Monday, August 15, 2022

Mutual Of Omaha Senior Life Insurance

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Who Buys Term Life Insurance

Protect Your Loved Ones | Guaranteed Whole Life Insurance | Mutual of Omaha
  • Replace lost income in the event of death during prime earning years
  • Pay off their family’s home mortgage
  • Provide an emergency fund for their loved ones
  • Pay off personal debts

Lisa, Age 30

I have a young family and I want to make sure they are protected. I need to make sure if something happens that my family can pay for our house and expenses. Term insurance gives me more coverage to help take care of my kids, with low premiums that fit my budget.

Transamerica Life Insurance Company

Our all-around best company for senior life insurance is Transamerica Life Insurance Company.

Already on our list for one of the best burial life insurance companies and our list of overall top carriers, its no stretch to see them as a top solution for seniors when you consider their entire lineup of products.

Transamerica has everything from simplified final needs options up to fully underwritten choices for more complex scenarios.

Whether you require a small death benefit and want to skip the medical exam, or you and your spouse need long-term estate planning with the use of a universal life insurance product, Transamerica Life can help.

Backed by more than 110 years in the business, they are a long-standing, secure company.

A.M. Best, Fitch, Moodys, and Standard & Poors all agree, having awarded the Transamerica Life Insurance Company A or better ratings across the board, something few carriers achieve.

The ability to add accidental life or even long-term care insurance makes Transamerica even more attractive.

More than a century old, Protective Life offers some of the best value on the market, dollar for dollar, especially for guaranteed universal coverage.

A top rated, trustworthy carrier, Protective Life offers several options within the universal life insurance realm.

Their life insurance plans for seniors are customizable and competitively priced, and Protective Life has selections for both individual and survivorship plans.

Life Insurance At Every Age: 70+

After turning 70, it may become more difficult to get a life insurance policy. For term-life insurance, the length of policies often becomes more limited. In fact, some providers wont even offer term-life insurance to someone who is 70 or older. If you can get a term-life insurance policy, keep in mind that premiums are often more expensive the older you are. Based on your family history and current health state, you may be comfortable with purchasing a 5-15 year term policy. If you are looking for death benefit or payments after your death, a whole life insurance policy might be a better strategy.

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Living Promise Level Benefit Final Expense

Mutual of Omaha Final Expense Insurance is called Living Promise, and it can provide affordable protection that pays benefits directly to your family, so they can take care of your outstanding medical bills, funeral expenses or debt that you leave behind. Specifically, If you are between 45-85 years of age, you may qualify for up to $40,000 of Life Insurance without having to undergo complicated medical exams. To be eligible for Living Promise final expense, you only have to answer a few medical questions on the application. Furthermore, you can access your death benefit , if your doctor has diagnosed you with a terminal illness with a life expectancy of 12 months or less.

Mutual Of Omaha Whole Life

United Of Omaha Life Insurance Company: Whats The Bottom Line

The 7 Best Life Insurance for Seniors in 2021

This company review covered their strong financial standing, mixed customer reviews, and the assortment of term life options and plentiful riders that the company offers.

Did our review answer all your questions? Ready to buy life insurance? Get started today by comparing top life insurance companies using our FREE quote tool below.

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How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

How Age Impacts Life Insurance Rates

When determining life insurance rates, or how much you pay for your policy, the main factor that insurance companies use is life expectancy. Life expectancy is an estimate of how long a person is expected to live based on statistics. Basically, the younger you are, the longer you are expected to live, which may result in lower insurance rates.

Age isnt the only factor used by life insurance companies, but if it were, it would work like this:

  • Younger people who are expected to live longer are seen as a lower risk to the company, and in turn, are typically charged less.
  • Older people who are closer to their life expectancy are considered higher risk. Companies make up for this increased risk by charging higher premiums.
  • On average, women live longer than men. Because of this, a 58-year-old man may have higher life insurance rates than a woman of the same age.

Keep in mind that life expectancies change over time and can change based on other factors. Companies use complex formulas to determine your rates based on all of the factors combined.

Other factors used to determine a persons life expectancy include:

  • Health history
  • If youve had multiple serious illnesses or procedures, your life insurance rates will often be higher than someone without a history of medical conditions.
  • Preexisting conditions
  • Conditions like diabetes, high blood pressure, high cholesterol, or heart disease can cause your rates to be higher.
  • Family history
  • Smoking
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    The Application Process With Mutual Of Omaha

    Completing and application with Mutual of Omaha is easy and very secure. You can either complete a traditional paper application with an agent face to face, or through an online electronic application. The process has been streamlined to allow an applicant to have an approval as fast as 48 hours! Specifically, the e-app, as we agents call it, is the fastest and most secure way to apply for Living Promise, and other Mutual of Omaha products. All you have to do is talk to one of our agents over the phone and apply online. It is simple and fast!

