Mutual of Omaha life insurance review 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Published 5:00 a.m. UTC Nov. 22, 2023
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Pros
- Maximum issue ages as high as 85 for some policies.
- Children’s whole life and convertible term policies available.
- Wide selection of riders available to boost coverages.
Cons
- No guaranteed issue policies available.
- No online applications for term or universal policies.
- Whole life insurance limited to applicants 45 to 85 years old (50 to 75 in New York).
Why trust our life insurance experts
Our team of experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 9,000+ life insurance policies evaluated.
- 38 million data points analyzed.
- 5 levels of fact-checking.
Mutual of Omaha life insurance reviews
Mutual of Omaha has a below-average number of complaints, based on data from the National Association of Insurance Commissioners (NAIC). The NAIC tracks complaints made to state insurance departments, which can include issues with claims, such as payouts or delays. This can reflect a positive experience for Mutual of Omaha customers.
Mutual of Omaha also has an A+ (Superior) rating from AM Best, an A1 (Good) rating from Moody’s Investors Services and an A+ (Strong) rating from S&P. All of these ratings indicate that Mutual of Omaha is a financially strong company that can pay out its claims.
If you’re shopping for life insurance, consider comparing life insurance quotes from at least three different insurance companies so you can find the best life insurance for your needs. Doing so can also help you find the cheapest life insurance for the type and amount of coverage you want.
Once you compare life insurance quotes and narrow down your options, speak with friends, family and even colleagues to get Mutual Omaha life insurance reviews as well as reviews for other insurers you’re considering.
Mutual of Omaha life insurance policies available
Mutual of Omaha offers several life insurance options, including term and permanent coverage, to eligible applicants.
Mutual of Omaha term life insurance
Mutual of Omaha’s Term Life Express policy offers 10-, 15-, 20- and 30-year terms with fixed premiums. At the end of the term, your policy coverage ends unless it’s renewed (typically at a higher rate). You can also convert a term life insurance policy to permanent cash value life insurance coverage as early as the second year of the policy term.
The minimum amount of term life insurance you can buy is $25,000.
The maximum amount of coverage you can purchase is age-dependent:
- Age 18 to 50: Up to $300,000.
- Age 51 to 60: Up to $250,000.
- Age 61 to 75: Up to $150,000.
Mutual of Omaha issues term life insurance policies to eligible applicants ages 18 to 80, though coverage terms and amounts may vary based on factors like your age, location and health.
Mutual of Omaha guaranteed acceptance whole life insurance
Mutual of Omaha offers guaranteed acceptance whole life insurance to applicants ages 45 to 85 (50 to 75 in New York). As long as you meet the age criteria requirements, you won’t be denied coverage. That can make this a good option if you can’t get other types of life insurance due to health issues.
If you’re considering Mutual of Omaha whole life insurance you should know:
- You can purchase $2,000 to $25,000 in coverage ($5,000 to $25,000 in WA).
- Policies include a cash value you can access while you are alive (unpaid loan balances that remain after your death will be deducted from the death benefit).
- There is no medical exam required.
If you die within the first two years of purchasing a Mutual of Omaha guaranteed acceptance whole life insurance policy, your life insurance beneficiary may not receive the death benefit, unless the death is considered an accident. Instead, they’ll receive 110% of premiums paid prior to your death.
Looking for coverage without an exam? See the best no-exam life insurance.
Mutual of Omaha universal life (UL) insurance
Mutual of Omaha offers one universal life insurance product, AccumUL, which is available to eligible applicants ages 18 to 85.
This product offers:
- Up to $1 million or more of life insurance coverage, based on eligibility.
- Flexible premiums and death benefits, as permitted by the policy.
- Cash value that accumulates based on a predetermined interest rate, which is guaranteed to be at least 2% per year.
Mutual of Omaha indexed universal (IUL) life insurance
Mutual of Omaha offers two indexed universal life insurance products: Life Protection Advantage and Income Advantage.
Both products offer:
- Up to $10 million or more in coverage, depending on eligibility.
- A cash value that is based on the performance of a stock market index, such as the S&P 500, with growth fluctuating over time.
- A 0% floor, meaning you won’t lose cash value if markets perform poorly (fees and internal charges may still affect the cash value and death benefit).
