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Mutual of Omaha disability insurance review 2019
This insurer offers tailored disability insurance products to suit all occupations and budgets.
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.
Details
| Simplified issue | Yes |
|---|---|
| Short term | |
| Long term | |
| Coverage amounts | Simplified issue: $300–$4,000 Short-term: $300–$5,000 Long-term: $300– $12,000 |
| 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 |
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.
- 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.
Riders
Compare disability insurance providers
Customer reviews and company’s reputation
Mutual of Omaha has been accredited with the Better Business Bureau since 1940, and has an A+ rating for its customer service. The BBB records 111 complaints in the last three years, which is low given the size of the company. Customers award the insurer 1.5 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.
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 |
How do I sign up?
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.
Bottom line
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 $12,000 in monthly benefits, which may be too low for some high-income earners.
To find the policy that suits your needs, compare disability insurance providers.