    How Much Does Mutual Of Omahas Burial Insurance Cost

    For Agents: Mutual of Omaha Life Insurance Products

    The typical cost for Mutual of Omahas Burial Insurance varies depending on the level of coverage the applicant selects. Policies with $2,000 of coverage have lower monthly premiums than those with the maximum amount of $25,000 in coverage. Once the application is approved, the premium amount is locked in at a fixed rate, ensuring there are no unpredictable cost increases in the future.

    However, the cost of premiums with Mutual of Omaha can increase or decrease over the course of the policyholders life if they make changes to their coverage amount or the frequency of their payments.

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    How Can Death Benefits Be Used

    When you purchase a policy from Mutual of Omaha, you can rest assured that the death benefit received by your beneficiaries can be used for anything they desire. That means it can be used to pay for your funeral expenses, hospital bills, or any other final expenses that may be incurred. Having this allows for a sense of security, as you can rest assured that your death wont be a financial burden upon your family.

    Advantages Of Mutual Of Omaha

    Mutual of Omaha offers a range of diverse life and disability insurance products that can be easily customized with riders to meet the needs of its customers. It has a long history of having competitive rates and dependable coverage. With strong financial ratings and a dedication to excellent customer service, Mutual of Omaha works to generate trust and provide dependable coverage to as many people as possible.

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    Guaranteed Whole Life Insurance

    Mutual of Omahas first burial insurance product is its guaranteed issue version. You can apply online or by phone for this policy, and coverage is guaranteed.

    Here are some highlights:

    • Benefits are never reduced because of age or health
    • Rates never increase
    • 85% of claims paid within 24 hours
    • Process: No, Quote/App By Phone
    • Riders: N/A
    • Medical: No Exam

    Two-Year Waiting Period

    The Guaranteed Whole Life product has a two-year waiting period .

    If you die from natural causes during the policys first two years, your beneficiary gets a refund for all premiums you paid, plus 10% annual interest.

    After this two-year period ends, your beneficiary receives the policys full death benefit for death of any cause .

    Heres the good news.

    If you die in any type of accidental death , the waiting period does not apply.

    Your beneficiary receives the full death benefit no matter when the death occurs .

    Mutual Of Omaha Burial Insurance Rates

    The tables below show the monthly premium payments for:

    • Men and women
    • Ages 50-80
    • Coverage between $2,000 and $25,000

    Note that these policies provide you with lifetime coverage, and your premium will not increase after you purchase your policy.

    If a 50-year-old man purchases a policy for $36 per month, his premiums will remain $36 / month for the rest of his life.

    As with all life insurance policies, the later in life you purchase your policy, the higher your monthly premiums will be.

    Burial Insurance Premiums For Males

    Dont Be Sold On Policy Projections That Arent Guaranteed

    mutual of omaha life insurance for seniors

    Life insurance policies that can build cash value will have policy illustrations that show projections for costs and cash value over time. For some types of cash value policies, not all amounts shown in an illustration are actually guaranteed.

    Beware of advisors offering policy reviews comparing non-guaranteed premiums, cash values and/or death benefits for some limited number of products, says Barry Flagg, founder of Veralytic. These sales practices are now considered misleading, fundamentally inappropriate and unreliable by the financial, insurance and banking industry authorities.

    Insist that quotes include year-by-year disclosure of costs, often referred to as detailed expense pages or policy accounting pages, says Flagg. Work with an advisor who will explain whats guaranteed and whats not.

    Insurance agents and advisors should be able benchmark a policys internal policy costs and historical performance against the insurers peers, just like you do for other assets in your portfolio, says Flagg.

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    There Is No Medical Exam

    Medical exams and tests are the most common concerns of seniors who want to purchase an insurance policy.

    This is because the procedure to pass the medical exam is challenging for people, especially seniors. You need to go through several appointments and tests to ensure the company that you are completely healthy and fit.

    Furthermore, if you have any medical condition, there are more chances that you will not be eligible to purchase any excellent insurance policy, especially term insurance.

    Mutual of Omaha aims to give peace of mind to its customers. This is why they have designed the final expense insurance that can facilitate people without requiring them to go through extensive medical exams.

    Another thing you need to know is that there will be no medical tests in order to verify your health condition to purchase the insurance.

    Hence, the application process is simple, straightforward, and easy.

    Mutual Of Omaha Complaints And Customer Satisfaction

    Mutual of Omaha drew close to the expected number of complaints for a company of its market share for life insurance, according to three years worth of data from the National Association of Insurance Commissioners.

