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Mutual of Omaha Life Insurance Review 2021

Bottom line: One of the most established names in life insurance, Mutual of Omaha offers a wide range of policies, including whole life policies without a medical exam.
June 1, 2021
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mutual of omaha

  • Rated 3.5 stars out of 5 by NerdWallet.
  • Offers a variety of insurance products.
  • Some term and whole life policies available without medical exams.

Nebraska-based Mutual of Omaha, a mutual company owned by its policyholders, offers insurance, banking and mutual funds to individuals, groups and businesses.

The company started in 1909 and for many years sponsored the popular 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

Take care of what matters most

Your family is unique — your life insurance should be, too.

Mutual of Omaha life insurance

3.5 NerdWallet rating

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 complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Mutual of Omaha life insurance pros and cons

ProsCons
Whole life insurance available without a medical examExpected number of complaints for life insurance for a company of its size
Ranked in the top 5 out of 23 companies for overall customer satisfaction

Mutual of Omaha life insurance policies

Term life: 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 buy through an agent. The website provides contact information for nearby agents, and lets you search for other agents or have one contact you.

Whole life: Applicants ages 45 to 85 (50 to 75 in New York) can buy $2,000 to $25,000 of coverage online. Mutual of Omaha’s whole life insurance policies are guaranteed-issue, meaning there are no health questions or medical exams, and they are geared to covering funeral and other final expenses. You can buy up to $40,000 of coverage with a simplified application through an agent. A simplified application means you answer several health questions, but there is no medical exam. Mutual of Omaha also offers whole life policies for children.

Universal life: Coverage is available in larger amounts than with the company’s whole life policies. Mutual of Omaha offers four types of universal life policies, 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.

» MORE: Best life insurance companies for 2021

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. 5 out of 23 companies in J.D. Power’s 2020 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 dental insurance, Medicare Advantage and Medicare supplement plans, annuities, critical illness insurance, cancer insurance, heart attack and stroke insurance, disability income insurance, investments, banking services and 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.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. 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.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to 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. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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