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Mutual of Omaha life insurance review 2024

Updated Apr 03, 2024
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At a glance

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.

  • Ranked higher than the industry average in the 2023 J.D. Power Individual Life Insurance Study
  • Offers a wide range of life insurance products
  • NAIC Complaint Index for Mutual of Omaha’s underwriting company has been below the industry average for the last three years, indicating a limited number of complaints
  • Offers other insurance coverages such as long-term care and critical illness insurance

New

What’s new with Mutual of Omaha?

Mutual of Omaha announced on March 27, 2024, that they decided to sell their 401(k) recordkeeping business to Ascensus, a company they've been collaborating with for over two decades to support retirement savers. This portfolio includes over 2,300 retirement plans and assets exceeding $3.9 billion. Importantly, for those involved in these plans, the transition is expected to be seamless, with no immediate changes to their web or service experiences. Additionally, plan participants are set to benefit from Ascensus' advanced technology and comprehensive financial planning tools. This strategic decision underlines Mutual of Omaha's commitment to focusing on its core strengths while ensuring its customers' retirement planning needs continue to be met efficiently.

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.

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 are available to people aged 45-85, 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

Choosing Mutual of Omaha for your life insurance needs comes with its set of considerations. It's important to review the benefits the company offers, as well as understand any limitations that might affect you, such as state-specific terms and digital service options. Taking a closer look at what's available can help ensure that the policy you select aligns well with your requirements and expectations.

Green circle with a checkmark inside

Pros

  • Whole life insurance policies without a medical exam are available for qualifying applicants
  • Diverse product line
  • Allows policyholders to convert term life plans into permanent plans with no medical exam
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Cons

  • Age restrictions and policy terms vary by state
  • Limited online capabilities
  • Does not have physical agent locations in all 50 states

Mutual of Omaha life insurance riders

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:

  • Child life insurance rider: Can extend coverage to include family members, typically applicable to children aged six months to 21 years, though age limits may vary by state.
  • Chronic illness rider: May offer an accelerated death benefit if diagnosed with a chronic condition and unable to perform two of six activities of daily living for 90 consecutive days.
  • Critical illness rider: May offer an accelerated death benefit if diagnosed with one or more of the following conditions: ALS, kidney failure, life-threatening cancer, major organ failure, heart attack, stroke, dementia (including Alzheimer’s), major burns, AIDS and aortic aneurysm surgery.
  • Terminal illness rider: Could allow early access to benefits if diagnosed with a terminal illness expected to result in death within 12 months.

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 reviews indicate that it 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 2023 Individual Life Insurance Study. Mutual of Omaha came in fourth for overall customer satisfaction, with a score of 805 compared to the industry average of 790.

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.

Mutual of Omaha insurance customer complaints

Understanding the customer satisfaction level with Mutual of Omaha insurance can be enhanced by examining the National Association of Insurance Commissioners (NAIC) complaint scores. These scores provide a benchmark by comparing the number of complaints an insurance company receives relative to its size, with a baseline index of 1.0. A score above 1.0 suggests a higher number of complaints than average, while a score below 1.0 indicates fewer complaints. It's important to note that the NAIC differentiates complaint indexes by product type, such as life insurance, health insurance and others, to give a more nuanced view of a company's performance across its various offerings. This differentiation helps consumers gauge the company's service quality more accurately in specific insurance categories.

Mutual of Omaha has an overall complaint index of 1.13, 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 at or 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.

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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. It can help to compare Mutual of Omaha life insurance reviews with other companies. 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 below average for overall life insurance customer satisfaction. Prudential has a high NAIC Complaint Index of 7.70 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 scored above the industry average in the 2023 J.D. Power report. 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 2024 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

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Why you can trust Bankrate

Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Mutual of Omaha insurance review.

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quotes analyzed

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.

What are real-life customers saying about Mutual of Omaha?

To understand the experiences of Mutual of Omaha's customers, we turned to Trustpilot reviews, shedding light on various interactions with the company. Life insurance feedback, particularly concerning claims and payouts, can be difficult to find as not all policyholders undergo these experiences during their coverage period. This results in a limited number of detailed testimonials within the life insurance realm. Nevertheless, Trustpilot reviews serve as a crucial resource, offering a glimpse into the customer service and support one might anticipate from Mutual of Omaha.