    Mutual of Omaha ranked No. 5 out of 21 companies in J.D. Power’s 2021 U.S. Life Insurance Study for overall customer satisfaction

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    Mutual Of Omaha Universal Life Options

    Life Protection Advantage: an indexed Universal Life policy with potential for greater cash accumulation that can help with future living expenses.

    Income Advantage: grows cash value based on a selected interest rate and is tied to market performance.

    AccumUL Answers: not tied to market performance and is guaranteed to grow at least 2% interest annually.

    Whole Life Insurance

    • Affordable premiums that never increase
    • Ideal for individuals looking to cover end-of-life expenses

    Whole life insurance is a type of permanent life insurance coverage designed to reduce or eliminate end-of-life expenses. Additionally, these policies grow cash value that is accessible in an emergency.

    When Are You Too Old To Buy Life Insurance

    Protect How You’re Remembered | Guaranteed Whole Life Insurance | Mutual of Omaha

    Senior buyers of life insurance can choose among the same policy types as anyone else. This includes term life, whole life and universal life insurance.

    • Term life insuranceis often available through age 80, although the length of the level term period available will get shorter, especially as you enter your late 50s.
    • Cash value life insurance policies such as whole and universal life insurance can be obtained with some companies through age 85, but some insurers have lower maximum ages.

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    Get Final Expense And Burial Insurance Quotes

    Currently one of the most recognized life insurance companies, Mutual of Omaha has dramatically increased its footprint since its founding in 1909. The company has dynamic name recognition and meets its customers expectations by offering outstanding rates on a variety of products and outstanding customer service and claims service. They are especially recognized for their Final Expense Insurance.

    The company operates across the United States using four subsidiary companies to administer and market its financial products:

    • Mutual of Omaha Life Insurance.
    • United World Life Insurance
    • United of Omaha Life Insurance
    • Companion Life Insurance

    As a dominant U.S. life insurer, Mutual of Omaha continues to post excellent ratings that have been awarded by the most well-known rating services:

    Rating Service
    2nd Highest out of 16
    Moodys5th Highest out of 21
    Standard & Poors4th Highest out of 21

    What Is The Best Life Insurance For A Senior In Poor Health

    You can buy a guaranteed issue life insurance policy without any health questions or an exam. These policies offer low amounts of coverage but are designed for people looking to cover a funeral and other smaller expenses.

    Note that guaranteed issue policies have graded death benefits: If you pass away within the first two or three years of owning the policy, it will not pay out the death benefit to your beneficiaries. Instead it will usually pay them a refund of your premiums plus interest.

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    Types Of Life Insurance

    Other types of life insurance include:

    • Burial insurance: Also called funeral insurance or final expense insurance, a burial insurance policy typically has a small death benefit meant to pay off final expenses, such as $10,000. They are typically whole life insurance policies and will have a high cost for the amount of coverage.
    • Survivorship life insurance: A survivorship life insurance policy, also called second-to-die life insurance, offers coverage for a husband and wife. The death benefit isnt paid out until both people die.
    • Mortgage life insurance: A mortgage life insurance policy pays off your mortgage if the policyholder dies. The payment goes directly to the mortgage lender.

    Supplemental life insurance: Supplemental life insurance is a free or low-cost group policy that may be offered by an employer or group. If a supplemental policy is connected to an employer, you will likely lose that coverage if you quit or are terminated.

    What Does Life Insurance Cover

    Mutual of Omaha Life Insurance Company Review for 2021

    Life insurance covers death from illness, accidents and simply old age. This includes deaths from diseases, falls, car accidents and Covid. Deaths from accidental drug overdoses are covered.

    A narrow type of life insurance called accidental death and dismemberment covers only deaths that are accidental, such as an accidental fall or car crash. It does not cover deaths by illness, disease or old age.

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    Should You Use An Agent Or Go Direct To A Carrier

    You wont always be able to choose whether to deal with an agent or directly with a carrier, but you can always find an independent agent who doesnt work for a single carrier and can help you find the right policy regardless of carrier.

    Here are your choices as you progress through the buying process:

  • Independent Agent
  • Carrier
  • The independent agent is always your best choice, hands down.

    An independent agent can be licensed in all 50 states, and be appointed with virtually any life insurance company necessary.

    Often called brokers, they can match you with pretty much any product from any carrier.

    A captive agent is employed by a single company.

    Work with a captive agent only if you know for sure the company they represent has the product you need.

    While this scenario is rare, it does exist for products offered by some of the major mutual companies.

    Working with the carrier means you dont work with an agent but directly with the insurance company. Most carriers dont offer this buying path.

    Instead, they have call centers with agents or they use independent agents across the country to offer their products for them.

    Independent agents arrange most policy purchases, and this makes sense because an independent agent offers choice.

    If you go to a captive agent or an individual carrier, you can get only what they offer, and nothing else.

    A good agent will present all your choices and allow you to choose whats best.

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