Ashlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Written By Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Deputy Editor, Insurance Amy Danise Managing Editor, InsuranceAmy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive.
Amy Danise Managing Editor, InsuranceAmy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive.
Amy Danise Managing Editor, InsuranceAmy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive.
Amy Danise Managing Editor, InsuranceAmy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive.
| Managing Editor, Insurance
Updated: Jan 2, 2024, 1:47pm
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Mutual of Omaha offers a remarkable combination of financial strength, competitive costs for its universal life insurance policies and excellent historical performance of its assets.
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
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Mutual of Omaha is included in Forbes Advisor’s list of best life insurance companies and offers four types of life insurance to accommodate a wide range of financial planning needs:
If you’re interested in life insurance coverage for a specific period, such as income-earning years or to cover a specific debt like a mortgage, term life insurance is an effective and affordable choice. It is a straightforward type of life insurance offering a guaranteed death benefit. There is no cash value component to term life policies. It is the most affordable life insurance per dollar of coverage.
Mutual of Omaha’s Term Life Express is available to buyers ages 18 to 80 (maximum issue ages vary by state and risk class) in term lengths of 10, 15, 20 and 30 years. There is a level premium for the initial term length you choose, and death benefit amount available starts at $25,000 and goes up to $300,000. Since Mutual of Omaha is taking on more risk with this product by not requiring a medical exam, it is offered with lower maximum coverage amounts to offset their risk.
Term Life Answers is another term life policy option from Mutual of Omaha, offered in 10, 15, 20 and 30 year terms. This option requires a medical exam and coverage amounts start at $100,000. Depending on the term selected, Term Life Answers is available to buyers ages 18 to 70.
Those in good health who want to skip the medical exam Those seeking higher coverage limits and who don’t mind a medical exam Death benefit $25,000 to $300,000 $100,000 minimum Term options 10, 15, 20 or 30 years 10, 15, 20 or 30 years How to apply With a broker or online With a broker or online Available for applicants 18 to 80 years old 18 to 70 years old Option to convert to a permanent policy Rider optionsAccidental Death, Chronic Illness, Critical Illness, Dependent Children, Disability Income, Disability Waiver of Premium, Residential Damage Return of Premium, Terminal Illness, Waiver of Premium for Unemployment
Accidental Death for Terminal Illness, Accidental Death, Dependent Children, Disability Waiver of Premium, Other Insured, Waiver of Premium for Unemployment
See More See LessNow you may be wondering, what is whole life insurance? It’s an option for people looking for a life insurance policy with some guarantees and cash value growth. Some of those whole life guarantees include a minimum rate of return on the cash value, premiums that don’t increase and a death benefit that doesn’t decrease. You cannot outlive a whole life insurance policy as long as you pay the premiums.
Mutual of Omaha’s Guaranteed Whole Life Insurance offers guaranteed coverage without required medical exams or health questions. Buyers ages 45 to 85 (or 50 to 75 in New York) can choose benefits ranging from $2,000 to $25,000 (or $5,000 to $25,000 in Washington) and their premiums never increase. With this whole life policy, you can also access cash value.
Mutual of Omaha’s Guaranteed Whole Life Insurance has a graded death benefit. This means if a policyholder dies from any non-accident cause (such as illness) within the first two years of the policy, their beneficiary will receive only the premiums paid plus 10%. After the initial two-year period, the beneficiary will receive the full death benefit.
Universal life insurance is similar to whole life insurance in some ways and in other ways, quite different. Like whole life, universal life is a type of permanent life insurance that offers a lifetime death benefit along with cash value. However, universal life offers the flexibility (and increased risk) of changing the premium amount and death benefit amount within certain limits.
AccumUL Answers is Mutual of Omaha’s universal life insurance policy that offers a lifetime death benefit for buyers ages 18 to 85 in amounts ranging from $25,000 to over $1 million. One of its other main focuses is accumulating cash value (potentially tax-deferred) to provide greater future income potential. These policies are guaranteed to earn a minimum of 2% annually. You may be subject to a surrender charge if you cancel or surrender an AccumUL Answers policy within the first nine years.
Indexed universal life (IUL) is another type of permanent life insurance that offers lifelong coverage. These are often flexible but risky policies that may have few guarantees. If your life situation changes and you need to adjust premiums and death benefits, you may be able to do that with an IUL.
IUL policies tie your cash value to a specific index, so your cash value will rise along with that index, such as the S&P 500. There are floors and caps within IUL policies that limit the amount you can gain or lose. Indexed universal life accounts require more attentive management than other life insurance products and often have higher account management fees.
Mutual of Omaha offers two indexed universal life products: Life Protection Advantage and Income Advantage.
Life Protection Advantage includes a fixed-interest cash value component with no less than 0% downside protection. This protection means that while you can lose your investment, you cannot lose more than you invested. This death benefit, beginning at a minimum of $100,000, is guaranteed through age 90.
If you cancel this policy within the first 14 years, you may be subject to surrender charges.
Income Advantage is available to buyers ages 18 to 85 and has no limit on how long you can keep coverage. It has a greater emphasis on cash value growth potential than Life Protection Advantage and ties to the performance of the S&P 500. However, it also offers no less than 0% downside protection and a guaranteed interest rate on fixed accounts of no less than 2%.
Like the Life Protection Advantage, if you cash out and end an Income Advantage policy within the first 14 years, you may be subject to surrender charges.
Mutual of Omaha’s Term Life Answers costs an average of $238 a year for a 20-year, $500,000 policy for a healthy 30-year-old female, based on Forbes Advisor’s analysis. That’s higher than most other top companies.
Here’s a look at Mutual of Omaha’s term life insurance rates compared to top competitors.
You may have life insurance needs that a basic life insurance policy can’t meet. That’s where life insurance riders can be beneficial. Riders give you extra coverage that can supplement and customize your life insurance policy.
Here are the riders offered by Mutual of Omaha. Rider availability might vary depending on the policy type.
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