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Mutual of Omaha Life Insurance Review 2019

Jan. 2, 2019
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at a glance

  • NerdWallet ranking: No. 19 life insurance company.
  • Offers a variety of insurance products.
  • Some term and whole life policies available without medical exams.

Overview

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: The best life insurance companies

Learn more about each element that went into our Mutual of Omaha review by clicking below.

NerdWallet rank: 19th

Mutual of Omaha ranked No. 19 out of the 20 best life insurance companies as scored by NerdWallet. The rankings are based on A.M. Best financial strength ratings, J.D. Power customer satisfaction scores and the number of consumer complaints to state regulators, adjusted for market share. NerdWallet scores the largest national life insurers that sell policies to individuals.

A.M. Best financial strength rating: A+ (superior)

Mutual of Omaha’s financial strength is “superior,” according to ratings agency A.M. Best.

Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company, because claims might not be made until many decades after a policy is purchased.

Consumer complaints: Better than the median

United of Omaha Life Insurance Co., a subsidiary, drew fewer than the median number of complaints for a company of its market share, according to the National Association of Insurance Commissioners.

The company’s consumer complaint ratio score, calculated by the association, was 0.55 for individual life insurance in 2017. The median is 1; a score below 1 means fewer complaints. It is based on the number of complaints against the company, adjusted for market share.

J.D. Power ratings: Above AVERAGE

In a life insurance study by J.D. Power published in 2018, Mutual of Omaha scored “better than most” companies for overall customer satisfaction. The company ranked No. 5 overall out of 23 insurers included in the survey.

Customer satisfaction category Mutual of Omaha's score
Overall satisfaction"Better than most"
Billing and payment"About average"
Price"Among the best"
Policy offerings"About average"
Interaction"Among the best"

More about Mutual Of Omaha

Types of life insurance soldOther products & services
  • Term life.
  • Indexed universal life.
  • Universal life.
  • Whole life.
  • Whole life for children.
     
     
  • Accidental death insurance.
  • Annuities.
  • Critical illness, cancer, heart attack and stroke insurance.
  • Disability insurance.
  • Investments, banking and mortgage services.
  • Long-term care insurance.
  • Medicare Supplement, prescription drug and dental insurance plans.
  • Mutual of Omaha Life Insurance Options

    Term life: Terms of 10, 15, 20 and 30 years are available for coverage of $100,000 and more. You can get an estimated quote online, but then have to buy through an agent. The website provides contact information for nearby agents or lets you search for others or have an agent 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. The policies are guaranteed-issue, meaning there are no health questions or medical exams, and 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. Mutual of Omaha offers four types of universal life policies, including indexed universal life, which ties the policy’s cash value accumulation to a market index, such as the Standard & Poor’s 500.