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Don't ever buy life insurance it is a predatory scheme upon those with high incomes and the elderly. They also charge twice as much in premiums as their competitor for a comparable policy as a quick search on policygenius.com will reveal. The sheer extremeness of their premium prices means that no one could possibly be saving a single cent from taxes, despite what salespeople at Mutual of Omaha may claim. There exist several multi-level, 1099 contractor, work-from-home style schemes that defraud their employees, and create false listings on the job search websites promising things to the employees that they never deliver. I personally stopped searching for a job online simply because of how aggressively these schemers promote their marketing fraud. There are reviews under the site name www.mutualofomahalife.com for this company, but I think they slyly changed the domain name of the site in order to avoid the bad reviews. Also, don't be fooled by the fact that they are a 100 plus year old company and make claims of reputability based on this. Some scams and schemes are as old as time, this is one of them.
Tip for consumers:
Its not a true tax savings idea and don't be taken in by the fact that they have been in business for so long.
We had two term life policies with Mutual of Omaha (Colorado Springs Agent) for many years. After meeting with him on a review of our policies he recommended we convert them to what he represented was a whole life policy with long term care, with a fixed premium and no expiration. After several months we discovered our policies were Universal Life Policies with a critical care rider, which could expire at age 85. Additionally the premiums were not guaranteed. This was not what we requested nor what was represented.
Due to the misrepresentations and minimizing of the issues, we contacted and met with our agent. He initially argued but then said he understood and acknowledged the policy was not a whole life and long term care that we had requested. He said these were products and he did not know everything about them. He said he understood our concerns and forwarded our complaint on to Mutual of Omaha main office. Their response was initially extremely poor. We did not receive any acknowledgement of the complaint, there was no investigation done and no one called us. Months went by as we tried to get answers. Mutual promised return calls which we never received. Finally after persistence and discussions with numerous people, the entire amount of premiums paid, totaling several thousand dollars were refunded and one term life insurance policy was reinstated. This process took over a year!
After loosing all confidence and trust in Mutual of Omaha, we pursued and obtained another term life policy with another insurance company. We then began the process to cancel the existing term life policy with Mutual of Omaha. This was also problematic. We were told different things by different representatives about the process to cancel and to obtain a refund of the month premium. This took two months when initially they said ten days.
We write this review in order to hopefully help others from getting into the same situation as we experienced. We would suggest anyone purchasing a policy, especially Mutual of Omaha's Universal Life with a critical care writer, have it reviewed by another insurance agent or attorney. We would never recommend Mutual of Omaha.
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