Prepaid Debit Card Refresher

Some clients request to use a prepaid debit card or account to pay for their life insurance policy. While these cards can be convenient for the client, they can be tricky when processing recurring premium payments.

Want to learn more about how prepaid debit cards work? Take a look at our FAQ below.

  • Q: What is a prepaid debit card?
    • A: A prepaid debit card is an alternative to a banking debit card. You load money onto the card and are only allowed to spend the money you have loaded.
  • Q: Does Mutual of Omaha accept prepaid debit cards?
    • A: Yes, Mutual of Omaha accepts prepaid debit cards at this time.
  • Q: Can a client use a prepaid debit card for initial payment?
    • A: Yes, the prepaid debit card is processed the same as a credit card payment for initial premium payments. This payment process is only allowed through e-Applications.
  • Q: Can a customer continue to use the prepaid debit card for recurring payments?
    • A: Yes, but additional information is required. The customer will need to provide the routing and account number that goes with the prepaid debit card in order to use the card for recurring bank drafts. PLEASE NOTE: the account number does NOT match the number on the plastic card.
  • Q: What if there are not enough funds on the prepaid debit card for recurring payments?
    • A: In some cases, a financial institution will stop the recurring bank drafts on the prepaid card a few months after we have been drafting on a regular basis. If this happens and the funds are returned, we will request new bank information and any outstanding premium from the client. Because of this challenge, we recommend using prepaid debit cards for one-time payments only.

If you have any questions, please contact your Mutual of Omaha’s Sales Support at (800) 693-6083 or email

Prepaid Debit Card Refresher