Goldstein Scorecard: B (dated October 4, 2026). See how it is graded.
Mutual of Omaha SPIA Review: United of Omaha Ultra-Income Immediate Annuity
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Mutual of Omaha’s Ultra-Income and Income Access highlight sheets and financial strength page on October 4, 2026 · Updated
Mutual of Omaha’s SPIA is Ultra-Income, a single premium immediate annuity from United of Omaha Life Insurance Company.
Its highlight sheet lists issue ages up to 85, a minimum of $10,000 (or enough for a $100 monthly payment), up to $3 million without approval, income starting 1 to 13 months after purchase, an optional COLA up to 6%, impaired-risk underwriting and no policy fee.
United of Omaha is rated A+ by AM Best (affirmed April 2, 2026). Payout rates are not published.
Correction (October 4, 2026): an earlier version of this page quoted a “June 2026 CANNEX” payout of $598.67 a month and a five-carrier payout table, a “~$100B+ AUM” figure, a “$60 to 85 a month brand premium” and composite client stories. None came from a dated primary source we could check today, so they are removed. Product rules and ratings below come from Mutual of Omaha’s own documents.
Payments are backed by the claims-paying ability of United of Omaha Life Insurance Company.
Ultra-Income at a glance
| Feature | Ultra-Income (United of Omaha Life Insurance Company) |
|---|---|
| Product type | Single premium immediate annuity (SPIA) |
| Income start | Payments must begin 1 to 13 months after purchase |
| Issue ages | Up to 85 |
| Premium | Greater of $10,000 or the amount for a $100 monthly payment; maximum $3 million without United of Omaha approval |
| Income options | Life; Life with Period Certain; Period Certain without Life; Joint and Survivor Life; Joint and Survivor Life with Period Certain; Installment Refund. Period certain can be set to the day; owner chooses the survivor percentage on joint options |
| Cost of living allowance | Optional, up to 6% of the initial annual benefit |
| Frequency | Monthly, quarterly, semiannually or annually; minimum payment $100; EFT on the 1st to 28th |
| Underwriting | Impaired-risk/substandard underwriting available |
| Fees | No policy fee and no front-end sales load; state premium tax deducted from premium where it applies |
| Payout rates | Not publicly disclosed |
| Policy forms | C499LNA08P or state equivalent; not available in all states |
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CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
If you want a refund path: Income Access
Ultra-Income is built for maximum certainty of payments, with no cash-out. Mutual of Omaha’s other immediate annuity, Income Access, trades some flexibility into the contract. Its payout is also quote-only.
| Feature | Income Access (United of Omaha) |
|---|---|
| Issue ages / maximum premium | Up to 75 / $1 million without approval (minimum as Ultra-Income) |
| Cancellation refund | 95%, 96%, 97%, 98%, 99%, then 100% of remaining premium by policy year 1 to 6+, less income payments received |
| Built in | Return of remaining premium at death; double death benefit for common-carrier accidents; return of premium for terminal illness; 30-day free look |
| Options | 3% yearly inflation increase; 50% payment increase for 5 years after 90 days in a nursing home (after year 2); survivor continuation up to 100%; guaranteed minimum death benefit |
What will it pay?
Ultra-Income payout rates are not publicly disclosed. Ask for a dated quote that names the income option, start date, frequency and any COLA, and compare it with other insurers’ quotes for the same option run the same day. If you have health conditions, ask whether impaired-risk underwriting applies.
For a public reference point, Securian publishes its IncomeToday! 2.0 rates: $685.58 a month per $100,000 for a 65-year-old man, single life, nonqualified, one-month deferral, rates as of October 1, 2026. That is one insurer’s number for one profile, not this product’s payout.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | United of Omaha: AM Best A+, S&P A+, Moody’s A1, outlook stable (Mutual of Omaha financial strength page, October 4, 2026); AM Best affirmed April 2, 2026. |
| Payout competitiveness | Incomplete | No public payout rates. |
| Guaranteed floor | Not applicable | A SPIA’s payment is fixed in the contract at purchase. |
| Liquidity | D | Ultra-Income lists no withdrawal or cash-out provision (Income Access, a separate product, has a 95% to 100% cancellation refund). |
| Costs | B+ | No policy fee and no front-end load; premium tax where the state charges it. |
| Transparency | C | Highlight sheet is public; no payout rates and an older form date (02/24). |
| Overall | B | Strong insurer, impaired-risk pricing and a COLA up to 6%; the deciding number, the payout, is not public. |
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Pros and cons
- Pro: United of Omaha rated A+ by AM Best (affirmed April 2, 2026), A+ by S&P and A1 by Moody’s.
- Pro: impaired-risk underwriting can raise payments for people with health conditions.
