Complete Mutual of Omaha Term Life Express Review [2019 Update]

Written by Heidi Mertlich

Mutual of Omaha, a privately held life insurance company with superior ratings, offers a no exam life insurance product, called Term Life Express.

It lasts for a specified period of time that you choose and it’s a good fit for covering short-term debts and needs. During this term, your payment remains level and your family is protected. – Mutual Of Omaha, term life insurance

What exactly is no exam life insurance? Simply put, no exam (also known as non medical, simplified issue, and no physical) life insurance is issued without a medical exam of the applicant.

You will want to be familiar with Mutual of Omaha’s Term Life Express policy features before making a life insurance purchase.

Here’s why – Each no exam life insurance carrier uses their own procedures to underwrite (the process of assessing risk) life insurance applications. And, no two companies are created equally. Your unique needs will determine the best company to work with. Before applying, familiarize yourself with the top rated no exam life insurance companies.


Table Of Contents

  1. Company History
  2. Mutual Of Omaha Term Life Express Overview
  3. Mutual Of Omaha Term Life Express Application Process
  4. Mutual Of Omaha Term Life Express Quotes
  5. Bottom Line
  6. Apply

Mutual Of Omaha Company Historymutual of omaha

Originally called Mutual Benefit Health & Accident Association, Mutual of Omaha was founded in 1909 in, unsurprisingly, Nebraska. Harry S. Weller served as the company’s first president until 1932.

mutual of omaha

In 1958, Mutual of Omaha surpassed the $1 billion mark in benefits paid to its policy owners.

Known for their innovation, Mutual Of Omaha has continued to expand its product offerings and grow as a company. Their financial integrity has remained superior for over a century.

Mutual Of Omaha is owned by its policy owners, meaning that profits are either retained or shared with policy owners.

Financial Strength Rating: A+ (A.M. Best)

Interesting fact – In 1963, Mutual of Omaha debuted Wild Kingdom, a reality television show featuring wildlife. Wild Kingdom traveled the world to introduce viewers to wild and exotic animals. In 2013, Wild Kingdom celebrated their 50th anniversary of programming and community outreach.

Mutual of Omaha Term Life Express Overview

mutual of omaha

*Policy features subject to change. Availability may vary by state.

The most important features of no exam life insurance to consider are:

  1. Wait time – how long you have to wait before your application is approved and your life insurance policy is issued
  2. Issue ages – the age range of the applicant that the life insurance company is willing to insure
  3. Policy amount – the dollar amount (policy size) the life insurance company offers
  4. Policy length – the number of years the life insurance company will allow the policy to last

So, how does Mutual of Omaha measure up?

Wait Time

Mutual of Omaha utilizes electronic applications, making the process more streamlined than its paper counterparts.

Yet, their turnaround time is not lightning fast.

Because the underwriting process is simple, approval is fast and you can receive your policy within a couple of weeks. – Mutual of Omaha, Term Life Express

In comparison, some top-rated no exam life insurance carriers offer instant decisions. For example, carriers that often provide instant application decisions include:

Issue Ages

Term Life Express issues life insurance to applicants between the ages of 18 – 65. This is fairly typical for no exam carriers.

Note – If you are over age 65, consider the different types of life insurance for seniors.

Policy Amount

Mutual of Omaha’s Term Life Express policies start at $25,000 and cap at $300,000.

Many no exam carriers begin their coverage at $50,000.

Important – Limits exist on policy amounts available, based on your age:

mutual of omaha

Limits subject to change based on carrier’s underwriting procedures.

Policy Length

Term Life Express offers four standard term lengths: 10, 15, 20, and 30 year terms.

Important – Limits exist on term length, based on your age:

mutual of omaha

Issue age limits vary by state. Health class and product affects limits.

Available Riders

Mutual of Omaha provides excellent living benefits*:

Riders included with policy purchase:

Accelerated Death Benefits

  • Chronic Illness – Provides an accelerated death benefit if the insured is unable to perform daily activities.
    • Must be certified by a physician
    • Requirements exist:
      • Unable to perform at least 2 of 6 Activities Of Daily Living (ADLs) for 90 consecutive days
        • ADLs include: bathing/showering, personal hygiene/grooming, toilet hygiene, functional mobility, self-feeding
      • Or in need of substantial supervision due to cognitive impairment
        • In order to protect the insured’s health and safety
  • Terminal Illness – Provides an accelerated death benefit if the insured’s life expectancy is 12 months or less.
    • Physician documentation is required
  • Critical Illness – Provides an accelerated death benefit if the insured develops one or more of the following conditions:
    • ALS, kidney failure, life-threatening cancer, major organ failure, heart attack or stroke
    • Physician documentation is required

Residential Damage

  • Premiums for base policy and riders are waived for a single six month period if your primary residence sustains at least $25,000 in damage.

