Mutual of Omaha vs. Assurity Life Insurance Company Life Insurance: Which is better?
In this comprehensive comparison, explore the offerings of two prominent life insurance providers—Mutual of Omaha and Assurity Life Insurance Company—to determine which reigns supreme in terms of coverage, rates, and benefits for securing your future.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
UPDATED: Jan 22, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Jan 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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In the competitive landscape of life insurance, the choice between Mutual of Omaha and Assurity Life Insurance Company holds significant weight. Delving into this detailed comparison, we unravel the intricacies of their offerings, analyzing coverages, rates, options, discounts, and customer reviews. As we navigate the complexities of life insurance, discover which company emerges as the frontrunner, offering the most advantageous rates tailored to diverse customer profiles. From comprehensive policies to budget-friendly options, this guide provides a succinct snapshot to empower your decision-making process and secure the best life insurance for your unique needs.
Mutual of Omaha
Pros:
- Established Legacy: With over a century of experience, Mutual of Omaha boasts a strong history and reputation in the insurance industry.
- Diverse Policy Options: From term life to whole life and universal life insurance, Mutual of Omaha offers a comprehensive range of policies to cater to various needs.
- Flexible Conversion Options: Policyholders have the flexibility to convert term life insurance policies into permanent ones, adapting to changing life circumstances.
Cons:
- Potentially Higher Premiums: While providing comprehensive coverage, Mutual of Omaha’s premiums may be relatively higher compared to some competitors.
- Complexity of Offerings: The wide array of policy options might be overwhelming for those seeking a simpler decision-making process.
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Assurity Life Insurance Company
Pros:
- Innovative Solutions: Assurity emphasizes innovation and customer service, offering flexible and modern life insurance solutions.
- Long-Standing Reputation: With a history dating back to 1890, Assurity has demonstrated resilience and adaptability to industry changes.
- Dividend Opportunities: Assurity’s whole life insurance policies provide opportunities for policyholders to earn dividends, potentially increasing the policy’s value.
Cons:
- Limited Policy Diversity: While Assurity offers various life insurance types, its product range might be perceived as less diverse compared to some competitors.
- Smaller Market Presence: As a smaller company, Assurity might have a more limited geographic reach and fewer resources than larger insurers.
Mutual of Omaha: The Definitive Choice
In the realm of life insurance providers, Mutual of Omaha emerges as the clear winner, and several factors contribute to its superiority.
Longstanding History: Mutual of Omaha’s longstanding history stands as a testament to its resilience and commitment to policyholders. With a foundation laid in 1909, the company has weathered economic downturns and industry changes, earning trust and loyalty through its dedication to delivering on promises.
Diverse Range of Policies: The diverse range of life insurance policies offered by Mutual of Omaha further solidifies its position. Providing options such as term life insurance for short-term needs and whole life insurance for lifelong coverage with cash value accumulation, the company ensures that individuals can tailor their coverage to align with specific financial goals.
Stability and Guarantees: Mutual of Omaha’s policies are marked by stability, offering guaranteed death benefits and level premiums in the case of whole life insurance. This stability, coupled with a reputation for excellent customer service, where multiple channels for support are available, including phone, email, and online portals, reinforces the company’s commitment to customer satisfaction.
Mutual of Omaha stands out as the preferred choice due to its extensive history, diverse policy offerings, stability, and commitment to customer service. Choosing Mutual of Omaha ensures not only comprehensive life insurance coverage but also the peace of mind that comes with a trusted and reliable insurance provider.
Understanding Life Insurance
Before diving into the details of Mutual of Omaha and Assurity Life Insurance Company, it’s essential to understand the concept of life insurance itself. Life insurance is a contract between the policyholder and the insurance company, where the policyholder pays regular premiums in exchange for a death benefit that is given to their beneficiaries upon their passing.
What is Life Insurance?
Life insurance is a financial product designed to provide financial security to the policyholder’s loved ones in the event of their death. It acts as a safety net, ensuring that beneficiaries are financially stable and protected even in the absence of the policyholder.
Life insurance comes in various forms, such as term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years. Whole life insurance, on the other hand, provides coverage for the entire lifetime of the policyholder. Universal life insurance combines the benefits of both term and whole life insurance, offering flexibility in premium payments and death benefit amounts.
Life insurance policies also offer additional features, such as cash value accumulation and the ability to take out loans against the policy’s cash value. These features can provide policyholders with financial flexibility and a potential source of funds for emergencies or other financial needs.
Why is Life Insurance Important?
Life insurance is important for various reasons. It can help cover funeral expenses, pay off debts, replace lost income, and provide for the future needs of dependents. It offers peace of mind knowing that loved ones will be taken care of financially, even after one’s demise.
Additionally, life insurance can be used as a tool for estate planning. It can help provide liquidity to pay estate taxes, ensuring that assets are not sold off to cover these expenses. Life insurance proceeds can also be used to equalize inheritances among beneficiaries or leave a charitable legacy.
Life insurance can also be a valuable financial planning tool for business owners. It can be used to fund buy-sell agreements, ensuring a smooth transition of ownership in the event of a partner’s death. Key person insurance can also be obtained to protect the business from financial loss in the event of the death of a key employee or owner.
