Mutual of Omaha Guaranteed Whole Life Insurance Review

Written by Jeff Root

Are you interested in learning more about the guaranteed issue whole life insurance policy offered by Mutual of Omaha? If so, you’re in the right place! The following review for United of Omaha Life Insurance Company, Mutual of Omaha and their Whole Life Guaranteed policy will cover the pros, cons, and end in a recommendation.

When reading this review, remember that Guaranteed Issue Life is an independent agency that works with dozens of top insurance carriers, including the top no questions life insurance companies like Mutual of Omaha.

What You’ll Learn

About Mutual of Omaha Life Insurance
Mutual of Omaha Financial Ratings
Policy Overview & Rates
Pros of Mutual of Omaha Guaranteed Life Insurance
Cons of a Guaranteed Whole Life Policy from Mutual of Omaha
Compare Mutual of Omaha to Other Life Insurance Carriers

Mutual of Omaha Guaranteed Acceptance Life Insurance ReviewAlthough we represent many carriers, you might be curious to know if Mutual of Omaha is the best company for you. Truthfully, the best company is one that meets your unique personal needs and it’s our job to find one that fits. Keep reading this review to learn more about Mutual of Omaha and then give us a call to find out if they’re right for you.

About Mutual of Omaha Life Insurance

Mutual of Omaha Life Insurance is one of the top-rated insurance companies in the United States. They often make it on many top life insurance lists, and we understand why.

Mutual of Omaha was founded in 1909 and is headquartered in Omaha, Nebraska. You may know the name from Mutual of Omaha’s Wild Kingdom that was originally produced from 1963 until 1988. The company began as Mutual Benefit Health & Accident Association in the early 20th century and has since grown into a Fortune 500 company employing over 4,000 people and earning over $4 billion in annual revenue.

In 1950 the company shortened its name to Mutual of Omaha, yet all life insurance policies that are issued come from United of Omaha Life Insurance Company. For sake of ease, we’ll be referring to the company as Mutual of Omaha or MOO ffor short

Mutual of Omaha Financial Ratings

All quality life insurance reviews address the company’s ratings and financial standing. This is especially true for a Mutual of Omaha review as they have very strong ratings across all agencies.

As of January 27, 2016, A.M. Best, the industry gold standard rating agency, gave United of Omaha an “A+” (Superior) rating.

This rating is mirrored or very close to the ratings across other rating agencies:

  • A.M. Best rating: A+, Superior
  • S&P’s rating: AA-, Very Strong
  • Moody’s rating: A1, Good
  • Comdex ranking: 93 (out of 100)

These ratings make Mutual of Omaha one of the highest rated life insurance companies in the country and very financially stable. Essentially, this means that you can trust that your money is in good hands and your beneficiaries will receive the payout upon your passing. That is a peace of mind that you should always have when purchasing a life insurance policy.

Mutual of Omaha Guaranteed Life Insurance ReviewMutual of Omaha Life Insurance Logo

Mutual of Omaha’s guaranteed issue life insurance product is a great choice for some people. However, we do recommend you look at all your options to find the best life insurance for your needs. One person’s situation might make Mutual of Omaha a great fit, while another person may get better life insurance coverage from AIG.

Overall Mutual of Omaha is a great choice for those who can afford it, and people in a specific situation which we’ll cover below. They do however lack the flexibility and options that some other life insurance carriers offer. We’ll review their policy features before diving into the details.

Policy Overview & Rates

Face Amount Range: $2,000 – $25,000

Age Availability: 45 – 85

State Availability: All

Graded Period: 24 months

Premiums Returned: 20%

Riders: None available

How to Apply: Directly through carrier or an independent agent

Pros of Mutual of Omaha Guaranteed Life Insurance

Guaranteed Acceptance Whole Life

As with all guaranteed issue life insurance policies, you cannot be denied. Coverage is guaranteed, as the name implies. This means it is the perfect policy option for those who have been denied coverage for other types of insurance such as term life, or simplified issue whole life.

As a whole life policy, it will be active until the insured dies, regardless of age. This means you cannot outlive the policy.

