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UPDATED: Aug 4, 2020

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United of Omaha Life Insurance Company

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Company Description

United of Omaha Life Insurance Company is a Mutual of Omaha company. As a mutual company, owned by policyholders, the company takes a more conservative approach to investments and business decisions and is not driven by the short-term quarterly results that often characterize publicly traded companies.

Mutual of Omaha’s capital position is quite strong with more than 2.2 billion in statutory surplus.

Company Contacts

3300 Mutual of Omaha Plaza
Omaha, NE 68175

866-293-8529

Mutual of Omaha Website

Company Info

Year Founded:  1909

AM Best Rating:  A+ (as of 2016)

S&P Rating:  AA- (as of 2016)

Company Spotlight:  United of Omaha Life Insurance Company

Policy Info

Included Term Life Features

  • Living Benefit Riders: Included at no extra cost. The definition of chronic, terminal, and critical illness may vary by state.
    • Terminal Illness Rider: This rider provides an accelerated death benefit if the Primary Insured provides evidence that their life expectancy is 12 months or less. The sum of all requested accelerations cannot exceed 80 percent of the policy’s face amount as of the policy issue date.
    • Chronic Illness Rider: This rider provides an accelerated death benefit if the Primary   Insured is unable to perform 2 of 6 Activities of Daily Living (ADLs) for 90 consecutive days, as certified by their physician or requires substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment. The sum of all requested accelerations cannot exceed 80 percent of the policy’s face amount as of the policy issue date.
    • Critical Illness Rider: This rider provides an accelerated death benefit if the Primary Insured has been certified by a physician as having one or more of the following conditions within the last 12 months: ALS, kidney failure, life-threatening cancer, major organ failure, heart attack, and stroke.
  • Common Carrier Death Benefit Provision: Included at no extra cost. This provides an additional death benefit equal to 100 percent of the original face amount or $250,000, whichever is less. If the base insured should die in an accident while a fare-paying passenger on a common carrier (e.g., airplane, train, bus) we will pay the beneficiary the additional amount.
  • Conversion Option:  Included at no extra cost. The policy is convertible to a qualified permanent policy after policy year two through the lessor of: (a) the end of the level term period or (b) the policy anniversary following the Primary Insured’s 70th birthday.

Optional Term Life Features

  • Accidental Death Benefit Rider: Available with extra premium. This rider pays an additional sum if the Primary Insured dies as the result of an accident. The rider terminates and the premiums stop at the earlier of the end of the level period or the anniversary date of the policy following the insured attaining age 65.
  • Dependent Children’s Rider: Available with extra premium. This rider provides coverage for all unmarried dependent children (age 15 days through 20 years) who are members of the insured’s household and listed in the application. Dependent children born or adopted after issue of this rider are included automatically when they attain the age of 15 days. Coverage amounts are $5,000 and $10,000. The Dependent Children’s rider terminates and the premiums stop at the earlier of the anniversary date following the Primary Insured’s age 65, when the youngest child attains age 23 or when the base policy terminates.
  • Disability Income Rider: Available with extra premium. With this rider, the Primary Insured can apply for a maximum monthly disability income benefit equal to the lesser of:
    • 1.5 percent of the policy coverage amount at issue
    • $3,000 per month
    • 60 percent of your monthly gross income

The Primary Insured can apply for either an 18- or 30-month benefit. The monthly income amount and the benefit period cannot be changed after policy issue. The elimination period is 90 days (in MD, 120-day elimination period.)

  • Disability Waiver of Premium Rider: Available with extra premium. If the Primary Insured becomes disabled before the policy anniversary following his or her 60th birthday and the disability continues for at least six months, this rider will waive payment of the monthly deduction amount (cost of insurance charges and expense charges) during the continuance of the disability, even if the disability extends beyond age 60.

    Legal Info

    Policy Exclusions

    The policy’s face amount will not be paid if your death results from suicide, while sane or insane, within two years of the date of issue (in CO, MO and ND, within one year). Instead, United of Omaha will pay the sum of premiums paid since issue. In MO, benefits will be paid for all causes of death unless evidence shows that suicide was intended at the time of purchase.

    Policy Forms

    10-year level term: D543LNA15DP, or state equivalent.ICC15L136DP in ID, LA, NC, OK, OR, PA, TX & WA. In FL, D543LNA15DP.
    15-year level term: B630LNA07P, or state equivalent. ICC13L116P in ID, LA, NC, OK, OR, PA, TX & WA. In FL, B650LFL07P.
    20-year level term: B628LNA07P, or state equivalent. ICC13L116P in ID, LA, NC, OK, OR, PA, TX & WA. In FL, B648LFL07P.
    30-year level term: B634LNA07P, or state equivalent. ICC13L116P in ID, LA, NC, OK, OR, PA, TX & WA. In FL, B654LFL07P.

    Company Products

    Term Life Express (TLE) products are issued on a simplified underwriting basis, which means you get a decision and coverage (if approved) faster.

    TLE 10: Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.

    TLE 15: Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.

    TLE 20: Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.

    TLE 30: Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.

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