Ultra Advantage 4-Year review

Yes, for the right buyer. This is a solid annuity for someone who wants a short-term, principal-protected place to put money that has some room to grow, without paying rider fees for an income guarantee they don't plan to use. It's less appealing for someone who wants guaranteed lifetime income built into the contract, or who is drawn specifically to a guaranteed return-of-premium feature — that's a different, related product from the same carrier.

The main draw is the combination of a short 4-year commitment with a fee-free base contract. Someone parking money that they don't want exposed to direct market risk, but also don't want locked up for 7-10 years, is the natural buyer here. The low $10,000 minimum and wide 0-80 issue-age range make it accessible, and the immediate 10% free withdrawal in year one gives some breathing room that longer-duration FIAs typically don't offer until year two.

I think this is best for someone in the accumulation phase — not yet drawing income — who wants downside protection with some index-linked upside and values getting their money back on a shorter timeline than a typical FIA. It's a reasonable fit for someone building a legacy or death-benefit component into their planning, since the account value passes to a beneficiary quickly. It's a poor fit for anyone who wants an income rider, needs more than 10-25% liquidity during the surrender period, or specifically wants the guaranteed return of premiums that the companion ROP version provides.

You're not buying market exposure. You're buying a contract that protects your principal from index losses (0% floor on every indexed strategy) in exchange for capped or participation-limited upside. Five crediting strategies are available here — three tied to the S&P 500 (a capped annual point-to-point, a capped strategy with the cap guaranteed for the full 4-year term, and an uncapped participation strategy) plus an uncapped BofA US Agility Index strategy and a fixed account. None of this is free growth; it's a tradeoff between certainty and ceiling, and the specific tradeoff depends on which strategy you pick.

The current lineup (rates effective 5/4/2026) includes: a 100% participation, 9.00% cap S&P 500 annual point-to-point strategy; a 100% participation, 7.50% cap S&P 500 strategy where the cap is guaranteed for the entire 4-year term (useful if you're worried about cap cuts mid-contract); an uncapped S&P 500 strategy crediting 55% of the index gain; an uncapped BofA US Agility Index strategy crediting 170% of that index's gain; and a fixed account currently paying 3.90%. The 9.00% cap is high for a 4-year surrender period specifically — most FIAs trade cap size for duration, and this one gives a competitive cap without asking for a long commitment.

Ultra Advantage 4-Year pays the full account value to a beneficiary immediately at death, without the delay that comes from an estate passing through probate. That's not an add-on rider with a fee attached — it's built into the base contract at no extra cost. For someone using this as part of a legacy plan, or simply someone who wants their heirs to have quick, uncomplicated access to the money, that immediate payout matters more than it might seem on paper. It's worth noting this is the standard death benefit on the base contract — it is not the same thing as the guaranteed Return of Premium feature on the companion ROP version, which protects the premium itself rather than just speeding up how the account value is paid out.

The surrender schedule is short by FIA standards — 9%, 9%, 8%, 7% over four years — and the free-withdrawal terms are better than most peers: 10% of premiums paid is available immediately in year one (not after a waiting period), 10% of prior anniversary value is available each year after, and unused free-withdrawal amounts carry over up to a cumulative 25% cap. That's real flexibility relative to a typical "10% per year, no carryover" structure. Beyond the free amount, a market value adjustment applies on top of the surrender charge, so a large withdrawal in year one or two can still cost meaningfully more than the schedule alone suggests. Additional surrender-charge waivers are available for hospital or long-term-care confinement, unemployment, disability, terminal illness, death of a spouse or minor dependent, residence damage, and transplant surgery — a broader waiver list than many contracts in this category offer.

There's no sales charge and no administrative fee on the base contract — none of the "0.95% annual rider fee" style drag you see on income-focused FIAs, because there's no income rider here to charge for. The real cost of this product isn't a stated fee; it's the cap and participation-rate structure limiting how much of an index's gain actually gets credited, and the MVA exposure during the surrender period. There's also an implicit tradeoff versus the companion ROP version of this same product: the ROP variant guarantees you get your premiums back, but in exchange it caps out lower (roughly 8.50% versus this version's 9.00% top S&P 500 cap, and a 3.65% fixed account versus 3.90% here). This base version gives up that guarantee for meaningfully better crediting terms.

Legal Entity: United of Omaha Life Insurance Company

Parent: Mutual of Omaha

A.M. Best Rating: A+