Mutual of Omaha Life Insurance Review 2019

We didn’t pick this insurer as Best Overall for its charming smile—Mutual of Omaha has it going on.

4.6/5 (Star Rating)

Products

  • Term
  • Universal
  • Whole
  • AD&D
  • Group

Mutual of Omaha is a mutual company, meaning that each policyholder owns a small part of the company. This company owns a large subsidiary called United of Omaha that also sells life insurance.

Mutual of Omaha was founded 110 years ago, and today the company consistently shows up on  “best of” lists for life insurance companies, including a well-known listing by J.D. Power. Mutual of Omaha was also named a Fortune 500 company for 23 years. Combine that with competitive pricing and a variety of term and permanent policy options, and Mutual of Omaha has its bases covered.

And did we mention it made it onto our own Best Life Insurance Companies list?

Mutual of Omaha: Who is it best for?

  • People who use an agent: You can request a quote on the web, but you must apply through an agent.
  • Busy people: You won’t have to take a medical exam to apply for a whole life policy.
  • People who want reliability: Mutual of Omaha is a long-time financially stable company.

Mutual of Omaha life insurance policies

Mutual of Omaha offers a variety of life insurance products, including three types of life insurance policies for individuals: term, guaranteed-issue whole, and four universal life products.

Mutual of Omaha policies

  Death benefit payout range Age range Exam required?
Term life $100,000+ 18-80 Yes
Universal life Varies Up to 85 Varies
Whole life $2,000-$25,000 45-85 No

Table created for illustration purposes only. Information available at MutualOfOmaha.com. Data effective 5/28/19.

In most areas, you can apply for a policy well into your 80s, making this insurer a good life insurance option for seniors. Meanwhile, a wide range of death benefits allows you to customize your coverage from just a few thousand to a million dollars or more.

While this review will focus on Mutual of Omaha’s individual life insurance policies, the company also offers additional products such as these:


How much does Mutual of Omaha life insurance cost?

Based on the sample rates below, Mutual of Omaha premiums are at or slightly above our list of best life insurance rates, with competitive prices for seniors and people with preexisting conditions. Their rates for former tobacco users are less competitive.

Although this insurance company’s rates aren’t at the lower end, Mutual of Omaha’s record of quality customer service and financial stability are often worth the difference.

Mutual of Omaha sample rates

20-year term life insurance for a healthy 25-year-old

Death benefit payout Monthly male premium Monthly female premium
$100,000 $11 $10
$250,000 $29 $26
$500,000 $28 $31
$1M $36 $29
Get a Quote

Sample quotes based on MutualOfOmaha.com and are for illustration purposes only. Actual quotes may vary. Data effective 7/17/19.

20-year term life insurance for a healthy 50-year-old

Death benefit payout Monthly male premium Monthly female premium
$100,000 $28 $23
$250,000 $46 $36
$500,000 $83 $62
$1M $158 $113
Get a Quote

Sample quotes based on MutualOfOmaha.com and are for illustration purposes only. Actual quotes may vary. Data effective 7/17/19.


Why you should consider Mutual of Omaha

Mutual of Omaha Life Insurance Company may not work for everyone, but it offers ample coverage options to suit most people. This company also has a variety of ways to get quotes or apply for a policy online, but how much you can accomplish without speaking to an agent varies by the type of policy you want.

Policy options for most

Mutual of Omaha doesn’t offer everything under the sun when it comes to life insurance. You can’t buy a variable policy, for example, and its whole life insurance comes in a guaranteed issue (no exam) form only. However, the options Mutual of Omaha does offer will likely suit a variety of needs.

You can choose 10-, 15-, 20-, or 30-year terms—and have the option to convert to a permanent policy later. Meanwhile, each of four universal life insurance policies aims to meet a specific need. The Guaranteed Universal Life policy focuses on ensuring lifelong coverage, while the AcumUL provides a better return on your cash value.

Online quotes and applications

The Mutual of Omaha website breaks down its policies with information such as what death benefit amounts you can buy and how old you can be when applying. In many cases, you can also receive a quote online, although this option isn’t available with any of its universal life options.

If you’re looking for whole life or an accidental death policy, you may be able to apply online. Otherwise, you’ll have to go through an agent to buy a policy.


How Mutual of Omaha stacks up

Mutual of Omaha is widely recognized as a top insurance company. Because this insurer is a mutual company, you, the customer, are a shareholder in this large, financially stable company with plenty to offer.

Is Mutual of Omaha financially stable?

Mutual of Omaha financial ratings
AM Best (FSR) A+
S&P AA-
Moodys A1
Fitch N/A

Table created using information available at AMBest.com, StandardAndPoors.com, Moodys.com, and FitchRatings.com. Data effective 5/28/19.

A.M. Best, the gold standard for the insurance industry, gives Mutual of Omaha a stable superior rating of A+. Standard and Poor’s (S&P) and Moodys follow suit with high marks and a stable outlook as well. Fitch hasn’t rated Mutual of Omaha or United of Omaha, but it’s common for even large companies to be missing a rating from one of these entities.


Claims and customer service

J.D. Power ranks Mutual of Omaha fifth on its 2018 US Life Insurance Study for overall customer satisfaction. That’s up from number eight in 2017.

According to the National Association of Insurance Commissioners (NAIC), consumers have filed few complaints against Mutual of Omaha, earning the company a complaint ratio of 0.00. To put that in perspective, the national average is 1.00.

In total, Mutual of Omaha received 10 official complaints in 2018. For a company slated to bring in over $9 billion in revenue in 2019, that’s super low.


Bottom line: Mutual of Omaha is solid all around

For most people, Mutual of Omaha checks all the most important boxes.

Financial stability, caring customer service, and competitive pricing make this company stand out from the crowd. Mutual of Omaha doesn’t have every option you could want, but the term life, universal life, and no exam whole life it offers are top notch.

If Mutual of Omaha sounds like the right company for you, get a quote today.

Need help understanding how life insurance works? Check out these other pages: 


Mutual of Omaha FAQ

Can I buy a no exam term life insurance policy with Mutual of Omaha?

Mutual of Omaha doesn’t sell no exam term life insurance for individuals, but it does sell no exam whole life insurance policies. If your employer offers Mutual of Omaha policies as part of your benefits package, you may find a no exam term life policy there. But be aware: you may lose this coverage if you leave your job.


Sources

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