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.
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.
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.
Mutual of Omaha offers the following riders to its independent short- and long-term disability insurance policies:
These riders provide additional coverage and benefits under certain circumstances. Adding riders to a disability insurance policy increases the monthly premium.
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.
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.
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:
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:
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.
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.