Mutual of Omaha Life Insurance Products: A Comprehensive Portfolio

Living Promise Final Expense Series

Mutual of Omaha’s final expense portfolio includes two distinct whole life insurance options designed to accommodate various health profiles and coverage needs:

Level Benefit Plan

• Age Eligibility: 45-85 years
• Coverage Range: $2,000-$40,000
• Death Benefit Structure: Level (immediate full benefits)
• Underwriting Approach: Simplified issue with limited health questions
• Application Process: Electronic application with e-signature capabilities
• Key Features: Accelerated death benefit for terminal illness or nursing home confinement (included at no additional premium)
• Best For: Consumers in relatively good health seeking immediate full coverage

Graded Benefit Plan

• Age Eligibility: 45-80 years
• Coverage Range: $2,000-$20,000
• Death Benefit Structure: Graded
  ○ Years 1-2: 110% of premiums paid
  ○ Year 3+: Full death benefit
  ○ Accidental death: 100% of face amount from day one
• Underwriting Approach: Simplified issue with more lenient health criteria
• Application Process: Electronic application with e-signature capabilities
• Best For: Consumers with health conditions that might disqualify them from immediate full coverage

Term Life Insurance Options

Mutual of Omaha offers several term life insurance products to meet various consumer needs:

Term Life Express

• Age Eligibility: 18-65 years (18-50 for 30-year term)
• Coverage Range: $25,000-$300,000
• Term Periods: 10, 15, 20, and 30 years
• Underwriting Approach: Simplified issue with no medical exam
• Key Features:
  ○ Terminal illness accelerated death benefit (included)
  ○ Residential damage rider (included)
  ○ Unemployment waiver of premium (included)
• Optional Riders:
  ○ Disability income rider
  ○ Critical illness rider
  ○ Return of premium rider
• Best For: Consumers seeking quick approval with no medical exam

Term Life Answers

• Age Eligibility: 18-80 years (varies by term length)
• Coverage Range: $100,000 and up
• Term Periods: 10, 15, 20, and 30 years
• Underwriting Approach: Full medical underwriting
• Key Features:
  ○ Convertibility to permanent insurance
  ○ Terminal illness accelerated death benefit
• Optional Riders:
  ○ Waiver of premium for disability
  ○ Accidental death benefit
  ○ Children’s rider
• Best For: Consumers seeking higher coverage amounts and competitive fully-underwritten rates

Whole Life Insurance Options

Mutual of Omaha provides several permanent life insurance solutions:

Guaranteed Whole Life

• Age Eligibility: 45-85 years
• Coverage Range: $2,000-$25,000
• Death Benefit Structure: Graded (varies by state)
• Underwriting Approach: Guaranteed issue with no health questions
• Key Features:
  ○ No medical exam or health questions
  ○ Guaranteed acceptance
• Best For: Consumers with significant health challenges seeking guaranteed coverage

Whole Life Answers

• Age Eligibility: 0-85 years
• Coverage Range: $25,000 and up
• Underwriting Approach: Full medical underwriting
• Key Features:
  ○ Lifetime coverage
  ○ Cash value accumulation
  ○ Dividend potential
• Optional Riders:
  ○ Waiver of premium for disability
  ○ Guaranteed insurability
  ○ Accidental death benefit
• Best For: Consumers seeking permanent protection with cash value growth

Universal Life Insurance Options

For consumers seeking flexible permanent coverage, Mutual of Omaha offers:

Guaranteed Universal Life

• Age Eligibility: 18-85 years
• Coverage Range: $50,000 and up
• Underwriting Approach: Full medical underwriting
• Key Features:
  ○ Lifetime coverage guarantees
  ○ Minimal cash value focus
  ○ Lower premiums than traditional whole life
• Best For: Consumers seeking permanent protection at more affordable rates

Indexed Universal Life

• Age Eligibility: 18-85 years
• Coverage Range: $100,000 and up
• Underwriting Approach: Full medical underwriting
• Key Features:
  ○ Cash value growth potential linked to market indexes
  ○ Downside protection
  ○ Premium flexibility
• Best For: Consumers seeking permanent coverage with growth potential and flexibility

Underwriting Approach and Application Experience

Multiple Underwriting Pathways

Mutual of Omaha offers various underwriting approaches based on product selection and consumer needs:

1. Guaranteed Issue: No health questions or medical exams (Guaranteed Whole Life)
2. Simplified Issue: Limited health questions without medical exams (Living Promise, Term Life Express)
3. Accelerated Underwriting: Data-driven approach that may eliminate exam requirements for qualifying applicants
4. Full Medical Underwriting: Comprehensive health evaluation for optimal pricing (Term Life Answers, Whole Life Answers)

Digital Application Capabilities

Mutual of Omaha has embraced technology to streamline the application process:

• Electronic Applications: Digital submission with e-signature capabilities
• Accelerated Processing: Expedited underwriting for qualifying applicants
• Policy Delivery: Electronic delivery of approved policy documents
• Agent Support: Professional guidance throughout the application journey

The Bottom Line: Is Mutual of Omaha Right for You?

Mutual of Omaha offers a compelling combination of financial strength, product diversity, and competitive pricing that makes them worthy of consideration for many insurance shoppers. Their established reputation and comprehensive portfolio address various consumer needs across multiple life stages and health profiles.

For consumers valuing company stability and brand recognition, Mutual of Omaha presents a strong option. Their multiple underwriting pathways provide accessibility for various health profiles, while their competitive pricing in several product categories offers reasonable value.

However, those prioritizing cutting-edge digital capabilities or absolute lowest premiums might want to explore additional options. The company’s primarily agent-centered distribution model also may not align with consumers preferring direct purchasing experiences.

When evaluating Mutual of Omaha or any insurance provider, consider your specific protection needs, health profile, budget constraints, and service preferences. Consulting with insurance professionals who represent multiple carriers can provide valuable comparative insights and help identify the most appropriate coverage solution for your circumstances.