Mutual of Omaha Life Insurance Review 2024
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Mutual of Omaha
on Nerdwallet
Financial strength rating
Online purchase
NAIC complaints
Policies offered
on Nerdwallet
Mutual of Omaha
Financial strength rating
Online purchase
NAIC complaints
Policies offered
Based in Nebraska, Mutual of Omaha is a mutual company owned by its policyholders. Along with life insurance, it offers a range of insurance products and financial services to individuals and businesses.
The company started in 1909 and for many years sponsored the television series “Mutual of Omaha’s Wild Kingdom,” about the animal world. The show continues today as a web series.
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Mutual of Omaha life insurance rating
Mutual of Omaha earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
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Mutual of Omaha life insurance policies
Term life insurance. Terms of 10, 15, 20 and 30 years are available for coverage of $100,000 and more for applicants 18 to 80 years old. You’ll need to call an agent to get a quote for term life insurance. The website provides contact information for nearby agents, and lets you search for other agents or have one contact you.
Whole life insurance. You can buy Mutual of Omaha’s whole life insurance policies online or through an agent. Coverage is guaranteed issue, meaning there are no health questions or medical exams. Death benefit amounts range from $2,000 to $25,000 ($5,000 to $25,000 in Washington). Whole life policies are available to applicants 45 to 85 (50 to 75 in New York). Mutual of Omaha also offers whole life policies for children.
Universal life insurance. Mutual of Omaha offers three types of universal life insurance, including Income Advantage indexed universal life, which ties the policy’s cash value accumulation to a market index, such as the Standard & Poor’s 500.
Mutual of Omaha life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from Mutual of Omaha. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $23.87 | $20.43 |
30 | $23.87 | $20.43 |
40 | $37.20 | $31.61 |
50 | $92.67 | $69.02 |
60 | $273.70 | $189.42 |
Source: Quotacy. Rates reflect the super preferred class and were generated on 1/16/24. | ||
Mutual of Omaha complaints and customer satisfaction
Over three years, Mutual of Omaha has drawn close to the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners
Mutual of Omaha ranked No. 4 out of 22 companies in J.D. Power's 2023 U.S. Life Insurance Study for overall customer satisfaction.
What Reddit users say about Mutual of Omaha
Reddit is an online forum where users share their thoughts in “threads” on various topics. The popular site includes plenty of discussion on financial subjects like life insurance, so we sifted through Reddit forums to get a pulse check on how users feel about insurers. People post anonymously, so we cannot confirm their individual experiences or circumstances.
Opinions on Reddit about Mutual of Omaha are mixed. Some people say it’s a solid company with fair rates, recommending it for products such as final expense insurance and child life insurance. However, other Reddit posts feature negative stories about Mutual of Omaha’s customer service. A company representative responded to one of these posts, offering to look further into the issue.
Questions from Reddit: Our experts answer
What happens if you miss a payment on your Mutual of Omaha life insurance policy?
Many life insurance policies have a grace period of 30 or 31 days. As long as you make your late payment within that time period, your coverage will remain active. Once the grace period passes, however, your policy will likely lapse. You may be able to reinstate the policy — but if you die while the policy is lapsed, your beneficiary won’t be eligible for a payout.
Does Mutual of Omaha have a good life insurance policy for children?
Mutual of Omaha sells whole life insurance for children between 14 days and 17 years old. You can buy a policy online or through an agent, with coverage amounts ranging from $5,000 to $50,000. Mutual of Omaha appears in NerdWallet’s roundup of the best life insurance for children.
What it’s like to apply for a policy with Mutual of Omaha
You can’t apply online for term life insurance from Mutual of Omaha. If you click the “Get My Quote” button, the site brings you to a page with a phone number to call.
You can, however, apply online for the company’s guaranteed-issue whole life policies. You have to fill out only a few fields — your gender, ZIP code, birthday and desired coverage amount — before the site gives you a quick cost estimate.
Screenshot captured by our editorial team on October 17, 2024.
From there, you can adjust your coverage amount to see how it would change your premium. When you’re ready to move forward, click “Apply Online” to fill out your personal details and beneficiary and to buy your policy.
Screenshot captured by our editorial team on October 17, 2024.
How Mutual of Omaha’s customer experience stacks up
The Mutual of Omaha website makes it easy to see which types of life insurance are available and offers some basic information about each. Although you might still have specific policy questions after reading these pages, the site offers resources to help. There’s a phone number near the top of the life insurance pages, along with a link to find agents near you. There’s also a live chat feature.
We called the Mutual of Omaha customer support line and were connected with a live representative within two minutes. When we asked how much term life insurance we could buy, the rep said it would depend on factors such as our age, income and location. We also asked about the requirements for activating an accelerated death benefit rider, and he explained Mutual of Omaha doesn’t offer this rider. He offered to give us a term life insurance quote over the phone.
We got similar answers when we used the company’s live chat feature. The representative explained how to get a quote by phone and stated that although Mutual of Omaha doesn’t offer the rider we were interested in, some of their agents might be able to help us find other policies with that coverage.
Mutual of Omaha doesn’t have a mobile app for life insurance policyholders.
How Mutual of Omaha compares to other insurers
Mutual of Omaha | Northwestern Mutual | Guardian | |
|---|---|---|---|
Star rating | |||
Financial strength | Exceptional. | Exceptional. | Exceptional. |
NAIC complaints | Close to expected. | Far fewer than expected. | Far fewer than expected. |
J.D. Power ranking | #4 out of 22. | #10 out of 22. | #12 out of 22. |
Policy types offered | Term, permanent, no-exam. | Term, permanent. | Term, permanent. |
Read full reviews |
More about Mutual of Omaha life insurance
Mutual of Omaha offers additional financial products and services including:
Accidental death insurance.
Dental insurance.
Medicare supplement plans.
Annuities.
Cancer insurance.
Heart attack and stroke insurance.
Disability income insurance.
Investments.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Methodology
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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