Mutual of Omaha Life Insurance Company

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Mutual of Omaha is one of the nation’s most trusted and highly-rated brands with extensive products and riders for applicants across the board and exceptional final expense coverage.

A.M. Best

A+

BBB

A+

J.D. Power

795

The Good

  • Best-in-Class final expense product
  • Financial security
  • Versatile product lineup
  • High customer satisfaction
  • Low complaint ratio

The Bad

  • Less competitive term rates
  • Whole life coverage limits

Product Availability

Policy Types
  • Term
  • Universal
  • Whole
  • Children’s
Riders
  • Accelerated death benefit
  • Accidental death benefit
  • Child protection 
  • Disability income
  • Disability waiver of premium
  • Level death benefit
  • Other insured
  • Partial return of premium
  • Residential damage 
  • Unemployment waiver of premium

Overall

4.40

Price/Value

3.1

Financial Strength

3.1

User Experience

4.2

Product Availability

4.5

Brand/Size

3.6

Price/Value

What you pay for life insurance depends on a range of factors, from the type and amount of coverage you need to the risk you pose to the company.

That means things like your age, weight, health conditions, family health history, and even your lifestyle factor into the equation.

Your rates will also depend on which life insurance company you choose, as some specialize in certain types of coverage or offer more generous underwriting for adverse health conditions.

For the average applicant, Mutual of Omaha’s policies are reasonably priced, though they aren’t the most competitive.

Young applicants in good health can get rates that are close to the industry average, though older applicants can expect to pay above-average premiums for term life insurance.

Though Mutual of Omaha’s underwriting isn’t the best for tobacco users, it is quite fair towards other health conditions that could have a negative effect on rates elsewhere.

Financial Strength

One of the most important boxes to check off as you evaluate a life insurance company is financial strength.

It is imperative to buy life insurance from a secure company that is well-equipped to pay out its policies.

Mutual fits the bill, with 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.

A.M. BestA+
Moody’sA1
Standard & Poor’sA+

These are the highest marks in the industry, shared with some of the best life insurance companies of 2020.

User Experience

A top-tier life insurance company should offer more than just affordable policies. 

They should also present you with a seamless user experience, from the day you start researching a policy until it’s time to file a claim.

Ratings

Ratings from the J.D. Power U.S. Life Insurance Study and the Better Business Bureau are helpful indicators of a life insurance company’s commitment to customer experience:

  • J.D. Power: 4 / 5
  • BBB: A+

Mutual of Omaha is J.D. Power’s second-highest rated company. Its overall satisfaction rating of 4 out of 5 indicates that it is “better than most.” 

The company has also been accredited by the Better Business Bureau since 1940, where it holds the bureau’s highest rating based on its complaint history among other rating factors.

Website

Mutual of Omaha’s website provides users with a fantastic experience, earning it a customer rating of 5/5 from J.D. Power.

Users can find educational info on life insurance, a calculator to determine their needs, and an easy quoting tool.

You can get term, whole, universal, and children’s life insurance quotes online, though you’ll have to contact an agent for a universal quote.

Mutual also makes it easy to compare policies, providing extensive policy details that are often left out on competitors’ sites.

The company also provides transparent records of its financial performance and ratings, along with the company’s history, values, and community involvement.

Most policy updates can be completed online, though changing a beneficiary requires policyholders to mail in a form.

Application

You can easily enter your contact information on Mutual of Omaha’s website to be contacted by an agent and start the application process.

In the J.D. Power survey, customers gave Mutual a 5/5, putting it “among the best” for its application process.

The application process is simple and straightforward, with knowledgeable agents to help guide you through the process.

While Mutual offers traditionally underwritten policies, you may be able to qualify for simplified underwriting with a health questionnaire.

For instance, you can apply online for one of Mutual of Omaha’s small final expense policies, getting nearly instant coverage in place online.

Applicants who undergo traditional underwriting can expect a reasonable turnaround time, close to the industry average.

Product Availability

Choosing Mutual of Omaha as your life insurance provider gives you a nice array of life insurance products.

Term

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.

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, and the company is one of just a handful of carriers who offer non-med coverage.

Universal

If you’re searching for a more permanent solution, one of Mutual of Omaha’s universal policies may benefit you.

There are three products, each of which comes with its own set of advantages:

  • AccumUL: This policy is geared more towards cash value growth, 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

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.

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.

  • Guaranteed Plus: 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.
  • Living Promise: 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 is available for 45 to 80-year-old applicants and provides up to $20,000 of coverage in most states.

Children’s

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.

Brand/Size

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.

The company took on its current name, Mutual of Omaha, in 1950, 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.

Over the years, the company has grown and expanded its product lineup. In addition to life insurance, Mutual of Omaha offers:

  • accidental death insurance
  • medicare supplements
  • long term care insurance
  • disability insurance
  • critical illness insurance
  • investment services
  • mutual funds
  • variable annuities
  • 529 plans

The company now has more than 6,000 employees and close to 4.8 million policyholders, figures that continue to rise.

Philanthropy

Today, Mutual of Omaha uses its online presence to share its mission and values with customers.

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 $4.3 million last year to organizations in Omaha dedicated to confronting poverty in the area.

Their employees donated more than 100,000 hours of community service to over 200 organizations last year, as well.

Brand

Due to its marketing efforts and longstanding history, Mutual of Omaha is a popular name, not just in the industry, but in homes nationwide.

The company is particularly popular among the elderly population, widely known for its final expense insurance.

But Mutual targets more than just older applicants, connecting with clients across the board with its advertising campaigns and social media presence.

With commercials airing on TV and shared on YouTube, the company has built a strong brand recognition.

You can also join Mutual’s hundreds of thousands of followers on Facebook, Instagram, and Twitter, where the company shares financial resources and engages with customers.

Consensus

The best life insurance companies have earned a positive reputation among customers, agents, and financial experts. 

Though Mutual doesn’t always top everyone’s list of competitive term life providers, they’re universally hailed as one of the best companies for children’s and final expense insurance.

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.

Mutual of Omaha Life Insurance Company

Phone
(402) 342-7600
Address
3300 Mutual of Omaha Plaza
Omaha, NE 68175

Company Name (and subsidiaries)

  • United of Omaha Life Insurance Company
  • Companion Life Insurance Company (NY)

Author:

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Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.