Speak with an experienced advisor! Who Is Mutual Of Omaha
Mutual Of Omaha, often called MOO for short has been around since 1909 and focuses on life insurance, mutual insurance, and other financial services.
They also offer health insurance products like Long-term care and Medicare Supplement Plans.
Along with being a Fortune 500 company they also hold some of the best ratings from the companies that rate the financial strength of life insurance companies.
They have the below ratings:
- A+ (Superior) rating with A.M. Best, which is the second highest of 16 ratings
- A1 (GOOD) rating with Moody’s, which is the fifth highest of 21 ratings
- AA- (VERY STRONG) rating with Standard & Poor’s, the fourth highest out of 21
The above ratings are important because they all represent the financial strength and claims-paying ability of Mutual Of Omaha.
MOO is a great company to purchase your policy through or complete a Term Life Conversion because they have been around for over 100 years which is proof that they will be here when you need them.
What Is Term Life Conversion
The conversion of a term policy is just a change from a term life policy to a universal life product or a whole life product.
When you buy a term life insurance policy, you are mostly looking for an affordable monthly premium and a good term length.
These periods usually go from 5 years up to 40 years depending on the company.
However, these policies will eventually end, and you will have to either renew them, let them lapse, or convert them.
Of the 3 options, in my opinion, conversion is always the best option if you have a medical condition that may prevent you from getting coverage at a later time.
You can do this conversion without having to take any exams or prove insurability as long as you convert the policy before the conversion expiration period.
Mutual Of Omaha Products & Conversion Options
Term Life Express
The Term Life Express product from Mutual of Omaha is great for you if you are looking for $300,000 in life insurance coverage or less and want a simplified or express underwriting decision within a few weeks.
When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.
Conversion Period
With the Term Life Express product, you will have to wait until you have had the policy for 2 years before you can complete a conversion.
Once you have had the policy for 2 years, you can convert your policy anytime before the term length ends or you reach your 70th birthday.
For Example:
If you have a 15 year term policy and you are currently 55, you will have to wait until you are 57 before you can make your first conversion.
This gives you a total of 13 years to convert the policy, in this case, your policy would end at the same time you would be turning 70 so either way, you will need to convert by then.
If you have a 20 year term policy and you are currently 65, you will have to wait until you are age 67 to convert the policy and then you would have only 3 years to make the conversion before your 70th birthday.
Term Life Express Conversion Options
Once you have decided to convert your term life policy, you have a few different product options available that you can choose from:
- Guaranteed Universal Life Express
- Living Promise Whole Life
Additional Conversion Features
There is a limit of only 1 conversion with the Term Life Express product; however, you can do partial conversions as long as you don’t fall below the product minimum.
Term Life Answers
The Term Life Answers product from Mutual Of Omaha is going to be for people looking for more than $300,000 in life insurance coverage.
While this policy won’t have express underwriting, it will offer more affordable rates if you qualify based on a medical exam.
When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.
Conversion Period
With the Term Life Answers 10 Year Term Life product you can convert the policy within the first 2 policy years or up to age 75 whichever is the later of the two.
With the 15 & 20 Year Term Life options, you have up to age 75 to convert the policy.
With the 30 year Term Life option you have only the first 20 years of the policy to convert it to a permanent policy.
For Example:
If you have a 10 year term policy and you are currently 70, you can convert your term policy during the first 2 years, or until you reach 75.
If you have a 15 or 20 year term policy and you are currently 65, you have 10 years to convert the policy to age 75.
If you have a 30 year term policy and you are 30 years old, you have only the first 20 policy years to convert the policy.
This means you will need to convert the policy by your 50th birthday.
Term Life Answers Conversion Options
Once you have decided to convert your term life policy, you have the option to convert your policy to any type of permanent product offered by Mutual Of Omaha at the time of conversion.
Additional Conversion Features
There is a limit of only 1 conversion with the Term Life Express product; however, you can do partial conversions as long as you don’t fall below the product minimum.
How To Get Started
Time is a very important factor when dealing with term conversions and the fastest way to get started is to contact us directly.
We convert policies through North American all the time and there is no charge for our service.
We have a Simple 3 Step Process:
- We discuss your situation, and budget, then we send you the most affordable rates
- If our plan works for you, we’ll collect all the documents needed to get things started.
- Finally, we complete the paperwork on your behalf and become the agent on your new policy.
We have made this process very easy for you, so just fill out the form on this page to get started or give us a call.
