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Mutual of Omaha Life Insurance Review
By Kristin Cobos MONEY RESEARCH COLLECTIVE
Mutual of Omaha offers a variety of life insurance policies with a wide range of coverage options and add-ons for customization. Our review will provide details that you need to know about Mutual of Omaha, including their products and services.
Table of contents
- Mutual of Omaha overview
- Mutual of Omaha’s services
- Mutual of Omaha’s credentials
- Mutual of Omaha’s accessibility
- Mutual of Omaha’s customer satisfaction
- Mutual of Omaha vs. the competition
- Mutual of Omaha FAQs
- How we evaluated Mutual of Omaha
Mutual of Omaha Life Insurance Overview
- No-exam policy available
- Live chat option
- Affordable policy prices
- No variable universal life insurance policies
- No survivorship policies
- No smartphone app available for insurance customers
Founded in 1909, Mutual of Omaha is a nationwide insurance company that sells a large selection of insurance and financial products. Mutual of Omaha is a mutual company, which means that customers own the company and play an active role in its decision making.
Mutual of Omaha’s Services
Mutual of Omaha offers a wide variety of life insurance options for all budgets, with multiple add-ons for flexibility and customization. Here’s a breakdown of the company’s coverage options, exclusions and costs.
What it offers
Term life policies start at $100,000. You can choose a duration of 10-, 15-, 20-, or 30 years. All policies are convertible, which means you can switch from a term policy to a permanent policy at a later date. Premiums won’t increase during your policy’s duration, and coverage starts at $100,000, which is also the benefit amount. These term policies are only available to applicants between the ages of 18 and 80.
Mutual of Omaha also offers Term Life Express, which has a coverage and benefit amount between $25,000 and $300,000. The allowed issue ages are between 18 to 70.
Riders included at no cost for term life policies are:
- Accelerated Death Benefit for Terminal Illness
- Accelerated Death Benefit for Chronic Illness (Term Life Express only)
- Accelerated Death Benefit for Critical Illness (Term Life Express only)
- Waiver of Unemployment Rider
Mutual of Omaha’s whole life insurance policies are permanent and can accumulate a cash value, a tax-deferred amount that increases over time and that you access through loans or withdrawals. There are three options for whole life insurance:
- Guaranteed Whole Life is available for people between 45 to 85 years of age, with coverage amounts ranging from $2,000 to $25,000. It comes with a graded death benefit, which means the beneficiary receives only a reduced benefit amount if the policyholder dies of natural causes within the first two years.
- Living Promise Whole Life is a policy which provides coverage for final expenses such as funeral and burial costs. It is only available to people between the ages of 45 and 85, with coverage amounts ranging from $2,000 to $40,000. This policy, too, also has a graded death benefit.
- Children’s Whole Life is a whole life policy for children. The ages of issue are between 14 days and 17 years, and coverage ranges from $5,000 to $50,000.
Universal life insurance policies are permanent policies. Mutual of Omaha offers only one of these products, AccumUL Answers, which provides cash value accumulation with an annual 2% earning guarantee, an accelerated death benefit, and adjustable frequency or amount of payment. The issue ages are typically 0 to 85.
Indexed universal life (IUL) products are permanent policies which are tied to a market index and build cash value over your lifetime. Mutual of Omaha offers three IUL products:
- Life Protection Advantage and Income Advantage policies, which have a death benefit guarantee up to 90 years or longer, depending on the policy.
- Indexed Universal Life Express, which has a coverage amount ranging between $25,000 and $300,000 with the same benefit amount. The issue ages are 18 to 70.
Riders included at no cost for universal and indexed universal life are:
- Accelerated Death Benefit for Terminal Illness
- Accelerated Death Benefit for Chronic Illness
- Accelerated Death Benefit for Critical Illness (IUL Express Only)
- Lapse Guard
- Guaranteed Refund Option
Accidental death policies are available through Mutual of Omaha’s advisor and brokerage channels. The issue ages are 18 to 70 years, and policies are guaranteed renewable to 80 years of age. Coverage ranges from $50,000 to $500,000. They also offer a direct-to-consumer product which provides coverage from $250,000 up to $1 million. All accidental death policies come with the option to add family members.
Optional Riders may be available at an additional cost (availability depends on product and location):
- Disability Waiver of Charges
- Disability Waiver of Planned Premium
- Accidental Death Benefit Rider
- Dependent Children’s Rider
- Additional Insured Rider (Self)
- Additional Insured Rider (Other Insured)
- Guaranteed Insurability Rider
- Long-Term Care Rider
- Other Insured Ride
- Disability Waiver of Premium Rider
If you would like more details about the different types of life insurance policies, be sure to read our article about term vs. whole life insurance.
