive pricing for term life insurance with an exam
Mutual of Omaha isn’t the cheapest when it comes to term, but it remains competitively priced. Additionally, it includes many benefits and riders that relative policies don’t have. We feel that this justifies the slight price difference.
Excellent pricing for final expense
Mutual of Omaha offers great pricing on their final expense product. Additionally, the age at which it is available is lower than usual. And, if you are healthy, it’s likely the policy will offer a level-benefit from day one.
Expensive term life insurance without an exam
There are many more affordable alternatives if you are shopping for term life insurance without a medical exam. When we compared rates, the cost for term policies without an exam was more than double of competitors.
Mutual of Omaha’s term life insurance cost
We find that Mutual of Omaha’s term life insurance with a medical exam is relatively competitive. A healthy 30-year old male living in California could get $100,000 in term life insurance for $9 to $15/month. Mutual of Omaha charges $11/month.
But their rates without a medical exam are 50% to 100% more expensive than others. That same 30-year old individual could pay $10-$20 for a term policy without a medical exam. Mutual of Omaha would charge around $22/month.
Mutual of Omaha’s final expense cost
Their cost for final expense life insurance is competitive.
An individual age 65 could get $10,000 in level benefit life insurance for $56/month. Competitors charge around $50 to $70 for the same policy.