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Mutual of Omaha life insurance review 2020

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A top insurer offering guaranteed coverage on select policies and competitive underwriting.

finder.com's rating: 3.5 / 5

★★★★★

  • Get a quote if you’re a thrill-seeker with risky hobbies and can’t get insurance elsewhere.
  • Choose a different provider if want to manage your policy online.

18 to 68

Issue Age

$2,000 to $500,000+

Coverage

Depends on policy

Medical Exam Required

Details

Free quote Phone
Policy options Term, Whole, Accidental Death
Term lengths 10, 15, 20 and 30 years
Monthly cost $20.78/$17.28
Claim methods Phone: 800-775-1000
Available states Not available in New York
Customer support Phone: 800-775-1000, Online forms
Riders Accelerated death benefit rider, Accidental death benefit rider, Child rider, Substitute insured rider, Term insurance rider, Waiver-of-premium rider

Expert review

Peter Carleton

Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

With its strong financial ratings and over a century of experience in the industry, Mutual of Omaha is a solid choice. It stands out for its relaxed approach to underwriting high-risk applicants and thrill-seekers, and for offering guaranteed issue policies. But to score the best rates or make any real changes to your coverage, you’ll have to pick up the phone.

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What types of life insurance coverage does Mutual of Omaha offer?

Mutual of Omaha offers term, whole and universal life insurance:

  • Term Life Answers. Available in 10-, 15-, 20- and 30-year terms, this straightforward term life policy is issued in coverage amounts up to $1 million. These policies can be converted to whole life any time before age 75.
  • Term Life Express. This no-exam policy offers fast-tracked underwriting for qualifying customers who need $300,000 or less of coverage. It’s available in the same terms as the standard policy, and can also be converted to permanent life insurance before a deadline.
  • Living Promise. This is Mutual of Omaha’s whole life option, but it’s sold as a final expense policy. This means you don’t need to take a medical exam, and your policy has a cash value component that earns interest at a fixed rate.
  • AccumUL Answers. This is a basic universal life insurance policy that accumulates cash value at a set interest rate, with guaranteed annual returns of at least 2%.
  • Life Protection Advantage. An indexed universal policy that builds cash value and offers guaranteed coverage through age 85, without the need for a medical exam.
  • Income Advantage. Another indexed option, the cash value of this policy is tied to an index. The policy offers downside protection, which means you’ll receive no less than o% in returns, even if the market shifts.

Does Mutual of Omaha offer burial insurance?

Yes. Mutual of Omaha’s burial insurance policy is available to seniors aged 45 to 85, or 75 in New York. Coverage starts as low as $2,000 and goes up to $25,000. It’s a guaranteed issue policy, which means you won’t need to complete a health questionnaire or take a medical exam to qualify for coverage.

The policy has a two-year waiting period. This means if you die within the first two years of taking out the policy, your beneficiaries will only receive a payout equal to the premiums you’ve paid, plus 10%. After the two years have passed, your beneficiaries are entitled to the full benefit amount.

What riders can I add to my life insurance policy?

Like most major insurers, Mutual of Omaha allows policyholders to customize their coverage with riders. These ones may be available to you:

  • Accelerated death benefit. Provides early payout of up to 80% or $1 million if you’re diagnosed with a terminal illness.
  • Accidental death benefit. Pays an additional benefit if you die as the result of an accident.
  • Other insured extension. Extends your policy to cover one other person, with premiums based on your age.
  • Waiver of premium. Waives your monthly premium if you’re unexpectedly unemployed.
  • Children’s riders. Extends the benefits of your policy to dependent children, with the ability to convert at the age of maturity.
  • Disability and unemployment premium waivers. Waives your monthly premium if you face the unexpected.

How much does Mutual of Omaha cost?

Mutual of Omaha doesn’t disclose its rates, and premiums vary based on a host of factors including your age, gender, health, hobbies, occupation and lifestyle.

To give you an idea of how much you might pay for coverage, check out some sample quotes for males and females in good health :

AgeMaleFemale
20$20.78$17.28
25$21.22$17.28
30$21.22$18.16
35$22.97$19.91
40$33.47$27.78
45$54.03$42.22
50$83.78$63.66
55$135.41$100.41
60$240.41$166.03
65$525.22$328.34

*Sample rates provided by Policygenius.

How can I get a low rate?

Mutual of Omaha extends its best rates to those in the excellent health who lead low-risk lifestyles. Tiered rate classes fall into preferred plus, preferred, standard plus and standard.

Underwriting considers your health and lifestyle within a handful of categories:

  • Tobacco use. The best rates are reserved to those who pass a urinalysis test.
  • Family medical history. If you’re not yet 60, this provider considers your family’s history of death due to cancer, diabetes and more to determine your rates.
  • Blood pressure. Top rates go to treated or untreated pressure of at least 130/80.
  • Cholesterol. The maximum level allowed for high-tier rate classes is 300.
  • Occupations and hobbies. With an aviation exclusion rider, even pilots can qualify for high-tier rates.

Pros and cons

Pros

  • Guaranteed acceptance available. The insurer offers term, whole and universal policy options that don’t require a medical exam.
  • Lenient preferred rates. Health issues won’t necessarily exclude you from low rates. Even pilots, scuba divers and other thrillseekers are eligible.
  • Range of universal policies on offer. If you’re in the market for a universal policy, you can choose between a set rate of return or a higher potential for cash value growth.
  • Financially strong. Mutual of Omaha has an A+ (Superior) rating with AM Best, which means it has the cash reserves to pay out claims.

Cons

  • Limited online policy management. You can monitor your policy online, but to change your address, update payments or cancel your policy, you must speak with an agent.
  • Not available nationwide. Mutual of Omaha doesn’t issue policies in New York.

Mutual of Omaha reviews and complaints

Mutual of Omaha has been accredited with the Better Business Bureau (BBB) since 1940, and it holds its an A+ rating based on its customer engagement. And though the company services over 4 million policyholders, the BBB has recorded just 118 complaints over the last three years, all of which were promptly resolved by the insurer.

On J.D. Power’s latest life insurance study on customer satisfaction, Mutual of Omaha ranked fifth of 22 insurers surveyed, and earned 4 out of 5 circles — the second-highest rating.

How do I sign up?

You can apply for a policy online by following these steps:

  1. From Mutual of Omaha’s life insurance page, click Get a Quote.
  2. Enter your gender, date of birth, coverage amount and ZIP code. You also might have to answer some health-related questions, depending on the policy you’re looking for.
  3. You’ll be presented with a quote. If you’re happy with your quote and would like to continue to the application process, click Apply Now.
  4. Continue typing in your personal, contact and health information, and then review and sign your documents. The insurer will then review your application and inform you of approval.

I’ve signed up. What happens next?

If you’re approved for coverage, you can register your account online. From there you can monitor your policy. If you need to do any major account maintenance, you’ll need to speak with an agent.

How do I file a life insurance claim with Mutual of Omaha?

To file a claim, you’ll need to call the claims department on 800-775-1000 on Monday to Thursday, 9 a.m. to 5.30 p.m, or Friday between 9 a.m. and 5 p.m. (CST). The representative will walk you through the next steps, which will include completing a claims form and submitting a certified copy of the policyholder’s death certificate.

More about Mutual of Omaha

Mutual of Omaha has been in the business for over a century, and stands out for offering guaranteed-issue whole life policies and competitive rates for those with preexisting health conditions.

In addition to life insurance policies, Mutual of Omaha has branched out into banking in recent years and is also a mortgage loan provider. It also offers supplemental Medicare policies, popularly known as Medigap insurance, as well as long-term disability and long-term care policies.

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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