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Mutual of Omaha life insurance review 2023
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About Bankrate Score
Bankrate's take
Mutual of Omaha may be your carrier of choice if you are looking for a company with excellent customer service and a no-exam whole life insurance option.
Who Mutual of Omaha may be good for: Mutual of Omaha may be good for policyholders looking for an established company with several policy types available.
Who Mutual of Omaha may not be good for: Mutual of Omaha only offers online quotes for term policies. However, its website has limited functionality, so policyholders who prefer a digital insurance experience may want to look into other options.
Mutual of Omaha life insurance
Based in Nebraska, Mutual of Omaha has been selling insurance and other financial products and services for more than 100 years. As a mutual company, policyholders each own a small stake in the company.
Mutual of Omaha offers three types of life insurance. They are:
- Term life insurance: Term life insurance policies with Mutual of Omaha have term options of 10, 15, 20 and 30 years. Like many term policies, policyholders have the option to convert the policy to a permanent policy at the end of the term. Term policies may be a good choice for customers looking for coverage for a set period of time, such as until their children become adults.
- Permanent life insurance: Permanent life insurance policies include a death benefit in addition to a cash value portion. These policies could be a good choice for those looking to have a policy that lasts until they pass away, as long as the premiums are paid. Mutual of Omaha offers two types of permanent life insurance.
- Whole: Mutual of Omaha's whole life insurance policies do not require a medical exam and include a cash value component that you may find helpful. The carrier also offers children's whole life insurance.
- Universal: Universal life insurance from Mutual of Omaha includes standard universal life and two indexed universal life options. The cash value of indexed universal life insurance policies is tied to the performance of a market index.
- Accidental death insurance: Accidental death insurance from Mutual of Omaha is a separate policy type designed to cover death due to a covered accident, including work-related incidents. This policy type may be a good option for customers who do not qualify for other types of life insurance policies like term or whole.
Pros and cons of Mutual of Omaha life insurance
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Whole life insurance policies without a medical exam are available for qualifying policyholders
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Diverse product line
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Allows policyholders to convert term life plans into permanent plans with no medical exam
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Age restrictions and policy terms vary by state
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Limited online capabilities
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Only has agent locations in 33 states
Mutual of Omaha life insurance endorsements
Endorsements, or riders, are add-ons that you can purchase that provide additional coverage. Not all Mutual of Omaha endorsements are available for all policies or in all states where the company sells insurance. The carrier advertises a long list of potential riders, including:
Compare Mutual of Omaha with other insurers
Whether you're looking for a variety of coverage types or the cheapest life insurance carrier, the right company for you likely depends on your own personal priorities. If you're not sure Mutual of Omaha is the best choice for you, you might consider comparing life insurance quotes from these alternative carriers:
Mutual of Omaha vs. Prudential
If you're primarily interested in term life insurance, Prudential could be a good option. The carrier offers three term policy options as opposed to Mutual of Omaha's single term choice. It also offers four options for its universal life insurance, including indexed universal life, survivorship universal life and variable universal life.
Prudential has local agents nationwide. However, its customer service rankings are mixed. J.D. Power scores the carrier just below average for overall customer satisfaction. Prudential has a high NAIC Complaint Index of 8.65 for its individual life product, as well.
Learn more: Prudential Life Insurance review
Mutual of Omaha vs. Northwestern Mutual
Northwestern Mutual offers many of the same policy types as Mutual of Omaha and earned our 2023 Bankrate Award for best universal life insurance company. The company also offers financial planning services if you need a bit of help to establish a financial plan for your money goals. Northwestern Mutual carries strong customer satisfaction ratings. However, it has no option for online quoting.
Learn more: Northwestern Mutual Life Insurance review
Mutual of Omaha vs. State Farm
State Farm received a 2023 Bankrate Award for best term life insurance company, so it may be an especially good option for those seeking a term policy. State Farm also offers home and auto insurance, so if you like to carry all your insurance products with one carrier, it could be a convenient option. State Farm only offers online quoting for its term life insurance, but it came in first in J.D. Power's life insurance study and holds the highest possible financial strength rating from AM Best.
Learn more: State Farm Insurance review
Is Mutual of Omaha a good insurance company?
If you're looking for a variety of policy choices from a company with more than 100 years of experience in the life insurance business, Mutual of Omaha may be worth considering. It offers a good range of both term and permanent policy types, including a whole life option that does not require a medical exam. Unlike some insurers, Mutual of Omaha’s focus is solely on life insurance and financial products, and it does not sell homeowners or auto insurance.
Mutual of Omaha customer satisfaction
Because life insurance quotes generally do not vary as much as home or auto insurance, you might be more concerned with customer satisfaction than price. Mutual of Omaha carries strong customer satisfaction and financial strength ratings from a variety of third-party evaluators.
To pinpoint some of the best life insurance companies, Bankrate's editorial team looked at J.D. Power's 2022 Individual Life Insurance Study. Mutual of Omaha came in third for overall customer satisfaction.
Bankrate also looked at Mutual of Omaha's financial strength ratings. The company has a Superior (A+) rating for financial strength per AM Best and an A1 rating from Moody’s, as well as a very strong rating (A+) with Standard & Poor’s.
Study or Rating Agency | Mutual of Omaha | Industry average |
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2022 J.D. Power Individual Life Insurance Study | 801/1,000 | 774/1,000 |
2022 J.D. Power Group Life Insurance Study | 817/1,000 | 797/1,000 |
AM Best rating | A+ | N/A |
Mutual of Omaha life complaints
Another valuable customer satisfaction metric is the National Association of Insurance Commissioners (NAIC) Complaint Index. Mutual of Omaha has an overall complaint index of 0.48, but most of the company's life insurance policies are underwritten by United of Omaha. Over the past three years, United of Omaha has had ratings right above and below the average for individual life. This could indicate that overall, the carrier receives the average amount of complaints expected for a company of its size.
The index has a baseline of 1.0, with companies above that receiving more complaints than expected.
Other Mutual of Omaha tools and benefits
Life insurance can be a confusing product. Customers who are unsure which policy type may be right for their needs might be interested in:
- Mutual of Omaha's Planning and Advice page: Features articles on common insurance topics, such as the real cost of life insurance and how to find a policy when you're over 50.