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Mutual of Omaha Review: Should You Buy Life Insurance from Them?

Mutual of Omaha is a mutual insurance company, which means it is co-owned by its policyholders and is not publicly traded. The company serves over thirteen million members with insurance and banking services.

Term life insurance, whole life insurance, and universal life insurance are significant benefits provided by Mutual of Omaha.

Mutual of Omaha logo

Our Partner

Life Insurance Provider

AT A GLANCE

  • Offers whole, term, & universal life
  • Founded in 1909
  • Affordable coverage options
  • Policies for any age range
Overall Rating
4.5/5

Best policy options

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Pros & Cons

Before we get more in-depth in our Mutual of Omaha Life Insurance review, let’s take a quick look at a few advantages and drawbacks of the company.

Pros

  • Whole life insurance often does not require a medical exam.
  • Flexible qualifications for most life insurance policies.
  • Guaranteed issue policy (no medical exam) for ages 45 to 85.
  • Excellent overall reputation with positive customer service ratings.

Cons

  • Life insurance policies need to be purchased through an agent.
  • Online information is limited.

Do you worry that your family may not have adequate financial resources after you're gone? Mutual of Omaha life insurance can be a powerful tool to financially protect your loved ones. 

While the primary use of a life insurance policy is for this protection, there are other benefits. Life insurance can be a great way to take advantage of certain types of life coverage and boost the cash value within your 401(k)

The amount you'll receive from these investments could also exceed what's available in other retirement accounts, such as savings accounts at banks that charge fees on any interest earned by their customers each year.

A death benefit provides peace of mind, and it will make your loved ones happy knowing they are taken care of regardless if something happens now or in perpetuity.

Before you start shopping around, it's essential to know the different types of coverage and what each offers to make the right choice. 

In this Mutual of Omaha life insurance review, we'll cover the pros & cons of available insurance plans, insurance policy options, insurance policy costs, and the best policies for individuals in various stages of life.

Mutual of Omaha icon

Quick Summary

Policies: Life Insurance

Fees: Varies on multiple factors

Promotion: No current promotions

About Mutual of Omaha

Mutual of Omaha is a mutual insurance and financial services company established in 1909 and based in Omaha, Nebraska. 

They offer many different policies for individuals and businesses, including life insurance, Medicare Supplement, and group disability.

Insurance Policy Options

Here’s the breakdown of Mutual of Omaha Life’s policy options.

Whole Life Insurance

Whole life insurance is permanent life insurance coverage designed to provide protection by locking in benefits that can help pay for end-of-life expenses and cash value that can be accessed in an emergency. 

Whole life is available for applicants aged 45-85 (ages 50-75 in New York). Guaranteed issue coverage is provided that lasts for the rest of your life with no medical questions or exams. 

Coverage available in amounts of $2,000 – $25,000 ($5,000 - $25,000 in WA). Rates will not go up, and benefits will not be impacted because of age or health issues.

Term Life Insurance

Term life insurance is a way to protect your family in case of an unfortunate event. Term life lasts for a designated amount of time. Coverage is affordable, with no payment increases. 

Term policies last for 10, 15, 20, or 30 years, so there's something available for any age group from 18 to 80. You can buy a policy with a minimum payout benefit of $100,000.

Term policies can be converted into permanent life insurance before policy expiration.

Universal Life Insurance

Are you worried that being locked into a death benefit amount could cause problems if your circumstances change? Universal life provides permanent insurance coverage with the flexibility to adjust the premium and the death benefit. 

Tax-deferred cash value accumulation can be used as a death benefit or expense reimbursement. Coverage lasts until the end of life if premium payments are timely.

How Much Does Mutual of Omaha Life Insurance Cost?

Life insurance premiums are typically paid every month and vary in costs from $20 to hundreds of dollars per month, depending on the plan. 

Various factors play into the overall costs of policies including age, and how much the policy covers. Life insurance can work with most budgets, depending on your needs. 

The premiums you will pay for long-term care at Mutual of Omaha depend on how much money you want to receive each month during the collection phase. 