The coverage of Mutual of Omaha’s guaranteed acceptance policy features two benefits:

  1. Your benefits will NEVER decrease due to age or changes in your health
  2. Your rates will NEVER increase regardless of age or new health problems

This policy features a 2-year graded period and full coverage after the first 2 years of coverage has passed.

Higher Returns During the Graded Period

If death occurs during the first 2 years that the policy is in-force, 20% of premiums will be returned. This is if death occurs by natural causes, not including suicide. This is about 10% more in returns than many other no questions policies that are available.

If death occurs by accidental means, the full death benefit is guaranteed no matter when it takes place.

Available for Ages 45 – 85

Mutual of Omaha is one of the few life insurance carriers that insures people in their 40’s, alongside one of our top insurance choices, Great Western who goes as low as age 40. Mutual of Omaha also insures people up to age 85, which is about 5 years more than some other carriers.

Lower Coverage Amount of $2,000

Coverage availability spans from $2,000 to $25,000, which is great if your need for insurance is not much. That said, it’s rare where someone can justify the monthly expense when only getting coverage for $2,000. We would suggest not using this as the main point of decision making since most final expenses are over $7,000.

With the average cost of a burial between $7,000 and $10,000 and the rising medical expenses and debts that Americans pass on, we advise taking out a larger policy than just $2,000.

Cons of a Guaranteed Whole Life Policy from Mutual of Omaha

More Expensive

Mutual of Omaha is rarely the most affordable option. In fact, they are almost always more expensive than our other top guaranteed acceptance choices like Gerber Life. That said, there are sometimes certain ages where Gerber is not the most affordable, but the only way to know that is to run a quote for your exact birthday. You can quickly and easily do that on this page.

Strict Payment Methods

Mutual of Omaha requires that payment is made through bank draft only, not a debit or credit card. This might be an inconvenience for some people and worthy of consideration.

Only One Option Available

Mutual of Omaha is a highly respected company, but they are unable to serve the needs of every client. Life insurance is a very personal and unique decision and no one carrier can serve everyone. As a consumer, the best company is the one with the right value and price — for you!

Is Guaranteed Issue Issue Life Insurance Right for You?

A guaranteed issue policy may not even be the right policy for you. In fact, guaranteed acceptance should be a last resort for anyone shopping for life insurance. Why do we say this? Without any medical underwriting, carriers must protect themselves and they do this with higher premiums and the mandatory graded period. Wouldn’t you like not having those?

It’s possible with a simplified issue final expense policy, which offers greater coverage amounts, has no graded period and is oftentimes more affordable.

Only a person with very serious health issues, like current cancer, oxygen use, dialysis, HIV, or others that make them uninsurable, should seek out a guaranteed issue policy.

Not sure which is right for you? Let us help you make that decision by discussing your unique circumstance and comparing insurance options together.

Compare Mutual of Omaha to Other Life Insurance Carriers

At Guaranteed Issue Life, we recommend that anyone considering a guaranteed issue policy to work with an independent agency capable of comparing rates across multiple carriers. The benefits to this are saved time, saved costs, and peace of mind knowing that you have the best policy for YOU.

You can fill out a form on our site to compare guaranteed issue life insurance options or if you think you can qualify for a level plan, we can help you with that as well.  If you want a second opinion, you can try another honest, experienced agency that specializes in burial insurance here.

Since Mutual of Omaha is rarely the most affordable option, let us earn your business by shopping across a dozen carriers. We can also answer any lingering questions you might have.

About Guaranteed Issue Life

At GuaranteedIssueLife, we are not a life insurance carrier. We are an independent agency with a strong team of knowledgeable and experienced life insurance agents. We work directly with over a dozen carriers and can find a policy available in your state.

When you are ready to buy a guaranteed life insurance policy or receive a no-obligation quote, give us a call. If you’re not quite ready, no problem! You can use our simple quote tool on the side of this page to see custom pricing designed just for you.

Thanks for learning more about Mutual of Omaha’s guaranteed life insurance plan! See our top guaranteed acceptance plans for 2018 to learn about other options.

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

All content on this site has been written by life insurance experts & licensed life insurance agents.

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