Mutual of Omaha No Exam Life Insurance Review

Written by The Life Insurance Blog

There are many reasons why someone would purchase life insurance coverage. While this type of protection can certainly be good for young families with dependents, those who are seniors should also consider life insurance for the payment of their funeral and other related final expenses.

Although some people may be easily able to qualify for life insurance because they are in good health, others may not be so fortunate. In these cases, however, being approved for coverage may still be possible. One way to do so is by applying for a no exam life insurance policy.

Before going this route, it is important to first determine the right type and amount of protection that you need. It is also recommended that you review the insurer you’re considering buying the policy through in order to be sure that it is strong and stable financially, and that is has a good reputation for paying out its policyholders’ claims. One insurance company that meets these criteria is Mutual of Omaha.

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The History of Mutual of Omaha

Mutual of Omaha began nearly 110 years ago as the Mutual Benefit Health and Accident Association. The company was established – and is still headquartered – in Nebraska. Although the company began by offering health and accident insurance, it has continued to grow and expand throughout the years by increasing its product line and offerings to its customers.

There are several affiliates, companies that operate within the Mutual of Omaha umbrella. These include the following:

  • United of Omaha Life Insurance Company
  • Companion Life Insurance Company
  • United World Life Insurance Company
  • Omaha Insurance Company
  • Mutual of Omaha Investor Services, Inc.
  • Omaha Financial Holdings, Inc.
  • East Campus Realty, LLC

Today, Mutual of Omaha is one of the most well-respected companies in the insurance industry. As of year-end 2016, the company held total assets of nearly $38.5 billion, and for the 2016 year, it took in net income of over $356.5 million.

Mutual of Omaha Insurer Ratings and B.B.B. Grade

Because of its strong financial footing, as well as its good, positive reputation for paying its policy claims, Mutual of Omaha holds very high ratings from the insurer rating agencies. These include a(n):

  • A+ (Superior) from A.M. Best Company
  • A1 (Good) from Moody’s Investor Service
  • AA- (Very Strong) from Standard & Poor’s

In addition, Mutual of Omaha has been an accredited company of the Better Business Bureau (BBB) ever since February 1, 1940, and the BBB has given the company an overall grade of A+ (which is on a grade scale of A+ to F).

Over the past three years, Mutual of Omaha has closed out a total of 111 customer complaints through the Better Business Bureau (of which 34 were closed out within the past 12 months). Of these 111 complaints, 61 were related to problems with the company’s product and/or service, another 27 had to do with advertising and/or sales issues, 17 had to do with billing and/or collection issues, 3 were related to guarantee / warranty issues, and another 3 had to do with delivery issues.

No Exam Life Insurance Offered By Mutual of Omaha

Unlike fully underwritten life insurance – which requires that the applicant undergo a medical examination (including the submission of a blood and urine sample), no exam coverage can be approved without such an exam. And in some cases, there may only be a few basic questions for the applicant to answer.

Because there is no exam, these policies can frequently be approved very quickly and are popular with higher risk individuals – sometimes within just a few days, and in other instances the very same day the person applies.

Mutual of Omaha Term Life Insurance

Mutual of Omaha offers several choices for no exam life insurance coverage. The company provides a term plan – which offers death benefit only protection, without any cash value or savings build-up.

This no exam term life insurance policy through Mutual of Omaha is available for applicants who are between age 30 and 74, and the policy can remain in force until the insured is age 80. These plans typically provide death benefit protection of between $25,000 and $100,000, although there are some cases where an insured may qualify for a higher amount.

With this particular plan, the applicant is only required to answer just a few basic health-related questions. The average time frame for the application process on this term life plan is less than one week.

Mutual of Omaha Whole Life Insurance

Mutual of Omaha also has several permanent life insurance plans to choose from that do not require a medical exam to qualify. Permanent life insurance includes death benefit coverage, as well as cash value build up.

The company’s whole life insurance policy provides coverage of between $2,000 to $25,000, and those who are between age 45 and 85 are eligible to apply (in New York, the eligible age range is 50 to 75). This policy provides guaranteed coverage, meaning that an applicant will be approved – regardless of his or her health condition.

Besides, the amount of the death benefit cannot be decreased, nor can the amount of the premium go up. These are locked in, even as the insured ages. The only way this policy can be canceled by the insurance carrier is because of non-payment of the premium.

To protect families in case of the unthinkable, Mutual of Omaha offers a Children’s Whole Life Insurance plan. This coverage can be applied for between the child’s age of 14 days to 17 years. Coverage can range from $5,000 up to $50,000 – and because this plan has simplified underwriting, there are only a few health-related questions to answer on the application for coverage.

Other Products and Services Available

In addition to offering no exam life insurance, Mutual of Omaha also provides fully underwritten life insurance coverage- both term and permanent. While the no medical exam policies can typically be purchased online, the fully underwritten life insurance policies that are offered through Mutual of Omaha will usually have to be applied for via a licensed insurance agent.

Mutual of Omaha Indexed Universal Life Insurance

For example, the company’s indexed universal life insurance coverage offers permanent life insurance protection with a death benefit that can be guaranteed to the insured’s age 85 (or possibly even longer).

With indexed universal life insurance, the return on the policy’s cash value is based upon the performance of an underlying market index such as the S&P 500. When this index performs well in a given year, a return will be credited – up to a set cap. If, however, the underlying index performs poorly in a given year, then there is no loss of principal in the cash value. Rather, the cash value is just simply credited with a 0% for that period.

Mutual of Omaha offers the Life Protection Advantage and the Income Advantage indexed universal life insurance plans. There are also regular universal life insurance policies available. These include the AccumUL and Guaranteed Universal Life.

The company also offers accidental death insurance, which is designed to help with providing financial support for loved ones if the insured dies in a covered accident (either work-related or non-work related). This coverage can be issued for applicants who are between the ages of 18 and 70, with coverage of up to $1 million. There is also an option for family coverage that is available. Once issued, this coverage is guaranteed renewable up to the insured’s age 80.

There are many other products and services that are offered through Mutual of Omaha. These include:

  • Medicare Supplement Insurance
  • Long-Term Care Insurance
  • Disability Income Insurance
  • Critical Illness Insurance
  • Cancer, Heart Attack and Stroke Insurance
  • Dental Insurance
  • Retirement Annuities
  • Investments
  • Banking
  • Mortgages

Get the Best Premium Rates on No Exam Coverage with Mutual of Omaha

If you’re seeking the best premium rates on no exam life insurance coverage from Mutual of Omaha, or from any insurance carrier, it is recommended that you work with an independent life insurance brokerage or agency who can show you comparisons of policies, companies, and premium prices. From there, you can then choose which one will be best for you.

We are an independent life insurance brokerage, and we work with many of the top no exam life insurance carriers in the industry. We can provide you with all the key details that you need to help you with your decision. To begin this effortless process, just simply fill in the needed information on the quote form on this page.

Should you still have any additional questions or concerns, please feel free to call our experts directly via phone. We can be reached toll-free by dialing 800-277-3098. We can walk you through what to look for in the right life insurance policy – even if you have been turned down for coverage in the past.

We understand just how overwhelming it can be to choose life insurance protection. There are many decisions that must be made, and you want to be sure that you’re going in the right direction. So, contact us today – we’re here to help.

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