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Mutual of Omaha Life Insurance Review 2020

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at a glance

  • Offers a variety of insurance products.
  • Some term and whole life policies available without medical exams.
Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

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.

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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 from A.M. Best.

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 for term life insurance, 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. Mutual of Omaha’s whole life insurance 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 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, according to three years’ worth of data from the National Association of Insurance Commissioners.

Mutual of Omaha earned high marks for customer satisfaction in J.D. Power’s 2019 U.S. Life Insurance Study. The insurer scored “better than most” overall and “among the best” in four categories, ranking No. 3 overall out of 24 insurers included in the survey.

Customer satisfaction category Mutual of Omaha's score
Overall satisfactionBetter than most
Policy offeringsBetter than most
PriceAmong the best
Billing and paymentAmong the best
InteractionBetter than most
CommunicationAmong the best
Application processAmong the best

More about Mutual of Omaha

Mutual of Omaha offers additional financial products and services including dental insurance, Medicare Advantage and Medicare supplement plans, annuities, critical illness insurance, disability income insurance, investments, banking services and long-term care insurance.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best 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.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. 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.