1. Mutual of Omaha - Best Provider With Low Premiums
What We Like Most:
- Additional insurance
- Variety of policies
- Offers universal life insurance
- Affordable rates
Types of life insurance offered: Term Life, Whole Life, Universal Life, Accidental Death, Long-Term Care, Disability Income, Critical Illness, Cancer, Heart Attack & Stroke Insurance
Most affordable policy: Whole Life
Issue ages: 45-85 (Whole Life Insurance); 18-80 (Term Life)
Monthly premium for a healthy 65-year-old man: $119.58 per month for $200,000 of coverage (Term Life)
Mutual of Omaha offers great rates for a variety of life insurance for those up to 85 years old. Based in Omaha, Nebraska, Mutual of Omaha offers life insurance, Medicare Supplement Insurance, financial services, and additional insurance for a variety of needs.
The most affordable policy is their guaranteed whole life insurance policy, which is perfect for older adults that have a fixed income and want to stick with a policy without premium price hikes. If you’re on a budget, guaranteed whole life insurance by Mutual of Omaha provides assistance to individuals up to age 85 and helps pay for a variety of needs such as final expense coverage, funeral expenses, and other unexpected costs if you were to pass on. They also offer the option of renewing term life insurance through age 95. This coverage can also be used to pay off debts and build cash value over time, as long as premiums are paid.
Mutual of Omaha is great for older adults who might have preexisting health conditions, because they are not required to undergo a medical exam or fill out a lengthy health questionnaire with certain policies. Additionally, if you want to add supplemental insurance for your beneficiaries, Mutual of Omaha offers multiple riders. These riders include long-term care insurance for chronically ill patients.
For instance, if I wanted my long-term care insurance policy to cover $3,500 in monthly expenses, my premium would be $350 per month. If I were to live in a one-bedroom assisted living facility in California without insurance, that would cost approximately $5,650 per month, which is more than 15 times higher than my monthly premium with Mutual of Omaha.
- Additional insurance: Mutual of Omaha provides insurance coverage for both individuals and employers. They offer Medicare Supplemental Insurance, comprehensive life insurance at competitive prices, and additional insurance such as disability income insurance and long-term care insurance. For example, long-term care insurance can help seniors pay for groceries, medications, and other personal services.
- Variety of policies: Mutual of Omaha offers flexible life insurance plans that are helpful for end-of-life planning or temporary needs. Currently, they offer affordable whole life, term life, and universal life insurance.
- Offers universal life insurance: Mutual of Omaha offers universal life insurance that accrues cash value over time through fixed interest rates. This cash value — or amount that’s offered by the insurer — may change over time depending on what the market’s going through or your policy’s interest rate. With universal life insurance, you can easily adjust your death benefit and have access to flexible premiums.
- Affordable rates: Mutual of Omaha offers affordable rates for a variety of life insurance policies. For example, their whole life insurance has coverage amounts between $2,000-$25,000 for ages 45-85, with no medical exams or premium increases.
- Limited information online: You’ll need to talk to an agent over the phone for more information about specific products or policies. Most changes to your policy and account information need to be done over the phone, through an agent, or via snail mail.
- Penalties: If you cancel certain life insurance policies or withdraw annuities, you may be subject to certain penalties such as policy surrender charges. This is a charge that you are required to pay if you end up withdrawing money earlier on during a surrender period.