Mutual of Omaha Life Insurance Coverage
| Life insurance type | Coverage | Term duration | Issue ages | Benefit amount |
| Term life insurance | Starts at $100,000 | 0-, 15-, 20- and 30-year | 18 to 80, depending on the policy | $100,000 or more, depending on policy |
| Whole life insurance | $2,000 to $25,000 | Guaranteed to age 120 as long as premium is paid to the age of 100 | 45 to 85 (50 to 75 in NY) | $2,000 to $25,000 (in WA, $5,000 – $25,000) |
| Universal life insurance | Starts at $100,000 | Lifetime | 0 to 85 | $100,000 or more, depending on policy |
| Accidental death insurance | $250,000 up to $1,000,000 | 18 to 70 guaranteed renewable up to age 80 | 18 to 80 | Up to $1 million |
What it doesn’t offer
While Mutual of Omaha provides many types of life insurance, their products come with some exclusions. Mutual of Omaha doesn’t offer two common life insurance products: survivorship policies and variable universal life insurance. Also, the availability of riders depends on product and location.
Accidental death policies carry benefit exclusions based on the type of accident. There’s a 30% benefit reduction for auto pedestrian accidents and a 20% benefit reduction for general accidents.
Mutual of Omaha Life Insurance Cost
Life insurance rates vary greatly from person to person. The following factors play a role in determining what you’ll pay:
- Policy type
- Coverage amount
- Age
- Gender
- Location
- Overall health and/or medical exam results
- Lifestyle
- Use of tobacco
To get an idea of average monthly costs, we’ve provided a sample quote based on a term life policy with $250,000 coverage for a 45-year-old female and male non-smoker in excellent health:
Female
- 10-year term policy: $18 per month
- 20-year term policy: $28 per month
- 30-year term policy: $42 per month
Male
- 10-year term policy: $20 per month
- 20-year term policy: $35 per month
- 30-year term policy: $53 per month
Mutual of Omaha’s Credentials
Mutual of Omaha is a reputable company that sells insurance products and financial services. Read on for a closer look at their credentials.
Licenses and registrations
Mutual of Omaha (NAIC #71412) is licensed in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. Insurance products are underwritten by United of Omaha Life Insurance Company, NAIC #69868.
Awards and certifications
Mutual of Omaha stands out for their commitment to wildlife conservation. They have a long-standing television show, Mutual of Omaha’s Wild Kingdom, that recently won two Silver Telly Awards in the category of “Promotional Video: Show” and “Series and Television: Documentary.”
Mutual of Omaha was also awarded the Employee Voice Award (EVA) in the Excellence in Engagement category by Quantum Workplace.
Regulatory or legal actions
Mutual of Omaha is currently facing a class action lawsuit for telemarketing calls that are in violation of the Telephone Consumer Protection Act (TCPA). The plaintiff claims a third-party entity made telemarketing calls on behalf of Mutual of Omaha, despite her name being listed on the National Do Not Call Registry.
Mutual of Omaha’s Accessibility
Mutual of Omaha’s services are highly accessible, and the company provides easy access to licensed insurance agents.
Availability
Mutual of Omaha sells insurance through three channels: direct-to-consumer, career agents and independent agents. They also have 71 brick and mortar locations across the country (with none of those locations in these states: AK, DE, HI, ID, ME, MI, MS, MT, NV, NM, ND, RI, VT, WV and WY).
Contact information
You can reach Mutual of Omaha’s customer support online through their chat function and speak with a licensed agent. If you prefer to call, their customer support phone number is 800-377-9000. Customer service hours are Monday to Thursday, 7 a.m. to 5:30 p.m. CST and Fridays from 7 a.m. to 5 p.m. You can also email customer service at mycustomerservice@mutualofomaha.com.
User experience
Mutual of Omaha’s website is easy to navigate and offers a lot of valuable information on the products they sell. One unique feature that sets Mutual of Omaha apart from its competitors is immediate access to licensed sales agents through the online chat function. You can also get free quotes online for a limited number of their products.
Limitations
Mutual of Omaha doesn’t currently have any smartphone apps for their customers who are looking for insurance.
Mutual of Omaha’s Customer Satisfaction
Mutual of Omaha has a strong standing with important industry agencies that evaluate financial strength and service However, when it comes to customer service, we found that negative customer reviews outweigh positive ones.
Customer complaints
Mutual of Omaha is accredited with the BBB and holds an A+ rating with the institution. On Trustpilot, customers give the insurance company a mediocre rating of 2.6 out of 5 stars. Negative reviews on the site mention the unavailability of customer service, difficulty in receiving claim benefits and claims denied in error. We found quite a few complaints mentioning agents who mishandled accounts. Positive reviews include quick claim approval time and policy options.
