Mutual of Omaha Life Insurance Review [2021]

Mutual of Omaha life insurance is sold as term life, whole life, or universal life insurance policies. This company does not have great whole life insurance options, but its term life insurance rates are very competitive for younger people. J.D. Power rates it highly, but if you are looking for a comprehensive whole life insurance policy, it may not be your best bet.

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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...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Mar 1, 2021

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Quick Facts

  • Mutual of Omaha life insurance company has been in business for over 100 years, founded back in 1909
  • Mutual of Omaha offers a wide array of services, including life insurance, financial planning, investments, retirement planning, and more
  • Since Mutual of Omaha is a mutual company, it is actually owned by its policyholders

Mutual of Omaha life insurance is offered in three distinct policy products. They offer term life insurance quotes, whole life insurance quotes, and universal life insurance quotes.

Mutual of Omaha also offers many other financial services to its customers, but for the sake of this review, we will only be focusing on the company’s life insurance product offerings.

Mutual of Omaha is a mutual company. This means that its policyholders actually own the company, which is pretty cool. This also bodes well for customer satisfaction since the customers own the business.

We’ll help you explore the life insurance products sold by Mutual of Omaha, we’ll look at how each of these policies works in the real world, and explore other key issues that may be of interest to potential customers of Mutual of Omaha.

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How does Mutual of Omaha’s life insurance rates compare to the competition?

Term life insurance is an affordable way to get comprehensive life insurance coverage for whatever your life requires. So, do Mutual of Omaha life insurance quotes rival the competitions’?

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As you can see, Mutual of Omaha has competitive rates when compared with the life industry average. Mutual of Omaha has better rates for young people. Its rates get more expensive than the industry average for older people, but insurance, in general, gets more expensive as you age.

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What life insurance policies are sold by Mutual of Omaha?

Mutual of Omaha life insurance policies are offered as term life insurance, whole life insurance, and universal life insurance. Each one of these policies has its own advantages, and any one of them could be right for you.

Let’s take a closer look at the life insurance products sold by Mutual of Omaha and see how they compare to the rest of the life insurance industry. Depending on what your needs are and where you are in your life, one of these life insurance policies may make more sense for you than the others.

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What should I know about Mutual of Omaha’s term life insurance products?

Mutual of Omaha only offers term life insurance policies to people between the ages of 18 and 80. These policies eventually expire depending on the term length that you choose. Mutual of Omaha offers policies with term lengths of 10, 15, 20, and 30 years.

Term life insurance is a great choice for people who don’t need their life insurance coverage to last a lifetime. Maybe you have a mortgage that you want to insure gets paid if you die suddenly, or perhaps you want to protect your income for your family’s sake.

What should I know about Mutual of Omaha’s whole life insurance products?

If you’re already familiar with what whole life insurance is, you will be surprised to find that Mutual of Omaha’s whole life insurance policies are hardly similar to other whole life insurance policies on the market.

Whole life insurance from Mutual of Omaha is only available to people aged between 45 and 85. These policies are also capped at $40,000 and are generally anywhere from $20,000 to $40,000 in coverage.

The whole life insurance policies from Mutual of Omaha sound a lot more like final expense or burial insurance than whole life insurance. The good thing about these whole life insurance policies is that you don’t need to answer any medical questions or take a medical exam to get coverage.

If you’re looking for more comprehensive whole life insurance coverage, however, you should shop elsewhere.

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What should I know about Mutual of Omaha’s universal life insurance products?

Mutual of Omaha’s universal life insurance policies offer permanent life insurance coverage. They also offer a cash value component that can grow with interest rates based on the performance of a market index.

These policies offer consumers a good chance to both save and grow their money while receiving life insurance coverage. Mutual of Omaha guarantees that the interest rate on your cash value will never dip below 0 percent even if the market struggles to perform.

These policies are great for people who don’t mind taking a little risk with their cash value. They are also awesome for people who have already maxed out their IRA or 401(k) contributions.

You can also borrow against the value of your policy if you need to. This gives you the flexibility to access some extra cash in times of need. This will decrease your death benefit by the amount you borrow, but you can always pay it back to return your death benefit to its full amount.

What do consumers think of Mutual of Omaha?

This company is customer-owned, so consumers must love it, right? According to J.D. Power, Mutual of Omaha is one of the highest-rated insurance companies when it comes to customer satisfaction.

Can I access my Mutual of Omaha policy information online?

Yes, Mutual of Omaha allows its members to access and manage all of their information online on its website. All you need to do is use your Mutual of Omaha login on the company website to access your account.

You should get these credentials after you become a member of Mutual of Omaha.

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Mutual of Omaha Life Insurance: The Bottom Line

If you’re young and looking for term life insurance, affordable Mutual of Omaha life insurance rates are available. However, if you want whole life insurance, you are best served by shopping elsewhere.

This company doesn’t offer the comprehensive whole life insurance policies that other companies have.

If you decide to buy Mutual of Omaha life insurance, you’re now well equipped.

If you want to shop around at other life insurance companies, however, enter your ZIP code below to compare life insurance rates from the top companies in your area.

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