Most Affordable Life Insurance of 2021

 Mutual of Omaha


Mutual of Omaha scored high because it offers a variety of policies for senior applicants. The company stands out with whole life and universal coverage up to 85 years of age, and you may renew term life insurance through age 94. The company also has a Mutual Perks program for policyholders, with discounts on eyeglasses and hearing aids.

Cons

  • Less convenient application process

  • No online quotes or application for some policies

  • Limited details on website

Mutual of Omaha shines because of the company’s life insurance for seniors, including universal policies up to age 85 and the ability to renew term policies up to 94. The company has been around since 1909 and has a variety of insurance products. Mutual of Omaha has an A+ rating with AM Best and scored 0.59 on the 2019 Complaint Index from the National Association of Insurance Commissioners, which is better than average.

Mutual of Omaha offers whole life, term, universal, children’s whole life, and accidental death insurance. The company also provides an impressive lineup of riders to customize your coverage, like living benefits, allowing you to access some of your policy’s cash value to pay for chronic or terminal illness. In 2020, the company launched its Mutual Perks program, with discounts on eyeglasses, hearing aids, home mortgages, massage, low-cost gym memberships, and more.

Some policies allow you to get a quote and apply online, but others require speaking with an agent. Mutual of Omaha offers support to policyholders by phone or email. Depending on where you live, you may also have the opportunity to meet with an agent in person.    

A healthy 35-year-old woman may spend around $15 per month for a 20-year term life insurance policy valued at $250,000, and a 50-year-old woman may have a monthly bill of around $40 per month for the same policy. 

Read the full review: Mutual of Omaha Life Insurance