Third-party ratings
Mutual of Omaha is in good standing with third-party rating agencies. They snagged the top spot of the JD Power 2022 Group Life Insurance Study and #3 for the Individual Life Insurance Study. Additionally, Mutual of Omaha received an A+ (Superior) financial strength rating from AM Best. According to the NAIC’s National Complaint Index, MassMutual has received fewer complaints than their competitors. They also hold a AA- rating (very strong) with Standard & Poor’s.
Mutual of Omaha vs. the Competition
Here’s a look at how Mutual of Omaha stacks up against the competition. We based the average monthly cost on a 20-year term policy with $100,000 coverage for a 25-year-old female non-smoker in excellent health.
| Mutual of Omaha | New York Life | Prudential | |
| AM best rating | A+ (Superior) | A++ (Superior) | A+ (Superior) |
| Average cost | $12 per month | $11 per month | $13 per month |
| Medical exam | Yes, except for one no-exam whole life policy | Sometimes, depending on policy | Yes |
| Coverage | Term, whole life, universal, indexed universal | Term, whole life, universal, variable universal | Term, universal, indexed universal, indexed variable universal and variable universal |
Mutual of Omaha Life Insurance FAQs
How can I cancel a Mutual of Omaha life insurance policy?
You can cancel your policy at any time by calling customer support and talking to an agent. If you've purchased a term life, guaranteed whole life or accidental death policy, you have 30 days to change or cancel coverage with a full refund. After 30 days, you'll receive a pro-rated refund. For all other policies, you must speak with your local agent for cancellation details.
Does Mutual of Omaha include dental insurance?
Mutual of Omaha provides many other services and products besides life insurance. They also offer the following two options for dental insurance:
Mutual Dental Protection for $24.75
- Deductible: $100 per year for all services combined
- Preventive services such as cleanings and X-rays: pays 100% after deductible
- Major services such as crowns, dentures and root canals: 50% (after a 12-month waiting period)
- Basic services such as fillings and extractions: 50%
- Maximum amount paid per year: $1,000
- Lifetime maximum benefit for implants: $2,000
Mutual Dental Preferred for $48.08
- Deductible: $0 per year for preventative services and $50 per year for basic and major services
- Preventive services: 100%
- Major services: 50% (after a 12-month waiting period)
- Basic services: 80%
- Maximum amount paid per year: $1,500
- Lifetime maximum benefit for implants: $3,000
How do I file a claim on a Mutual of Omaha life insurance policy?
You can file a M of O life insurance claim by calling the company's claims department at 888-493-6902. You can also begin the initial claims process online, though you will eventually have to connect to an agent. Eighty to 85% of claims are paid out within the first 48 hours.
Does every policy on Mutual of Omaha accumulate cash value?
Mutual of Omaha doesn't offer cash value accumulation for every policy. Here's a closer look:
- Term – no option for cash value
- Whole life – cash value is guaranteed
- Universal life – offers a declared interest rate with 2% annual earning guaranteed
- Indexed universal life – both the Life Protection Advantage and Income
Advantage policies have cash value that is tied to a market index. It also has downside protection which prevents you from market downturns – you won't receive less than 0%.
Does Mutual of Omaha have a no-medical exam policy?
Mutual of Omaha offers one guaranteed whole life policy that doesn't require a medical exam; however, you must answer a series of health questions. The policy is available for people ages 45 to 85 and offers only up to $25,000 in coverage. It comes with a two-year graded death benefit, which means the death benefit amount will be reduced if you pass away due to natural causes in the first two years.
How We Evaluated Mutual of Omaha Life Insurance
We reviewed Mutual of Omaha for coverage, add-ons and exclusions. We evaluated their website for ease-of-use and transparency regarding policy information and pricing. In order to review customer service, we contacted representatives over phone and online chat. We evaluated them on response times, product knowledge and friendliness. We also analyzed customer reviews and complaints on websites like the BBB, Trustpilot and NAIC.
Summary of our Mutual of Omaha Review
Mutual of Omaha is a life insurance provider that offers a wide selection of policies to fit every budget. They also have numerous add-ons to help you customize your policy.
Their website is easy-to-use and licensed customer support agents were responsive, knowledgeable, and friendly to our inquiries. The company also received high marks from the Better Business Bureau, although it fared less well on customer-review site TrustPilot.
Lastly, Mutual of Omaha continues to score high marks for financial strength from important third-party agencies that evaluate standards.
Kristin Cobos has worked as a writer, researcher, and educator for 18 years. She holds a B.A. in International Relations from Webster University in Leiden, Netherlands and M.A. in Teaching English as a Second Language from Southern Illinois University — Edwardsville. She covers finance and technology.