Furthermore, life insurance can serve as an investment vehicle. Certain types of life insurance policies, such as whole life and universal life insurance, have a cash value component that grows over time. This cash value can be accessed during the policyholder’s lifetime and can potentially provide tax advantages.
In conclusion, life insurance is a crucial financial product that provides financial security and peace of mind to policyholders and their loved ones. It offers various benefits, including coverage for funeral expenses, debt repayment, income replacement, and future needs of dependents. It can also be used for estate planning, business continuity, and as an investment tool. Understanding life insurance is the first step towards making informed decisions when it comes to choosing the right policy for your needs.
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Introduction To Mutual of Omaha
Mutual of Omaha is a well-established insurance company that has been in operation for over a century. With a strong history and reputation, Mutual of Omaha has become a trusted name in the insurance industry.
But what sets Mutual of Omaha apart from other insurance providers? Let’s delve deeper into the company’s history and the types of policies they offer.
History of Mutual of Omaha
Mutual of Omaha was founded in 1909 by a group of businessmen who saw a need for reliable insurance coverage. Over the years, the company has weathered economic downturns and industry changes, emerging as a leader in the insurance sector.
Throughout its history, Mutual of Omaha has remained committed to its policyholders. They have built a reputation for providing excellent customer service and delivering on their promises. This dedication has earned them the trust and loyalty of millions of customers.
As the company grew, so did its offerings. Mutual of Omaha expanded beyond life insurance to provide a comprehensive range of insurance products, including health, disability, and long-term care insurance. This diversification has allowed them to meet the evolving needs of their policyholders.
Types of Policies Offered by Mutual of Omaha
When it comes to life insurance, Mutual of Omaha understands that one size does not fit all. That’s why they offer a wide range of policies to meet the diverse needs of their customers.
One of the options they provide is term life insurance. This type of policy offers coverage for a specified period, typically 10, 20, or 30 years. Term life insurance is an excellent choice for individuals who want affordable coverage during a specific period, such as when they have young children or a mortgage.
On the other hand, Mutual of Omaha also offers whole life insurance. This type of policy provides coverage for the entirety of one’s life. It offers not only a death benefit but also a cash value component that grows over time. Whole life insurance is often chosen by individuals who want lifelong coverage and the potential for building cash value.
Aside from these two main types, Mutual of Omaha also offers other variations of life insurance, such as universal life insurance and indexed universal life insurance. These policies provide flexibility and additional features to cater to different financial goals and risk tolerance.
Moreover, Mutual of Omaha understands that life insurance needs can change as individuals go through different stages in life. That’s why they offer the option to convert term life insurance policies into permanent policies, allowing policyholders to adjust their coverage as their needs evolve.
In conclusion, Mutual of Omaha’s long-standing history, commitment to policyholders, and diverse range of life insurance policies make them a reliable and trusted choice for individuals seeking insurance coverage. Whether you’re looking for short-term protection or lifelong security, Mutual of Omaha has options to suit your needs.
Introduction to Assurity Life Insurance Company
Assurity Life Insurance Company is another reputable player in the life insurance industry. With a focus on innovation and customer service, Assurity strives to provide comprehensive coverage and solutions for its policyholders.
When it comes to life insurance, it’s important to choose a company that you can trust. Assurity Life Insurance Company has been in the business for over a century, and its long history is a testament to its commitment to serving its customers. From its humble beginnings in 1890 to its position as a trusted industry leader today, Assurity has consistently delivered on its promise to provide reliable and affordable life insurance options.
One of the reasons why Assurity Life Insurance Company has stood the test of time is its unwavering dedication to customer service. The company understands that purchasing life insurance can be a complex and overwhelming process, so it goes above and beyond to ensure that its policyholders have a positive experience from start to finish. Whether you have questions about policy options, need assistance with claims, or want to make changes to your coverage, Assurity’s knowledgeable and friendly customer service team is always ready to help.
History of Assurity Life Insurance Company
Assurity Life Insurance Company was founded in 1890 and has evolved over the years to adapt to changing customer needs. The company has a strong commitment to its policyholders and has built a reputation for delivering quality service.
Throughout its history, Assurity has weathered numerous economic challenges and industry shifts. From the Great Depression to the dot-com bubble, the company has remained steadfast in its mission to protect the financial well-being of its policyholders. This resilience and adaptability have allowed Assurity to not only survive but thrive in an ever-changing landscape.
As the years went by, Assurity continued to innovate and expand its offerings. The company recognized the importance of staying ahead of the curve and meeting the evolving needs of its customers. With advancements in medical technology and changes in lifestyle, Assurity introduced new policy options to provide comprehensive coverage that aligns with the modern realities of life.
Types of Policies Offered by Assurity Life Insurance Company
Assurity Life Insurance Company offers a range of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. These policies provide flexibility and options for policyholders based on their individual needs and preferences.
Term life insurance is a popular choice for individuals who want coverage for a specific period, such as during their working years or until their mortgage is paid off. Assurity offers term life insurance policies that can be customized to fit your specific needs, ensuring that you have the right amount of coverage for the right duration.