Here are some examples of premium payments for several different circumstances: 

Whole Life Insurance

  • Male, 45, $20,000 Level Benefit: $51.01
  • Male, 70, $10,000 Level Benefit: $74.61
  • Female, 55, $20,000 Level Benefit: $52.21
  • Female, 65, $10,000 Level Benefit: $56.48 

20-Year Term Life Insurance

  • Male, 40, $100,000: $14.49
  • Male, 40, $250,000: $20.64
  • Male, 40, $500,000: $32.90

10-Year Term Life Insurance

  • Female, 25, $250,000: $11.83
  • Male, 25, $250,000: $12.04
  • Female, 35, $250,000: $13.12
  • Male, 35, $250,000: $13.12
  • Female, 45, $250,000: $17.63
  • Male, 45, $250,000: $19.78

Universal life insurance policies are adjustable, so we cannot provide concrete examples of premium payments. Talk to a Mutual of Omaha agent to figure out the right plan and rate structure for your situation.

Click here to get an instant quote from Mutual of Omaha 

Who is Mutual of Omaha Life Insurance Best For?

Take a look at each policy and who they are best suited for:

Whole Life Insurance

A whole life policy provides guaranteed protection at an affordable price with no medical exams. 

It's the perfect insurance option for people who want to cover their final expenses, supplement existing coverage or provide a gift that will be useful in any situation.

Term Life Insurance

Term life insurance is geared toward younger people who may need to replace lost income in case of death during prime earning years, pay educational costs, or pay off a mortgage.

Universal Life Insurance

Universal life insurance is popular among individuals who are just entering their prime earning years and investment-savvy people willing to take on some additional risk. 

People often purchase universal life insurance to obtain flexible protection that can be adjusted, replace lost income at death, or use tax-deferred cash to pay for retirement.

Mutual of Omaha vs. Competitors

Policygenius
Policygenius logo
  • Offering: Insurance quotes
  • Fees: free to use
  • Promotion: No current promotions
Haven Life
Haven Life logo
  • Offering: Term Life
  • Fees: as low as $7 per month
  • Promotion: No current promotions
Bestow
Bestow logo
  • Offering: Term Life
  • Fees: as low as $8 per month
  • Promotion: No current promotions

Is Mutual of Omaha Life Insurance Worth It?

Mutual of Omaha offers competitive pricing for applicants with a variety of health conditions. Some whole policies are available without a medical exam, and tax-free death benefits can be accessed during the insured's lifetime.  

Many term life policy features are designed for younger adults and families, making Mutual of Omaha a good choice for young and senior policyholders.

Universal life policies offer adjustable premiums and access to the tax-deferred cash value. This flexibility provides borrowers with many options to suit their specific needs. 

To learn more after reading this Mutual of Omaha life insurance review, click here to receive a quote.

Mutual of Omaha FAQ's

Here are some commonly asked questions about Mutual of Omaha Life Insurance.

Is Mutual of Omaha life insurance reliable?

Mutual of Omaha life insurance is reliable, having been in business for over 100 years. 

AM Best, a credit rating agency, presented Mutual of Omaha with an A+ (Superior) Financial Strength Rating. US News ranked Mutual of Omaha as the number 15 best life insurance company of 2021, with an overall rating of 3.6/5.

How long does it take Mutual of Omaha to pay life insurance?

Life insurance claims can take up to 30 days for review. After this review, if an insurer denies your claim, they will typically provide the reason why.  

Some death benefits will pay in just 24 hours for whole life insurance. 30-to-60 days is a typical time frame for a term life insurance policy to pay.

Can I cash out of my life insurance policy?

Universal life insurance and whole life insurance are available to be cashed out at any time. Term life insurance has no cash component.

What does Mutual of Omaha life insurance cover?

These policies feature available riders and benefits covering chronic illness, accidental death, terminal illness, return of premium, disability income, waiver of premium, critical illness, and accelerated death.

Mutual of Omaha

Mutual of Omaha is a trusted provider of Medicare Supplement Insurance, Life Insurance, Finance and Mortgages.

Mutual of Omaha icon
  • Editor Rating
  • Rated 4.5 stars
  • 80%

  • Mutual of Omaha Life Insurance
  • Reviewed by:
  • Published on:
  • Last modified: November 13, 2021


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