One life insurance carrier that has been in the business of life insurance for nearly a century – and that has a great reputation – is United of Omaha Life Insurance Company. This insurer – now an affiliate of Mutual of Omaha – holds high ratings, and is well known for its stellar underwriting standards.
The purchase of life insurance can involve many important decisions. For example, having the correct amount of coverage is essential in ensuring that your loved ones and survivors will be able to carry on regarding paying off debts or having enough income to continue with their current lifestyle.
The right type of coverage can also be important. This is because oftentimes, life insurance policies are purchased for reasons other than just the death benefit. For example, cash value policies can help the policyholder to pay off debt during life, as well as to supplement retirement income with a tax-free benefit.
Another key decision in the purchase of a life insurance policy is the insurance company that the coverage is purchased through. This, in fact, may be the most important of all the criteria. This is because when the time comes to collect on the benefit, you will want to be sure that the company will be there to make good on its promises.
This is why it is often very important to be mindful of the insurance company’s financial stability, strength, and overall reputation regarding paying out its past claims to its policyholders.
The History of United of Omaha Life Insurance Company
United of Omaha is headquartered in Omaha, Nebraska. This insurance carrier was initially formed nearly 90 years ago, back in August of 1926, under the state of Nebraska laws, with the original name of United Benefit Life Insurance Company. The carrier began doing business in November of that same year. It wasn’t until 1981 that the name was changed to its current title of United of Omaha.
Presently, all of the outstanding shares of United of Omaha Life Insurance Company are owned by Mutual of Omaha Insurance Company. United of Omaha is Mutual of Omaha’s main subsidiary. The company’s key product lines include life insurance and annuities. The company has also had a great deal of expertise in life insurance and annuity underwriting.
At this time, United of Omaha life Insurance Company is licensed, and does business in, all of the U.S. states except for New York. It also is licensed in and does business in Washington, D.C., as well as in Puerto Rico, and in the U.S. Virgin Islands.
It is important to note that, while United of Omaha Life Insurance Company is Mutual of Omaha’s largest subsidiary, Mutual of Omaha does not have any type of financial responsibility or obligation for the products that are issued by United of Omaha. This means that Mutual of Omaha is also not responsible for paying out on the life insurance or annuity claims on such policies.
Mutual of Omaha also has a long history of protecting and insuring its policyholders. This company has been in business for over 100 years, and it provides insurance, financial, and banking products to individuals and businesses. This insurer is headquartered in Omaha, Nebraska. One of the best-known sponsorships that Mutual of Omaha has been affiliated with throughout the years is Wild Kingdom, a television (and now web) program that premiered in 1963, and was hosted by Marlin Perkins.
This insurer provides its products and advice via nearly 4,900 associates across the United States, who work via phone, online, or in person in sales offices or in specific Mutual of Omaha Bank locations.
Reviewing United of Omaha Life Insurance Company
When considering a United of Omaha Life Insurance Company review, it is important to take a look at the company’s background, as well as its ratings, and the products that it offers. It is also key to review the firm’s customer service and the ease of getting questions answered and policyholder claims paid.
United of Omaha is very highly ranked in terms of its overall financial strength and stability, as well as in its reputation for paying out its policyholder claims. The company has been given the rating of A+ (Superior) by A.M. Best (as of December 31, 2014).
The company is also a certified member of the Insurance Marketplace Standards Association (IMSA). This membership promotes ethical market conduct for individual life insurance and annuities.
Likewise, its parent company, Mutual of Omaha, is also very highly rated by the insurance company ratings agencies. Mutual of Omaha has been given the following ratings:
- A+ (Superior) by A.M. Best. This rating is the second highest out of a possible 16. It is provided for overall financial strength and ability to meet its ongoing obligations to its policyholders.
- A1 (Good) by Moody’s Investors Services. This is the fifth highest out of a possible 21 total ratings. It is provided for the company’s current strength and ability to withstand financial stress going forward in the future.
- AA- (Very Strong) by Standard & Poor’s. This rating is fourth out of a possible of 21 total. It is given for the company’s financial strength to meet obligations to its policyholders.
Mutual of Omaha has also been an accredited business with the Better Business Bureau (BBB) since 1940, and it has been given a rating of A+ (out of a scale of A+ to F).
Products Offered By United of Omaha
The primary products that are offered by United of Omaha Life Insurance Company are life insurance and fixed annuities, as well as pension products. These are offered for both individuals and groups.
