Mutual of Omaha Life Insurance Review (2024) (2024)

Mutual of Omaha is one of our top rated life insurance providers. It is owned by its policyholders and characterized by a wide range of insurance products and financial services beyond life insurance for individuals and businesses.

That score is based on several things, including the amount and types of policies and riders offered, the claims and communications infrastructure, and high customer service ratings. Mutual of Omaha is our highest-rated provider for brand trust as well.

Term life insurance covers the insured person for a limited period of time, generally between 10 and 30 years, before expiring. If the insured person passes away while the policy is active, the insurance company will pay a predetermined death benefit to the beneficiaries named in the policy. When the policy term ends, the policy is no longer in force and the policyholder stops paying premiums.

Many companies offer term insurance policies, and you can see our top term life insurance providers here.

Mutual of Omaha offers 10-, 15-, 20- and 30-year policies with provisions to convert them to a permanent life insurance policy if you outlive the term.

• Term Life Answers: This policy is Mutual of Omaha’s fully underwritten term life insurance product. It is available to applicants aged 18 to 80 and requires a health history and medical exam. Coverage starts at $100,000. A terminal illness rider and waiver of premium rider are included at no cost.
• Term Life Express: This policy lets you skip the medical examination, but offers lower amounts of coverage from $25,000 to $300,000. Critical, chronic and terminal illness riders are included at no additional cost. You can also purchase a Return of Premium (ROP) version and receive up to 100% of premiums paid into the policy if you surrender it before it expires.

Universal Life Insurance

Universal life (UL) insurance is a type of permanent coverage that builds a tax-advantaged cash value over time. Mutual of Omaha’s permanent policies are more expensive than term, but allow you to borrow or withdraw from the cash value.

Indexed universal life (IUL) policies tie their cash value to a stock market index, such as the S&P 500. IUL policies are riskier than UL policies because cash value returns may not offset policy expenses. Mutual of Omaha has two indexed universal life insurance policies.

• AccumUL Answers policy requires a medical exam and includes permanent life insurance coverage. It accumulates cash value using a declared interest rate that is guaranteed to be at least 2% annually.
• Life Protection Advantage IUL: This policy offers permanent life insurance coverage with a death benefit that can be guaranteed through age 90.
• Income Advantage IUL: This policy offers permanent life insurance coverage that builds value based on selected interest-crediting options tied to the performance of a market index. It provides more growth potential than Life Protection Advantage.

Whole Life Insurance

Whole Life Insurance provides coverage for the policyholder’s entire life as long as they pay the policy’s premiums. Whole life policies also have a cash value component that term policies do not, allowing you to earn interest on a portion of the premiums you’ve paid into the policy and borrow against this account before death.

Mutual of Omaha offers a guaranteed issue whole-life policy, which means you won’t be denied coverage based on your health. This is sometimes referred to as final expense or burial insurance. It is available to applicants between 45 and 85 years old for coverage between $2,000 and $25,000. Mutual of Omaha does not offer a traditional whole life policy option.

Read more: Our picks for whole life insurance

Mutual of Omaha Life Insurance Company Riders

You may be able to add the following riders depending on the policy you choose.

• Accidental death benefit
• Chronic illness benefit
• Critical illness benefit
• Dependent children’s rider
• Disability income
• Terminal illness benefit
• Waiver of premium

Life insurance is competitively priced throughout the industry. While each insurer underwrites risk slightly differently, several factors are industry-wide. The life insurance rates you pay will normally depend on:

• Age
• Coverage amount
• Credit standing
• Gender
• Health and medical history
• Lifestyle
• Policy type

You can get price quotes online using quote estimate calculators for some policies. For others, you’ll need to work with one of Mutual of Omaha’s agents.

Here is a snapshot of the costs of Mutual of Omaha’s term life insurance for a 25-year-old. As you can see, it’s important to not only shop insurance companies, but also term lengths as the cost between a 10- and 20-year in this example is less than $1 per month.

