Mutual of Omaha Insurance Company Review (Recommended)

mutual of omaha insurance company review

Mutual of Omaha has a long history of providing quality insurance and financial products and services to consumers, as well as an organizational focus on community service.

But, how do the company’s products and services compare to their competitors in an ever-evolving marketplace?

What types of insurance products does Mutual of Omaha offer?  What is the quality of customer service?

And, how do the company’s financial ratings compare to their competitors?

In our experience, Mutual of Omaha is a highly reputable company offering a variety insurance and financial products to consumers nationwide. In addition, the organization has a rich history of community service and charitable giving. This article, Mutual of Omaha Insurance Company Review (Recommended), provides an overview of the company’s financials, ratings, products, service, and other factor to consider when selecting the best life insurance company to meet your individual needs.

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Mutual of Omaha Insurance Company

Mutual of Omaha is a Midwest based insurance and financial services company headquartered in Omaha Nebraska.

The organization’s product portfolio includes a variety of insurance offerings such as life insurance, long-term care, disability income, critical illness, Medicare supplements, and others. While, financial service available include investments, banking, and mortgages.

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A household name, Mutual of Omaha, has developed a century old reputation as an insurer of choice for both individuals and employers. The company is also a commonly recommended carrier by independent agents and brokers in servicing clients.

Mutual of Omaha was founded in 1909 in its home state of Nebraska and has grown into a Fortune 500 company offering insurance and related services in all 50 states.

 Insurance and financial products offered by Mutual of Omaha are provided through affiliated companies to include United of Omaha Life Insurance Company, Companion Life Insurance Company, Mutual of Omaha Investor Services, Omaha Financial Holdings, and others.

As of 2019, Mutual of Omaha’s Company Snapshot reflects a customer base of over 4 million individual consumers, 10 million total members, and 36,000 employer groups nationwide.

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According to Mabel Criss, Mutual of Omaha’s first female Vice President and General Manager elected in 1929, “the key to our longevity is simple, be kind to our customers and our community.”

Mutual of Omaha by the Numbers

100+
Years of Service
10.4M
Members
$3.2B
Surplus

Source: Mutual of Omaha (2019)

Mutual of Omaha Insurance Company Ratings

An insurance company’s industry ratings provide a snapshot of overall financial stability and fiscal trustworthiness related to financial obligations.

Such ratings are often valuable to consumers when considering insurance and other financial products and services.

In evaluating insurers, consumer confidence in an organization’s ability to meet current and future financial obligations is extremely important.

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Mutual of Omaha Insurance Company, and its affiliated companies, currently hold an “A+” (Superior) rating with AM Best, as well as very strong and good ratings with Standard & Poor’s and Moody’s respectively. 

In addition, the company has held accredited with the Better Business Bureau since 1940 and maintains an “A+” rating. Mutual of Omaha’s financial strength ratings by leading rating services have been provided below for review.

mutual of omaha financial strength ratings

Source: Mutual of Omaha (2019)

Mutual of Omaha Life Insurance Products

Mutual of Omaha Insurance Company, and its affiliated companies, offer a comprehensive portfolio of insurance products to include life, long-term care, disability, critical illness, Medicare supplements, and other related coverage.

The following information specifically highlights the company’s life insurance products offered. Mutual of Omaha’s life insurance offerings include both term and permanent coverage to align with different stages of financial life and varying consumer needs.

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Mutual of Omaha’s life insurance product portfolio includes the following.

Term Life Insurance

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Term life insurance can provide affordable coverage designed to last for a specific period or “term.” Traditionally, with level term plans premium rates remain fixed for the length of the selected term. Typical uses for term life insurance coverage may include time-based needs such as:

  • Replacement of lost income
  • Paying off a home mortgage
  • Providing funds for college
  • Paying off outstanding debts
  • Other temporary financial obligations

Mutual of Omaha Term Life Highlights

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    10, 15, 20, and 30-year term periods
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    Issue ages from 18-80 (varies by policy)
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    Benefit amounts of $100,000 plus
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    Permanent policy conversion options
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    Additional policy rider options

Permanent Life Insurance

Permanent life insurance can provide protection designed to last a lifetime or for the life of the selected policy. Traditionally, permanent life plans will accumulate cash value and may offer additional living benefits. Two common types of permanent life insurance are whole life and universal life plans. Typical uses for permanent life insurance coverage may include long-term needs such as:

  • Paying for burial or final expenses
  • Providing ongoing long-term income
  • Providing supplemental retirement income
  • Funding estate planning or business continuation
  • Other long-term financial obligations

Mutual of Omaha Whole Life Highlights

(Level Benefit Plan)

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    Issue ages from 45-85
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    Benefit amounts of $2K - $40K (varies by state)
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    Accelerated death benefit for terminal illness
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    Accelerated death benefit for nursing home confinement

(Graded Benefit Plan)

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    Issue ages from 45-80
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    Benefit amounts of $2K - $20K (varies by state)

Mutual of Omaha Universal Life Highlights

(Guaranteed Universal Life)

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    Guaranteed death benefit
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    Minimal cash value accumulation
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    Accelerated death benefit options
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    Guaranteed refund options

(Indexed Universal Life)

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    Guaranteed death benefit
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    Increased cash value potential
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    Market indexed interest crediting
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    Guaranteed down-side protection

The following chart provides highlights of features and benefits associated with different types of life insurance policies offered by Mutual of Omaha Insurance Company, and its affiliated companies.

mutual of omaha life policy options

Note: Please see individual policy details for specific plan benefits and limitations related to all coverage types highlighted above.

Mutual of Omaha Life Insurance Rates

In comparing life insurance rates from different companies, it is important to ensure that your individual health and lifestyle variables are taken into consideration. Mutual of Omaha is a highly rated insurer offering competitive premium rates.

In fact, when compared to other leading carriers with similar products and ratings the company’s rate are often among the most affordable. Offering outstanding ratings and competitive premiums, Mutual of Omaha is routinely a carrier of choice for both price and quality conscious consumers. The sample rates below have been provided as an example of Mutual of Omaha term life premiums.

Sample mutual of Omaha Life Rates

mutual of omaha life insurance male rates
mutual of omaha life insurance female rates

Note: Sample rates provided are based on rate information at the time of publication and are subject to change without notice. Company underwriting makes the final decision concerning rate class and/or policy approval.

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