If you’re considering a Mutual of Omaha IUL policy, speak with an agent who can help you determine which policy may be best based on your needs. It’s also a good idea to ask for a cost disclosure page that shows you internal policy fees, which can affect how your cash value grows over time.
Mutual of Omaha children’s life insurance
Mutual of Omaha’s children’s life insurance policy is a whole life policy for individuals 14 days to 17 years of age. With a children’s life insurance policy, you can expect:
- $5,000 to $50,000 in coverage.
- Level premiums for the duration of the policy.
- Guaranteed coverage into adulthood, as long as premiums are paid.
- Cash value growth, which can be accessed while your child is alive.
- The opportunity to add more coverage later in life.
Buying life insurance for a child can lock in lower rates and help ensure insurability for them later in life, even if the child has a health issue or high-risk job that may make it harder for them to secure coverage.
Ethos
What you should know
If you’re looking for quick coverage and a large death benefit, consider Ethos Term Life. Eligible applicants can get instant approval and coverage for up to $2 million.
Pros and cons
Pros
- Policies up to $2 million available.
- Instant application approval.
Cons
- Can’t convert to permanent life insurance policy.
More details
Ethos example premiums for a 20-year term policy
Life insurance riders offered by Mutual of Omaha
Mutual of Omaha offers optional life insurance riders, though availability and eligibility may vary by state, policy type, age and other factors.
- Accelerated death benefit. Gives you access to a portion of the death benefit under specific medical circumstances, such as being diagnosed with a critical or terminal illness.
- Additional insured term. Provides additional term coverage to the insured or up to four other insureds.
- Accidental death benefit. Pays out an additional death benefit when the insured dies due to an accident.
- Chronic illness. Pays out 100% of the death benefit if the insured has been diagnosed with a chronic illness that prevents them from performing two out of six activities for daily living (ADL) for 90 days.
- Common Carrier Death Benefit Provision. Provides an additional death benefit if the insured dies due to an accident while being a fare-paying passenger on a common carrier, such as an airplane, bus or train.
- Critical illness. Pays out 100% of the death benefit if the insured is diagnosed with a critical illness such as heart attack, dementia, life-threatening cancer or ALS.
- Dependent children’s rider. Provides a death benefit of up to $10,000 for unmarried dependent children age 23 or younger.
- Disability continuation of planned premium. Contributes a specified monthly amount toward the premium if the insured becomes disabled before their policy anniversary after their 65th birthday.
- Disability income. Allows the insured to apply for a monthly income benefit for 18 or 30 months if they become disabled.
- Disability waiver of policy charges. Waives the monthly cost of insurance and expense charges if the insured is disabled before their 60th birthday and the disability lasts for at least six months.
- Disability waiver of premium. Waives the premium if the insured becomes disabled.
- Guaranteed insurability. Allows the insured to increase coverage under specific circumstances, such as the marriage of the insured or the birth or adoption of a child.
- Guaranteed refund option. Allows policyholders to surrender their policy and receive a refund of premiums during seven 60-day windows.
- Lapse guard. Provides lapse protection if a policy is overfunded and the insured took level disbursements for an extended period of time during their retirement.
- Long-term care. Reimburses the insured for qualifying long-term care expenses.
- Residential damage return of premium. Waives your premium for up to six months if your primary residence sustains $25,000 or more worth of damage.
- Waiver of premium for unemployment. Waives premium payments for up to six months if the insured becomes unemployed.
- Terminal illness. Pays out a percentage of the death benefit if the insured is diagnosed with a condition and given 24 months or less to live. (12 months or less in Florida).
Compare the best life insurance companies
See how Mutual of Omaha compares to insurers in our best life insurance companies rating.
| Life Insurance Company | Our Rating | AM Best Financial Strength Rating | Learn More | |||||
|---|---|---|---|---|---|---|---|---|
 Protective | A+ (Superior) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Pacific Life | A+ (Superior) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Corebridge Financial | A (Excellent) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Transamerica | A (Excellent) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Symetra | A (Excellent) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Penn Mutual | A+ (Superior) | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Mutual of Omaha | A + (Superior) | Compare Quotes Via LifeQuotes.com’s website | ||||||
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Other products offered by Mutual of Omaha
In addition to life insurance, Mutual of Omaha offers:
- Accidental death insurance.
