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Mutual of Omaha disability insurance review 2020
Last updated:
This insurer offers tailored disability insurance products to suit all occupations and budgets.
finder.com’s rating: 3.5 / 5.0
★★★★★
- Consider Mutual of Omaha if… You ’d like to choose from a range of simplified issue and full-scale policies.
- Look elsewhere if… You want to apply online, or if you’re a high-income earner who needs more than $20,000 in monthly benefits.
Yes
Short term disability
Yes
Long term disability
Details
| Benefit period |
Simplified issue: 12, 24 or 36 months
Short-term: 3, 6, 12 or 24 months Long-term: 2, 5, or 10 years, or to age 65 or 67 |
|---|---|
| Waiting period |
Simplified issue: 30 days (injury) or 90 days (sickness)
Short-term: 0 (accident), 7, 14, 30, 60 or 90 days Long-term: 60, 90, 180 or 365 days |
| Coverage amount |
Simplified issue: $300–$4,000
Short-term: $300–$5,000 Long-term: $300– $20,000 |
| Individual credit | |
| Available states | Not available in New York |
| Policy riders |
Accelerated death benefit rider |
| Simplified issue | Yes |
Pros
- Short and long term disability options
- Simplified issue option
- Clear website
Cons
- Low long term disability maximum
- No online quotes
Expert review
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
With both simplified issue and more comprehensive policies in its lineup, Mutual of Omaha caters to a range of disability insurance buyers. Its coverage is customizable, but is capped at $20,000 in monthly benefits, which may be too low for some high-income earners.
To find the policy that suits your needs, compare disability insurance companies.
Built-in benefits and available policy riders
Built-in benefits
- Guaranteed-renewable. The insurer can’t change or cancel your coverage as long as premiums are paid on time. This benefit ends when you turn 65 or 67, depending on your policy.
- Waiver of premium. Waives your premium after you’ve been disabled for 90 days, and for as long as benefits are payable.
- Total disability benefit. If you can’t do your regular job due to a disability and aren’t employed in another occupation, you’ll receive benefits.
- Partial disability benefit. If you’re partially disabled and unable to work full-time, the insurer will pay up to 50% of the total monthly benefit up to six months.
- Proportionate disability benefit. Pays a percentage of the total disability monthly benefit if you lose at least 20% of your income as a result of a disability.
- Recurrent disability benefit. The elimination period will be waived if you suffer from an unrelated disability within 30 days of returning back to full-time employment, or a related disability within six months.
- Terminal illness benefit. Accelerates up to 12 months of disability benefits if you’re diagnosed with a terminal illness while disabled.
- Rehabilitation benefit. Covers all or part of the cost of a voluntary vocational rehab program.
- Worker’s compensation benefit. Pays 50% of your short-term disability benefits if your injury or illness is covered by state or federal worker’s compensation.
- Survivor benefit. Offers a lump sum payment to your beneficiaries if you die during a claim.
Riders
- Critical illness rider. Pays a lump sum benefit of up to $25,000 if you’re diagnosed with a serious illness specified in your policy.
- Hospital confinement indemnity benefits rider. Pays up to $500 for each day you’re confined to a hospital, and up to $1,000 if you’re in the intensive care unit. Benefits are payable for a maximum of 45 days.
- Reimburses you for medical-related expenses as a result of an accident. The benefit applies for 26 weeks from the date of the covered injury.
- Return of premium rider. Refunds 50% or 80% of premiums after 10 years of carrying coverage — minus any money paid for claims.
- Future insurability option. Increases your monthly benefit to match your salary.
- Cost of living adjustment (COLA) rider. Boosts your monthly benefit while you’re disabled to keep up with inflation.
Pros and cons of Mutual of Omaha disability insurance
Pros
- Short and long term disability options. Many insurers only offer short or long term disability. The option to purchase both products with one company makes filing claims and policy management much more convenient.
- Simplified issue option. If you don’t feel comfortable taking a medical exam, or you’re afraid you won’t be accepted, this company offers a disability plan than skips the medical exam. You’ll be offered acceptance regardless of your occupation, but you won’t have access to any of the companies riders.
- Clear website. This company does a great job of explaining each of its benefits, without all of the marketing lingo. It’s transparent about what it does and does not cover, something we can’t say about every insurer.
Cons
- Low long term disability maximum. If you’re a high income earner, you might have to look elsewhere for a policy that covers your needs. Mutual of Omaha only offers a maximum benefit of $20,000 monthly.
- No online quotes. If you’re interested in seeing what a plan might cost you, you’ll have to call an agent to walk you though the process. A drawback compared to many competitors who offer an online quote tool.
Mutual of Omaha customer reviews and complaints
Mutual of Omaha has been accredited with the Better Business Bureau since 1940, and has an A+ rating for its customer service, as of October 2020. The BBB records 117 complaints in the last three years, which is low given the size of the company. Customers award the insurer 1.4 out of 5 stars — but this is based on just nine reviews, and none of them focused on disability insurance.
In J.D. Power’s latest study on customer satisfaction, Mutual of Omaha ranked 5th of 23 insurers surveyed and scored “better than most.”
Mutual of Omaha’s financial strength
An insurer’s financial strength should be an important factor in your decision because you might not file a claim for years to come. Mutual of Omaha scores top ratings from the major agencies, and manages over $43 billion in assets — so it’s a financially strong choice.
| Agency | Rating |
|---|---|
| A.M. Best | A+ (Superior) |
| Moody’s | A1 (Good) |
| Standard & Poor’s | AA- (Very strong) |
| Fitch | N/A |
| J.D. Power | 4 out of 5 circles |
Compare alternatives to Mutual of Omaha
How do I sign up for Mutual of Omaha disability insurance?
You can start by getting a quote online.
- On the homepage, hover over Products > Disability Income Insurance.
- Click Get a Quote.
- Enter your personal details, occupation category and whether you use tobacco.
- The system will generate rates based on that criteria. To continue the process, call 800-388-9606 or follow the prompts to contact an agent.
More about Mutual of Omaha
Founded in 1909, Mutual of Omaha is a mutual insurer and a Fortune 500 company. Over the years, it branched out to sell a suite of insurance products, as well as supplemental Medicare policies and mortgages. It was the first company to include a rehab provision in its disability policies.
Mutual of Omaha is committed to animal conservation. It’s well-known for its Wild Kingdom show on the Animal Planet network, and the Wild Kingdom Kids Summit, an annual event that challenges children to think of ways to save endangered wildlife.
Frequently asked questions
Disability insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze disability insurance companies to help you find the best income protection policy for you.
We assess each company’s financial strength and customer satisfaction, as well as policy features, benefit and elimination periods and available riders. We then give each insurer a score between one and five stars that reflects available options and industry reputation.