Omaha Life Insurance: Is United Of Omaha Right For You?

United of Omaha Life Insurance Company, a subsidiary of Mutual of Omaha Insurance Company, was founded in 1926. The company offers a wide range of financial services and insurance products, including life insurance, fixed annuities, Medicare supplements, and pension products. With a strong financial rating and a focus on customer satisfaction, United of Omaha has established itself as a trusted provider of financial security for individuals and their families. The company's diverse portfolio caters to varying needs, offering both term and permanent life insurance policies, and has been providing peace of mind to Americans for almost a century.

United of Omaha's history

United of Omaha Life Insurance Company is a subsidiary of Mutual of Omaha Insurance Company, which was founded in 1909 as Mutual Benefit Health & Accident Association. The company was founded by a medical student at Creighton University in Omaha and his wife, Dr. C.C. Criss and Mabel Criss.

In 1926, Mutual of Omaha founded its subsidiary, United Benefit Life Insurance Company, which would later become United of Omaha. This subsidiary offered life insurance, pension and annuity products for groups and individuals.

In 1927, V.J. Skutt joined Mutual of Omaha and was named president in 1949. With a license to sell insurance in all 48 states, an abbreviated name, and a distinctive Native American symbol, the company gained nationwide prominence in the 1950s.

In 1981, United Benefit Life Insurance Company officially became United of Omaha. Today, United of Omaha Life Insurance Company offers a diversified portfolio of life insurance, fixed annuities, medicare supplements, and other insurance and financial services products through its agency sales force, group sales offices, and independent agent networks.

Life insurance policies

United of Omaha Life Insurance Company, founded in 1926, offers a wide range of life insurance policies and financial services. As a subsidiary of Mutual of Omaha Insurance Company, United of Omaha is committed to providing comprehensive financial protection for its customers.

The company offers a diversified portfolio of life insurance products, including whole life insurance and children's life insurance. Their whole life insurance policies provide long-term financial security, ensuring that loved ones are protected and left with choices instead of expenses. Additionally, United of Omaha offers specialised children's life insurance plans, recognising the importance of financial security for families.

United of Omaha also provides Medicare Supplement Insurance to enhance existing coverage. Their Medicare Supplement Plans allow customers to choose the right level of protection for their specific needs. This is particularly beneficial for those new to Medicare or seeking improved solutions.

In addition to life insurance, United of Omaha offers fixed annuities, disability insurance, and long-term care insurance. Their fixed annuities include multi-year guarantee annuities, traditional fixed annuities, and fixed-indexed annuities. These products provide stable and guaranteed returns, helping customers plan for their financial future.

United of Omaha's disability insurance and long-term care insurance options further showcase their commitment to comprehensive financial protection. These policies ensure that customers are prepared for unexpected life events and have the necessary financial support during challenging times.

With a strong financial standing, evidenced by their assets and liabilities, United of Omaha is well-equipped to provide reliable insurance solutions. Customers can rest assured that the company has the financial strength to honour its commitments.

Overall, United of Omaha Life Insurance Company offers a comprehensive suite of life insurance policies and financial services designed to protect customers and their loved ones through various life stages. Their diverse portfolio, financial stability, and commitment to customer-centric solutions make them a trusted partner for individuals and families seeking peace of mind and long-term financial security.

Financial strength ratings

United of Omaha Life Insurance Company, a subsidiary of Mutual of Omaha Insurance Company, has garnered strong financial strength ratings from prominent rating agencies. These ratings reflect the company's stability and ability to meet its financial obligations. Here is an overview of its financial strength ratings:

A.M. Best Rating:

United of Omaha Life Insurance has earned a superior financial strength rating of A+ from A.M. Best. This rating assesses the company's overall financial strength and its capacity to fulfil ongoing commitments to its policyholders. A.M. Best's rating for United of Omaha is the second-highest among 16 rated companies.

Moody's Investors Service Rating:

Moody's Investors Service has assigned United of Omaha a rating of A1 for financial strength. This rating evaluates the company's current financial strength and its ability to withstand potential financial challenges in the future. Additionally, Moody's rates United of Omaha's ability to meet its obligations to policyholders, and this rating is the fifth-highest among 21 rated companies.

