News Room
New Life Insurance from Mutual of Omaha Offers Flexible Options, including Choice of Simple Application or a
Larger Death Benefit
Omaha, Neb. – (May 31, 2007) Mutual of Omaha’s new Guaranteed Universal Life insurance (GUL) provides consumers with affordable guaranteed protection, plus options that include two different versions of the plan – one with simplified issue and one offering a larger death benefit.
- Mutual of Omaha’s GUL Express provides an option for clients who want quick approval with minimal underwriting requirements. The application process is simplified and qualified applicants can lock-in a death benefit up to $250,000. No lengthy health inquiry is needed and underwriting decisions can be made in a matter of days.
- Mutual of Omaha’s GUL Complete is designed for consumers who want a larger death benefit, $100,000 or more. Full health underwriting is required and the lifetime guaranteed death benefit premiums are very competitive.
Both versions offer the flexibility to design a plan that meets a customer’s unique needs. Simply select the face value, the term of guaranteed coverage (as little as 20 years or as much as an entire lifetime), and the length of time you wish to pay premiums.
In addition to tax-free death benefits, Mutual of Omaha’s new GUL plan also offers several options that set it apart from other products, including:
- Accelerated Death Benefit for Terminal and Chronic Illness – available at no additional cost on both versions, this rider pays the living benefits by accelerating a portion of the death benefit to help pay for expenses from a terminal or chronic illness.
- Guaranteed Insurability – this rider allows you to increase the death benefit at specified times, regardless of health status. This is especially valuable to younger consumers whose coverage can expand as needs grow. Best of all, it is included at no additional cost on the GUL Express. It is optional for the GUL Complete.
The following chart highlights how consumers can use several of the other plan features to develop a customized protection package:
Option |
Description |
Possible Uses |
Dial-a-Guarantee |
Reduce the guarantee coverage period and lower the payments |
30-year-olds could dial back from lifetime coverage to a 40-year term knowing that their death benefit needs will be reduced when they enter retirement. |
Dump-In |
Transfer a sum of money into the GUL plan, thereby reducing the overall premiums needed to meet the guarantee period. |
Transfer the cash value from an existing non-guaranteed plan into a new GUL plan tax-free. |
Short-Pay |
Select the number of years you want to make premium payments. |
Customers make larger payments during their working years so they do not have to pay premiums after they retire. |
Catch-Up |
Retain your guaranteed coverage if you miss a payment. |
Customers who miss a payment because of emergency expenses, or for whatever reason, can make it up later and still retain their original guarantee. |
For more information on Mutual of Omaha’s new Guaranteed Universal Life insurance and how it can provide consumers with affordable financial protection plans, visit their Web site at www.mutualofomaha.com.
Mutual of Omaha is a full-service, multi-line provider of insurance and financial services products for individuals, businesses and groups throughout the United States. Founded in 1909, Mutual of Omaha and its affiliate companies manage assets in excess of $18 billion and are ranked among the Fortune 500.