Is Mutual of Omaha Life Insurance Legit? Products, Ratings, Customer Service

Is Mutual of Omaha Life Insurance Legit?

An image to Illustrate: Mutual of Omaha life insurance
Learn everything you need to know about Mutual of Omaha life insurance, from its types of policies and benefits to its financial strength and reputation/PHOTO COURTESY: Facebook

Mutual of Omaha is a well-known name in the life insurance industry, but how does it compare to other providers?

Is it a reliable and trustworthy company that can meet your needs and expectations?

In this article, we will answer these questions and more, by reviewing Mutual of Omaha’s life insurance products, ratings, customer service, and history.

We will also provide some tips on how to choose the best life insurance policy for you and your family.

Mutual of Omaha Life Insurance Products

Mutual of Omaha offers a variety of life insurance products, including term, whole, universal, and indexed universal life insurance.

Each type of policy has its features, benefits, and drawbacks, depending on your goals, budget, and preferences.

Here is a brief overview of each product:

Term life insurance

This is the simplest and most affordable type of life insurance, which provides coverage for a specific period, usually 10, 15, 20, or 30 years.

If you die within the term, your beneficiaries will receive a lump-sum death benefit.

If you outlive the term, the policy expires and you will have to renew it or buy a new one.

Mutual of Omaha offers two types of term life insurance: Term Life Express, which does not require a medical exam, and Term Life Answers, which does.

Whole life insurance

This is a type of permanent life insurance, which provides coverage for your entire life, as long as you pay the premiums.

It also builds cash value over time, which you can access through loans or withdrawals.

Mutual of Omaha offers three types of whole life insurance:

  • Guaranteed Plus, which is a guaranteed issue policy for older people
  • Living Promise, which is a final expense policy for funeral and burial costs
  • Whole Life Guaranteed, which is a simplified issue policy for people with health issues

Universal life insurance

This is another type of permanent life insurance, which provides more flexibility and options than whole life insurance.

You can adjust the amount and frequency of your premiums, as well as the death benefit, within certain limits.

You can also access the cash value, which grows at a variable interest rate.

Mutual of Omaha offers two types of universal life insurance:

  • AccumUL Plus, which is a traditional policy with a fixed interest rate
  • AccumUL Answers, which is a policy with a minimum guaranteed interest rate and a potential bonus rate

Indexed universal life insurance

This is a variation of universal life insurance, which allows you to link the growth of your cash value to the performance of a stock market index, such as the S&P 500.

This way, you can benefit from the potential upside of the market, while being protected from the downside by a guaranteed minimum interest rate.

Mutual of Omaha offers two types of indexed universal life insurance:

  • Income Advantage, which is designed to provide income in retirement
  • Life Protection Advantage, which is designed to provide a large death benefit.

Mutual of Omaha Life Insurance Ratings

One of the ways to evaluate the legitimacy and reliability of a life insurance company is to look at its ratings from independent agencies, such as AM Best, BBB, and NAIC.

These ratings reflect the company’s financial strength, customer satisfaction, and complaint history.

Here is how Mutual of Omaha fares in these ratings:

  1. AM Best: This is a rating agency that assesses the financial strength and creditworthiness of insurance companies. A high rating indicates that a company has a strong ability to meet its obligations and pay claims. Mutual of Omaha has an AM Best rating of A+ (Superior), which is the second-highest rating out of 16 possible categories.
  2. BBB: This is a non-profit organization that accredits businesses and assigns them ratings based on their customer service, transparency, and responsiveness. A high rating indicates that a business has a good reputation and handles complaints effectively. Mutual of Omaha is accredited by the BBB and has a rating of A+, which is the highest rating out of 13 possible categories.
  3. NAIC: This is an association of state insurance regulators that collects and analyzes complaint data from consumers. A low complaint ratio indicates that a company has fewer complaints than expected for its size and market share. Mutual of Omaha had an NAIC complaint ratio of 0.36 in 2018, which is lower than the national median of 1.00.

Mutual of Omaha Life Insurance Customer Service

Another way to evaluate the legitimacy and reliability of a life insurance company is to look at its customer service and support.

Good customer service means that a company is responsive, helpful, and respectful to its customers and potential customers.

Here are some of the ways that Mutual of Omaha provides customer service and support:

  • Website: Mutual of Omaha has a user-friendly and informative website, where you can find information about its products, services, and history. You can also get a quote, apply for a policy, manage your account, pay your premiums, file a claim, and access various resources and tools.
  • Phone: Mutual of Omaha has a toll-free number that you can call to speak to a representative or an agent. You can also use the automated phone system to check your policy status, make a payment, or request forms. The phone service is available from Monday to Thursday, 7 a.m. to 5:30 p.m. CT, and Friday, 7 a.m. to 5 p.m. CT.
  • Email: Mutual of Omaha has an email address that you can use to send your questions, comments, or feedback. You can also use the online contact form on the website to send a message. The email service is available 24/7, and you can expect a response within one business day.
  • Chat: Mutual of Omaha has a live chat feature on its website, where you can chat with a representative or an agent. You can use the chat service to get a quote, apply for a policy, or ask any questions. The chat service is available from Monday to Friday, 8 a.m. to 4 p.m. CT.
  • Social media: Mutual of Omaha has a presence on various social media platforms, such as Facebook, Twitter, Instagram, YouTube, and LinkedIn. You can follow, like, comment, or message the company on these platforms to get updates, news, tips, and insights.

Conclusion

Mutual of Omaha is a legitimate and reliable life insurance company that offers a wide range of products, services, and benefits to its customers.

It has a strong financial strength, high customer satisfaction, and a low complaint ratio.

It also has good customer service and support, and a long and impressive history.

If you are looking for a life insurance policy that suits your needs and budget, you should consider Mutual of Omaha as one of your options.

You can compare quotes from different providers online or contact an agent for more information.

READ ALSO:

Spread the love