- Annuities.
- Critical Illness insurance.
- Cancer, heart attack and stroke insurance.
- Dental insurance.
- Disability insurance.
- Investments.
- Long-term care insurance.
- Medicare supplement insurance.
- Medicare Advantage.
- Mortgages.
- Prescription drug plan.
- Reverse mortgages.
About Mutual of Omaha life insurance
Mutual of Omaha was founded in 1909 as the Mutual Benefit Health & Accident Association. Though the company originally sold health and accident insurance in Nebraska, today it services customers across the United States, offering a variety of life insurance products, accidental death insurance, Medicare supplement insurance and other financial products, such as mortgages and annuities. As of 2022, the company has over 6 million policies in force, and has paid out nearly $6.5 billion in benefits.
Methodology
To determine the best life insurance companies, our life insurance experts evaluated term life and permanent life insurance from each company. For term life insurance rate analysis, we used our research and data provided by AccuQuote, a national online life insurance agency. For cash value life insurance analysis, we used data provided by Veralytic, an independent publisher of life insurance research and analytics.
Each life insurance company included in our evaluation had the opportunity to earn up to 100 points, based on the following factors:
Term life insurance rates: 35 points. Since term life insurance is often the most affordable coverage option, we evaluated rates for both 30- and 40-year-old males and females for term lengths of 10, 20 and 30 years and coverage amounts of $250,000, $500,000, $1 million and $2 million.
Cost competitiveness of cash value policies: 15 points. Most permanent life insurance policies have a cash value component, but not all are created equal. We looked at internal policy costs, such as administrative fees and policy charges, to determine the competitiveness of permanent life policies offered by insurance companies in our review.
Historical performance: 10 points. The growth of cash value policies depends on several factors, including the historic performance of an insurance company’s investments. Our analysis took into account this metric to determine how an insurance company’s performance and therefore cash growth potential compared to others.
Complaints: 5 points. The customer experience is an important factor when identifying the best life insurance companies. To determine which life insurance companies offer the best service, we analyzed complaints submitted to the National Association of Insurance Commissioners.
Reliability of policy illustrations: 10 points. Permanent life insurance companies should provide an illustration to show how the cash value is projected to grow over time. We evaluated the accuracy of each insurer’s policy illustration to determine which companies provided the most reliable outlooks.
Financial strength: 10 points. There are four major rating agencies — AM Best, Fitch, Moody’s and Standard and Poor’s — that evaluate an insurer’s financial strength, a factor that indicates an insurer’s ability to pay out a claim years from now. We considered these life insurance company ratings to account for the likelihood an insurance company is able to fulfill claim obligations.
Access to cash value: 10 points. Cash value policies grow at different rates, and we factored the liquidity of a cash value policy into our analysis. Some policies have a cash value that grows faster in the early years. Others have slower cash value growth in the early years, and policyholders must wait a significant period of time before having access to a sizable cash value.
Term life conversion availability: 5 points. Some life insurance organizations allow policyholders to convert their term coverage to a permanent life insurance policy. We factored this in to help those considering term life insurance policies identify companies that provide this option.
Mutual of Omaha life insurance FAQs
Yes, Mutual of Omaha is considered a reliable life insurance company. It has strong financial scores from the major credit rating agencies, including:
- A+ (Superior) rating from AM Best.
- A1 (Good) rating from Moody’s Investors Services.
- A+ (Strong) rating from S&P Global.
These ratings indicate that Mutual of Omaha maintains the ability to payout claims.
The company also has a below average number of complaints, according to data from the NAIC, which can indicate an overall satisfaction among customers.
Yes, Mutual of Omaha pays out on life insurance claims as long as the policy is current, premiums are paid and the insured’s death is covered under their existing policy.
However, there are some circumstances under which a life insurance beneficiary may not receive a death benefit payout. These include:
- A claim filed under a policy that has lapsed, such as due to unpaid premiums.
- A claim filed under a term life insurance policy that has expired.
- The insured has a guaranteed acceptance whole life insurance policy and dies within the first two years of opening a policy (In this case, the beneficiary will receive 110% of premiums paid since the policy was opened).
- A suicide death that occurs within the two years of opening the policy (or first year in Colorado, Missorui, or North Dakota).
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
