Mutual of Omaha Life Insurance Review

Not just for seniors, great for young families too!

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Mutual of Omaha

Mutual of Omaha

overall rating

Our Take

Mutual of Omaha is one of the most established and respected names in insurance. With a variety of policies and riders available, great customer satisfaction ratings, and transparent pricing available right online, Mutual of Omaha should be one of the first life insurance companies you consider for basic coverage.

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
  • “Mutual Perks” Program

  • Guaranteed issue policy (no medical exam) for ages 45 to 85

  • Children’s life insurance

  • Great reputation with strong customer service rankings

  • A rider that pays your premium temporarily if unemployed

  • Great pricing for under 45-years-old 

  • Limited whole life policy options

  • Limited information available online

  • Graded death benefit (reduced death benefit) on some plans

  • Must speak to an agent to get detailed information

Key Takeaways
  • Mutual of Omaha offers a number of extra perks, including discounts on things like eyeglasses 
  • Customers have access to many tools online to make sure they purchase the right type and amount of coverage 
  • The company has a very low level of complaints regarding individual life insurance for a company of its size 
  • Mutual of Omaha ranked fifth out of 23 by J.D. Power for customer satisfaction  
  • The company has among the best pricing available 
Company Overview

Mutual of Omaha is a mutual insurance company founded in 1909. Headquartered in Omaha, Nebraska, they sell insurance in all states. Mutual of Omaha has a Better Business Bureau Rating of A+. They offer life insurance as well as other insurance products such as long-term-care, critical illness coverage, medicare plans, and some investment options. Mutual of Omaha is a highly ranked insurance company, with excellent customer satisfaction ratings and low complaint history for life insurance.

  • Year Founded 1909
  • Kinds of Plans Term life, children’s whole life, whole life, universal life, guaranteed issue.
  • Number of Plans 5
  • Official Website

Mutual of Omaha is known for guaranteed issue permanent life and term life policy options and gives consumers confidence with the fact that they have been doing it since 1926. We researched Mutual of Omaha’s financial strength rankings, customer satisfaction ratings, policy options, pricing and compared their life insurance policy options to the competition to give you the facts you need to decide if this is the right insurance choice for you.

Available Plans: Good Selection With Interesting Riders

Mutual of Omaha offers several life insurance plans in the following categories: term life, whole life, universal life, accidental death, and children’s whole life. Here is an overview of Mutual of Omaha’s life insurance options.

Term Life Answers

Mutual of Omaha’s Term Life Answers policy offers 10-, 15-, 20- and 30-year terms with issue ages are from 18 through 80 years old. The age limits may vary depending on the product term chosen, risk class and state. There is no upper-end limit cited for their available death benefit but coverage starts at $100,000, and we were able to get quotes online up to $999,999. Policies can be renewed on one year periods after the term expires up until age 95. The maximum coverage on a term life plan is 95 years old.

Term Life Express 10, 15, 20, 30

Term Life Express is a simplified issue policy. Simplified issue means you may qualify for a policy without a medical exam, but you will have to complete a medical questionnaire that will be reviewed and then based on this information and a review by underwriters, you may be approved or not. 

The Term Life Express offers lower policy limits than the Term Life Answers plan. Coverage range is $25,000 to $300,000. We found the following policy options for the Term Life Express plan which may be available with either: full guaranteed level premiums for the term of the plan.

  • 10-year level term: This policy lasts for 10 years, the price remains the same throughout the term.
  • 15-year level term: This policy lasts 15 years and maintains the same premium throughout the entire term.
  • 20-year level term: This is a 20-year term policy that maintains the same premium throughout the term.
  • 20-year level term with return of premium (ROP): This policy has the same length as the 20-year term and the same level premium throughout the policy contract. The ROP option in this policy provides the added advantage that if you outlive the 20-year term of insurance you will get back premiums at the end of the term.
  • 30-year level term: This policy lasts 30 years, the premium remains the same throughout the life of the policy.
  • 30-year level term with return of premium (ROP): This policy is also a 30-year length contract, with prices that remain the same throughout the term of the policy, but it gives the added advantage of a return of premiums paid if you survive the term. 

