Company Information
Company Name
Mutual of Omaha
Product Name
Mutual of Omaha Ultra Secure Plus 7
Description
The Ultra – Secure Plus 7 is a single premium, fixed annuity with a seven-year rate guarantee. It accepts both qualified and non-qualified deposits. Owners have a 30-day window at maturity to withdraw, transfer, annuitize, or renew their annuity funds. There are no surrender charges at passing.
There are two rate bands available. The higher rate is for amounts above $50K, while a lower rate applies to amounts between $5K and $49.9K. Additional premiums are allowed in the first year and the policy includes a Return of Premium feature.
This annuity includes several hardship waivers that are unique to MYGA contracts. Disability, Terminal Illness, Long Term Care, Unemployment, Annuitization, Damage to Residence, Transplant Surgery, and Death of a Spouse or Minor Dependent can allow for penalty-free withdrawals.
AM Best Rating
A+ Superior (2nd of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
10% / 10%
Rate
5.10%
Term
7 Years
Minimum Investment
$50,000
Maximum Investment
$3,000,000 without prior approval
Maximum Age
88
Surrender Schedule
6%, 6%, 6%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Offered from an A+ rated company with low minimums to start. Return of Premium feature included and 10% penalty free withdrawals all years. Several hardship waivers allow for free withdrawals. Larger deposits accepted up to $3 million.
Notable Features
Several annuity providers offer hardship waivers, but this annuity goes far beyond. Most notably, if the owner has home damage over $50K or is receiving unemployment benefits for 60 days, surrender charges are waived.
Other Popular Products
Mutual of Omaha is popular for offering competitively priced Medicare Supplements and traditional Long Term Care Insurance. Life insurance, disability insurance and employer based plans are also popular offerings.
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About Mutual of Omaha Insurance Company
Headquartered in Omaha, NE, Mutual of Omaha is one of the most well-known insurance carriers in the United States. Founded in 1909, they are an A+ rated company with over $45 billion under management.
One of their strengths is their diverse product offerings. They were one of the first companies to offer Medicare Supplement insurance, but have since expanded into annuity, life, health, long term care, disability, dental, and critical illness policies. Innovation, integrity, results, and greatness are just a few of their core values.