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Mutual of Omaha life insurance review 2023

Updated Mar 09, 2023
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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. It only offers online quotes for term policies, though, and there aren’t agency locations in every state.

  • Whole life insurance may be available without medical exam

  • Ranked third among top life insurers in 2022 J.D. Power Life Insurance Study

  • Strong financial strength rating from AM Best

  • Online quoting is not available for whole life insurance

  • Only agents located in 46 states

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. These are:

  • Term: 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: 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.
  • Accidental death insurance: Accidental death insurance from Mutual of Omaha is a separate policy type which is 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.
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Mutual of Omaha life insurance endorsements

Endorsements, or riders, are add-ons that you can purchase that provide additional coverage for your policy. 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:

  • Chronic illness rider: This endorsement may provide an accelerated death benefit if you are diagnosed with a chronic illness.
  • Terminal illness rider: If you are diagnosed with a terminal illness with a life expectancy of 12 months or less, this rider may allow you to access an accelerated death benefit.

Mutual of Omaha life 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, which 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.

Mutual of Omaha customer satisfaction

When looking for the best life insurance company for your needs, it may be helpful to check out customer satisfaction ratings. To analyze customer service, Bankrate's editorial team looked at J.D. Power's 2022 Individual Life Insurance Study. Mutual of Omaha came in third in the study with an impressive score of 801 out of 1,000 points for overall customer satisfaction.

Another valuable customer satisfaction metric is the National Association of Insurance Commissioners (NAIC) Complaint Index. The index has a baseline of 1.00, with companies above that receiving more complaints than expected for their size. Mutual of Omaha has an overall complaint index of 0.87, but many of the company's life insurance policies are underwritten by United of Omaha. This company has an NAIC Complaint Index of 1.06 for individual life, which indicates that the carrier receives slightly more complaints than expected for a company of its size.

Lastly, Bankrate looked at Mutual of Omaha's financial strength ratings. The company has an A+ (Superior) financial strength rating from AM Best and an A1 rating from Moody’s. The life insurance company also has a very strong rating with Standard & Poor’s (S&P), rated at A+.

How to file a claim with Mutual of Omaha

There are two possible ways to file a claim for a life insurance policy with Mutual of Omaha, and you may want to let your beneficiary know they can:

  • Call 1-888-493-6902 if you have an individual policy. If your policy is through your employer, they can call 1-800-775-8805.
  • They can fill out the online claim form available on the website.

Whichever method you prefer, you will be asked for the following information:

  • Policyholder's name
  • Their date of birth and death, and 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 availability

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. The company also only has agents in 46 states, so you may be unable to find a licensed agent in your region. A full listing of Mutual of Omaha office locations is available on the website.

Other Mutual of Omaha perks worth considering

Mutual of Omaha may appeal to customers who like to carry all their financial products with a single company as it offers much more than just life insurance. The company also has long-term care insurance, disability income insurance, annuities, mortgage services, Medicare plans and more.

Mutual of Omaha corporate sustainability

Through the Mutual of Omaha Foundation, the company supports nonprofit organizations throughout the Omaha area, with a goal of breaking the cycle of poverty and investing in civic initiatives to strengthen their community. In 2021 alone, the foundation supported over 160 organizations with roughly $5 million in grants.

The company is also committed to diversity, equity and inclusion both internally and externally. It is a participant in the CEO Action Pledge for Diversity and Inclusion and has made DEI programs an integral part of its corporate culture.

Whether you're looking for a variety of coverage types or the cheapest carrier, the right life insurance company for you likely depends on your own personal priorities. If you're not sure Mutual of Omaha is the right choice for you, you might consider gathering 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 also has local agents across the country, but its customer service rankings are mixed. J.D. Power scores the carrier just below average for overall customer satisfaction and it has a high NAIC Complaint Index of 8.65 for its individual life product.

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. Northwestern Mutual also carries strong customer satisfaction ratings, but has no option for online quoting. Northwestern Mutual also offers financial planning services, if you need a bit of help to establish a financial plan for your money goals.

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, its focus is solely on life insurance and financial products, and it does not sell homeowners or auto insurance. As life insurance quotes generally do not vary as much as those for home or auto insurance, you might be more concerned with customer service than price. Fortunately, Mutual of Omaha carries strong customer satisfaction and financial strength ratings from a variety of third-party evaluators.

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