You may also select the same terms outlined above with a limited five-year guaranteed premium, which means that the premiums can increase after the five year period if you select that option.

The Term Life Express policy comes with the added advantage of some really interesting riders included in the policy for free, some of which we didn’t see among any of the other life insurers we reviewed, such as the Residential Damage Rider. 

Whole Life Insurance

Whole life insurance is a permanent insurance policy where coverage remains in force for your lifetime as long as you pay premiums until the policy is paid up. Mutual of Omaha offers a few options for whole life, permanent insurance plans. The advantages of their whole life plans are:

  • Death benefit
  • Potential tax-deferred cash value growth
  • Policy loans

Guaranteed Whole Life 

The Guaranteed Whole Life policy offers coverage amounts from $2,000 to $25,000 with guaranteed acceptance (no medical exam or health questions asked) for ages 45 to 85 (50 to 75 in New York). These are designed as final expense policies. You can get a quote online for this coverage, and you also have the option to add a person to your policy.

This policy has a graded death benefit in the first two years. The graded death benefit means that benefits in the first two years, (if death is due to anything other than an accidental death) will be limited to the premiums paid plus 10%. Full death benefit only applies after the second year of coverage.

Living Promise Whole Life

The Living Promise whole life insurance policy is only available through an agent. The policy uses simplified underwriting and offers two different options: a level benefit plan or a graded benefit plan. 

The level benefit option has issue ages 45 to 85 years with coverage limits from $2,000 to $40,000 and access to an Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider.

The graded benefit has issue ages 45 to 80 years, with lower coverage limits than the level benefit plan: $2,000 to $20,000 maximum.

Children’s Whole Life Insurance

Mutual of Omaha offers a whole life insurance plan at affordable rates for children between the ages of 14 days and 17 years old for death-benefit coverage amounts between $5,000 and $50,000. They offer online quotes and simplified applications. A simplified application means that you answer a few health questions in order to apply.

Mutual of Omaha offers an online quote tool and some of the best pricing in the industry.

Universal Life Insurance

Mutual of Omaha offers universal life insurance which is a permanent type of life insurance plan offering cash values and flexible premium amounts. One nice feature of the Mutual of Omaha universal life policy is the ability to increase coverage amounts, although the option does require proof of good health.

Mutual of Omaha offers three different universal life insurance plans, two of which are indexed universal life, and all of which provide:

  • Death benefit: The death benefit is the amount of money your beneficiary will be paid in the event of death. You may have the option to increase or decrease the death benefit in certain circumstances.
  • Cash value accumulation: The cash value accumulation allows for the opportunity to access the money once values have built up to help you in the future if you even need to borrow money from your life insurance policy to fund education, retirement or other life needs.
  • Flexibility in premiums: You can use this feature to increase or decrease your payments or change the frequency of your payments.
  • Accelerated death benefits: This feature offers early access to a portion of the death benefit should you get a terminal or chronic illness.

AccumUL Answers Universal Life Plan

The AccumUL Answers plan from Omaha Mutual Life Insurance is a universal life plan that guarantees you will earn at least 2% interest annually. This option is safer than some of their other universal plans. For example, the Income Advantage plan only guarantees you will not lose money when the market drops (0% interest guarantee), with this plan you have a guaranteed interest rate of 2%.

Life Protection Advantage Universal Life Plan 

The Life Protection Advantage plan is an indexed universal life policy which means that you have an increased potential to build greater cash value through the use of investment vehicles. The permanent life insurance portion of this policy can be guaranteed through age 85 as long as you continue to pay the no-lapse premiums (or longer). 

