About Mutual of Omaha

Founded in 1909, Mutual of Omaha is a mutual insurance company that offers insurance, banking, investments, and retirement products through multiple subsidiaries to individuals and organizations. Best known for its Medicare Supplement plans and life insurance, Mutual of Omaha also owns Mutual of Omaha Bank and was the main sponsor for Mutual of Omaha’s Wild Kingdom from 1963 to 1988.

For 2017, Mutual of Omaha generated over $8.6 billion in revenue and holds a $3 billion surplus from 2016.

Resources: https://en.wikipedia.org/wiki/Mutual_of_Omaha

Questions About Mutual of Omaha

What Is Mutual of Omaha’s A.M. Best Rating?

Currently, Mutual of Omaha holds an A+ rating from A.M. Best, which is one of the highest positions for an insurance company to hold in terms of financial strength.

Read more about A.M. Best: https://en.wikipedia.org/wiki/A._M._Best

What Is Mutual of Omaha’s Wild Kingdom?

More recently known as Wild Kingdom, which aired on Animal Planet, Mutual of Omaha’s Wild Kingdom originally aired from 1963 to 1971 on NBC and was in syndication from 1971 to 1988. Crafted by conversations between then CEO V.J. Skutt and zoologist Marlin Perkins, Mutual of Omaha began sponsoring the program, which won Emmy Awards from 1966 to 1969 for “outstanding program achievement.”

Animal Planet later revived the show for a new generation. Wild Kingdom was a redesigned version of the original series, with Mutual of Omaha still being the main sponsor. This version ran weekly from 2002 to 2005.

Read more here: https://en.wikipedia.org/wiki/Wild_Kingdom

What Does Mutual of Omaha Do?

Mutual of Omaha is a insurance and financial services company that provides options for Medicare Supplement, life insurance, employer benefits, annuities, retirement accounts, and other financial products for individuals and organizations. Rated high in customer satisfaction and quality of product, Mutual of Omaha is considered one of the best companies in the industry.

What Is a Mutual of Omaha Advisor?

A Mutual of Omaha advisor is an insurance and financial services producer (salesperson) that solely represents Mutual of Omaha, much like a State Farm agent only represents State Farm. The term “advisor” is misleading in this industry, as it often means “insurance salesperson,” and these advisors work exclusively for the company they are contracted with. The main issue with exclusive/captive agent situations is that the “advisors” are required to look out for the best interest of the company — which isn’t always in the best interest of the client. These positions are often 100 percent commission sales jobs with required quotas.

You can read more about the job of a Mutual of Omaha advisor here:  https://www.smartrecruiters.com/MutualOfOmahaFinancialAdvisors/83666097-insurance-based-financial-advisor

Who Owns Mutual of Omaha?

Mutual of Omaha is a mutual insurance company, which means it is owned by the policyholders. By comparison, a “stock” insurance company (like Allstate) is owned by the shareholders and oftentimes is traded on the public stock market.

Where Is Mutual of Omaha’s Headquarters?

Mutual of Omaha’s headquarters is in Omaha, Nebraska. The company employs over 5,000 people in conjunction with a nationwide team of sales “advisors.”

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Mutual of Omaha Life Insurance

Mutual of Omaha offers affordable term life insurance and 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 the 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 almost every term life insurance policy on the market. This rider allows for a lump-sum payout of 92% of the policy’s face value 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 life insurance policy’s face value if 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 due to 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?

The picture below shows 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.

mutual of omaha life insurance cost

As you can see, Omaha’s Mutual is not the cheapest life insurance option compared with others. This might be because the term life insurance product Mutual of Omaha provides much better riders built in automatically.

Read More About Mutual of Omaha’s Term Life Insurance

mutual of omaha term life insurance

Mutual of Omaha Universal Life Insurance:

  • Life Protection Advantage:

    Life Protection Advantage is an indexed universal life policy that provides a guaranteed death benefit up to age 85 (or longer), provides flexibility with cash value access and accelerated death benefits, and offers the potential for cash value increases, compared with fixed-interest-rate universal life policies (because the premiums are invested in index funds).

  • Income Advantage:

    Income Advantage offers many of the same benefits as Life Protection Advantage, with a few differences. The Income Advantage policy is an indexed universal life policy. Still, your money is never invested in the market, and you are guaranteed to receive no less than 0% in cash value growth, which allows for better cash value accumulation.

  • Guaranteed Universal Life:

    The Guaranteed Universal Life policy is a different policy type because it focuses on the guaranteed death benefit instead of cash value accumulation. This plan IS NOT invested into index funds, but it still provides excellent flexibility through various optional riders.

  • AccumUL:

    Mutual of Omaha’s AccumUL is a fixed universal life policy that offers a guaranteed interest rate of no less than 2% per year on the cash value accumulation. This policy has more of a focus on building cash value as compared with the Guaranteed Universal Life option.

Read more about universal life policies here: True Blue Universal Life Page

Mutual of Omaha Whole Life Insurance (Builds Cash Value):

  • Guaranteed Issue (Guaranteed Coverage):

    Mutual of Omaha’s Guaranteed Coverage guaranteed issue life insurance policy is designed for older customers seeking the protection of a life insurance policy for final expenses. This coverage is a graded benefit plan with a maximum face amount of $25,000 for people who are 45 to  85 years old.

  • Simplified Underwriting:

    For people looking for whole life coverage, Mutual of Omaha offers a whole life product with simplified underwriting, which means there is no medical exam and limited health questions involved in securing this coverage. For a whole life policy, the maximum face value offered for simplified underwriting is $50,000 for individuals who are 18 to 85 years old.

  • Standard Whole Life:

    Customers have the option of working with a Mutual of Omaha salesperson to obtain a traditional whole life policy with better coverage options and higher face values. The downside to these policies is that underwriting often takes longer and a medical exam is required to secure coverage.