- Pro: COLA up to 6% of the initial annual benefit, and period certain flexible to the day.
- Pro: no policy fee and no front-end sales load.
- Con: payout rates are not published, so you cannot judge competitiveness without a same-day quote.
- Con: no listed access to principal after purchase.
- Con: premium tax, where your state charges it, comes out of the premium.
- Con: not available in all states.
Who it’s for, and when to look elsewhere
Fits: someone who wants income starting within 13 months from an A+ rated insurer, especially a buyer whose health may qualify for impaired-risk pricing, and who will compare the quote with other insurers for the same option.
Look elsewhere if: you mainly want your money to grow at a known rate and keep the principal. A MYGA locks a declared rate for the term and you keep the account value.
For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026).
Current rates: MYGA rates. Run the numbers: immediate annuity calculator · annuity payout calculator · all Mutual of Omaha income annuities · Securian SPIA review (published payouts) · Nationwide SPIA review.
Questions to ask your agent
- There is no minimum crediting rate on a SPIA, so put the payment itself in writing: the exact payment amount, start date, frequency and income option, and how long the quote is held.
- Confirm there is no surrender or cash-out value on Ultra-Income. If I want a refund path, what does Income Access pay for the same premium, and what is its cancellation refund schedule?
- Does my health qualify for impaired-risk underwriting, and what records do you need?
- What does the same premium pay with and without a COLA, and with installment refund versus life only?
- How are you paid on this product? The commission comes from the insurer, is built into the pricing and is not deducted from my premium. What percentage is it? (Background: how annuity commissions work.)
From my desk
On a Mutual of Omaha income quote, the first thing I check is which product it is. Ultra-Income and Income Access are both immediate annuities from United of Omaha, but only Income Access has a cancellation refund, and its issue age stops at 75.
The number buyers most often misread on a SPIA is the payout rate. Payment divided by premium is not an interest rate: it includes the return of your own premium, and on a life-only option payments stop at death.
How it compares to a MYGA: a MYGA keeps your principal and pays a declared rate for a set term; a SPIA gives up the principal in exchange for income that can last for life. Hypothetical arithmetic, not a quote: at Securian’s published $685.58 a month per $100,000 (male 65, life only, October 1, 2026), payments add up to the premium after about 146 months, a little over 12 years.
Frequently asked questions
What is Mutual of Omaha’s SPIA called?
Ultra-Income, a single premium immediate annuity issued by United of Omaha Life Insurance Company, a Mutual of Omaha company (Ultra-Income highlight sheet, form 232878_0224). Mutual of Omaha also sells Income Access, an immediate annuity with a cancellation refund.
What are Mutual of Omaha SPIA payout rates?
Mutual of Omaha does not publish Ultra-Income payout rates. You need a dated quote for your age, premium, start date and income option, compared with other insurers’ quotes run the same day.
What is the minimum premium and maximum age?
The greater of $10,000 or the amount needed to produce a $100 monthly payment; up to $3 million without United of Omaha approval. Issue ages run up to 85. Payments must begin between one and 13 months after purchase.
Can I get my money back from Ultra-Income?
The Ultra-Income highlight sheet lists no cash-out or withdrawal provision; once purchased, you receive the payments under the option you chose. Income Access is the Mutual of Omaha immediate annuity that refunds 95% to 100% of remaining premium (less payments received) if you cancel.
Does Ultra-Income consider health?
Yes. United of Omaha offers impaired-risk (substandard) underwriting, which can raise payments for people whose health problems may shorten life expectancy, for the same premium.
Is Mutual of Omaha financially strong?
United of Omaha Life Insurance Company is rated A+ by AM Best, A+ by S&P and A1 by Moody’s, outlook stable, per Mutual of Omaha’s financial strength page (checked October 4, 2026). AM Best affirmed the A+ on April 2, 2026.
Sources (checked October 4, 2026)
- Mutual of Omaha, Ultra-Income single premium immediate annuity highlight sheet (232878_0224): checked October 4, 2026
- Mutual of Omaha, Income Access highlight sheet (623275): checked October 4, 2026
- Mutual of Omaha, Financial strength ratings: checked October 4, 2026
- AM Best press release, Mutual of Omaha group ratings affirmed: April 2, 2026
- Securian Financial, IncomeToday! 2.0 rate announcement: rates as of October 1, 2026
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with Mutual of Omaha. Facts are copied from the carrier documents named, with their dates. Examples labelled hypothetical are illustrations, not quotes.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
SPIAs are irrevocable. Once you sign, your principal is gone. Before you commit, how does this insurer's payout compare with other quotes for your age? Are you choosing the right payout option (life only vs. cash refund vs. joint)? Payouts for the same deposit can differ between insurers, so compare quotes before you sign.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.
