Mutual of Omaha Life Insurance Review 2023

Mutual of Omaha life insurance rates are average, but people leave positive reviews for customer service, extended coverage availability, and unique add-on options.

UPDATED: Jan 20, 2023Fact Checked

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

Full Bio →

Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs. Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times...

Full Bio →

Reviewed by Benjamin Carr
Former State Farm Insurance Agent Benjamin Carr

UPDATED: Jan 20, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

UPDATED: Jan 20, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Jan 20, 2023Fact Checked

The Bottom Line

Despite having average rates, customers usually recommend Mutual of Omaha. With good customer reviews, unique coverage options, and plenty of customization opportunities, Mutual of Omaha might be the right choice for your needs.
However, you should always compare your options before signing up for life insurance. Comparing your options and looking at multiple rates is the only way to ensure you don’t overpay for life insurance.

Is Mutual of Omaha a Good Choice?

Life insurance is an important investment for the future of your loved ones, but it’s also a long-term commitment. Even the shortest life insurance plans last years, so finding the right company is essential.

Mutual of Omaha offers a variety of term and permanent life insurance options at affordable rates. While it’s not the cheapest company, customers enjoy the large list of coverage and add-on options, some of which are hard to find at other companies.

Since you’ll be paying for your life insurance for a long time, it’s important to compare your options. Read on to learn more about Mutual of Omaha, then compare quotes from as many companies as possible to find the best policy.

Pros and Cons of Mutual of Omaha Life Insurance

All life insurance companies have pros and cons, and looking at each can help you determine the right fit for your needs. When you buy life insurance from Mutual of Omaha, you get the following advantages:

  • Several options for no medical exam life insurance
  • Affordable rates, especially for people with diabetes
  • A wide range of add-ons, including accidental death

Although Mutual of Omaha has several perks, no company is perfect. Before you sign up for a Mutual of Omaha policy, you should be aware of the following cons:

  • No online term application option
  • Age restrictions on certain policies in some states
  • No traditional whole life options

The best way to decide if Mutual of Omaha insurance is right for you is to explore what it offers. Read on to learn more about this Nebraska-based company.

Is Mutual of Omaha a good life insurance company?

Generally speaking, Mutual of Omaha is regarded as a solid choice for life insurance. However, it’s not the best choice for everyone. One of the best places to decide if Mutual of Omaha is right for you is to look at third-party rating companies.

For example, A.M. Best rates companies on their financial stability. Companies with solid financial strength can pay their customers’ claims without hesitation. Mutual of Omaha has an A+ from A.M. Best, meaning you won’t have to worry about your beneficiaries getting their money.

The National Association of Insurance Commissioners (NAIC) compares the company’s number of complaints to its size. The national average is 1.0 — anything higher means a company receives more complaints than average. Mutual of Omaha has a 1.067, meaning their customers are relatively happy.

Finally, the Better Business Bureau (BBB) rates companies on their ability to resolve customer complaints. Mutual of Omaha has an A+, but there are over 100 complaints listed on the BBB website.

In general, Mutual of Omaha life insurance reviews are positive, with many customers reporting satisfaction with their service.

Mutual of Omaha Rates

There are a variety of factors that affect your life insurance rates, but Mutual of Omaha’s rates tend to be average. To get an idea of how much life insurance costs with Mutual of Omaha, check the rates below based on different age brackets. Age is only one factor that life insurance companies will use to determine what you will pay for insurance, but it does make a difference on its own.

Average Monthly Full Coverage Auto Insurance by Age
Age of DriverAverage Monthly Auto Insurance Rates
18-year-old male with a clean record$501.45
25-year-old male with a clean record$149.61
30-year-old male with a clean record$138.81
45-year-old male with a clean record$119.27
55-year-old male with a clean record$113.12
60-year-old male with a clean record$109.57
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Depending on your age, your quote from Mutual of Omaha will vary. Mutual of Omaha might not be the cheapest insurance company, but its excellent coverage and add-on options might make getting life insurance worth it.

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Mutual of Omaha Discounts Available

Unlike other types of coverage, discounts for life insurance are often hard to find. Mutual of Omaha doesn’t offer any specific discounts for their policies, meaning you won’t find extra ways to save money when buying life insurance.

One of the essential factors in your life insurance rates is your level of health. Young people in good health without concerning issues in their family histories have the lowest life insurance rates. You can keep your insurance rates down by maintaining a healthy lifestyle and buying your insurance as young as possible.

Mutual of Omaha Coverage Options

Like most major life insurance companies, Mutual of Omaha sells a variety of policies to meet nearly every need. The kind of insurance that works best for you depends on your financial goals, budget, and lifestyle.

Mutual of Omaha’s life insurance is split into four categories — term, whole, universal, and indexed universal coverage. Explore your options with Mutual of Omaha below, but keep in mind that you don’t need to decide by yourself. A Mutual of Omaha representative can walk you through your options and help you pick the best coverage.

Mutual of Omaha Term Life Insurance

Term life insurance is one of the most affordable coverage options that offers a significant death benefit. These policies last a specific number of years and are ideally built for new parents, newlyweds, homeowners with a mortgage, or people with other financial dependents.

Mutual of Omaha offers terms of 10, 15, 20, and 30 years, and all policies can be converted to a permanent plan before they expire. The following term life policies are available at Mutual of Omaha:

  • Term Life Answers. Answers is Mutual of Omaha’s basic term life plan, for which you’ll need to undergo a medical exam to qualify. Chronic and terminal illness add-ons are included for free, and rates are generally affordable.
  • Term Life Express. This term plan skips the medical exam, meaning it’s a good choice for people with health issues. Critical, terminal, and chronic illness add-ons are included, but rates are higher than the standard plan.

