Mutual of Omaha Term Life Express: 2024 Review

If you’re considering life insurance to protect your family and home, Mutual of Omaha’s Term Life Express may be a suitable option. This review will provide an easy-to-understand overview of the product’s features and benefits.

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Base Policy Choices

When choosing Term Life Express, you’ll need to decide on the following:

  1. Your term period (10, 15, 20, or 30 years)
  2. Your coverage amount ($25,000 to $300,000)
  3. Whether you want the “return of premium option,” which allows you to get a refund of premiums paid at the end of your policy term

When selecting your Term Life Express policy, you must make important choices to build the base policy that best meets your needs.

Term Length

First, you must decide on your term length, available in term periods of 10, 15, 20, and 30 years.  These options enable you to select a term length that aligns with your financial goals and protection needs. For instance, if you have young children, you may opt for a longer term to ensure coverage throughout their dependent years. Alternatively, a shorter term may be more suitable if you are approaching retirement.

Death Benefit

Second, you must choose your face amount (death benefit amount). Face amounts for this product range between $25,000 and $300,000, depending on your age:

The death benefit amount remains constant throughout the term, providing financial stability and predictability for your beneficiaries.  Your premiums also stay flat during your term period, meaning you can avoid the unpleasant surprise of large rate hikes, as you’ll see with term policies from Globe Life and even AARP.

Return of Premium Option

Another important choice you need to make is whether to include the partial return of premium option. This feature refunds all available premiums paid at the end of your level policy term if you surrender the policy.

Even if you cancel your policy before the end of the term, you may be eligible for a partial refund. If you want the flexibility to get your money back in case your needs change, this feature may be appealing. It is particularly valuable for those who might outlive the term and want to recoup some of their premium payments.

Product Features

Mutual of Omaha’s Term Life Express term life insurance product offers several attractive features, as summarized below:

FeatureDescription
Simplified UnderwritingNo lengthy health inquiry required
Partial Return of PremiumOption to receive a refund of premiums paid at the end of the term
Accelerated Death Benefit RiderLump sum payment if life expectancy is 24 months or less
Living Benefit RidersFinancial assistance for chronic, terminal, or critical illnesses
Residential Damage Waiver of Premium RiderWaives premium for six months if primary residence sustains $25,000 or more of damage
Waiver of Premium for Unemployment RiderWaives premium for six months in the event of qualifying unemployment
Common Carrier Death Benefit ProvisionAdditional death benefit if the insured dies in an accident while a fare-paying passenger on a common carrier
Optional RidersDisability Income Rider, Disability Waiver of Premium Rider, Accidental Death Benefit, and Dependent Children’s Coverage

Simplified Underwriting

The simplified underwriting process eliminates the need for a lengthy health inquiry, making it more accessible for individuals with varying health backgrounds. This streamlined process results in faster approval times, enabling you to receive your policy within two weeks. This expedited approval is especially beneficial for those who require coverage quickly due to changing life circumstances or financial obligations.

Included Riders

Term Life Express offers several valuable features at no additional cost:

  1. Accelerated Death Benefit Rider: Pays a lump sum if your life expectancy is 24 months or less
  2. Living Benefit Riders:
    • Chronic Illness Rider: Provides a benefit if you are unable to perform two of six Activities of Daily Living (ADLs) for 90 consecutive days or require substantial supervision due to cognitive impairment
    • Terminal Illness Rider: Offers a benefit if your life expectancy is 12 months or less
    • Critical Illness Rider: Provides a benefit if you are diagnosed with a qualifying critical illness within the last 12 months
  3. Residential Damage Waiver of Premium Rider: Waives premiums for one six-month period if your primary residence sustains $25,000 or more in damages
  4. Waiver of Premium for Unemployment Rider: Waives premiums for one six-month period in case of qualifying unemployment
  5. Common Carrier Death Benefit Provision: Pays an additional death benefit if you die in an accident while a fare-paying passenger on a common carrier (e.g., airplane, train, or bus)

Optional Policy Riders

In addition, you can add the following options riders to your policy:

  1. Disability Income Rider (not available on ROP products)
  2. Disability Waiver of Premium Rider
  3. Accidental Death Benefit
  4. Dependent Children’s Coverage
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Benefits of Term Life Express Insurance

Term Life Express offers numerous benefits that can provide peace of mind and financial protection for you and your family. One of the most significant benefits is the security it provides by ensuring your family can access funds during your death. This financial support can be used for various purposes, such as paying off a mortgage, covering living expenses, or funding your children’s education.

In addition to providing financial protection, Term Life Express offers assistance with mortgage payments if you suffer from a disability. This benefit can be crucial in maintaining your family’s home and lifestyle during challenging times. A disability can result in loss of income and increased medical expenses, making it difficult to keep up with mortgage payments. Term Life Express can alleviate some of this financial burden, allowing your family to focus on your recovery and well-being.

Another advantage of Term Life Express is its affordability. Term life insurance is typically less expensive than permanent life insurance, making it an accessible option for those on a budget. This cost-effectiveness allows you to allocate more financial resources to other essential expenses, such as retirement savings or funding your children’s education.

The flexibility of Term Life Express is another significant benefit. With various term lengths, coverage amounts, and optional riders, you can tailor your policy to meet your unique needs and circumstances. This customization ensures you only pay for the required coverage, making it a more cost-effective solution for many individuals and families.

Furthermore, Term Life Express includes several valuable features at no additional cost, such as the Accelerated Death Benefit Rider, Living Benefit Riders, Residential Damage Waiver of Premium Rider, Waiver of Premium for Unemployment Rider, and Common Carrier Death Benefit Provision. These features provide added protection and peace of mind by addressing various life events and scenarios that may arise during the policy term.

For example, the Living Benefit Riders can provide financial assistance if you experience a chronic, terminal, or critical illness. The Accelerated Death Benefit Rider offers a lump sum payment if your life expectancy significantly reduces, allowing you to address end-of-life expenses or other financial needs. The Residential Damage Waiver of Premium Rider and Waiver of Premium for Unemployment Rider offer temporary relief from premium payments during challenging times, such as significant damage to your home or loss of employment.

Moreover, Term Life Express allows you to customize your policy by adding optional riders, such as Disability Income Rider, Disability Waiver of Premium Rider, Accidental Death Benefit, and Dependent Children’s Coverage. These riders enable you to address specific concerns and ensure that your policy provides comprehensive protection for you and your loved ones.

Another important benefit of Term Life Express is the simplified underwriting process. This streamlined approach makes the application process easier and quicker, allowing you to obtain coverage without requiring extensive medical examinations or detailed health inquiries. This feature is particularly beneficial for those with pre-existing conditions or those who may have difficulty obtaining traditional life insurance policies.

Conclusion

Mutual of Omaha’s Term Life Express is an affordable and flexible life insurance product with valuable features and optional riders to suit different needs. If you’re seeking protection for your family and home, this product is worth considering. Speak with an agent or producer to discuss your options and determine if Term Life Express is right for you.

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