Waiver of Premium for Unemployment

  • In the event of a qualifying unemployment, premiums for base policy and riders are waived for a single six month period.

Common Carrier Death Benefit

  • If you should die in an accident while a fare-paying passenger on a common carrier (i.e. train), this rider provides an additional death benefit equal to 100 percent of the original face amount or $250,000, whichever is less.

Optional riders you may purchase at an additional cost

  • Disability Income 
  • Disability Waiver of Premium 
  • Accidental Death
  • Dependent Children’s Coverage

*Availability of riders may vary by state and are subject to change.

Policy Conversion Options

Term Life Express is convertible (meaning that you can convert your term policy into a permanent policy) after year two through the lesser of:

  1. the end of your policy’s term period or
  2. the insured’s 70th birthday

A Term Life Express policy cannot be converted into a fully underwritten product.

To recap: Mutual of Omaha’s no exam product has a somewhat lengthy wait time, fairly standard issue ages and policy lengths, and excellent riders (living benefits).

Mutual of Omaha Term Life Express Application Process

Term Life Express utilizes technology for a streamlined application.

You can plan on a simple, straightforward process:

Specific phone interview requirements

  1. If you are younger than 61 years, random phone interviews for policy amounts less than $250,000
  2. Required phone interviews for policy amounts larger than $250,001
  3. Required phone interviews for ages 61 – 65 for all policy sizes

 

If you participate in a phone interview

  1. A 20 – 30 minute conversation
  2. Questions about –
    1. Birthdate
    2. Height/Weight
    3. Tobacco use
    4. Your health history
    5. The health history of your close family members
    6. Your lifestyle
    7. Your occupation

Database reviews

  1. Motor Vehicle Report (MVR) – as needed
  2. Prescription history
  3. Medical Information Bureau (a database of previous insurance applications)

Possible Attending Physician Statement (APS)

Depending on your application answers, underwriters (that’s who evaluates your application) may order an APS from your doctor to clarify information.

Mutual of Omaha Term Life Express Quotes

Keep in mind: Your premium (amount you pay in exchange for life insurance) payments and death benefit (amount paid to your beneficiaries should you die during the term length) will remain level.

Mutual Of Omaha Non Med Quotes For Male 20 Year Term

Age$25,000$50,000$100,000$250,000
20 Year Old$8.37$11.39$17.44$35.60
30 Year Old$9.17$12.99$20.65$43.61
40 Year Old$12.73$20.11$34.89$77.21
50 Year Old$22.09$38.85$72.36$172.88
60 Year Old$52.00$98.66$191.97$471.92
Samples only. Based on healthy, non tobacco individuals. Subject to change.

Mutual Of Omaha Non Med Quotes For Female 20 Year Term

Age$25,000$50,000$100,000$250,000
20 Year Old$8.19$11.04$16.73$33.82
30 Year Old$8.94$12.55$19.76$41.39
40 Year Old$12.28$19.22$33.11$74.76
50 Year Old$21.07$36.80$68.26$162.65
60 Year Old$49.15$92.96$180.58$443.44
Samples only. Based on healthy, non tobacco individuals. Subject to change.

Keep in mind – The best health class offered through Term Life Express is Standard (they also offer Standard Tobacco).

Bottom Line

Mutual of Omaha is one of many life insurance carriers offering no exam life insurance. 

Whether or not Mutual of Omaha is the right company to fit your needs for term life insurance with no physical depends on a number of things:

  1. The policy amount you want
  2. The policy length you want
  3. How soon you need the policy to be in force
  4. Factors that would influence life insurance application’s rating/approval (i.e. dangerous occupation or health complication)

Overall – Mutual of Omaha’s smaller policy amounts (i.e. $25,000) are priced competitively. However, their larger policy amounts (i.e. $250,000) are priced much higher than other top rated no exam life insurance carriers.

How To Apply

You will want to do two things to apply for life insurance:

Partner Up

Collaborate with an independent life insurance agent (that’s us). That way, your best interest is at heart. An independent agent will have access to the top-rated life insurance companies to find the best policy to fit your needs. They’re not held captive to a particular carrier.

Prep

Be ready to complete your application by having your important information readily available. You will want to write down your medical history, occupation information, and any lifestyle information that would affect underwriting.

To get started, simply fill out our instant quote.

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About No Physical Term Life
About No Physical Term Life

We’re an independent life insurance agency that specializes in no exam life insurance. We’re licensed in all 50 states and can help you directly over the phone or even by email if you’d like (just fill out a quote form and you’ll get an email from us).

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