How do you file a claim with Mutual of Omaha?

Beneficiaries can file a claim with Mutual of Omaha in one of two ways. You may complete the online claim form or call 1-888-493-6902 for claims on an individual policy. If the policy is through an employer, call 1-800-775-8805. Whichever method you use, you will be asked for the following information: Policyholder's name Their date of birth and death Their cause of death The policy number Your name and contact information Your relationship to the deceased If you are not the beneficiary but you know who is, you will need their name, contact information and relationship to the deceased.

Does Mutual of Omaha have a corporate sustainability program?

Mutual of Omaha states its commitment to environmental, social and governance issues on its website. For one, the company is focusing on reducing energy demands and paper waste in its current and upcoming office locations. Mutual of Omaha also shows a solid commitment to its employees and community through well-being programs and the Mutual of Omaha Foundation, which donated $7.5 million to over 120 charities focused on breaking the cycle of poverty. Lastly, Mutual of Omaha's upcoming TV series Wild Kingdom: Protecting the Wild! is coming to NBC in late 2023 to share the importance of protecting animal habitats.

What is the two-year rule for Mutual of Omaha life insurance?

The two-year rule is a type of exclusion built into Mutual of Omaha's whole life insurance policies to help avoid insurance fraud. If you were to die of natural causes within the first two years of having this type of policy, your beneficiaries will only receive however much was paid into the policy plus 10 percent. But if you were to pass away after two years for any cause, your beneficiary will receive the payment in full.

At what age should you stop paying term life insurance?

People typically purchase term life insurance to have coverage for a specific financial reason or during a particular phase of life, such as while they are paying off a mortgage or raising young children. Once a policyholder is in their 60s or 70s, their children are usually financially independent, and they may have paid off their mortgage. At that point, it might make sense to cancel the insurance policy. However, this isn't the case for everyone. Senior citizens could very well have other financial obligations where a term life insurance policy may be helpful. It is best to contact a financial professional for advice that pertains to your situation.

Does Mutual of Omaha have guaranteed issue?

Yes, Mutual of Omaha offers guaranteed whole life insurance policies under United of Omaha. The age range for qualified applicants is between 45 to 85 for coverage up to $25,000. According to Mutual of Omaha, the premiums do not increase over time and are relatively low. However, please note that while premiums may start as low as $8.84 per month, that is based on only $2,000 worth of coverage. Contact Mutual of Omaha directly for an exact quote, and consider using Bankrate’s life insurance calculator to learn how much life insurance you need.

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Mutual of Omaha life insurance review 2023

Written by

Shannon Martin

Edited by

Jessa Claeys

Edited by

Jessa Claeys

Updated Sep 08, 2023

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our .

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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.

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

Pros

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

Cons

Age restrictions and policy terms vary by state
Limited online capabilities
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:

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Whole life insurance combines life insurance with an investment component.

Coverage for life
Tax-deferred savings benefit if premiums are paid
3 variations of permanent insurance: whole life, universal life and variable life include investment component

Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.

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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. 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
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.

Frequently asked questions about Mutual of Omaha

Beneficiaries can file a claim with Mutual of Omaha in one of two ways. You may complete the online claim form or call 1-888-493-6902 for claims on an individual policy. If the policy is through an employer, call 1-800-775-8805. Whichever method you use, you will be asked for the following information:
- Policyholder's name
- Their date of birth and death
- Their cause of death
- The policy number
- Your name and contact information
- Your relationship to the deceased
If you are not the beneficiary but you know who is, you will need their name, contact information and relationship to the deceased.
Mutual of Omaha states its commitment to environmental, social and governance issues on its website. For one, the company is focusing on reducing energy demands and paper waste in its current and upcoming office locations. Mutual of Omaha also shows a solid commitment to its employees and community through well-being programs and the Mutual of Omaha Foundation, which donated $7.5 million to over 120 charities focused on breaking the cycle of poverty. Lastly, Mutual of Omaha's upcoming TV series Wild Kingdom: Protecting the Wild! is coming to NBC in late 2023 to share the importance of protecting animal habitats.
The two-year rule is a type of exclusion built into Mutual of Omaha's whole life insurance policies to help avoid insurance fraud. If you were to die of natural causes within the first two years of having this type of policy, your beneficiaries will only receive however much was paid into the policy plus 10 percent. But if you were to pass away after two years for any cause, your beneficiary will receive the payment in full.
People typically purchase term life insurance to have coverage for a specific financial reason or during a particular phase of life, such as while they are paying off a mortgage or raising young children. Once a policyholder is in their 60s or 70s, their children are usually financially independent, and they may have paid off their mortgage. At that point, it might make sense to cancel the insurance policy. However, this isn't the case for everyone. Senior citizens could very well have other financial obligations where a term life insurance policy may be helpful. It is best to contact a financial professional for advice that pertains to your situation.
Yes, Mutual of Omaha offers guaranteed whole life insurance policies under United of Omaha. The age range for qualified applicants is between 45 to 85 for coverage up to $25,000. According to Mutual of Omaha, the premiums do not increase over time and are relatively low. However, please note that while premiums may start as low as $8.84 per month, that is based on only $2,000 worth of coverage. Contact Mutual of Omaha directly for an exact quote, and consider using Bankrate’s life insurance calculator to learn how much life insurance you need.

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