When talking about the top 10 best no medical carriers, Mutual of Omaha, or United of Omaha Life Insurance Company, is always in the discussion. With a good number of product choices and fast underwriting, they should be on your short list if you need insurance coverage.
Our United of Omaha Life Insurance Company Review
As you know, we are committed to providing you with thorough, easy-to-understand resources regarding the various life insurance policies available on the market. But understanding the differences between different types of policies isn’t the only tool you need to make the right decision. You also need simple and straightforward information regarding some of the leading competitors you might consider purchasing your policy from.
That’s why we also provide you with detailed reviews of companies like United of Omaha Life Insurance Company. This article will provide you with some information regarding the company’s history and ratings, as well as an overview of its programs and products. This information will help you to make an informed decision while comparing United of Omaha products to those of other carriers.
About United of Omaha
United of Omaha Life Insurance Company is a subsidiary of Mutual of Omaha, a mutual company chartered in 1909. United of Omaha Life Insurance has itself been issuing policies since 1926, and its current offerings include a number of life insurance options, fixed annuities, and other insurance and financial services products.
Since the financial future of your life insurance carrier is vital to the long-term security of your policy, it’s a comfort to know that United of Omaha Life Insurance Company has an A+ (superior) rating from A.M. Best. This is an excellent rating – the second highest out of A.M. Best’s 16 possible levels.
In addition, the company has an A+ rating from the Better Business Bureau.
About United of Omaha Products
Term Life Insurance
United of Omaha’s standard term policy requires no medical exam and is available for purchase between the ages of 30 and 74. The non-medical policy covers insureds through the age of 80, and you can choose your benefit level to suit your specific needs, ranging anywhere from $25,000 to $100,000.
The full face value is in effect immediately, and the application consists of just a few simple questions and can be completed online. The policy also comes with two riders with no additional premium:
Unemployment Waiver of Premium – should you become unemployed while the policy is in force, premiums for your policy and any additional riders will be waived for up to six months.
Accelerated Death Benefit – if provided evidence that your life expectancy is 12 months or less, the company will provide 94% of the death benefit immediately.
Other optional riders include:
- Disability Waiver of Premium
- Other Insured Rider
- Accidental Death Benefit
- Conversion up to age 75 to any of the company’s universal life products
This policy comes with guaranteed renewability, but only covers insureds through age 80. Premiums currently start as low as $9.40/month, and are based on age and overall health at the time of approval. Premiums will increase gradually throughout the term as the insured advances through predetermined age bands of five years each, the lowest being 30-34 and the highest being 70-74. (The 75-80 band is only available for renewals.)
Is $100,00 the maximum policy offered?
No, this is just the limit on the companies quick-approval, non-med policy.
In addition to nonmedical policies with up to $100,000 in face value, other policies requiring medical screenings, blood work, attending physician statements, etc. may provide coverages in the millions.
Guaranteed Universal Life
United of Omaha also offers a guaranteed universal life policy with a fixed premium. There is also a guaranteed universal life survivor policy, which comes at a fixed premium insuring both spouses. “Second to die” policies like these make death benefits payable after the death of the surviving spouse.
Optional riders for these guaranteed universal life policies include provisions for accelerated death benefit, chronic illness, and terminal illness.
Unique Screening Process
The company also offers its unique Fit Underwriting Credit Program, which includes 14 lifestyle and health credits. If an applicant has three or more of the characteristics defined by these credits, he/she may be eligible to advance to a better rate class, up to two table ratings. This allows people who may otherwise be rated below standard due to medical history, certain habits, etc. to have access to preferred plus rates in some circumstances.
This is a program that really helps to set United of Omaha apart from its competitors. It is a unique rating system unlike many others that you may find on the market, some of which may tend to over-simplify the assessment of an individual’s risk and provide too little flexibility.
The Fit Underwriting Credit Program could end up providing you with enormous savings – in some cases over 50% on your monthly premium payments! For instance, a 50 year-old male, standard rate class, 10-year term policy would cost the policyholder $98/month. But if the same male were to qualify for the preferred plus rate class, he would only pay $44/month. For a 15-year term, the rates would be $144/month and $71/month, respectively. A 20-year term? $165/month vs. $85/month.
United of Omaha is a strong company with a variety of quality life insurance products. We’re particularly impressed with the company’s financial rating of A+ from A.M. Best, as well as the potential that certain individuals who would pay more with another carrier have to reduce their rates based on the Fit Underwriting Credit Program.
As always, it’s important to shop around for the strongest companies and compare the best rates and benefits for your age and personal health. Don’t ever be too quick to make a long-term decision as important as this. It’s important that you get covered, but just as important that you chase down a great deal and a trusted carrier.