You’ll have to speak with a Mutual of Omaha representative to learn more about the types of term life insurance available in your area, as availability changes by state.

Term life plans are the most commonly purchased life insurance because they have the best value. However, you can buy plans that don’t expire if you’re willing to pay higher prices.

Mutual of Omaha Whole Life Insurance

Whole life insurance comes with higher rates than term policies, but you never have to worry about your plan expiring. It also accumulates cash value as you make your monthly payments. You can use your accumulated cash value for whatever you like, including loans and emergencies.

Mutual of Omaha offers two whole life insurance policies:

  • Children’s whole life. You can buy a whole life plan for a child as young as 14 days old up to 17 years. Death benefits are between $5,000 and $50,000, and the application contains only three medical questions.
  • Guaranteed whole life. This whole life plan is available with no medical exam for adults between 45 and 85 years old. Also called burial insurance, the death benefit is small but guarantees financial help for your beneficiaries.

Mutual of Omaha doesn’t offer other whole life insurance policies, but there are other options for a permanent life insurance plan. The first option Mutual of Omaha offers is universal life insurance plans.

Mutual of Omaha Universal Life Insurance

Universal life (UL) plans are similar to whole life policies in that they last your entire life and build cash value. The key difference with a universal life insurance plan is that you have some flexibility with your monthly payments.

Mutual of Omaha’s universal life insurance policy is the AccumUL Answers plan. This plan requires a medical exam and includes free terminal and chronic illness add-ons. You can access your accumulated cash value, but the AccumUL plan usually has a waiting period. If you withdraw before the waiting period ends, you’ll most likely have to pay a surrender charge.

Mutual of Omaha Indexed Universal Life Insurance

Mutual of Omaha’s last option for life insurance are the indexed universal life insurance (IUL) plans. These policies work similarly to other permanent plans, but the cash value is tied to a stock market index. While your policy isn’t directly invested, it gains value based on the performance of the index.

Mutual of Omaha offers a few IUL selections, including the following:

  • Income Advantage. The Income Advantage plan limits the protections most IUL policies offer and provides a better chance for cash value growth.
  • Life Protection Advantage. This plan offers solid potential for cash value growth and includes a guaranteed death benefit through age 90.
  • IUL Express. The IUL Express offers up to $300,000 in coverage and 20 years of guaranteed death benefit protection without needing a medical exam. Rates are higher, so you should consider an alternative if you’re in relatively good health.

IUL plans are generally riskier than UL or whole life plans because they have fairly expensive associated fees. However, IULs are a good option for people looking to supplement their retirement income.

Does Mutual of Omaha offer life insurance add-ons?

Like most other major insurance companies, Mutual of Omaha offers a variety of add-ons. Life insurance add-ons increase the value of your policy and help protect your beneficiaries. Mutual of Omaha offers the following add-ons:

  • Terminal illness. If you’re diagnosed with a terminal illness and given 12 months or less to live, you can immediately request up to 80% of your death benefit.
  • Critical illness. You can also request up to 80% of your death benefit if you experience a critical condition, like a heart attack.
  • Chronic illness. Claim 80% of your death benefit if an illness prevents you from performing at least two daily living tasks for 90 days or more.
  • Dependent children. You can add up to $10,000 to your policy for a child for up to 20 years. You might be able to convert this add-on into a permanent plan for your child when they come of age.
  • Accidental death. If you die in an accident, your beneficiaries will receive an additional payment. You can add up to $250,000 to your policy.
  • Disability income. If you become disabled after an injury or illness, you can claim a monthly income deducted from your death benefit. This add-on is only available on term life policies.
  • Waiver of premiums. There are a few events you can elect to temporarily skip your monthly payments. Events include unemployment, damage to your home equaling more than $25,000, or disability.
  • Guaranteed insurability. After a few qualifying events, you can increase the coverage in your policy without having another medical exam. Qualifying events include having a child or getting married, but the add-on expires when you turn 50.

Many of Mutual of Omaha’s add-ons are hard to find elsewhere, which is one of the many things customers love about the company.

Mutual of Omaha vs. Competitors

Mutual of Omaha generally receives positive customer reviews, even though it doesn’t have the lowest quotes. However, comparing rates is integral to deciding which company is right for you. You should always obtain more than one quote when shopping for life insurance in order to compare them against one another. This can help you to find the best deal in the current market.

Despite having average rates, Mutual of Omaha is well-regarded for its IUL plans. Customers also enjoy that many Mutual of Omaha policies come with free chronic, terminal, and critical illness add-ons.

Frequently Asked Questions

What states is Mutual of Omaha life insurance available in?

Mutual of Omaha is available in every state. However, you might see limited availability of certain products in some states.

What does Mutual of Omaha life insurance cover?

Mutual of Omaha’s policies work the same way as other life insurance plans. You choose a beneficiary to receive a payment when you die. Although you can choose whoever you’d like, most people choose a financial dependent. Your beneficiary can use your death benefit to cover end-of-life expenses, debt settlements, college tuition, and daily expenses.

Does Mutual of Omaha pay dividends?

Some life insurance companies offer dividends to policyholders when it performs well. Unfortunately, Mutual of Omaha does not offer dividends.

How long do you have to make a Mutual of Omaha claim?

Mutual of Omaha follows state laws when it comes to making claims. If you’re concerned about a death benefit going unclaimed, you should speak with a Mutual of Omaha representative.

Your life insurance quotes are always free.

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Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

Full Bio →

Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs. Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times...

Full Bio →

Reviewed by Benjamin Carr
Former State Farm Insurance Agent Benjamin Carr

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