Mutual of Omaha Insurance review

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Life insurance can play an important role in ensuring your loved ones are financially secure after you pass away. Based in Nebraska, Mutual of Omaha is one of the oldest and largest life insurance companies in the U.S., having been in service for more than 100 years. It began selling health and accident insurance in 1909, adding life insurance to its products in 1926. Today, it is a leader in the insurance industry with a variety of products available to individuals and their families.

Mutual of Omaha life insurance

Mutual of Omaha is a full-service life insurance company selling the standard types of life insurance products. It is a mutual company, meaning all policyholders own a small stake of the company. Buying a life insurance policy from a mutual company typically comes with additional benefits, such as annual dividends. However, Mutual of Omaha does not pay out dividends with their life insurance policies.

Besides life insurance, Mutual of Omaha can provide banking and investment options, such as mutual funds. The expanded financial services may be convenient for policyholders, allowing them to manage their accounts, plan for retirement and beyond, all in one place.

You can start the quote process online to get an idea of how much a life insurance policy will cost you and meet with an agent afterward to purchase a policy.

Types of life insurance policies offered

Life insurance isn’t a one-size-fits-all product. There are a variety of ways to plan your legacy. Mutual of Omaha provides three main types of life insurance:

Term life insurance

Term life insurance is the simplest and most affordable type of life insurance policy to sign up for. Mutual of Omaha provides coverage for term lengths of 10, 15, 20 or 30 years. You’ll be able to buy a policy with a payout benefit of at least $100,000 or more. Term policies can be converted into permanent life insurance at any time before the policy expires.

Guaranteed whole life insurance

Guaranteed whole life insurance is a form of permanent coverage that builds cash value from fixed premiums, while also offering a death benefit and assistance with final expenses. Moreover, a medical exam is not needed. For those on a fixed income or those who simply want peace of mind, guaranteed whole life insurance may provide a good option.

Mutual of Omaha offers guaranteed whole life insurance coverage to adults between the ages of 45 and 85, or those ages 50-75 for New York residents. Benefits range from $2,000 to $25,000, or $5,000 to $25,000 in Washington.

Universal life insurance

The last type of life insurance available through Mutual of Omaha is universal life insurance. It provides you with a lifetime of coverage — as long as you continue to pay your premiums, you’ll be covered. The most popular of the company’s universal life products is Income Advantage, an indexed universal life policy tied to an index fund that tracks the S&P 500’s performance, for the chance to earn more on your cash value funds.

The most flexible of life insurance products, Mutual of Omaha’s universal life policies allow you to change your premium payment frequency and amount, as well as adjust the policy’s death benefit as needed. Your cash value has the opportunity to grow faster than a whole life insurance policy because you can grow your money through investments such as mutual funds. Mutual of Omaha provides three different products:

  • Life Protection Advantage — includes accelerated death benefit and guaranteed refund
  • Income Advantage — cash value account is tied to an index fund for growth and provides downside protection to protect your principal against market losses
  • AccumUL Answers — earn a declared interest rate of at least 2% per year

Where does Mutual of Omaha operate?

Mutual of Omaha is available in all U.S. states. However, it is important to note that product availability may vary based on your state.

A full listing of Mutual of Omaha locations is available on the website.

Mutual of Omaha ratings, reviews, customer satisfaction and complaints

When deciding whether Mutual of Omaha (or any other life insurance company) is right for you, it’s important to evaluate customer reviews and the insurer’s financial strength. After all, you’ll likely want to work with a life insurance company capable of paying your beneficiaries a death benefit decades down the road.Mutual of Omaha’s reviews are positive, with high scores from leading industry rating providers, like AM Best, J.D. Power and Moody’s.

Mutual of Omaha life Insurance Ratings
Type of rating Rating
AM Best financial strength rating A+ (Superior)
Moody’s financial strength rating A1
S&P long-term issuer credit rating AA- (Very Strong)
J.D. Power U.S. Life insurance Study score 789/1,000 (ranked #5)

Additional policies offered by Mutual of Omaha

In addition to life insurance, Mutual of Omaha also offers accidental death insurance. This policy will pay your loved ones up to $1,000,000 if you die in an accident. No medical exam is required and coverage is guaranteed until the age of 80. It’s ideal for individuals in higher-risk jobs or who travel regularly. Coverage kicks in for death from:

  • A workplace accident
  • Traveling as a fare-paying passenger on a boat, bus or airplane
  • Payout of up to $300,000 if the policy owner is killed in a car accident or struck by an automobile as a pedestrian

Frequently asked questions

What is the best life insurance company?

The best life insurance company depends on your personal needs. There are several quality life insurance companies to choose from — your best bet is to compare products and pricing from a few to choose the best life insurance company for you.

What are Mutual of Omaha reviews like?

Mutual of Omaha life insurance has a good reputation among customers. Mutual of Omaha life insurance comes in at #3 in the J.D. Power Customer Satisfaction survey of best life insurance companies, with a score of 795 out of 1,000.

What is the difference between term and permanent life insurance?

The main difference is the length of time you’ll be covered. Term life insurance provides you with protection for a set period of time between 10 and 30 years. If you pass during the covered period, your beneficiaries should receive a payout. Permanent life insurance covers you without an expiration date. As long as you keep your policy current, your loved ones should remain eligible for a payout.

What are Mutual of Omaha reviews like?

Mutual of Omaha is one of the best life insurance companies in the U.S. for 2021. With high scores for customer satisfaction from J.D. Power and top ratings from AM Best for financial stability, Mutual of Omaha remains one of the most popular life insurance companies in the country. However, it may be worth noting that S&P downgraded Mutual of Omaha’s long-term issuer credit rating from A+ to AA- as recently as 2020.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance and business journalist who has been featured in Bankrate, Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. She regularly travels to Africa and the Middle East to consult with women’s NGOs about small business development and works with select startups and women-owned businesses to provide growth and visibility.
Edited by
Insurance Editor