- Graded Benefit Whole Life Insurance Mutual Omaha
- Mutual Of Omaha Life Insurance Company Review
Graded Benefit Whole Life Insurance Mutual Omaha – Posted by DAI Life Brokerage Services on Sep 01, 2011 · Comments Off on What You Need to Know About Graduated Benefit Life Insurance
You see those commercials on television for life insurance that promise a policy that guarantees coverage with premiums and death benefits that stay the same as you age.
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The ad usually shows one friend telling another about an extremely low price, usually a unit price. Some important details are left out of these advertisements, and the following four points will help you understand a little more about the level of life benefit, the insurance offered in these advertisements, and whether it really makes sense for you.
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Graded Benefit Whole Life, or GBL, is a permanent life insurance policy, not term insurance – which sounds good so far. However, the “graded” part of the policy is what you need to understand. It is true that the premiums will not increase, but the policy pays your beneficiary only your paid premiums, plus interest if you die within the first two years of purchasing the policy.
Interest rates range from seven to 10 percent, although a few companies may offer up to 10 percent the first year and 20 percent the second year. If you die within the third year or later, your beneficiary gets the full face value of the policy. If the insured dies accidentally, the beneficiary immediately receives the full face value. Here are four other things you should know before choosing GBL insurance.
The level of premiums that come with GBL insurance can be important for individuals living on a fixed income, who need to know that their costs will not increase as they age or their health deteriorates.
The level of premium is a nice feature because many life insurance policies, especially certain term insurance policies, either charge higher premiums at each renewal, or cost so much to enter for the over 65s that they are not affordable. Additionally, any medical condition can cause your insurance rate to rise even more over time.
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GBL insurance is a great option for a person who knows they will most likely survive at least two years, but also knows they have health conditions that make other types of life insurance unavailable.
For individuals with medical conditions, including insulin-dependent diabetes, cancer, heart disease, Alzheimer’s, or any condition that keeps you confined to a wheelchair or nursing home, no other life insurance company will provide you with coverage. In this case, GBL insurance may be better than nothing, even though you’ll pay for it—perhaps as much as double the cost of standard permanent insurance.
Most companies that sell GBL insurance cater to people over the age of 50, although a few will offer it to younger individuals. Prices are often quoted in units, and the insured pays a certain amount per unit, up to a certain maximum. The face value of each unit is determined by the person’s age when the policy is purchased, and once you get coverage at that price, it remains the same for the duration of the policy.
For example, a 50-year-old man may pay about $1,200 per unit, while a 50-year-old woman pays slightly higher rates. Insurance companies selling GBL policies usually have a maximum amount for units purchased; usually around $15,000 total.
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The value of each unit declines as a person ages, meaning that the face value of the insurance available for purchase decreases the older you are when you buy the policy. For people aged 79 or 80, a maximum of 12 units can provide only a few thousand dollars in coverage. Depending on the life insurance company, an 80-year-old may no longer qualify for coverage.
Graded benefit life insurance does not require a medical exam to qualify for coverage. This is good news for some people who have health markers that other life insurance companies consider risky or unacceptable. The downside comes when you see the price.
GBL Insurance isn’t meant to be cheap – it’s aimed at individuals who need life insurance but can’t get it elsewhere. These individuals typically pose a much higher risk than the average life insurance applicant, and insurance companies charge higher premiums to compensate for the additional risk.
When seeking information from a company that sells GBL insurance, don’t expect the company to help you make a decision about whether you need this type of insurance, especially if you’re responding to a television ad. The company will mail you insurance information and a price list, and it’s up to you to decide whether to buy the policy.
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If you’re interested in buying coverage just because it seemed low, you owe it to yourself to get quotes from other companies first. Unless you’ve already been turned down by other insurance companies for health reasons, it’s worth investing the time to get quotes from other life insurance companies.
Using the Internet, you can provide your information and receive life insurance quotes in about 10 minutes — and who knows? You may find the perfect life insurance deal just waiting for you.
Filed Under DAI · Tagged With Graduated Death Benefit, Graduated Whole Life Death Benefit, Independent Insurance Agents, Insurance, Life Insurance, Life Insurance Sales, Whole Life InsuranceMutual of Omaha is a company with a strong financial background. Their experience dates back to 1909, which means superior customer service.
Is Mutual of Omaha Life Insurance a Good Choice? We believe so, especially for their level of term life insurance, final expense insurance, guaranteed issue and children’s life policies.
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Their products often include riders for free. Other insurance companies may be more affordable, but charge an additional fee for these riders.
We like Mutual of Omaha’s Living Promise product. It is a life insurance policy and is the most popular senior final expense product. If you are between the ages of 45 and 85, you will be able to get coverage from $2,000 to $40,000. Since this is a whole life policy, you don’t have to worry about renewal terms or policy end dates.
Mutual of Omaha was founded in 1903. During that time, Mutual of Omaha has always focused on providing exceptional service. And that translated into a high customer rating.
Financial stability in a life insurance company is important. If the company has financial problems that could jeopardize your life insurance claim. Mutual of Omaha has an excellent financial rating with A.M. Best and S&P.
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This product has multiple health classes, so people with good health can get a great price. The medical exam is only waived when the coverage amount is less than $100,000. Mutual Omaha has exceptional customer service.
United of Omaha’s Term Life Express is an amazing product that provides more life benefits than any other policy, included for free. The product is only offered in standard/regular health class and has one of the most liberal build tables in the industry. United/Mutual of Omaha is a great company with extremely high ethical standards. Most policies are issued immediately or within 10 days.
Provides a hastened death benefit if the insured has been certified by a physician within the past 12 months to be unable to perform two out of six activities of daily living (ADL) for 90 consecutive days, or requires significant supervision to protect against threats to health and safety due to severe cognitive impairment.
Provides an accelerated death benefit if the insured provides proof that their life expectancy is 12 months or less.
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It provides a hastened death benefit if the insured has been diagnosed by a doctor with one or more of the following conditions in the last 12 months: ALS, kidney failure, life-threatening cancer, major organ failure, heart attack and stroke.
If your primary residence suffers $25,000 or more in damage, the base policy premium and all riders are waived for a period of six months.
Unemployment Rider: D185LNA10R.) In the event of qualified unemployment, United of Omaha waives the premium for the basic plan and all riders for a period of six months.
If you die in an accident while you are a paying passenger on a common carrier (eg, plane, train, or bus), that driver provides an additional death benefit equal to 100 percent of the original amount or $250,000, whichever is less.
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With this rider, the insured may submit a claim (disputable) for a maximum monthly disability benefit equal to the lesser of:
The insured can apply for an 18- or 30-month benefit. The monthly income amount and benefit period cannot be changed after issuance. The elimination period is 90 days.* * In MD the elimination period is 120 days. Availability may vary by product.
If the insured becomes disabled and is unable to work, the premium for the base policy and all riders are waived during the level period. The elimination period is 90 days.** This benefit lasts as long as the insured is disabled. If the insured does not become disabled before the end of the level or age 60, whichever is earlier, the benefit is no longer available. **In MD 120-day elimination period.