Mutual of Omaha Insurance Review: Is Mutual of Omaha Right for You?

Life insurance is one of those things we know is important, but understanding it fully can sometimes be a bit overwhelming, right? Yet, it’s such a critical part of our financial planning – one that ensures our loved ones remain financially secure, even in our absence. 

This is why today, we will talk about a company that has been a giant in the insurance industry for over a century – Mutual of Omaha Life Insurance Company.

Life insurance isn’t just a policy or a contract; it’s peace of mind. It’s the assurance that your family will be okay, no matter what the future holds. That’s why choosing the right life insurance provider becomes so critical. And one name that you’ve likely come across in your search is Mutual of Omaha.

Whether you’re just starting out with understanding life insurance or considering a switch in your provider, this post aims to comprehensively review Mutual of Omaha Life Insurance Company. 

Could it be the right fit for you? Let’s explore together.

Overview of Mutual of Omaha Life Insurance

When we talk about life insurance, one company that consistently ranks among the top is Mutual of Omaha. Established in 1909, this Nebraska-based insurer has over a century of experience under its belt, providing financial solutions to countless families across the United States.

At Mutual of Omaha, you’re not just another policy number. The company prides itself on the understanding that each policyholder has unique needs and circumstances.
Consequently, they offer a range of life insurance policies designed to meet various needs. Whether you’re interested in term life insurance, or universal life insurance, you’ll find a solution tailored to you.

Financial stability is vital when choosing a life insurance company, and Mutual of Omaha shines in this area. The company consistently earns high ratings from leading insurance rating organizations. These accolades demonstrate the company’s solid financial footing, commitment to meeting its policy obligations, and ability to weather economic fluctuations.

But we understand choosing a life insurance provider isn’t solely about the company’s history or financial stability. It’s about the benefits they bring and whether they align with what you need for your peace of mind. 

So, let’s delve deeper into what Mutual of Omaha offers.

Types of Life Insurance Policies Offered

Mutual of Omaha understands that every individual has unique insurance needs. They offer a broad range of life insurance policies to cater to those diverse requirements:

Term Life Insurance: 

Looking for affordable, temporary life insurance coverage? Term life insurance could be just what you need. 

This type of policy assures that your loved ones will receive a death benefit if you pass away during the specified term, like 30 years. Mutual of Omaha offers term life policies spanning 10, 15, 20, and even 30 years. 

One of the standout features here is that these convertible term policies allow you to switch your term coverage to a permanent life policy without the usual application process.

Mutual of Omaha offers this policy in two ways:

  • Term Life Answers:

This fully underwritten term life insurance product from Mutual of Omaha caters to individuals aged 18 to 80. It requires a health history and medical exam, with coverage starting at $100,000.

A few key features – a terminal illness rider and an agreement of premium rider – are included at no extra cost.

  • Term Life Express:

The highlight of this policy is that you can forego the medical exam. It includes critical, chronic, and terminal illness riders without additional charges. 

The benefits range from $25,000 to $300,000. Plus, there’s an option to purchase a Return of Premium (ROP) version, which entitles you to receive up to 100% of premiums paid into the policy if you decide to surrender it.

Universal Life Insurance:

Universal Life Insurance (UL) is structured to provide coverage for your entire lifespan. It facilitates building a tax-favored cash value within the policy over time. 

While these permanent policies typically come with a higher price tag compared to term insurance, they provide the added benefit of potentially borrowing from or making withdrawals against the cash value.

  • AccumUL Answers: 

This offering necessitates a medical exam and provides lifelong insurance coverage. A vital feature of the policy is cash value accumulation, driven by a declared interest rate. 

This rate is guaranteed to be a minimum of 2% annually.

Indexed Universal Life Insurance:

Indexed Universal Life (IUL) insurance policies link their cash value to a specific stock market index, such as the S&P 500. The account’s credited gains depend on the index’s performance, subject to specific caps and floors. 

It’s important to note that IUL policies are generally considered riskier than UL policies since the returns on cash value may not always cover policy expenses. However, they’re seen as less risky compared to Variable Universal Life (VUL) policies, which are directly invested in the market and can yield returns below 0%. 

Mutual of Omaha offers two distinct indexed universal life insurance policies:

  • Life Protection Advantage IUL: 

This IUL policy provides permanent insurance coverage with a death benefit that can be guaranteed up to the age of 90. It offers the potential for greater value accumulation than traditional fixed-interest universal life insurance policies.

