Mutual of Omaha Life Insurance Review 2023
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Mutual of Omaha
Financial strength rating
Mutual of Omaha
Financial strength rating
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.
» MORE: Compare life insurance quotes
Mutual of Omaha life insurance
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.
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 can get an estimated quote online for term life insurance, but then have to contact an agent. 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 complaints and customer satisfaction
Mutual of Omaha drew close to the expected number of complaints for a company of its market share for life insurance, according to three years’ worth of data from the National Association of Insurance Commissioners.
Mutual of Omaha ranked No. 3 out of 22 companies in J.D. Power's 2022 U.S. Life Insurance Study for overall customer satisfaction.
More about Mutual of Omaha life insurance
Mutual of Omaha offers additional financial products and services including:
Accidental death insurance.
Medicare supplement plans.
Critical illness insurance.
Heart attack and stroke insurance.
Disability income insurance.
Long-term care insurance.
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.
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 2019-2021. 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.