The term life insurance products that are offered by the company provide death benefit protection only. This means that there is no cash value component or savings portion included in the policy – and because of that, provided that the applicant is in good health, the premium on these plans could be very affordable.
The permanent life insurance products include both death benefit protection, as well as a cash value component. The cash value is allowed to grow on a tax-deferred basis – which means that there will be no tax that is due on the gain until the time it is withdrawn. This can allow the cash to grow and compound a great deal over time. The cash may be either borrowed or withdrawn by the policyholder for any reason – and it does not have to be repaid.
However, it is important to note that any amount of unpaid balance that remains in the policy’s cash value component at the time of the insured’s passing will be counted against the death benefit proceeds that are paid out to the beneficiary.
Mutual of Omaha also offers a wide variety of different products to its customers. These include the following for individuals who are seeking life insurance protection:
Term Life Insurance Plans
Mutual of Omaha offers various term life insurance plans. These can help in what many people view as “temporary” coverage needs, such as paying off a home mortgage, providing for an emergency fund, providing for a child or a grandchild’s college education fund, or even paying off personal debts.
The Term Life Answers policy is available for 10, 15, 20, and 30-year time frames, and those who are between the ages of 18 and 80 may apply (with some exceptions). Death benefit amounts start at $100,000 and over – and, this plan does have the option to be converted over to a permanent policy.
The Term Life Direct policy provides coverage to the insured’s age 80. An individual who is between the age of 30 and 74 may apply, and coverage may be purchased in amounts of between $25,000 and $100,000. With this policy, there is no medical examination that is required as a part of the underwriting process, and there are only a few health questions to answer on the application for coverage.
There are also permanent plans that can be purchased through Mutual of Omaha – including both whole life and universal life options. This type of coverage is often used for paying final expenses, providing ongoing income for one’s survivors, supplementing retirement income, or funding one’s estate or business continuation plan.
Whole Life Insurance Plans
The Whole Life Guaranteed (Direct) plan can be purchased by applicants who are between the ages of 45 and 85. This policy offers death benefits of between $3,000 and $25,000 – and, once approved, the premium will never increase. Because this is a guaranteed acceptance policy, there is no medical exam, nor any medical questions on the application.
The Whole Life Guaranteed plan is also available to those who are between age 45 and 85. Coverage amounts range between $5,000 and $20,000. It, too, offers guaranteed coverage for either the lifetime of the insured, or the life of the policy – as long as premiums are paid.
The Whole Life Express can be applied for by those who are age 18 to 85. Coverage can range between $5,000 and $50,000 – depending on your age at application time. This is also a guaranteed acceptance policy.
For universal life insurance, Mutual of Omaha has several options, as well – and all are extremely flexible in terms of premiums and cash value growth. These plans include:
- Guaranteed Universal Life / Guaranteed Universal Life Plus
- AccumUL Plus / AccumUL Answers
- Guaranteed Universal Life Express
Where to Obtain the Best Life Insurance Premium Quotes
In obtaining the very best life insurance quotes for your specific needs, it is typically best to go through either an agency or a company that has access to more than just one single life insurance carrier. This way, you will be able to more directly compare – in an unbiased manner – the top life insurance companies, policies, and premium quotes – and then determine which of these will be the best coverage for you and your individual needs.
When you are looking for information and quotes on policies offered by United of Omaha Life Insurance Company – or from many of the top life insurance carriers in the marketplace today – we can help. We work with a wide variety of different insurers, and we can assist you in obtaining all of the important details that you will need for making an informed purchase decision. And, we can do so for you without the need to meet in person with a life insurance agent.
All of the information can be obtained directly from your home computer. The process only take just a few minutes. So, if you are ready to begin, all you have to do is just fill out the form on this page.
Should you find that you still have any questions regarding United of Omaha Life Insurance Company – or even if you just have a question about life insurance in general, please feel free to contact us directly. We have experts who can assist you and walk you through the process of getting quotes, and also help you with determining how much coverage you need, as well as which type of life insurance may be the best for your specific needs. We can be reached directly by phone, toll-free, by dialing 888-229-7522.
The purchase of life insurance can entail some different variable – and you will want to ensure that you have a good understanding of what they all require. It’s important that your survivors and loved ones will have the proper amount of benefit in case of the unthinkable – while at the same time ensuring that the premium for your coverage will be within your budget. We can help you to find the coverage that best suits all of those needs – even if you’ve been turned down for life insurance in the past. So, contact us today – we’re here to help.
