Mutual of Omaha is one of the very small handful of life insurers who issue life insurance to people enjoying marijuana recreationally. Mutual of Omaha has always been one of the companies leading cultural shifts in the industry. For example, they were one of the first insurance companies to sell insurance online in the 90s. So the combination of Mutual of Omaha and marijuana hobbyists isn’t a stretch of anyone’s imagination.
As always, they will not offer policies in every scenario. However, like the other companies on our Top 12 Marijuana Friendly Life Insurance Companies List, they don’t have concerns over occasional use. This article is a summary of the compatibility of Mutual of Omaha and marijuana.
If you want to skip ahead to potential rates and you only smoke cannabis a couple times a month, use the Instant Quotes tool on the left. Select “No” for Smoker/Tobacco and “Standard” under Health Class.
We’ll begin with a brief overview of the company’s history what products they offer.
Following the overview, we will look at Mutual of Omaha’s financial ratings and consider how their pricing compares to other companies. Lastly, we will look at their underwriting approaches for recreational marijuana. For medical marijuana patients, the underwriting decision will depend on the reason for the prescription.
Mutual of Omaha History
The company traces its origins to 1909 when the company was originally called the Mutual Benefits Health and Accident Association. The company grew dramatically, exceeding $1 million dollars in annual premiums for the first time in 1920. Mutual of Omaha began to sell its products in all 50 states. They also started the Companion Life Insurance Company to service New York State.
The company rebranded itself in 1950 as Mutual of Omaha and adopted a new logo. Mutual of Omaha was also a long time sponsor of the highly renowned television show “Wild Kingdom.”
Additionally they were one of the first life insurers to sell its policies via the internet in 1997. This allowed applicants to apply online for both life insurance and Medicare supplement products.
Mutual of Omaha Financial Ratings
When buying life insurance you always want to ensure the company is on solid financial ground. Almost all life insurers are reviewed each year by financial rating agencies which outline the financial strength of each company. Therefore any company you choose to apply with should have their financial ratings freely available.
The financial strength of the company is important because they will be holding on to your money now for a possible payout later. We hope you never have to use your life insurance. However, if you need to collect on a policy in the future, the company needs to have the cash on hand to be able to pay that claim. Without good financial stability, you run the risk of not being able to collect on your insurance policy in the future.
Mutual of Omaha is no exception so we researched the most current financing rating from 3 of the top financial rating companies in the country.
Here are results for the financial rating of Mutual of Omaha:
A.M. Best – A+ (This is shown as a Superior rating and is the second highest rating possible)
Moody’s Investor Service – A1 (Rated as Good and is the 5th highest of 21 possible ratings)
Standard and Poor’s – AA- (Rated as Very Strong and the 4th highest of 21 possible ratings)
Conclusion: We concluded that this company has a very positive financial rating. As far as Mutual of Omaha life insurance and marijuana, clients can feel confident the company is on a very firm financial footing to enable the company to honor its claims. Please keep in mind these ratings are constantly updated by the financial rating institutions and may change faster than we can update them here.
Mutual of Omaha Life Insurance Products for Cannabis Smokers
So what types of life insurance products are available if you smoke? Mutual of Omaha offers the following products to people who smoke either recreationally or for medical reasons.
They offer a fairly substantial variety of life insurance products including:
- Term life insurance
- Universal life insurance
- No-medical life insurance
- Various term life insurance riders
The next section gives a brief overview of the products Mutual of Omaha offers to cannabis smokers.
Mutual of Omaha Term Life Insurance
Term insurance is the most basic form of life insurance you can buy through Mutual of Omaha. They are also the most affordable policies which cover death benefits only.
Mutual of Omaha offers 2 types of term life insurance including:
- Term Life Express – This is a form of no-medical life insurance and is a simplified issue term policy. Available terms are for 10, 15, 20 and 30 years. The coverage available ranges from $25,000 – $400,000. Return of Premium is available
- Term Life Answers – This policy is an underwritten policy which does require a medical exam. Coverage terms are for 10, 15, 20 and 30 years. You can convert this policy to a permanent policy up to age 75, and is renewable to age 95. Accelerated benefits are available for those with a terminal illness. Various riders are available including Waiver of Premium for Unemployment, Accidental Death Benefit rider, Dependent Children’s rider, as well as Disability Waiver of Premium.
Permanent Life Insurance
The permanent life insurance policies sold by Mutual of Omaha revolve around Universal Life insurance.
Permanent policies are much more costly than term policies because they cover you for your lifetime. They also include a cash value accumulation portion which builds through the life of the policy. The company’s universal products include:
- Guaranteed Universal Life – This policy is available with a fixed premium and provides a guaranteed interest rate on the cash value accumulation portion of 2 %.
- Guaranteed Universal Life Plus – These policies are available for ages 18 – 80 and also offer a guaranteed interest rate of 2%. Additionally, you can receive a 50% interest rate bonus beginning in the 10th year of the policy.
- Guaranteed Universal Life Survivor – This policy covers 2 people with a fixed premium for both parties named in the policy. Benefits are payable when the second person passes away.
No Exam Mutual of Omaha Insurance Products
Mutual of Omaha offers an array of no medical life insurance (meaning you do not have to take a medical exam) including:
- Term Life Express (see above)
- Guaranteed Universal Life Express – Available for applicants ages 18 -65 and policy limits ranging from $50,000 – $250,000. Offers a guaranteed interest rate of 3%.
- Living Promise Whole Life – Available for those ages 45 – 85 and offers coverage amounts form $2,000 – $40,000. Graded and non graded plans are available in most states
- Children’s Whole Life – Available for those ages 14 days to 25 years and provides coverage amounts ranging from $5,000 – $30,000.
- Guaranteed Advantage Accidental Death – Provides coverage amounts from $50,000 – $500,000 and also offers a Return of Premium option.
Pricing for Mutual of Omaha and Marijuana Life Insurance
Prices for Mutual of Omaha life insurance and marijuana use (Also known as United of Omaha) are especially competitive if you are between the ages 40 – 65. For all other age groups the company is not the most affordable but is still very competitive and generally ranks in the top 15 -20 lowest rates for life insurers.
Considering there are over 850 life insurance companies in the United States, that puts Mutual of Omaha in the top 3%.
To find your potential rate for Mutual of Omaha and marijuana use, use the Instant Quote tool on the left with the Health Classes listed in the next section. If you have any questions, please give us a call at (888) 987-8447. There is no obligation and everything is 100% confidential.
Underwriting for Mutual of Omaha and Marijuana Use
The underwriters at Mutual of Omaha take the following underwriting approach for marijuana users:
- 3 Times or less per month – Can be rated as Standard Non Smoker
- 4 – 8 Times per month – Rated as Tobacco
- More than 8 Times per month – Individual consideration to Decline
- THC on Insurance Lab Tests? – Yes and must be consistent with admitted use.
How MJ Life Insurance Can Help
Although there are only a handful of marijuana friendly life insurers, MJ Life insurance specializes in helping people using cannabis in the following situations:
- Recreational Marijuana Enthusiasts
- Patients with a Marijuana Medical Card
- Owners and Employees who work in the Marijuana Industry
Each person has their individual life insurance needs, whether they choose to smoke or not. MJ Life Insurance can help find the best coverage at the most affordable rates.
We also specialize in helping people with pre-existing medical conditions as well as finding affordable no-medical exam life insurance.
For more information on life insurance with Mutual of Omaha and marijuana use, contact the marijuana specialist life insurers here at MJ Life Insurance. We promise discretion and to keep any information in confidence.