Income Advantage Universal Life

The Income Advantage Universal Life plan also offers permanent life insurance coverage with cash values that may accumulate interest. Interest options will depend on the performance of a market index but are not directly invested in the market. This plan comes with a guarantee that the interest will be no less than 0% even when the market index drops below zero. This feature is known as downside protection.

Mutual of Omaha goes the extra mile in delivering added value perks to policyholders through their Mutual Perks program which offers potential cost savings for home mortgages, wellness services including massage, and acupuncture and a low-cost gym membership.

Mutual of Omaha Policy Riders

Riders are contract additions to insurance policies that help you customize your coverage. Mutual of Omaha offers riders for some of their policies that can give you advantages or protection you would not otherwise have. Here is a list of policy riders to inquire about when purchasing life insurance with Mutual of Omaha; these riders may only be available for certain policy forms, or availability may vary by state. There may also be other riders available to choose from that your agent can tell you about.

  • Accidental death benefit rider: Increases the amount of death benefit payable when death is due to an accident.
  • Dependent children’s coverage rider: Add coverage to your policy for children with this rider.
  • Partial return of premium rider: Provides the benefit of returning premiums to you if you survive the term period selected.
  • Level death benefit option: Available for 10, 15, 20 and 30-year terms.
  • Residential damage rider: If your primary residence has $25,000 or more of damage, the premium of your base policy and riders will be waived for 6 months.
  • Waiver of premium for unemployment provision: If you have a qualifying unemployment event, they will waive the premium for the base plan and riders for 6 months.
  • Common carrier death benefit provision: If you die in an accident as a fare-paying customer on an airplane, train or bus, a higher death benefit will be paid to your beneficiary. They will receive the original death benefit plus the lesser of $250,000 or 100% of the value of the original policy face amount.
  • Disability income rider and disability waiver of premium riders: The terms of these riders may vary, inquire with your agent for details.

Customer Service: Great Ratings and Value Added Perks

Mutual of Omaha’s website offers a number of interactive tools to help you figure out how much life insurance you might need and then get online quotes for some products. Compared to other life insurance companies, their website didn’t have as much information about their products. They offer service through agents and a call center. 

You can do an online search for a local agent and see a list of representatives in your area to choose from, which is nice. If you fill in their online form asking for additional information they will connect you with an agent to make an appointment, but you have to provide your full information and agree to text messages, emails (optional) and automated phone calls.

Complaints Trend: Very Low Complaints History

We researched Mutual of Omaha’s complaint history with the National Association of Insurance Commissioners (NAIC) National Complaint Index report and their results are good. They have very few complaints in the individual life category, just 6 in 2020. This is is well below the expected amount for a company of its size. In fact, the complaint index is so low they could not display a number. On the other hand, Mutual of Omaha's overall complaint index is 1.20 meaning they received slightly more than an average number of complaints company wide. However, their amazing record in life insurance is what counts here.

Mutual Perks Value Added Program

Mutual of Omaha offers a value-added perks program, known as “Mutual Perks” to offer their clients value-added benefits. The Mutual Perks program offers potential cost savings for home mortgages, wellness services including massage, and acupuncture and a low-cost gym membership. They also offer discounts on eyeglasses and hearing aids. This program is one of the ways Mutual of Omaha goes the extra mile in delivering value.

Customer Satisfaction: Highly Rated

There is no doubt that customers overall are happy with the products, product delivery, and service that Mutual of Omaha offers. Mutual of Omaha ranked fifth out of 23 life insurers with a strong score in the 2020 J.D. Power U.S. Life Insurance Study. The study ranks life insurance companies based on customer satisfaction.

Financial Strength: A+ (Superior)

In business over a century, Mutual of Omaha is a well-established name in insurance. However, they are not in the top 10 life insurance writers in the U.S. On the other hand, Mutual of Omaha has an impressive A+ (Superior) financial strength rating from AM Best.

