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Mutual of Omaha life insurance review 2022

Updated Nov 15, 2022
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Mutual of Omaha could be a good choice if you are looking for a company with excellent customer service and a no-exam whole life insurance option. Only its whole life can be purchased online, though, and there aren’t agency locations in every state. 

Pros

  • Whole life insurance available without medical exam
  • Ranked fifth of top life insurers in 2021 J.D. Power Life Insurance Study
  • Strong financial strength rating scores show past ability to pay claims

Cons

  • Only whole life policy can be purchased online
  • Only has office locations in 34 states

Life insurance plays an important role in helping ensure 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 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.

 

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Mutual of Omaha life insurance coverage types

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 and there are no health questions on the application. 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 aged 50-75 for New York residents. Benefits range from $2,000 to $25,000, or $5,000 to $25,000 in Washington. If you buy directly through an agent, you may qualify for up to $40,000 in whole life insurance, but you will have to answer health questions on the application.
  • Universal life insurance: The last type of life insurance available through Mutual of Omaha is universal life insurance. It provides you with lifelong coverage as long as you continue to pay your premiums. 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 office 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. The life insurer is ranked fifth in overall customer satisfaction in the 2021 J.D. Power Individual Life Insurance Study, showcasing its ability to meet most policyholders’ needs. Mutual of Omaha also has a lower-than-average NAIC complaint index of 0.87 compared to the national baseline of 1.0. This score demonstrates how few complaints are filed against Mutual of Omaha.

Mutual of Omaha also has a strong history of being able to meet its financial obligations. It is listed as having an A+ (Superior) financial strength rating from AM Best and A1 rating from Moody’s. The life company also has a very strong rating with Standard & Poor’s (S&P), rated at AA-. These ratings are some of the highest from the respective credit rating agencies. They show the company’s past ability to pay claims in full and on time, which is important when considering the size of a life insurance claim payout.

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. Coverage is designed to kick in following death from an accident such as:

  • A workplace accident
  • Traveling as a fare-paying passenger on a boat, bus or airplane
  • A car accident
  • Being struck by a vehicle as a pedestrian (with a payout of up to $300,000)

Not sure if Mutual of Omaha is right for you? Consider these alternatives

When shopping for life insurance, gathering quotes to compare companies’ policy rates and premium rider options can help you find the best fit. Here are more alternatives to consider besides Mutual of Omaha:

  • Guardian: For whole insurance, another option to consider is Guardian. This insurer offers several premium rider add-ons to customize your policy and has a similar complaint index score to Mutual of Omaha.
  • Nationwide: If universal life interests you, Nationwide is a competitor worth checking out. Not only does it offer several types of universal life for most consumer needs, it won a 2022 Bankrate Award for Best Universal Life Insurer and is in second place in the 2021 J.D. Power Life Insurance Study.
  • State Farm: Offering similar life insurance policies to Mutual of Omaha, State Farm also provides coverage nationwide. It also ranked first in the 2021 J.D. Power Individual Life Insurance Study for customer satisfaction and won a 2022 Bankrate Award for Best Term Life Insurer.