  • Income Advantage IUL:

This alternative IUL option gives you permanent life insurance coverage that accumulates value based on chosen interest-crediting options tied to a market index’s performance. 

Compared to Life Protection Advantage, this policy has more potential for growth.

Whole Life Insurance:

Whole life insurance provides permanent coverage, ensuring your family receives benefits that can assist with end-of-life expenses and offering a cash value that can serve as an emergency fund. 

Mutual of Omaha offers a distinct product known as a guaranteed issue whole-life policy. The distinct aspect of this policy is that your coverage is assured, irrespective of your health condition.

  • Guaranteed Whole Life Insurance: 

This policy is accessible to applicants aged between 45 and 85, with coverage ranging from $2,000 to $25,000.

Financial Stability and Ratings of Mutual of Omaha

Financial stability is a critical factor to consider when choosing a life insurance provider. After all, the company needs to be reliable enough to fulfill its financial obligations to you or your loved ones in the future. 

Here’s where Mutual of Omaha stands:

Financial Strength: 

With over a century in business, Mutual of Omaha has proven its financial durability. It has consistently weathered economic ups and downs, providing its policyholders a sense of trust and security.


Mutual of Omaha boasts impressive ratings from leading insurance rating organizations. 

For instance, it has an A+ (Superior) rating from AM Best, a globally recognized credit rating agency focusing on the insurance industry. This rating signifies a superior ability to meet ongoing insurance obligations.

Remember, while these are important factors to consider, they are just a part of the whole picture. 

There are other factors you may want to consider as you decide if Mutual of Omaha is the right choice for you.

Benefits of Choosing Mutual of Omaha

One of the many reasons people chose Mutual of Omaha boils down to the company’s range of benefits. They include:

Wide Range of Policy Options:

Mutual of Omaha caters to a variety of life insurance needs. 

Whether you’re looking for term, whole, or universal life insurance, there’s a policy that fits your requirements. Their term policies are convertible, so you can switch to a permanent policy without additional medical underwriting.

Financial Stability: 

Having been around for over 100 years, Mutual of Omaha boasts a commendable track record. It consistently receives high financial strength ratings from leading rating agencies, signaling the company’s reliability to meet policy and contractual obligations.

Excellent Customer Service: 

Mutual of Omaha has a reputation for providing top-notch customer service.

 They strive to make the policy buying and claim process as simple as possible. They also offer personalized advice to help you find the best policy for your needs.

Available Riders: 

Mutual of Omaha offers about 7 Riders, including accidental death benefit riser and disability income.

Other riders allow the policyholder access to a part of the death benefit if diagnosed with a deadly or chronic illness, providing financial relief when needed most.

Competitive Pricing:

Mutual of Omaha is known for its competitive rates, particularly its term life policies. This means you can secure substantial coverage without breaking the bank.

While these are some key benefits of choosing Mutual of Omaha, it’s also crucial to consider the potential drawbacks. A well-rounded view will help you decide whether it’s the right fit for you.

Drawbacks Of Choosing Mutual of Omaha

Online Applications Unavailable for Term Policies:

If you’re interested in obtaining a term policy from Mutual of Omaha, it’s worth mentioning that online applications are not available. 

To apply for a term policy, you will need the assistance of a licensed agent who can guide you through the application process.

Policy Limitations:

Mutual of Omaha does not offer Variable Universal Life (VUL) insurance. Additionally, for traditional whole-life coverage, the maximum policy amount is capped at $25,000. 

So, Is Mutual of Omaha Right For You?

When choosing a life insurance provider, the decision ultimately rests on finding the right fit for your unique needs and circumstances. 

Throughout this exploration of Mutual of Omaha Life Insurance Company, we’ve examined its history, policy offerings, financial stability, key benefits, and drawbacks.
Now, it’s time to answer the crucial question: Is Mutual of Omaha right for you?

While Mutual of Omaha boasts a strong reputation, financial stability, and a range of policy options to cater to different requirements, it still comes with a few drawbacks.

Ultimately, whether Mutual of Omaha is right for you depends on your needs and preferences. We encourage you to contact insurance professionals for guidance and carefully weigh all the factors before making a final decision.

Remember, life insurance is a vital component of your financial planning, ensuring the financial security of your loved ones. Making an informed choice about your life insurance provider sets the foundation for that security.