Mutual of Omaha Calculator

Mutual of Omaha Life Insurance Premium Estimator

Male Female

Non-Smoker Smoker

Excellent Good Average

10 Years 20 Years 30 Years

function calculatePremium() { var age = parseFloat(document.getElementById('age').value); var gender = document.getElementById('gender').value; var smokingStatus = document.getElementById('smokingStatus').value; var healthClass = document.getElementById('healthClass').value; var coverageAmount = parseFloat(document.getElementById('coverageAmount').value); var termLength = parseFloat(document.getElementById('termLength').value); if (isNaN(age) || isNaN(coverageAmount) || age 80 || coverageAmount = 18 && age = 31 && age = 41 && age = 51 && age <= 60) { baseRatePer1000 = 2.00; } else { // age 61-80 baseRatePer1000 = 3.50; } var genderFactor = (gender === 'female') ? 0.9 : 1.0; var smokingFactor = (smokingStatus === 'smoker') ? 2.5 : 1.0; var healthFactor = 1.0; if (healthClass === 'excellent') { healthFactor = 0.8; } else if (healthClass === 'average') { healthFactor = 1.5; } var termFactor = 1.0; if (termLength === 20) { termFactor = 1.1; } else if (termLength === 30) { termFactor = 1.2; } var estimatedAnnualPremium = (baseRatePer1000 * (coverageAmount / 1000)) * genderFactor * smokingFactor * healthFactor * termFactor; var estimatedMonthlyPremium = estimatedAnnualPremium / 12; var totalPremiumOverTerm = estimatedAnnualPremium * termLength; document.getElementById('annualPremium').innerText = 'Annual Premium: $' + estimatedAnnualPremium.toFixed(2); document.getElementById('monthlyPremium').innerText = 'Monthly Premium: $' + estimatedMonthlyPremium.toFixed(2); document.getElementById('totalPremium').innerText = 'Total Premium Over Term: $' + totalPremiumOverTerm.toFixed(2); } // Calculate on load with default values window.onload = calculatePremium;

Understanding Your Mutual of Omaha Life Insurance Premium

Mutual of Omaha is a well-known insurance and financial services company, offering a range of products including life insurance. When considering life insurance, understanding how premiums are calculated is crucial. While this calculator provides a simplified estimate, it helps illustrate the key factors that influence the cost of a life insurance policy from providers like Mutual of Omaha.

Key Factors Influencing Life Insurance Premiums:

• Age: This is one of the most significant factors. Generally, the younger you are when you purchase a policy, the lower your premiums will be. As you age, the risk to the insurer increases, leading to higher costs.
• Gender: Statistically, women tend to live longer than men. This often translates to slightly lower life insurance premiums for women compared to men of the same age and health status.
• Smoking Status: Smokers face significantly higher premiums than non-smokers. Smoking is a major health risk factor that increases the likelihood of various diseases, impacting life expectancy.
• Health Class: Your overall health is assessed during the underwriting process. Insurers assign a "health class" (e.g., Preferred Plus, Preferred, Standard Plus, Standard, Substandard) based on your medical history, current health, and family history. Better health classes result in lower premiums. Our calculator uses simplified categories like Excellent, Good, and Average.
• Coverage Amount: This is the death benefit your beneficiaries will receive. Naturally, a higher coverage amount (e.g., $500,000 vs. $100,000) will result in a higher premium.
• Term Length: For term life insurance, the length of the policy (e.g., 10, 20, or 30 years) affects the premium. Longer terms generally have slightly higher annual premiums because the insurer is taking on risk for a longer period.

How Our Estimator Works (Simplified):

Our Mutual of Omaha Life Insurance Premium Estimator takes these common factors into account to provide a hypothetical annual and monthly premium. It uses a simplified model with predefined base rates and multipliers for age, gender, smoking status, health class, and term length. For example, a younger, non-smoking female in excellent health seeking a 10-year term will see a much lower estimated premium than an older, smoking male with average health seeking a 30-year term for the same coverage amount.

Important Disclaimer:

It is crucial to understand that this calculator provides a general estimate for illustrative purposes only. It does not reflect actual Mutual of Omaha rates or an official quote. Real life insurance premiums are determined by a complex underwriting process that considers many more individual details, including specific medical conditions, occupation, hobbies, and more. For an accurate quote from Mutual of Omaha or any other insurer, you will need to go through their official application and underwriting process.

Use this tool as a starting point to understand the variables involved in life insurance pricing and to get a rough idea of potential costs before seeking personalized quotes.