Insurance Company Reviews

Mutual of Omaha

Company Overview

Headquartered in Omaha, Nebraska, it is a prominent Fortune 500 mutual insurance and financial services company. It is a well-known name in the Life Insurance Industry. Established in 1909 under the name Mutual Benefit Health & Accident Association, it has evolved into a comprehensive financial institution that provides a diverse range of insurance and financial products catering to individuals, businesses, and groups across the United States.

Here is a fun fact: For many years, the company sponsored the television series “Mutual of Omaha’s Wild Kingdom,” about the animal world. The show continues today as a web series.

We discuss the type of Life Insurance policies Mutual of Omaha offers in depth, below. Additionally, Mutual of Omaha provides various other types of insurances in the form of riders depending on the selected policy, such as-

  • Accidental Death Rider
  • Disability Income Rider
  • Critical Illness Rider
  • Terminal Illness Rider
  • Chronic Illness Rider (Long term care insurance)
  • Dependent Children Rider

Please visit our FAQ to learn more about these riders.

AM Best (a third-party reviewer) has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries. Here is a short overview of the pros and cons of this company-

Pros

  • Exceptional financial strength and overall higher customer satisfaction as reviewed by third parties like J.D Powers.
  • Strong, stable, and secure even through financially tough times.  You can trust your policies to be paid out without delay and hassle.
  • Offers a diverse range of products that can meet your unique needs.
  • Their whole life policies have the guaranteed insurability option which means you can get approved despite poor health!
  • NO medical exams required for selected type of policies.

Cons

  • Whole Life policy options are limited to $25,000 or less.
  • You can’t get an online quote for term and universal life policies and selected online purchase options.
  • NAIC found close to the expected number of complaints for life insurance for a company of its size. Some negative reviews state poor communication and slow response time (but you can avoid all that when you are working with one of our agents, we’ll take care of that for you!)

Products offered by Mutual of Omaha

Term Life

Term life insurance provides coverage for a specific time frame, typically ranging from 10 to 30 years, with expiration upon reaching the end of the policy term. If the insured person passes away during the active policy period, a predetermined death benefit is paid to the named beneficiaries. Once the term concludes, the policy becomes inactive (but you can have the option to convert it into something permanent later in specific policy periods), and premium payments cease.

Terms of 10, 15, 20 and 30 years are available for coverage of $100,000 and more for applicants 18 to 80 years old. Two types of term life is offered by Mutual of Omaha-

Term Life Answers: Their Term Life Answers product, a fully underwritten term life insurance, is open to applicants aged 18 to 80, starting coverage at $100,000, inclusive of a terminal illness rider and waiver of premium rider at no extra cost. 

Term Life Express: This type of policy allows skipping the medical exam, offering coverage from $25,000 to $300,000, and including critical, chronic, and terminal illness riders without additional charges.

Since there are no online purchase options available for the term insurance, simply  fill out this form (scroll down) and we will get back to you within 24 hours with the quote!

Whole Life

Whole life insurance ensures coverage throughout the policyholder’s life, provided premiums are paid. These policies include a cash value component- which means your account accrues interest and you can borrow against it before death. Mutual of Omaha offers a guaranteed issue whole-life policy for individuals aged 45 to 85, covering $2,000 to $25,000. This policy, often termed final expense or burial insurance, is not available as a traditional whole life option. .

They offer graded benefit plans which contain a graded benefit meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive all premiums paid plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury.

NO Medical Exams required and guaranteed insurability! So, if you are in poor health, great news for you as this is something you can get approved for easily. Mutual of Omaha also offers whole life policies for children.

Universal Life

Universal life (UL) insurance is permanent like the whole life. But the main difference is that whole life has a fixed premium and a fixed benefit, whereas universal life has more flexibility — but that flexibility also comes with more risk, as the premium might increase.

Mutual of Omaha offers three types of universal life insurance, including Income Advantage index universal life. Indexed universal life insurance policies typically pay interest based on the movement of underlying stock and bond indexes. It ties the policy’s cash value accumulation to a market index, such as the Standard & Poor’s 500. If you’re looking for coverage that offers the flexibility of universal life and a cash value account with higher growth potential, you may want to consider indexed universal life insurance.

Two Indexed universal life (IUL) policies are offered by Mutual of Omaha.

AccumUL Answers which requires medical exam and Life Protection Advantage IUL: Guarantees coverage through age 90. Income Advantage IUL offers growth potential tied to market index performance.

TRANSAMERICA

Company Overview

Transamerica Life Insurance is a subsidiary of Transamerica corporation which is built upon the rich legacy of financial services expertise provided by their parent company- Aegon. Headquartered in The Netherlands, Aegon has held a leadership position in the industry since 1844. Transamerica was acquired in 1999 and constitutes Aegon’s largest market today in U.S operations. The company is a well-known name in the industry providing a wide range of life insurance policies including other types of financial services.

