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BySean Jackson Contributor

Sean Jackson is a creative writer based in Florida. He’s written content for Realtor.com, theScore, CBS and other publications. In his spare time, he enjoys drumming and improv.

Mutual of Omaha Life Insurance Review

Mutual of Omaha has several life insurance policies, including whole, term, and universal life. In addition to these policies, it also offers options such as children’s whole life insurance and accidental death, which promises guaranteed coverage.

Furthermore, it features an interactive website, which allows you to browse through the coverage options and find support. The company also achieves excellent ratings for its customer service, as evidenced by top ratings from the Better Business Bureau and J.D. Power.

Pros Cons
Easy-to-use website
Flexible qualifications for life insurance policies
Excellent customer service
Lack of customization options

The Life Insurance Factors We Analyzed

Customer experience

Mutual of Omaha makes it easy to access the information you need. You can read about its policies online, calculate a quote, or contact an agent. Moreover, the company earns an excellent reputation thanks to its great customer service. Mutual of Omaha had fewer than the average number of complaints in 2018, according to the National Association of Insurance Commissioners. The ranking places Mutual of Omaha right in line with other reputable carriers like Guardian Life.

Another driver of customer satisfaction comes from J.D. Power, which conducts surveys with customers of a particular company. In J.D. Power's Life Insurance Study, Mutual of Omaha earned a four out of five rating, placing it near the top of the pack.

Financial strength

When searching for life insurance companies, the financial strength of the company is an important consideration. Simply, you want to ensure it has the assets on hand to pay out on claims. Mutual of Omaha earns high ratings from each of the three major independent ratings agencies: AM Best, Moody's, and S&P Global. These ratings are especially important given that you may be with a provider for the rest of your life.

Coverage and rider information

Mutual of Omaha offers several kinds of life insurance, including term life and permanent life insurance. It’s one of the most flexible providers regarding health conditions, as it will let you buy a policy if you or a loved one has had cancer before, provided you meet its eligibility requirements. This is an important distinction; other providers might rule you as ineligible if you’ve had cancer.

Moreover, it also has optional riders, such as whole children’s life insurance and accidental death insurance. In the case of accidental death, you cannot be turned down for coverage as long as you fall within the age requirements. And, if you ever need to convert a term life policy to a permanent, Mutual of Omaha allows you to do so. It does lack the breadth of add-ons that some other providers offer, but if you're looking for a basic policy, Mutual of Omaha may suit you.

Life insurance coverage features

Insurance types offered Term, whole, universal, indexed universal, variable universal
Term lengths offered 10, 15, 20, and 30 years
Standout coverage features Doesn’t exclude prospective customers if they’ve had cancer in the past
Term-to-permanent conversion
Whole life insurance policy for children

*Options vary by state.

Mutual of Omaha Life Insurance Overview: Financial Strength, Availability, and History

Mutual of Omaha has established an excellent reputation for itself. It earns the highest rating the BBB can bestow (A+), and it receives exceptional marks across all financial rating agencies. This indicates that the company has the financial strength needed to pay claims and debts.

  • In business since: 1909
  • S&P Global financial strength rating: A+
  • Moody’s financial strength rating: A1
  • AM Best financial strength rating: A+
  • States served: 50

The Competition

Rank
Reviews.com Score
Customer Experience Score
Financial Strength Score
Mutual of Omaha
5
4.2/5
3.7/5
4.3/5
Northwestern Mutual
1
4.9/5
5/5
4.7/5
State Farm
2
4.8/5
5/5
4.3/5
Nationwide
3
4.5/5
4.3/5
3.7/5
New York Life
4
4.4/5
4.3/5
4.7/5
Principal Financial
6
4.2/5
3.7/5
4.3/5
Guardian Life
7
4.1/5
4/5
4.3/5

All information accurate as of February 5, 2020.

The Bottom Line

Mutual of Omaha is a great option to consider if you’ve had health issues in the past, most notably cancer, as this won’t necessarily discount you from buying a policy. It is pretty scant on add-on options, so its policies aren't as customizable as those from its competitors. However, it's still worth getting a quote; it's possible that Mutual of Omaha will offer you all the coverage you need at a price you're comfortable paying.

Mutual of Omaha Life Insurance FAQ

Is Mutual of Omaha a good life insurance company?

Yes, Mutual of Omaha is a great company. It earned an A+ rating with the Better Business Bureau for its outstanding customer service. Moreover, it earns top marks from all the credit rating agencies for its financial health. If you want an established company that’ll be there for you when you need it the most, it’s worth considering.

What types of life insurance does Mutual of Omaha offer?

It offers term life insurance in 10-, 15-, 20-, and 30-year terms. It also offers whole life (including an option for your children) and universal life. You can also add a rider for accidental death, where you’re guaranteed coverage if you fall within the required age range.

What is the average life insurance cost per month with Mutual of Omaha?

Costs for life insurance depend on a variety of factors, such as your age, gender, income, your tobacco use, your medical history, and how much of a death benefit you want to leave to your loved ones. You can receive a quote online to see how much a policy could cost.

Does Mutual of Omaha pay out dividends to its policyholders?

While Mutual of Omaha is a mutual company, it has no history of paying out dividends to its policyholders.

Does Mutual of Omaha require a medical exam?

Many of Mutual of Omaha’s life insurance policies can be purchased without the need for a medical exam, although it may be necessary depending on the amount of coverage you’re looking to purchase.

Can you cancel Mutual of Omaha's life insurance?

Yes, you can cancel your policy at any time by contacting Mutual of Omaha at 1-800-775-1000. You won’t receive refunds for premiums previously paid, but if you have a policy with cash value, you may have the option to receive that sum (minus fees) after the account closes.

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