Read more about whole life policies here: True Blue Life Insurance Buyers Guide

Read More About Mutual of Omaha’s Whole Life Insurance

mutual of omaha living promise

Questions About Mutual of Omaha’s Life Insurance

Does Mutual of Omaha Offer No-Exam Life Insurance?

Yes, Mutual of Omaha offers life insurance products that do not require a medical exam. The policies are available in the company’s term life insurance and whole life insurance products. They may have a higher cost when compared with more traditionally underwritten life insurance policies.

Mutual of Omaha Cancer Insurance

As one of the most overlooked insurance products on the market, cancer insurance provides coverage for expenses related to the treatment of various forms of cancer.

Ten years ago, many professionals saw this type of coverage as more of a luxury than an important piece of protection. Today, given the changes in health insurance,  increased maximum out-of-pocket expenses, and rising numbers of uninsured members in the general population, protecting yourself against the financial exposure of a serious illness or disease is more important than ever.

Mutual of Omaha’s Cancer, Heart Attack & Stroke Insurance offers protection from the unknowns of one’s future health by providing additional funds to help offset medical bills that can accumulate from the treatment of major covered conditions.

Ideal for individuals, families, and small business owners, cancer insurance helps ensure financial peace of mind if a major health event arises.

Questions About Mutual of Omaha’s Cancer Insurance

Is Mutual of Omaha Cancer Insurance Worth It?

Professionals in the insurance industry are often torn on this topic, so the answer to this question is largely based on who you ask. Considering that health insurance policies today typically have a much larger out-of-pocket limit than policies did 10 years ago, more people are looking at these types of policies to help offset out-of-pocket costs attached to their main health insurance, as well as other expenses not covered by health insurance.

Whether cancer insurance is worth it depends largely on the amount of risk you are willing to take.

What Does Mutual of Omaha Cancer Insurance Cover?

Cancer insurance can be used in multiple ways, from income replacement for the time taken off work for treatment, the costs of treatments, or to keep your business running in the event of a cancer diagnosis. Depending on the policy you choose, you can either receive the payment in a lump sum upon diagnosis or submit claims based on treatment.

What Are the Benefits of Mutual of Omaha Cancer Insurance?

The main benefit of a cancer insurance policy is the ability to obtain a lump-sum payment in the event of a diagnosis of a covered condition that is almost guaranteed to be a financial burden, with Mutual of Omaha’s Cancer, Heart Attack & Stroke Insurance product, these benefits payout to help prevent unnecessary financial stress on the family during this time.

How Much Does Mutual of Omaha Cancer Insurance Cost?

Mutual of Omaha offers you the ability to easily run a quote on its cancer insurance product on the company’s website. You can also choose whether you want just cancer insurance or coverage for heart attack and stroke, as well. These different options can change the price of the policy. However, the overall cost will be based largely on the amount of coverage you seek.

Example: The price quoted for a 37-year-old male in Alabama seeking cancer, heart attack, and stroke coverage was $22.45 per month, per the initial response of the company’s quote page.

Mutual of Omaha Accidental Death Insurance

Accidental death and dismemberment (AD&D) are one of the cheapest life insurance policies you will ever have the chance of owning because it only covers the insured if death occurs as the result of an accident. Because of this, there are no health questions or medical exams to worry about, and a company like Mutual of Omaha has the reputation needed to help you feel confident about your protections.

Read about what isn’t covered here.

Mutual of Omaha’s Guaranteed ADvantage accidental death insurance can provide up to $500,000 in accidental death coverage and covers you whether death is work-related or not. This policy also offers a premium (premium refund) return and a 100% increase in the death benefit if death is the result of an accident. At the same time, you’re a fare-paying passenger on a common carrier (boat, train, bus, or plane).

Read More About Mutual of Omaha’s Accidental Death Life Insurance

Mutual of Omaha Bank

Mutual Of Omaha Bank: https://online.mutualofomahabank.com

Created in 1985 under the name Security Federal Savings, Mutual of Omaha Bank was officially renamed in 2007 to provide a level of continuity between customers of the Mutual of Omaha insurance brand and the company’s banking customers.

Mutual of Omaha Bank is an FDIC-insured banking institution that provides banking services to individuals, businesses, and community organizations across the U.S.

Looking for current rates for Mutual of Omaha Bank products? You can see them here.

Read more about the bank’s financial strength here.

What Mutual of Omaha Bank Offers:

Questions About Mutual of Omaha Bank

Is There a Mutual of Omaha Bank Near Me?

The best way to locate the nearest Mutual of Omaha Bank is to go to the Mutual of Omaha Bank location page. There, you can find the closest bank and no-fee ATM to meet your banking needs.

Is Mutual of Omaha Bank FDIC-Insured?

Yes, Mutual of Omaha Bank is fully accredited and insured by the FDIC and is also an equal housing lender for its mortgage and home loan products.

What Are Mutual of Omaha Bank’s Total Assets?

Below are Mutual of Omaha Bank’s total assets for 2016:

mutula of omaha total assets

Does Mutual of Omaha Bank Offer Mortgages?

Yes, Mutual of Omaha Bank offers different types of mortgages, as well as other loan products.

Does Mutual of Omaha Bank Offer Accounts for Community Associations and HOAs?

Yes, Mutual of Omaha Bank provides Community Associations and HOAs offer the ability to have multiple avenues of financial solutions to operate effectively. More information can be found on the Community Association site: https://www.mutualofomahabank.com/community-associations

Where Can I Find Mutual Of Omaha Bank Reviews?

Bankrate and Yelp provide great insight into Mutual of Omaha Bank, their service, and their product.

Reviews for Mutual of Omaha

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