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Mutual of Omaha

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LAST UPDATED: December 15th, 2020

Mutual of Omaha offers long-term and short-term disability insurance that can be purchased by individuals for themselves or by employers for their employees.

These plans have flexible options, which means that you can choose a plan that will best meet your needs.

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The Good

  • Independent Long-Term Disability Insurance
  • Independent Short-Term Disability Insurance
  • Available Riders
  • Priority Income Protection®
  • Group Disability Insurance Through Employers

Independent Long-Term Disability Insurance

Customers ages 18-61 can choose a benefit period, an elimination period, and a monthly benefit amount when they enroll in long term disability insurance. These choices will affect the monthly premium.

The maximum monthly benefit offered for long-term disability insurance is $12,000. The benefit period can be two, five, or ten years. The elimination period can be 60, 90, 180, or 365 days.

Premiums remain consistent as long as they are paid on time and coverage is continued. This is even true if policyholders file a disability insurance claim.

When you reach age 67, your disability policy expires unless the insured is working. If you're working, disability coverage is available through age 75. Premiums increase annually at age 67.

Other benefits included with Mutual of Omaha's long-term disability insurance include a premium waiver if the disability lasts 90 or more days. The paid premiums during the 90 days are also reimbursed. This feature goes beyond a typical disability policy to further protect your financial security by reducing the number of bills you have to worry about. It also gives you peace of mind and allows you to focus more on recovery.

Up to 12 months of disability benefits can be accelerated if you have a terminal illness.

With the included survivor benefit, Mutual of Omaha pays the insured's beneficiaries a death benefit that is triple the monthly disability benefit if the insured passes away while disabled.

The survivor benefit and ability to accelerate benefits makes Mutual of Omaha's long-term disability insurance have similar characteristics to life insurance.
Mutual of Omaha will also pay for rehabilitation services and provides a partial disability benefit if the insured's disability is such that they can still work but their income is reduced by 20 percent.

Independent Short-Term Disability Insurance

Like the independent long term disability insurance policies, the short term disability insurance policies can also be customized to fit a customer's needs. These policies are renewable until age 67 and can have a maximum monthly benefit of up to $5,000.

The available elimination periods for disabilities resulting from accidents are zero days, 7 days, 14 days, 30 days, 60 days, or 90 days. For those resulting from illness, the options are 7 days, 14 days, 30 days, 60 days, or 90 days.

Customers can choose to have a benefit period of 3, 6, 12, or 24 months.

Mutual of Omaha's short-term disability insurance also includes a waiver for premiums while disabled, reimbursement for rehabilitation (related to vocation), and partial benefit payouts when the insured continues to work but is not working more than a half day.

Mutual of Omaha also offers accident only disability insurance. This insurance only provides coverage in the event of an accident.

The benefit period and monthly benefit amount options are the same as the options for standard short-term disability insurance.

The elimination period choices are the same as the choices listed for standard short-term disability insurance associated with accidents.

Like Mutual of Omaha's standard short-term disability offering, its accident only short-term disability insurance policies can be renewed until the insured turns 67 and the premiums are waived after 90 days of experiencing a disability.

Unlike the standard short-term disability, the accident only short-term disability plans provide a supplemental benefit to workers' compensation and a survivor benefit.

Available Riders

Mutual of Omaha offers the following riders to its independent short- and long-term disability insurance policies:

  • Future Insurability (long-term disability insurance only)
  • Cost-of Living Adjustment Rider (long-term disability insurance only)
  • Critical Illness Benefits Rider (short- and long-term disability insurance only)
  • Hospital Confinement Indemnity Benefits Rider (short- and long-term disability insurance only)
  • Accident Hospital Confinement Indemnity Benefits Rider (accident only short-term disability insurance only)
  • Accident Medical Expense Benefits Rider (all independent insurance policies)
  • Return of Premium Benefit Rider (long- and short-term life insurance only)

These riders provide additional coverage and benefits under certain circumstances. Adding riders to a disability insurance policy increases the monthly premium.

Priority Income Protection®

Mutual of Omaha’s Priority Income Protection ® only provides coverage for non work-related illnesses and accidents.

Customers can choose a monthly benefit between $300 and $4,000 and a benefit period of 12, 24, or 36 months.

The elimination period with the Priority Income Protection ® plans is 30 days for accidents and 90 days for illnesses.

These plans also include a partial benefit for six months if you're still working and unable to work full time due to a disability and a premium waiver during times when disabled. This insurance coverage relieves financial stress even if you're still able to work part time.

Group Disability Insurance Through Employers

Mutual of Omaha also provides short-term and long-term insurance through employers. These plans vary based on what best fits the company.

Generally, these policies provide 50-60 percent of the employee's salary to the employee. The policies can also include riders like a survivor benefit, vocational rehabilitation, or cost of living adjustments.

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The Bad

  • Doesn’t Cover Everything
  • Limited Customer Reviews

Doesn’t Cover Everything

Mutual of Omaha's independent disability insurance doesn't cover every circumstance. The exclusions for short and long term disability purchased independently include the following:

  • War acts
  • Active duty military
  • Self-inflicted injury
  • Felony crimes
  • Suicide or attempted suicide
  • Influence of alcohol or narcotics
  • If coverage is available elsewhere (e.g. workers’ compensation, employer liability)
  • Substance abuse
  • Mental or nervous disorders

The above exclusions also apply to the Accident Only Short-Term Disability Insurance, except there is no reference to mental and nervous disorders. An additional exclusion applies to Accident Only Short Term Disability Insurance: sickness.

You won't be able to make a successful disability claim to receive disability insurance benefits if your disability results from any of the listed exclusions.

The exclusions for the Business Overheard Expense Disability Income include the following:

  • Suicide
  • Passenger air travel
  • War
  • Active duty military
  • Normal childbirth and pregnancy
  • Voluntary abortion

There are also exclusions for the Priority Income Protection ® and the Group Disability Insurance plans offered through employers. For more information on these exclusions, interested consumers need to contact Mutual of Omaha directly.

It's important to keep these exclusions in mind before purchasing disability insurance coverage because knowing the terms will help you determine whether a policy is a good fit for you.

Limited Customer Reviews

Best Company has not received many Mutual of Omaha disability insurance reviews. General conclusions about the customer experience and customer satisfaction are not currently available.

 

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The Bottom Line

Although more customer insight is necessary, Mutual of Omaha is worth exploring further choose when purchasing disability insurance. Its policies available to individuals are highly customizable, so you can purchase the coverage they need that fits their budget.

Pricing varies based on the amount of coverage purchased and the terms of the policy. However, premiums remain level until age 67 as long as policyholders continue to renew their policy.

Mutual of Omaha also offers good disability insurance options for employers to provide their employees. While Mutual of Omaha provides a reasonable amount of general information about these plans online, employers should reach out to Mutual of Omaha directly for specific information.

While Mutual of Omaha's insurance policies have exclusions, these exclusions are not unique in the industry. As long as you understand the terms of the policy, you can be confident when purchasing from Mutual of Omaha. 

Whether you are looking for individual disability insurance or a group policy to offer employees, Mutual of Omaha is a competitive disability insurance company.

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