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Mutual of Omaha Life Insurance Review 2018

January 31, 2018

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at a glance

  • NerdWallet ranking: No. 21 out of 23 companies scored.
  • 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.

» MORE: The best life insurance companies

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

NerdWallet rank: 21st

Mutual of Omaha ranked No. 21 out of 23 large companies scored by NerdWallet. NerdWallet’s life insurance company 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.

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 0.59 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: AVERAGE

In a survey of customer service by J.D. Power published in 2017, Mutual of Omaha scored “about average” in four categories and “better than most” for customer interaction. The company ranked No. 8 overall out of 24 insurers included in the survey.

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

More about Mutual Of Omaha

Types of life insurance soldOther products & services
  • Term life
  • Whole life
  • Whole life for children
  • Universal life
     
     
  • Accidental death insurance
  • Annuities
  • Critical illness and disability insurance
  • Long-term care insurance
  • Medicare Supplement Plans
  • Mutual of Omaha offers term, whole and universal life insurance. The most term life coverage available online is $100,000. Higher amounts are available when buying through an agent. The company’s whole life policies are generally marketed to cover funeral and other final expenses. Coverage amounts max out at $50,000.

    Universal life insurance is available in larger amounts. In 2016, Mutual of Omaha introduced its first indexed universal life insurance product, which ties the policy’s cash value accumulation to the performance of the Standard & Poor’s 500 index.

    Mutual of Omaha also offers critical illness, disability and long-term care insurance as well as Medicare Supplement Plans and annuities. In 2016, the company introduced a disability insurance policy with a simplified application. No medical exam or information from a doctor is required.

    Some of its life insurance and health and accident policies are marketed through direct mail.