United of Omaha, owned by Mutual of Omaha, is a great life insurance company with great financial ratings and competitive term life and permanent life insurance products.
In New York State, they are known as Companion Life, but it’s really the same company with the same products that United of Omaha offers in other States.
Some Ways United of Omaha is Unique
Since they are one of the few “age last birthday” insurance companies, they can offer the lowest rates available to some people who have had a recent “age nearest birthday” age change. What I mean by this is that most life insurance companies will consider you to be the next older age when you are within 6 months of your next birthday. So the age last birthday calculation that United of Omaha uses to determine “age” can be an advantage.
They offer a Fit Credits Program for which they will reduce a table rating by up to 2 tables on term or permanent insurance. This is great life insurance for diabetics, specifically for type 2.
Each table rating equals an additional premium of 25% of the Standard rate. If you can answer “Yes” to 3 of the characteristics below, you can qualify for a 1 table credit or if you can answer “Yes” to 5 of the characteristic below, you can qualify for a 2 table credit.
So if you were a table 2 rating and you qualify for the maximum fit credits, United of Omaha would offer you their Standard rate OR instead of Table 4, they could offer you a table 2 rating.
Fit Test Characteristics
- Regular preventative medical care and compliant follow up?
- Lifetime non-smoker?
- Income greater than $100,000 or net worth greater than $1,000,000 or a college degree?
- No More than 2 moving violations within last 3 years?
- Great family history- no deaths from any disease prior to age 70?
- Cholesterol/HDL ratio under 5.0?
- A1C test less than 5.7%?
- Serum albumin greater than 4.2 if ages 61- 75?
- Negative cardiac testing: Graded exercise test, non-imaged or imaged (stress echo, perfusion study), echocardiogram, electron beam computerized tomography or angiography?
- Graded exercise performance over 10 METS?
- Optimal blood pressure control- treated or untreated of 130/80 or less?
- Preferred or better build, ages 18-60. Standard Plus or better build, ages 61- 75
Great Convertible Term
United of Omaha’s term products are convertible for the level premium period up to age 75. Most carriers only allow conversion to age 70 and United of Omaha’s longer conversion is better. United of Omaha
also allows conversion to any of their permanent products including their guaranteed universal life policy mentioned below.
Awesome Guaranteed Universal Life
United of Omaha’s guaranteed universal life policy automatically includes a chronic illness rider in most States. So if you’re diagnosed with a chronic illness you can accelerate a portion of your death benefit while you’re still living.
United of Omaha term insurance policyholders can automatically convert from term to this guaranteed UL and can get the chronic illness benefit automatically also, without having to go through underwriting again.
In case you decide in future you no longer need or want this guaranteed UL policy, United of Omaha offers a partial return of premium option in years 15, 20 and 25.
Bottom Line
United of Omaha and Companion Life (in New York) are great insurance companies with great term life and permanent life insurance products.
Click Here to email us to get an accurate United of Omaha life insurance quote or if you have questions or would like more information. We will also email you quotes from United of Omaha’s competitors, like Prudential, Cincinnati Life, Columbus Life, North American Company for Life & Health, Symetra Life, American General, Lincoln National, etc, etc.
If you just want to view United of Omaha’s rates, feel free to use our quoting tool to the right to view their rates and all other company’s rates.