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Mutual of Omaha Life Insurance Review 2022

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.
Dec. 21, 2021
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mutual of omaha

  • Rated 4 stars out of 5 by NerdWallet.
  • Offers a variety of insurance products.
  • Whole life policies available without medical exams.

Nebraska-based Mutual of Omaha, a mutual company owned by its policyholders, offers insurance, mortgages 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.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair, so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners and here’s how we make money.

 

Take care of what matters most

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

Mutual of Omaha life insurance

4.0 NerdWallet rating

Mutual of Omaha earned 4 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.

» MORE: Best life insurance companies

Mutual of Omaha life insurance pros and cons

ProsCons
Whole life insurance available without a medical exam.Expected number of complaints for life insurance for a company of its size.
Ranked in the top 5 out of 21 companies for overall customer satisfaction.

» MORE: Compare life insurance quotes

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: You can buy Mutual of Omaha’s whole life insurance policies online or through an agent. If you buy online, coverage is guaranteed issue, meaning there are no health questions or medical exams. If you buy a policy through an agent, policies have simplified underwriting, which means there’s no exam, but you’ll need to answer a few health questions. Death benefit amounts range from $2,000 to $25,000 for online coverage, but can reach $40,000 if you apply through an agent. 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: Mutual of Omaha offers three 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 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 21 companies in J.D. Power’s 2021 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 supplement plans, annuities, critical illness insurance, cancer insurance, heart attack and stroke insurance, disability income insurance, investments 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.

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 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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