Trustpilot

Trustpilot reviews for Mutual of Omaha reveal a spectrum of customer experiences. One user praised the company for its exceptional service and swift claims processing, highlighting the support provided during a difficult time after the loss of a loved one. In contrast, another user expressed frustration over a denied claim due to what they perceived as a lack of clarity in the medical questions asked during the policy setup, leading to a challenging situation following their mother's passing. These testimonials illustrate the varied interactions customers can have with insurance processes and the impact of communication clarity on claims outcomes.

Trustpilot user 1
Feb 8, 2024
Absolutely the Gold Standard for Life Insurance!
Rating: 5 stars out of 5
“I never imagined in 1,000 years that I would be writing a rave review about an insurance company - but here I am!! We have had two small policies for my mother since 2009 - one with Mutual of Omaha, and one with another large insurance company. Unfortunately, my mother recently passed and as the beneficiary, I can share first hand that the difference in service + claims processing between the two companies is literally night and day. Mutual of Omaha in my eyes, is the gold standard!! I am beyond impressed! They have provided excellent service in each and every department along the chain. They processed swiftly and to my pleasant surprise, they sent the check within days after notifying them of my mother’s death. The competitor will not likely send a check for another 4-6 weeks. That’s after snail mailing documents, they won‘t even start the process until things are received, and it takes time to even receive these official documents on our end. The fact that Mutual of Omaha moved so fast, it now allows our family to have the liquid funds to pay for services, our travel, rental cars and other essentials needed for these end of life family arrangements. It’s already a tough time to lose a loved one. Having the funds to take care of the services is the biggest blessing!!”
Trustpilot user 2
Oct 18, 2023
This company is worthless there is a…
Rating: 1 stars out of 5
“A sales lady from Mutual of Omaha sold me a policy on my mother, she asked all the medical questions and such. I told her that the only condition my mom had at the time was non-insulin dependent diabetes and she said that’s fine, she never asked anymore questions. Well my mom passed away ONLY 6 hours before the policy was 2 years old, so they had to do a full review of her medical records. They refused to pay because she had diabetes with neuropathy and they said the neuropathy wasn’t disclosed. I wasn’t asked about that at all just if she had diabetes, heart trouble or cancer. Neuropathy is just nerve damage it doesn’t kill anyone. The policy was bought in July of 2021 and she died in July of 2023. She died from cancer which wasn’t diagnosed til over 1 year after buying the policy. But they refused to pay because she was diagnosed with neuropathy in 2016. Absolutely worthless insurance. There is a reason they’re strong financially they don’t pay.”
Trustpilot user 3
Sep 25, 2021
Unfair denial. Blessing though in long run.
Rating: 1 stars out of 5
“I was denied for bipolar disorder and recent surgery. I've had bipolar disorder and under control for 19 years no issues. My Achilles tendon tore and had surgery for that and another surgery they didn't even ask what it was. I've never been denied life insurance. This company isn't good in my opinion. Then afterward in the denial I read they may share my information with marketing firms. They best not do that. Shady practices in my opinion. Glad I was denied after seeing this.”
Trustpilot user 4
Sep 23, 2022
STAY AWAY!!!!
Rating: 1 stars out of 5
“STAY AWAY unless you are ready to pay 3-4 times the initial quote. Even if you have a glamouring application and you have all the good answers, if there is a tiny issue within the last 10 years, they won't ask you if it was treated and resolved and went and tripled the price. I am very healthy, fit and active and all my numbers are perfect and ZERO meds and quoted more than 3 times the initial quote after they got all my personal info. BE AWARE!!!!”

Mutual of Omaha company details

For those considering Mutual of Omaha for their insurance needs, here are some key contact details and resources to help you get started or manage your existing policies:

  • Sales: 1-800-377-9000
  • Customer service: 1-855-624-1051
  • Claims: 1-888-493-6902 or online
  • Company website: mutualofomaha.com

State availability

Mutual of Omaha offers life insurance nationwide, but policy types and coverage may vary by state. United of Omaha Life Insurance Company underwrites life insurance policies in every state except New York. Companion Life Insurance Company underwrites New York policyholders for life insurance and annuities.

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 also offers other products such as:

  • Long-term car insurance
  • Disability income insurance
  • Critical illness insurance
  • Cancer, heart attack and stroke insurance
  • Financial services such as annuities and investments

Frequently asked questions about Mutual of Omaha

Written by
Ashlyn Brooks

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Edited by Editor II, Insurance