Due to its marketing efforts and longstanding history, Mutual of Omaha is a popular name, not just in the industry, but in homes nationwide.
For more than a century, Mutual of Omaha has sought to help individuals secure the protection they need to care for their loved ones.
Whether you’re familiar with Mutual of Omaha or not, you should educate yourself on the company before making a decision.
To decide whether Mutual of Omaha is the right provider, it’s imperative to learn about its history, financial strength, and life insurance products.
The review below can help.
Our Mutual of Omaha Life Insurance Company Review
Founded over a century ago in 1909, Mutual of Omaha was originally named the Mutual Benefit Health & Accident Association.
Within a decade, they would combine their efforts with the Omaha Health & Accident Association, allowing them to adopt more than 3,000 new clients.
Over the next 30 years, the company expanded into almost all 50 states, launching Companion Life Insurance Company as their brand for New York.
In 1950, the company took on its current name, Mutual of Omaha, and the logo recognizable in the brand we know today.
In 1997, Mutual of Omaha took its efforts online, beginning to position itself on the cutting edge of insurance technology.
Mutual of Omaha and its subsidiaries remain at the forefront of technology and insurance innovation, with simplified online applications for coverage and a whole host of helpful online tools.
Today, Mutual of Omaha uses its online presence to share its mission and values with customers as well.
At the heart of Mutual of Omaha’s service is a desire to help people in their greatest time of need.
One of the main ways they do this is through the Mutual of Omaha Foundation, which granted over $4.5 million last year to organizations in Omaha dedicated to confronting poverty in the area.
Financial Strength & Ratings
Today, Mutual has more than 6,000 employees, a surplus of over $3 billion, and total assets over $43 billion.
These numbers are representative of the company’s growth, stability in the current marketplace, and potential for the future.
In addition to the solid numbers above, Mutual of Omaha has excellent ratings from three of the four major rating agencies.
This results in a top tier Comdex score of 93.
Mutual of Omaha also earned an “A+” from the Better Business Bureau, where it has been accredited since 1940.
These are the highest marks in the industry, shared with some of the best life insurance companies of 2019.
Choosing Mutual of Omaha as your life insurance provider gives you a nice array of life insurance products, including
Let’s take a closer look at each product.
Term life insurance is designed to provide you with protection for a predetermined period of time.
As such, it’s more affordable than permanent life insurance.
Many young families opt for this coverage to replace income, pay off debt, and fund their children’s education.
Mutual of Omaha’s policies come in 10-, 15-, 20-, and 30-year terms.
You can apply for coverage between the ages of 18 and 80 and access over $100,000 in coverage.
Mutual of Omaha’s policies come with the option of converting to a permanent policy later in life.
Mutual of Omaha is one of just a handful of carriers who offer no exam coverage.
If you’re searching for a more permanent solution, one of Mutual of Omaha’s universal policies may benefit you.
There are four products, each of which comes with its own set of advantages:
- Guaranteed Universal Life: If you care more about a death benefit with some guarantees and less about growing cash value, this policy is your best bet. It’s the cheapest way to get permanent, lifelong coverage.
- AccumUL: This policy is geared more towards cash value growth than its guaranteed counterpart. It comes with a set minimum growth rate of 2%.
- Income Advantage SM: If you’re looking for an indexed policy with more potential for growth, take a look at the Income AdvantageSM. This indexed policy is the most focused on accumulating cash value.
- Life Protection Advantage SM: This indexed policy gives you guaranteed no-lapse coverage through age 85 and access to the cash value.
Whether your primary focus is accumulating cash value or getting affordable permanent coverage, one of Mutual of Omaha’s universal policies can help you meet your goals.
Whole life insurance allows you to lock in premiums for your entire life and guarantees a death benefit for your beneficiaries, along with the potential for tax-deferred cash value growth.
You can also access the cash value if you ever need a loan.
With all of those benefits, whole life insurance is far more expensive than term or universal coverage.
Mutual of Omaha’s policies come in two forms: Guaranteed Plus Whole Life Insurance with Funeral Planning Services, which can be applied for online, and Living Promise Whole Life Insurance, which you must apply for with an agent.
The first option is available for 45 to 85-year-olds with benefits ranging from $2,000 to $25,000.
The policy does not require a medical exam or even ask health-related questions on the application.
The latter option, Living Promise, comes with simplified underwriting in two forms.
The Level Benefit Plan, issued for 45 to 85-year-olds, offers benefits up to $40,000 with accelerated death benefits.
The Graded Benefit Plan, on the other hand, is available for 45 to 80-year-old applicants and provides up to $20,000 of coverage in most states.
Finally, the Children’s Whole Life policy from Mutual of Omaha is available to children between two weeks old and 17 years old.
Mutual of Omaha offers one of the most competitive and highly valued children’s life insurance products.
The policy has the potential to build up cash value in addition to the face value.
You can get coverage from $5,000 to $50,000. There is also a rider allowing you to expand coverage to $250,000 over the child’s life, without medical requirements.
Mutual of Omaha also has accidental death insurance, medicare supplements, long term care insurance, disability insurance, critical illness insurance, and more.
If you’re looking for investment services, Mutual of Omaha has you covered.
You’ll have your choice of mutual funds, variable annuities, and even 529 plans to help pay for your children’s college educations.
Purchasing life insurance is a major, life-altering decision, one that warrants some close consideration.
Rather than buying a policy from the first decent provider you encounter, you should take the time to compare multiple companies.
Here are a few alternatives to Mutual of Omaha you may want to explore:
- Haven Life: For an equally simple application with more robust term life coverage and lower premiums, consider Haven Life. You could get an instant decision and up to $3 million of coverage.
- Gerber: If you’re looking for final expense coverage or children’s insurance, be sure to compare Mutual of Omaha to Gerber, a provider with comparable policies.
- Protective: You’d be remiss not get quotes from Protective if you’re looking for a universal policy. Their coverage is flexible and incredibly affordable.
There’s plenty to appreciate with Mutual of Omaha’s life insurance offering.
To recap, here are some of Mutual of Omaha’s strongest features:
- Reputation: Mutual of Omaha has stellar ratings from the top credit rating agencies in the country, as well as an impressive history and portfolio.
- Product lineup: There’s a policy for everyone at Mutual of Omaha, from seniors in high school to senior citizens.
- Universal products: Mutual of Omaha’s universal policies are sought out for their cheap and flexible coverage, allowing you to structure the policy around your needs and goals.
- No exam: Mutual of Omaha provides access to several policies via an online application without the requirement of a medical exam.
There are also a couple of downsides to choosing Mutual of Omaha as a provider.
Consider the following:
- Non-competitive term life: Mutual of Omaha’s term life insurance policies are far from the best deal in the industry. You can secure lower rates elsewhere.
- Low whole life policies: Each of Mutual of Omaha’s whole life policies caps off below $100,000, whereas other companies offer millions of dollars of coverage.
Mutual of Omaha has an excellent reputation within the life insurance industry, and it looks like the company is here to stay.
With highly competitive guaranteed options and appealing children’s life insurance policies, Mutual of Omaha could be worth your time.
While their term life policies aren’t the most affordable, they aren’t the least, either.
With over 100 years in the business, multiple lines of coverage, and nationwide presence, Mutual of Omaha could be the provider for you.
To be certain, take the time to compare quotes from several of the industry’s top providers.