Mutual of Omaha Cancellation Policy

With the partial return of premium rider (available on some plans), you may be eligible for partial money back if you cancel your policy before the end of the term. If you are thinking about surrendering your life insurance policy, or canceling your policy you will need to speak with an agent or customer service representative to find out Mutual of Omaha’s cancelation terms and conditions and how to cancel your life insurance.

Price of Mutual of Omaha Life Insurance

We ran pricing samples for Mutual of Omaha compared to other life insurers offering online quotes. In our research, we found they offered definite advantages for certain profiles, like mid-life aged smokers, compared to some of the other top-ranked insurance companies. Their term life pricing for healthy younger people was also very good.

How Mutual of Omaha Compares to the Competition

Mutual of Omaha maintains a great reputation as a giant in the life insurance industry. However, when you look closely, some companies seem to do a better job with product lines and rates.

Mutual of Omaha vs. Transamerica

Both Mutual of Omaha and Transamerica offer no medical exam simplified underwriting policy options. We compared features of the Mutual of Omaha plan to the Transamerica plans as well as sample pricing. Although pricing was similar and provided advantages for different age groups in each case, the policy options were stronger with Transamerica because they offer more riders for some policies with better information online to help guide choices and understand products.

We also compared the features of Mutual of Omaha’s Whole Life Guaranteed Life plan, and Living Promise Whole Life plans to Transamerica’s Final Expense plan. Mutual of Omaha’s plans provided lower policy limits than Transamerica’s. Transamerica offers immediate coverage with no medical exam in all states for their Immediate Solution and 10-Pay Solution Plans; these plans are available for ages 0 to 85. 

Coverage for ages 0 to 55 can go up to $50,000 with Transamerica. Mutual of Omaha, has similar plan offerings, age limits are 45 to 85, but with maximum coverage of $25,000 or $40,000 on the Whole Life policy. Mutual of Omaha may only offer you a graded death benefit option if you are not approved for their level plan. Transamerica also offers a graded death benefit, but only on their “Easy Solution” plan.  

Overall, we liked the limited pay options offered by Transamerica and the range of final expense products available. If choosing a final expense life policy, Transamerica is the better option.

Mutual of Omaha vs. Globe Life Insurance  

We researched the Children’s Life Insurance policy options between Mutual of Omaha and Globe Life. Mutual of Omaha offers higher values of life insurance (up to $50,000) for the Children’s Whole Life plans, compared to Globe Life which offers up to $30,000. Mutual of Omaha issue ages for children’s life policies are up to 17 years old, compared to Globe Life Insurance which offers coverage pricing by age bands (example, age 0 to 4, age 5 to 9, etc.) up to age 25.

Premiums are comparable, but the complaint rating differs greatly between the two companies. Mutual of Omaha has a very low complaint trend for individual life. Conversely, Globe Life had about six and half times more complaints for individual life than what would be expected for a company of its size. Their overall complaint index was very high too.

Final Verdict

Good Choice for All Ages

Mutual of Omaha offers strong policy options for term, and universal life products. If you are shopping around for life insurance options and guaranteed issue policies, Mutual of Omaha is also a good choice for seniors, if you have health concerns, are a smoker or are looking for Children’s Whole Life plans. Despite the fact that they are well known for the senior guaranteed issue policies, many of their term life policy features are geared toward younger adults and families and make Mutual of Omaha a good choice for both young and senior policyholders.


All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. For a full breakdown on what we evaluated, visit our life insurance review methodology.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "Mutual Of Omaha Ins Co National Complaint Index Report." Accessed Aug. 26, 2021.

  2. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed Aug. 26, 2021.

  3. Insurance Information Institute. "Facts + Statistics: Life Insurance." Accessed Aug. 26, 2021.

  4. Businesswire. "AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries." Accessed Aug. 26, 2021.

  5. NAIC. "Mutual Of Omaha Ins Co National Complaint Index Report." Accessed Aug. 26, 2021.

  6. NAIC. "Globe Life & Accident Ins Co National Complaint Index Report." Accessed Aug. 27, 2021.