For those looking for lifelong protection, Assurity’s whole life insurance policies provide coverage that lasts a lifetime. These policies not only offer a death benefit but also build cash value over time, which can be used for various purposes, such as supplementing retirement income or funding a child’s education.
Universal life insurance, another option offered by Assurity, combines the benefits of both term life and whole life insurance. With universal life insurance, you have the flexibility to adjust your coverage and premiums as your needs change. This type of policy also allows you to build cash value, providing additional financial security for the future.
Assurity Life Insurance Company understands that everyone’s insurance needs are unique, which is why it offers a wide range of policy options. Whether you’re a young professional just starting a family or a retiree looking to protect your legacy, Assurity has a policy that can meet your specific needs and provide peace of mind.
Comparing Policy Options
When comparing Mutual of Omaha and Assurity Life Insurance Company, it’s important to consider the specific policy options offered by each company.
Term Life Insurance: Mutual of Omaha Vs Assurity
Mutual of Omaha: Mutual of Omaha offers term life insurance policies with flexible coverage options and affordable premiums. Their policies provide a death benefit for a specified period, typically ranging from 10 to 30 years.
Assurity Life Insurance Company: Assurity also offers term life insurance policies, allowing policyholders to choose coverage periods that align with their needs. Their policies come with the option to convert to permanent life insurance in the future.
When considering term life insurance, it’s important to evaluate the coverage amount, premium affordability, and any additional features or riders offered by the insurance company.
Whole Life Insurance: Mutual Of Omaha Vs Assurity
Mutual of Omaha: Mutual of Omaha’s whole life insurance policies provide lifelong coverage and accumulate cash value over time. These policies come with guaranteed death benefits and level premiums, making them a stable and predictable option.
Assurity Life Insurance Company: Assurity’s whole life insurance policies also offer lifelong coverage and cash value accumulation. They provide policyholders with the opportunity for dividends, which can be used to increase the policy’s cash value or purchase additional coverage.
When comparing whole life insurance policies, it’s crucial to consider the premium costs, cash value growth potential, and any additional features or benefits offered by the insurance company.
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Customer Service and Support
Customer service plays a significant role in the overall experience of policyholders. Let’s take a look at how Mutual of Omaha and Assurity Life Insurance Company fare in terms of customer support.
Mutual of Omaha Customer Service Review
Mutual of Omaha has a reputation for excellent customer service. They offer various channels for policyholders to contact their support team, including phone, email, and online chat. The company also provides an online portal where policyholders can access their policies, make payments, and manage their accounts easily.
Assurity Life Insurance Company Customer Service Review
Assurity Life Insurance Company is known for its attentive customer service. They offer personalized assistance and have a responsive support team that can be reached via phone or email. Assurity also provides an online portal for policyholders to access their accounts and manage their policies conveniently.
Comparing the customer service of both Mutual of Omaha and Assurity, it’s evident that both companies prioritize the needs and satisfaction of their policyholders.
When choosing a life insurance company, it’s essential to evaluate factors such as policy options, customer service, and reputation. While Mutual of Omaha has a longstanding history and offers comprehensive coverage options, Assurity Life Insurance Company focuses on providing innovative solutions and personalized service to its policyholders.
To determine which company is better for you, consider your specific needs, budget, and long-term goals. Additionally, make use of online tools to compare insurance quotes and review rates from different companies to find the best rates and save money.
Remember, life insurance is a critical financial decision. Comparing and understanding the offerings of different companies will help you make an informed choice that ensures the financial security of your loved ones.
Frequently Asked Questions
What is the difference between Mutual of Omaha and Assurity Life Insurance Company?
Mutual of Omaha and Assurity Life Insurance Company are both reputable insurance providers, but they have some differences. Mutual of Omaha is a larger company with a longer history, offering a wide range of insurance products including life insurance, health insurance, and retirement solutions.
Which company offers better life insurance policies?
Both Mutual of Omaha and Assurity Life Insurance Company offer competitive life insurance policies, but the better option depends on individual needs and preferences. It is recommended to compare the coverage, benefits, premiums, and customer reviews of both companies to determine which one aligns better with specific requirements.
Can I get a life insurance policy from both Mutual of Omaha and Assurity?
Yes, it is possible to have life insurance policies from both Mutual of Omaha and Assurity Life Insurance Company. Many individuals choose to have multiple life insurance policies to ensure comprehensive coverage and meet different financial goals. However, it is important to consider the total coverage amount and affordability when opting for multiple policies.
What factors should I consider when choosing a life insurance company?
When selecting a life insurance company, several factors should be considered. These include the company’s financial strength and stability, the variety and flexibility of policy options, customer service quality, claim settlement reputation, affordability, and any specific features or riders that may be important for individual circumstances.
Can I switch my life insurance policy from Assurity to Mutual of Omaha?
Yes, it is possible to switch life insurance policies from Assurity to Mutual of Omaha or vice versa. However, before making any changes, it is recommended to carefully review the terms and conditions of the existing policy, consider any potential penalties or fees for cancellation, and compare the benefits and premiums of the new policy to ensure it aligns better with personal requirements.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.