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What Type Of Life Insurance Incorporates Flexible Premiums
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Our experts answer readers’ insurance questions and write unbiased product reviews (Here’s how we review insurance products). In some cases, we receive commissions from our partners; However, our opinions are our own.
The Omaha Partnership offers whole, term and other permanent life insurance plans. Life insurance can be used for retirement, end-of-life planning, and more.
Since its founding in 1909 (by a medical student and his wife at Creighton University in Nebraska), Mutual of Omaha has grown into a Fortune 500 company that provides financial solutions and insurance coverage to more than 5 million people nationwide. It remains a major player in life insurance for good reason. The MOH statement empowers people to opt out instead of paying their loved ones for their long-term financial future.
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When held by the right company, life insurance becomes an investment vehicle for death and retirement. Mutual of Omaha offers a wide range of life insurance products. Here is a summary:
Term life insurance: This affordable option provides coverage for a specific period of time (say, key years of personal income) or a purpose, such as a mortgage. Term life insurance is simple. It comes with a death benefit for a fixed “term”, has no financial value, and remains the most expensive option. If the program is not converted to whole life insurance within the instructions in your policy documents, it will expire, and no death benefit will apply.
Term Life Express: This is available to people in the age group of 18-80 (the maximum age varies by region and risk category) according to the standard 10, 15, 20 and 30 years. Death benefits start at $25,000 and max out at $300,000. This option, which is available without a medical examination, comes with a low insurance coverage for the company’s risk. In addition, Term Life Express offers an early death benefit rider unlike standard term life insurance. Customers can claim up to 92% of the cost in one payment if the customer can prove they die within 24 months.
Term Life Ans: This policy is available to people in the age group of 18-70 years depending on the period. Choose from 10, 15, 20 and 30 years with coverage starting at $100. A medical examination is required for qualified life insurance applicants.
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Whole Life Insurance: This option offers stability through a few guarantees, including a small rate of return on the cost of money, as well as premium rates that do not increase and death benefits that will not decrease, no matter how long you live. (as long as the premium is paid). Interested customers can add riders to protect their death if a payment is missed. Some customers can convert term policies into whole life insurance with Mutual of Omaha.
Guaranteed Whole Life Insurance: As you might expect, Mutual of Omaha’s Guaranteed Whole Life Insurance product comes with guaranteed coverage without any medical exams or health questions. Like other non-medical test life insurance policies, not all interested customers qualify, and payouts are limited. This policy is available to people aged 45-85, and benefits start at $2,250. Premiums are also fixed for the life of your policy. This option allows the insured to get value for money and comes with a fixed death rate. If the insured dies accidentally within the first two years, the beneficiary receives only the premiums paid plus 10%. After the first two years, the full death benefit is available in most states.
Universal Life Insurance: This type of permanent life insurance comes with a whole life death and cash value as well as flexibility (and risk exposure) for price fluctuations and mortality within certain limits. In other words, your monthly income may increase or decrease depending on market rates. Whole life insurance offers an option for consumers who want special benefits if they live longer (and pay higher premiums).
AccumUL Solution: AccumUL offers a lifetime death benefit with payouts ranging from $25 million to $1 million. People in the age group of 18-85 are eligible. By increasing the (tax-deductible) value of the money over the life of your plan, the premium you choose depends on how your death rate increases, but it is not based on the death rate. While this option is guaranteed to earn 2% per annum, canceling or leaving the policy within the first nine years may attract a fee.
Indexed Universal Life Insurance: Another type of permanent life insurance, these indexable policies offer whole life coverage but limited guarantees. Enjoy the option of an adjustable premium and death benefit when your life circumstances change. As mentioned, the policy’s cash value is linked to an index, which means it will rise and fall with that index. While Floors and Caps will limit gains and losses, IULs require aggressive account management. So it is associated with higher account management fees.
Life Cover Benefit: The plan offers a fixed-interest cash value with a minimum of 0% under cover. In the worst case scenario, you may lose the interest but not the premiums you paid). So you will leave what you have helped. This option has a minimum death guarantee of $100,000 up to the age of 90. Payments can be made if the policy is canceled within 14 years. It is best to discuss this with your life insurance agent at the time of purchase.
Income Benefit: This plan is available to people in the age group of 18-85 and has zero coverage limit. It has the potential for more significant growth in the value of the fund than Life Protection Advantage because it is tied to the S&P 500 and offers less than 0% protection down and a guaranteed rate of 2% interest on fixed rates. Payments can be made if the policy is canceled within 14 years.
When buying life insurance, add-ons and supplements often take the form of a rider. Riders may be covered at an additional cost for conditions not covered by your standard policy. At Mutual of Omaha, 14 riders (from loan protection to liability insurance and more than a dozen in between) allow for maximum coverage. The availability of riders depends on the type of policy.
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Accident Death Benefit Rider: This rider provides additional benefits for accidental death as opposed to illness or old age. It provides a minimum benefit of $10,000 with a maximum benefit based on the age of the insured at the time the policy is issued.
Additional Term Rider: This rider provides an additional death benefit to the insured or up to four other people named on the policy, assuming they meet all the requirements. It offers a minimum death benefit of $25,000 and a maximum benefit of double the value of the estate.
Child Life Insurance Rider: Child coverage rider provides coverage for dependent children aged 15 to 20 years (paid up to their 23rd birthday or until the insured person reaches 65 years of age. It comes with a $1,000 minimum coverage and a $10,000 maximum coverage, depending on the life insurance plan.
Chronic Illness Rider: Chronic Illness Rider provides immediate access to death benefits to help cover expenses related to a chronic illness. The insured must meet the requirements. The use of this rider depends on their ability to perform daily activities for 90 days. A medical certificate is also required.
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Critical Illness Rider: The critical illness rider provides an immediate possibility of death upon diagnosis of a medically confirmed illness including major organ failure, terminal cancer, or ALS (among others). Your life insurance agent can review the exact distribution of payments at the time of purchase or use.
Disability Rider: This rider provides a monthly benefit of: the lower of 1.5% of the face value, $3,000 per month, or 60% of each.
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