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*quotes are for $100,000 in coverage and based on preferred, non-tobacco health ratings.

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Mutual of Omaha ranked high compared to other insurers for overall customer service satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance StudySM, ranking third out of 22 companies. It also receives less than the expected number of complaints for a company of its size, according to the National Association of Insurance Commissioners (NAIC).

To learn more about Mutual of Omaha’s average customer experience, we read more than 100 real policyholder reviews on third-party aggregator sites like the Better Business Bureau (BBB) and Trustpilot. We found a range of positive and negative experiences with the company.

Positive reviewers praised Mutual of Omaha’s fast and empathetic customer service and quality coverage.

“I have had nothing but excellent service with this insurer. I purchased a guaranteed life policy right before COVID hit. My husband was a diabetic with other health issues. The premiums were high but I knew it was necessary. He passed away in October, 2022. I called, and the representative asked me to hold on. She called the funeral home to confirm his death. His benefit was approved on the spot and I had a check in three days.” —Ms. King via TrustPilot

“It’s open enrollment for secondary Medicare supplement insurance policies. When I searched, I reviewed a number of companies, including one via AARP. None compared to benefits and pricing with Mutual of Omaha. I would recommend them for your supplemental insurance needs.” —Margaret N. via TrustPilot

Unhappy policyholders commonly mentioned poor communication and slow response times.

“Been paying for a policy for almost 20 years with a disability rider. Was so misrepresented / misinformed. Feel I was misled into buying this policy. The paperwork to file a claim is ridiculous. People please be aware. They have every loophole to take you through instead of assisting you while you’re hurt and out of work. I feel so betrayed. Shame on you guys.” —anonymous via the BBB

“We had life insurance with them for 40 years, and now they sent notice our premium was going up $3,000 a year extra. I reached out three times to them and they have not responded back except for threatening letters that our insurance will terminate if we don’t pay it. We finally had to cancel it because on Social Security we cannot afford that. I am just letting anyone with insurance with Mutual of Omaha know to beware. When we took out our policy were never told this would happen…” —anonymous via the BBB

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As one of the nation’s oldest and most respected insurers, backed by strong financial resources and high customer satisfaction, Mutual of Omaha is a great option for term, IUL, UL or a guaranteed issue whole-life policy. If you prefer a VUL or a traditional whole life policy, you’ll have to consider other companies.

No company has a solution for every type of life insurance customer. We recommend conducting enough research and speaking with licensed agents to fully understand your options. If you already know what type and amount of coverage you want, compare insurance quotes from at least three providers before making a final decision.

Methodology: Our System for Rating Life Insurance Companies

Our team researches and ranks life insurance companies using an in-depth scoring system that considers the factors most important to consumers like you. Our analysis includes a comprehensive review of each provider we feature based on available coverage, customizability, availability, customer service and company reputation. Here are the factors we take into consideration when rating life insurance providers:

• Brand trust (40%): Life insurance payouts can exceed $100,000 or more, which makes choosing a reputable and trustworthy insurance provider important. To assess brand trust, we use J.D. Power and Associates customer satisfaction surveys, AM Best credit rating scores and the National Association of Insurance Commissioners (NAIC) complaint index. The higher a company scores in each area, the more points it receives.
• Coverage (33%): The more policy options a life insurance company offers, the more opportunities you have to obtain the right coverage for your specific needs. For this reason, we give companies the most points for offering multiple types of life insurance, including various term, permanent and no-exam options.
• Availability and ease of use (19%): Since life insurance coverage options can be complex, we consider the ways a customer can reach a company — and how easy communication is. For this category, we research how many communication channels a company offers for general customer support, claims processing and the application process. Companies earn the most points for offering various ways to interact with an agent, both in-person and online.
• Riders (8%): Companies offering various life insurance riders or endorsem*nts allow policyholders to better customize their coverage. In this category, we determine how many riders a company offers and award the most points to providers with more than 10 options.