Illustrative examples: who fits, who got burned
Illustrative examples: these are composite scenarios, not actual clients. Names and details are changed.
Good fit: Beverly, 75, Omaha NE
Beverly grew up watching Wild Kingdom; the Mutual of Omaha brand meant something. She knowingly accepted ~$60/month less income vs. competitive A+ carriers for the brand comfort. $200K single premium, life only, ~$1,200/month. Five years in, the brand recognition has done its job. She sleeps fine and tells her family 'I'm with Mutual of Omaha.'
Burned: Frank, 71, Phoenix AZ
Frank bought Mutual of Omaha SPIA at $400K without CANNEX comparison. EquiTrust would have paid him ~$340/month more, over $4,000/year of lifetime income difference. He felt 'name brand was a tax I didn't realize I was paying.' Verdict: brand premium is real and meaningful; always run CANNEX before purchase.
The pattern: Mutual of Omaha SPIA is a good product for the right buyer (typically a buyer whose horizon and liquidity needs match the product's actual structure) and a disaster for the wrong buyer (typically a buyer whose horizon, liquidity needs, or product-type expectations didn't match what the contract actually does). The product isn't the problem. Buyer/product mismatch is.
Quick FAQ
Q: Is this annuity right for me?
A: It fits if you want guaranteed income for life, starting now, and can give up access to the lump sum. It is the wrong choice for money you may need back, or if your health makes a long retirement unlikely.
Q: How does an annuity actually pay out?
A: A SPIA pays a fixed income on the schedule you choose, usually monthly, starting within a year of purchase. Payments last for life or for the period you pick, and a cash-refund or period-certain option can pass remaining value to heirs.
Q: What happens if the carrier goes out of business?
A: State guaranty funds protect annuity owners, typically up to $250,000 to $300,000 per owner per carrier (varies by state). Check your state's guaranty association limit. The carrier's AM Best rating signals failure probability; A-rated carriers have very low historical default rates.
Q: Can I lose money in this annuity?
A: You trade the lump sum for income, so there is no account value to lose to the market. The risk is dying early on a life-only payout, when the carrier keeps the rest; a cash-refund or period-certain option protects heirs in exchange for a lower payment.
Q: How much commission does the agent make?
A: Typically 4% to 8% of premium for fixed indexed annuities, paid by the carrier (not from your money). Higher commission products often have longer surrender periods or smaller caps. The product cost to you is the same whether commission is high or low, but commission size is a useful proxy for product complexity.
Q: Should I roll over my 401(k) into an annuity?
A: Sometimes yes, often no. Yes if: you want guaranteed income, you're risk-averse, you have other liquid assets for emergencies, and you're 55+. No if: you're under 50, you need liquidity, you have plenty of pension/SS income, or you'd be putting all your retirement assets into one product. Get an independent second opinion before rolling over six figures.
Q: Why are caps so different across products?
A: Trade-offs. Higher cap = lower bonus, longer surrender, lower-rated carrier, or different index strategy. There's no free lunch. A 10%+ cap typically means B-rated carrier + 14-year surrender. A 6% cap typically means A+ carrier + shorter surrender.
Q: How are annuity earnings taxed?
A: Inside the contract, growth is tax-deferred (no tax until you withdraw). Withdrawals are taxed as ordinary income (not capital gains). For non-qualified annuities, only the gain portion is taxable. For qualified (IRA) annuities, the entire withdrawal is taxable. There's a 10% IRS penalty on withdrawals before age 59½.
Illustrative examples: who fits, who got burned
Illustrative examples: these are composite scenarios, not actual clients. Names and details are changed.
Good fit: Beverly, 75, Omaha NE
Beverly grew up watching Wild Kingdom; the Mutual of Omaha brand meant something. She knowingly accepted ~$60/month less income vs. competitive A+ carriers for the brand comfort. $200K single premium, life only, ~$1,200/month. Five years in, the brand recognition has done its job. She sleeps fine and tells her family 'I'm with Mutual of Omaha.'
Burned: Frank, 71, Phoenix AZ
Frank bought Mutual of Omaha SPIA at $400K without CANNEX comparison. EquiTrust would have paid him ~$340/month more, over $4,000/year of lifetime income difference. He felt 'name brand was a tax I didn't realize I was paying.' Verdict: brand premium is real and meaningful; always run CANNEX before purchase.
The pattern: Mutual of Omaha SPIA is a good product for the right buyer (typically a buyer whose horizon and liquidity needs match the product's actual structure) and a disaster for the wrong buyer (typically a buyer whose horizon, liquidity needs, or product-type expectations didn't match what the contract actually does). The product isn't the problem. Buyer/product mismatch is.