Buying life insurance isn’t fun.
When you’re shopping, there are over 6,000 companies out there. Each of them is different, how do you know which one has the best plan? You need to do some research.
One of those 6,000 companies is Mutual of Omaha. You’ve probably heard of Mutual of Omaha before, but do you know the products they sell?
We are going to look at some of the benefits of Mutual of Omaha and help you decide if they are the best company for you.
The History of Mutual of Omaha
In 1909, Mutual of Omaha (then known as Mutual Benefit Health & Accident Association), filed articles of incorporation with the Nebraska Insurance Department. The next year, they were authorized to start selling health and accident insurance.
In 1917, they began selling coverage to working women as they started to enter the workplace during World War 1.
Shortly after, in 1918, Mutual Benefit consolidated with Omaha Health & Accident Association. Around 40 years later, the company shortened their name to Mutual of Omaha and adopted their new look.
Through the years, they have experienced a lot of changes, but they continue to offer several types of insurance policies for their customers. If you’re looking for a stable and well-established life insurance company, Mutual of Omaha fits the bill.
They have excellent ratings from all of the third-party rating systems, including an “A+” rating from A.M. Best.
Mutual of Omaha has years and years of experience selling life insurance. Their experience has made them one of the largest carriers in the United States. Just because they are one of biggest doesn’t make them the best.
What Does Mutual of Omaha Offer?
Like most big-name insurance companies, Mutual of Omaha has several different kinds of policies you’ll need to compare before you purchase coverage. Each plan has different advantages and disadvantages.
The most popular kind of protection is a term insurance policy.
These plans are a temporary form of coverage and are only active for the length of the term that you purchased. They are going to be the most affordable kind of plan and will save you money on your life insurance.
If you decide you want to purchase a term insurance plan, there are two ways you can do it through Mutual of Omaha.
You can purchase a plan online, which is becoming the more popular way of purchasing life insurance. When you buy life insurance online, you don’t have to take the exam, but there are going to be some limits on your insurance plan. They will still look at your age, gender, if you use tobacco, and pull your MIB records and DMV records.
To qualify for their no exam online policies, you have to be between the ages of 30 – 74, and the policies will be active until you’re 80 years old.
Another restriction is you can only purchase $100,000 worth of protection.
For most applicants, that won’t be nearly enough insurance protection. Before you buy a no exam plan, make sure the policy is large enough for your loved ones.
If $100,000 of coverage isn’t enough, then you should choose the other option of buying term insurance through Mutual of Omaha, which is to work with an agent. When you work with an agent, you can buy a plan anywhere from 10 to 30 years, and as long as you’re between the ages of 18 – 80, then you’ll qualify. Additionally, you won’t be restricted on the amount that you can buy.
The other kind is their whole life plans. Whole life policies are permanent coverage that are effective until you hit the maximum age. Just like the term plans, Mutual of Omaha allows you to buy whole life insurance either online or with an agent.
With the online option, there is no exam required, but the max amount of coverage that you can buy is $25,000. These plans are only good for older applicants who don’t hold a lot of debt anymore, but still want to give their family money for funeral costs and final bills.
When you work with an agent to get a whole life insurance policy, you can choose between a guaranteed issue plan or a simplified underwriting policy, which will require a few health questions.
Each type has different ages that they will issue. Guaranteed issue will allow anyone from ages 45 – 85, while simplified underwriting expands the ages to 18 – 85.
Additionally, the amount of coverage is going to change. Guaranteed coverage is going to give you up to $20,000 worth of coverage, and simplified will increase that to $50,000.
Additionally, they have other options for life insurance, like Children’s Whole Life, Universal Life Insurance, and Accidental Death Insurance. Each of these are slightly different, and they are all designed for different types of clients. Their agents can help you compare all of the plans and help you pick a plan.
Finding the Best Plan Possible
Because there are so many options and companies on the market, you need to do a lot of research and comparing. Sure, you can do the whole thing yourself, but who wants to spend all the time? Independent brokers save you hours of time.
These independent agents aren’t tied down to one company, and they won’t sell you one company over another. It’s their mission to help find you the lowest rates for your specific life insurance needs.
You never know what life is going to throw at you. Waiting to buy life insurance is a terrible decision. Waiting for life insurance not only puts your family at risk, but it’s going to cost you money as well.