Standard & Poor's Rating:

Standard & Poor's (S&P) has bestowed a strong rating of A-1+ on United of Omaha, indicating the company's extremely strong ability to meet its short-term financial commitments. This rating is the highest possible rating given by S&P for short-term financial strength.

Other Ratings:

In addition to the ratings mentioned above, United of Omaha Life Insurance Company has also received strong ratings from other reputable agencies. These ratings further reinforce the company's financial stability and capacity to honour its obligations:

• NAIC Company Code 69868: This code is assigned by the National Association of Insurance Commissioners (NAIC) and is used for identification and regulatory purposes.
• Better Business Bureau (BBB) Accreditation: United of Omaha's parent company, Mutual of Omaha, has been accredited by the BBB since February 1940, reflecting their commitment to ethical business practices and customer satisfaction.

Customer service and reviews

United of Omaha Life Insurance Company, a subsidiary of Mutual of Omaha Insurance Company, was founded in 1926 and offers a wide range of insurance and financial products. The company provides both term and permanent life insurance policies, fixed annuities, Medicare Supplement Insurance, and other services.

United of Omaha, a family-oriented company, prides itself on listening to its customers and helping them achieve their goals. The company has been accredited by the Better Business Bureau (BBB) and holds an "A+" rating based on customer reviews and other information. According to the National Association of Insurance Commissioners (NAIC), United of Omaha received significantly fewer complaints than the average insurance company in 2023.

However, there are some mixed reviews from customers online. While some customers have praised the company's representatives for being supportive, knowledgeable, and sincere, others have expressed disappointment with the level of service they received. Some common complaints include complicated claim processes, issues with policy cancellations and refunds, and a lack of empathy from customer service representatives.

• "The claim process is extremely complicated...They should provide a complete checklist when the claim is filed...If you get irritated or upset with the process, they are not empathetic. They simply threaten to hang up on you."
• "I'm unfamiliar with Index policy and procedures. So I genuinely had some questions. I was transferred several times to get to the right department. No biggie. Everyone was really nice and moved quickly about it...I get to the right department...and first sound I get out of Amanda's mouth is irritation."
• "I've been paying $140 a month for over a year now for what I was told...was an IUL insurance policy...I could have paid $25 a month for double the death benefit...Then I go to cancel, and they charge me again, and I've been waiting over a month for that last payment I cancelled."
• "Kelly at the Richmond Avenue location is the best! Very supportive and sincere. Knowledgeable with different policies. I highly recommend Mr. Kelly as a strong advocate for others."

It is important to note that United of Omaha has responded to most of the negative reviews, expressing concern and requesting the customers' contact information to address their issues.

Annuity products

Annuities are a great way to ensure you don't outlive your savings. They offer guaranteed lifetime income payments, giving you the freedom to fulfil your retirement dreams and achieve financial peace of mind. United of Omaha Life Insurance Company offers a range of annuity products to meet your needs.

Types of Annuities

United of Omaha offers both income annuities and deferred annuities. Income annuities provide a guaranteed, reliable income stream throughout your lifetime or for a specific period, which is ideal if you're nearing retirement or are already retired. Deferred annuities, on the other hand, help you accumulate assets for retirement by offering a fixed rate of return and tax-deferred growth. Your investment will never decline in value with this option.

United of Omaha offers a variety of annuity products, including:

• Multi-Year Guarantee Annuities
• Ultra-Premier 5
• Ultra-Premier 7
• Ultra-Secure Plus with ROP 5
• Ultra-Secure Plus with ROP 7
• Deferred Income Protector
• Income Annuity with Premium Return
• Bonus Flexible Annuity

Benefits of Choosing United of Omaha for Annuities

United of Omaha is a stable and financially sound company with high ratings from leading industry-rating organizations. Their strength and financial stability are confirmed by top ratings from A.M. Best Company, Moody's Investors Service, and Standard & Poor's. This means you can trust them to meet their financial obligations and provide secure annuity products.

Additionally, United of Omaha offers flexible income options, allowing you to choose the frequency of your payments to suit your needs. You can also use your annuity payments however you wish, whether it's for everyday living expenses, supplementing other income, or fulfilling your dreams.

Frequently asked questions