Fun Fact: Transamerica sponsored the professional golfer Zach Johnson, the 2023 US Ryder Cup team and 12-time PGA TOUR winner (who clinched notable victories such as the 2007 Masters and the 2015 Open Championship) for the entirety of his PGA TOUR career.

Here is a simple overview of the pros and cons of Transamerica before we delve into the products they offer.

Pros

  • Diverse life insurance options available: Includes term, whole, universal life, and final expense coverage.
  • High death benefit options: Offers substantial coverage, with term life policies extending to amounts exceeding $10 million.
  • Specialized insurance for high-net-worth foreign nationals: Tailored insurance solutions designed to meet the unique needs of individuals with substantial financial assets from foreign countries.

Cons

  • Below-average J.D. Power customer satisfaction score
  • Above-baseline NAIC complaint index: Received far more complaints than expected for a company its size.

Products of Transamerica

Term Life

Transamerica’s Trendsetter Super Series: This type of policy provides a minimum coverage of $25,000 for terms ranging from 10 to 30 years, with the option to secure up to $2 million without undergoing a medical exam for eligible individuals.

This policy comes with an automatic provision Accidental Death Benefit Terminal Illness Rider. Additionally, the following riders can be included-

  • Disability waiver of premiums rider
  • Income protection option
  • Children’s benefit rider
  • Accidental death benefit rider

Transamerica’s Trendsetter LB : This policy is recognized as the “Best Overall” in Forbes Advisor’s review of the best term life insurance, offering coverage from $25,000 to $2 million for terms spanning 10 to 30 years. Similar to the Super Series term policy, qualifying applicants seeking $2 million or less in coverage may skip a medical exam.

The Trendsetter LB policy automatically includes three health-based riders, unlocking a portion of the death benefit if the insured becomes terminally, chronically, or critically ill. Trendsetter LB customers can also enjoy the same optional riders offered in the Super Series policy, with the added benefit of a monthly disability income rider.

Whole Life

Transamerica provides comprehensive options in whole life insurance, offering policies with coverage up to $2 million and a range of customizable riders. These include accelerated death benefit riders for chronic, critical, or terminal illnesses, term life riders, waiver of premium, children’s benefit riders, and more.

Final Expense/Burial Insurance: Transamerica offers a whole life insurance policy with modest death benefits for end of life expenses ranging from $1,000 to $50,000, applicable up to age 85. Whole life insurance, with guaranteed death benefits, a minimum rate of return on cash value, and fixed premiums, stands out as a reliable choice.

Lifetime Whole Insurance: With Transamerica’s With lifetime whole insurance, you can secure coverage between $25,000 and $2 million. All policies feature a terminal illness accelerated death benefit rider, providing a partial payout in the event of a terminal diagnosis.

Further personalization is possible through nine available riders, including a children’s benefit rider and an income protection option (IPO) that grants control over the timing and manner of beneficiaries receiving the death benefit.

Indexed Universal Life

Indexed Universal Life Insurance (IUL) is a permanent life insurance policy designed for cash value accumulation through investment strategies. Key features that set IUL apart from other permanent policies include:

  • Index Performance Linkage: The policy’s cash value is tied to the performance of an index, such as the S&P 500, influencing its growth based on the index’s rate of return.
  • Gains and Losses Control: Cash value gains and losses typically have a floor (minimum) and cap (maximum), providing a defined range for cash value increase, irrespective of market fluctuations.
  • Flexibility in Adjustments: Both the policy premium and death benefit can be adjusted within the policy’s terms and conditions.

 Financial Foundation IUL : These policies offer coverage ranging from $25,000 to $2 million. The maximum coverage of $2 million is available for individuals aged 18 to 45, while those aged 46 to 55 can apply for coverage up to $1 million.

The cash value in an IUL policy grows tax-deferred, and transfers between accounts are tax-free. The accumulation of cash value is influenced by three primary indexes: S&P 500, EURO STOXX 50, and the Hang Seng Index. Allocation to index funds can be distributed among three account options:

  • Basic Interest Account: No cap, with a 2% floor.
  • Global Index Account: 13% cap, with a 0.75% floor.
  • S&P 500 Index Account: 12% cap, with a 0.75% floor.

Financial Foundation IUL policies come with a terminal illness rider, and additional riders like the base insured rider or the exclusive Concierge Planning Rider can be added. The latter provides assistance with funeral planning, access to will-drafting tools, and document storage services.

