In this Mutual of Omaha whole Life Insurance Review find out is this is a company you should be buying your coverage from.
Company Overview
Mutual of Omaha is one of the top names in the insurance industry, thanks in large part to the fact that they’ve been in business for more than 100 years.
When you combine this with a reputation for reliability and customer service, it’s easy to see why many consumers consider this company when shopping for whole life insurance.
With nearly 6,000 employees, you can rest assured that there is an entire team at Mutual of Omaha dedicated to helping you purchase the policy that’s perfect for you and your family.
Furthermore, with 2017 revenue checking in at approximately $8.7 billion, there’s no questioning whether the company is on solid ground.
The Benefits of Mutual of Omaha
With so many whole life insurance companies to consider, it’s important to focus on the benefits of each one as you narrow your options.
As you can tell from the above introduction, Mutual of Omaha has a lot going for it. Here are some additional benefits to keep in mind
Strong Financial Ratings
When buying life insurance, it’s never a good idea to take a risk. For example, a company with poor financial ratings may not be around to pay your death benefit when the time comes. Mutual of Omaha excels in this area, with the following ratings:
- A.M. Best Company, Inc.
- A+ Superior, Moody’s Investors Service
- A1 Good, and Standard & Poor’s
- AA- Very Strong.
Local Agents
In today’s day and age, it’s nice to know that you can buy almost anything, including life insurance, online. At the same time, since this is such a big purchase, discussing your options with a local agent can put your mind at ease.
With Mutual of Omaha, you won’t have any problem finding a local agent who can answer your questions and point you in the right direction. Furthermore, with the ability to search for an agent via the company’s website, it won’t be long before you’re connected.
Simple Steps To Ownership
There’s nothing worse than running into one complication after the next when shopping for life insurance. If it becomes too complicated, you may even give up altogether. Mutual of Omaha makes sure this never happens, with a simple three-step process. Once you complete an online application, it’s then reviewed to ensure completion.
From there, if you meet all eligibility requirements, a member of Mutual of Omaha will contact you to discuss the final steps and to issue your policy.
The Disadvantages of Mutual of Omaha
Even though there are many benefits of buying whole life insurance from Mutual of Omaha, there are a couple of disadvantages when compared to competitors.
Confusing Selections
While most whole life companies offer more than one product, those from Mutual of Omaha are not always easy to decipher between. Selections include:
- Guaranteed Universal Life
- Guaranteed Universal Life Plus
- Guaranteed Universal Life Survivor
- AccumUL Plus
- AccumUL Answers
- Income Advantage IUL
- Life Protection Advantage IUL
- Living Promise Whole Life
- Whole Life Express
- Children’s Whole Life
Despite the potential confusion, working closely with a Mutual of Omaha agent or broker can help you better understand what’s right for you.
Higher Prices Than The Competition
For most consumers, price is everything (or almost everything) when buying life insurance. This shouldn’t be the only thing you think about, but it’ll always be a part of your decision. Mutual of Omaha rates are not the highest in the industry, but many consumers report that they’re above average.
Check out our: Whole Life Insurance Rates.
Death Benefit Limits
Mutual of Omaha is better for smaller policies, as they do not provide large amounts of whole life insurance coverage.
Children’s Whole Life: $5,000–$50,000
Whole Life (GIR and Conversions Only): $5,000–$50,000
Living Promise – Level Death Benefit: $2,000–$40,000
Living Promise – Graded Death Benefit: $2,000–$20,000
For higher death benefits you should consider companies like: MassMutual, Penn Mutual or Foresters/
Mutual of Omaha Whole Life Insurance Review -Final Thoughts
The benefits of a Mutual of Omaha whole life insurance policy outweigh any drawbacks. Even if you’re paying a bit more for coverage, you’re getting a lot in return for your money. This includes top of the line service at all times, strong financial ratings, and access to a variety of local agents.
If you’re interested in whole life insurance that checks most (if not all) of the boxes, give Mutual of Omaha a closer look.
