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finder.com’s rating: 4.5 / 5.0
18 to 68
$2,000 to $500,000+
Depends on policy
Medical Exam Required
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.
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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You can get quotes and apply online for three types of Mutual of Omaha life insurance: term, whole and universal coverage.
As with most types of life insurance, the older you are when you buy it, typically the higher your premiums will be. Health and lifestyle risks will also affect the rate you’re ultimately extended.
Mutual of Omaha offers online term life coverage of $25,000 to $100,000 to those ages 30 to 74. Terms are limited to 10 years, though you can generally extend term policies annually up to age 94. Policies through an agent are available for terms of 10, 15, 20 and 30 years. And rates are locked in for the term of the policy, with most policies offering conversion to whole life after the term expires.
To sign up, you’re required to permit the insurer to research your Medical Information Bureau and prescription drug records, which are used to determine your approval and ultimately your rate.
If you need a higher coverage amount on a term policy or you’re younger than 29, you’ll have to apply for coverage through a Mutual of Omaha insurance agent by phone or in person.
For an idea of what you might pay, here’s what we found online for 10-year term policy quotes:
You can apply for whole life coverage of $2,000 to $25,000 from Mutual of Omaha online without answering health-related questions or providing access to your medical and prescription data. But you must be at least 45 years old to for guaranteed coverage.Otherwise, coverage can begin at 18 with health questions, with policies of up to $50,000 available if you apply with an agent.
Whole life benefits with Mutual of Omaha are limited during the first two years, which means that if you die from natural causes within two years of obtaining coverage, your beneficiaries may receive only the premiums you’ve paid plus 10% interest. However, if your death is due to an accident, your full benefit is paid from the first day of coverage on.
For reference, here’s what you might find for a $25,000 whole life policy, according to online quotes:
Mutual of Omaha also offers four types of universal life insurance that build cash value while providing coverage throughout your lifetime. Approval can be difficult, requiring an underwriting process that considers details about your health, occupation, lifestyle and hobbies. And if you travel frequently, you may be asked for more information to determine the level of risk you may be exposed to as a result.All four types of universal life provide accelerated benefits that give you access to part of the policy’s benefits if you’re diagnosed with a chronic or terminal illness. And you can adjust your benefit and change the frequency and size of your premium payments as needed.
The four options vary in terms of the size of the accumulated a cash value they’re expected to produce:
Standard policies won’t cover all that life throws at you. Like other providers, Mutual of Omaha offers a range of riders that depend on whether you’ve signed up for term, whole or universal coverage.
Typical optional riders include:
Talk with your Mutual of Omaha agent to learn the riders you can apply to your specific coverage.
In underwriting, insurers determine your monthly premium by considering the amount of your policy’s coverage and any riders along with your age, your gender, your family history and your risk of dying within your policy’s term.
Check out some sample quotes for males and females in good health below:
Like with most insurance providers, Mutual of Omaha extends its lowest rates to those in the best health who take on low lifestyle risk. Tiered rate classes fall into preferred plus, preferred, standard plus and standard.
Underwriting considers your health and lifestyle within a handful of categories:
Guaranteed acceptance may sound ideal, but it’s not a given for every plan offered by this provider. You’re also required to speak with an agent for policy updates, even if you’re only looking to change your address.
While the company insures more than 4 million people, the Better Business Bureau reports just over 110 complaints over the past three years. Accredited with the BBB since 1940, it earns an A+ based on such criteria as its size, history and how it resolves open complaints.
But JD Power scored it merely average among US life insurers last year in terms of price, policy offerings and billing. It scored above average when it came to customer interactions, however.
Mutual of Omaha collects personally identifiable information and non-personally identifiable information in order to offer you products and services tailored to your needs and requests. This information could be shared with affiliated Mutual of Omaha companies and select third parties as permitted or required by law.
Mutual keeps your data safe by implementing security measures that protect against the loss, misuse or alteration of your information.
If you’re approved, 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.
After operating as a mutual insurer for almost 110 years, Mutual of Omaha has built a reputation as a reliable carrier, but one whose rates are higher than some others.
Mutual of Omaha is a standout for guaranteed-issue whole life policies that can provide coverage and piece of mind for those with pre-existing medical or health issues. These policies guarantee acceptance, no questions asked, with up to $25,000 in benefits and a graded death benefit depending on how soon after signup your policy requires a payout.
It has a good reputation for competitive pricing on a range of medical conditions. For instance, those with asthma, sleep apnea, high cholesterol and hypertension aren’t necessarily excluded from preferred rates, depending on treatment. And while the best rates go to nonsmokers in top health, Mutual of Omaha often extends standard nonsmoker rates to those who occasionally use marijuana.
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.
While Mutual of Omaha has a comprehensive product lineup and reasonable rates, it might not be the right fit for everyone. Always compare providers to make sure you’re getting the best possible policy.
Unfortunately, you can’t start the claims process online. Instead, you must call your Mutual of Omaha representative or agent.
You’ll need to complete Mutual of Omaha’s Life Insurance Claim Statement for Beneficiaries form with information that includes:
Mail the form and supporting documents to:
United of Omaha
Mutual of Omaha Plaza
Omaha, NE 68175-0001
★★★★★ — 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.
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