Financial Choice IUL: This type of policy caters to high-income individuals seeking flexibility and potential tax-free supplemental income. With a minimum coverage of $250,000, cash value accumulation is linked to various domestic and global index options, each with unique caps and floors, providing a range of investment choices. Some of these are-

  • Basic Interest Account, which has a rate declared by the insurer but cannot go below 1%.
  • Fidelity Small-Mid Multifactor Index Account, which is uncapped and has a .25% floor.
  • Global Index Account, which has a 10.75% cap and a .25% floor.
  • S&P 500 Index Account, which has a 9.5% cap and a .25% floor.
  • Global Plus Index Account, which has a 14% cap and a .25% floor.
  • S&P 500 Plus Index Account, which has a 12% cap and a .25% floor.

In addition, Transamerica is set apart from other insurance companies as they provide the following-

Group Life Insurance:

  • The company specializes in providing group life insurance plans through employer offerings.

Life Insurance for Foreign Nationals:

  1. If you are a foreign national working in the United States, frequently visiting, or owning property in the country, you may be eligible for one of Transamerica’s insurance policies. To apply, you must be from one of the 47 qualifying countries and possess a global net worth of at least $1 million.

Great Western Insurance

Company Review

Founded in 1983 by John E. Lindquist, the proprietor of the five-generation family enterprise Lindquist Mortuaries & Cemeteries, Great Western Insurance has a rich legacy. Leveraging its expertise in funeral and burial services, GWIC is dedicated to offering optimal final expense and preneed insurance coverage packages for its clients. The company is headquartered in Des Moines, Iowa. Great Western’s surplus to liability ratio is notably high, surpassing industry standards and outperforming many of America’s largest life insurance companies in terms of assets over liabilities and excess surplus.

Pros:

  • Extended Guarantee: Great Western goes beyond the industry norm, offering a 30-day guarantee for policy cancellation, allowing a full refund within this period.
  • Simplified Policies: Great Western’s plans are straightforward, requiring no medical exams. Some are guaranteed issues, ensuring approval without considering your medical history.
  • Accelerated Death Benefit: Certain policies include an accelerated death benefit at no extra cost. With final expense plans, this feature allows you to access up to 90% of the death benefit if diagnosed with a terminal illness.

Cons:

  • High Complaints: Great Western has received more complaints than expected for its size, with a complaint ratio over three times higher than the industry standard for individual life policies.
  • Limited Options: The company only offers final expense and preneed funeral policies with coverage amounts up to $40,000. If you seek broader choices or higher coverage, you’ll need to explore other insurers.
  • Funeral Home Restrictions: Preneed plans from Great Western are tied to partner funeral homes, limiting your options to about 2,800 out of over 19,000 funeral homes nationwide.
  • Only Whole Life & no online purchase: They do not offer Term policies and there can be no purchase made online. You cannot get a quote without working with one of brokers/agents.

Products Offered by Great Western Insurance

Great Western Insurance exclusively offers final expense and preneed funeral plans, which are basic whole life policies with modest coverage amounts. These policies are either simplified issue- requiring a medical questionnaire, or guaranteed issue.

Great Western’s final expense insurance coverage stands out due to its two whole life plans, designed to simplify the qualification process. Coverage ranges from $10,000 to $40,000. The two types of final expense plans are- 

Assurance Plus:

It caters to individuals in good health seeking additional value.

  • Answering three (four in Florida) straightforward health questions is all it takes. If you answer “no” to each, you qualify for a 25% increase in the full death benefit from day one, without the need for a medical exam.
  • The plan also includes an accelerated death benefit rider at no extra cost. For just $1 a month, you can add the dependent child and grandchild rider, providing a $2,500 one-time benefit on the first death of a dependent child or grandchild.

Guaranteed Assurance:

Itoffers coverage without underwriting or health questions. The coverage plan works as follows:

  • For any accidental death, the full death benefit is paid.
  • In the first two policy years, if a non-accidental death occurs, the benefit paid is 110% of the premiums paid to date.
  • After the initial two policy years, the full death benefit is paid, regardless of the cause of death.

The two available riders are:

  1. Accelerated Death Benefit:
  • Included in final expense policies at no extra cost, enabling the use of up to 90% of the death benefit if diagnosed with a terminal illness.
  • Dependent Child and Grandchild:
  • Can be added to a final expense policy for an additional $1 per month, providing a one-time $2,500 benefit if a dependent child or grandchild passes.

Preneed Funeral Insurance:

Preneed Funeral Insurance allows you to plan your funeral and burial in advance, ensuring that your arrangements are covered to ease the financial burden on your loved ones. To obtain a preneed funeral plan, contact one of Great Western’s funeral home partners. During the meeting with a representative, you can customize every aspect of your funeral service, from choosing a casket to deciding on transportation. The total cost, based on your selections, becomes the foundation for your preneed funeral policy.

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