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Mutual of Omaha vs. Transamerica: Which is better?

With these reputable insurers, your decision will come down to the type of policy you want to purchase.

Updated

Fact checked

These big-name insurers are similar when it comes to their rates and riders. Mutual of Omaha keeps it simple with term, whole and universal life insurance options, while Transamerica gives permanent policyholders the chance to invest their cash value more aggressively by offering indexed universal policies.

Life insurance products offered by Mutual of Omaha and Transamerica

Mutual of Omaha
Transamerica
Term
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Whole
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Universal
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Indexed universal
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Final expense
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Costs

Your premium is a product of your age, gender, occupation and lifestyle. These insurers have similar price points, but you might be charged a slightly higher rate with Transamerica.

If you’re a healthy nonsmoker, here’s what you might pay monthly for a $250,000, 20-year term life policy.

GenderAge
Mutual of Omaha
Transamerica
Male20
$16.77
$19.35
Male30
$17.20
$17.20
Male40
$24.51
$30.32
Male50
$54.83
$57.83
Male60
$157.38
$127.49
Get a quote on Policygenius
GenderAge
Mutual of Omaha
Transamerica
Female20
$14.62
$13.33
Female30
$14.84
$14.62
Female40
$19.78
$24.94
Female50
$44.08
$47.08
Female60
$113.31
$125.78
Get a quote on Policygenius

*Based on sample rates from Policygenius, August 2019.

Policy riders

Each insurer allows you to customize your coverage with common riders. Mutual of Omaha stands out for offering a long-term care rider, while Transamerica caters to different needs with return of premium (ROP) and decreasing coverage riders.

Mutual of Omaha

  • Waiver of premium rider
  • Accelerated death benefit rider
  • Accidental death benefit rider
  • Child rider
  • Other insured extension rider
  • Long-term care rider
  • Disability and unemployment waiver of premium rider
Get a quote on Policygenius

Transamerica Riders

  • Waiver of premium rider
  • Estate protection rider
  • Final expense rider
  • Child and additional insured rider
  • Return of premium rider
  • Decreasing coverage rider
  • Whole life guaranteed insurability rider
Get a quote on Policygenius

Financial strength

It’s essential to choose a financially strong insurer because your beneficiaries might not file a claim for many years. Mutual of Omaha and Transamerica score high ratings with the major rating agencies, meaning they have the funds to pay out claims.

In J.D. Power’s latest life insurance study on customer satisfaction, Mutual of Omaha ranked fifth of 23 insurers surveyed. Transamerica landed in 18th place, which indicates there is room for improvement.

Mutual of Omaha
Transamerica
A.M. BestA+ (Superior)A (Excellent)
Moody’sA1 (Good)A1 (Good)
Standard & Poor’sAA- (Very strong)AA- (Very strong)
FitchN/AA+ (Very high quality)
J.D. Power4 out of 5 circles or “better than most”2 out of 5 circles or “the rest”

Customer reviews and reputation

Mutual of Omaha boasts an A+ rating from the Better Business Bureau for its customer service and interaction. The BBB hasn’t recorded any reviews or complaints to date.

Transamerica has an A- rating, and the BBB records 394 complaints over the past three years — many of which had to do with billing issues and the claims process. Customers award the insurer 1.5 out of 5 stars.

Bottom line

These insurers have reasonable rates and a robust range of riders to choose from. Mutual of Omaha has a better reputation with its customers, but it only offers term, whole and universal life insurance. If you’re looking for a policy outside this lineup, Transamerica might be the natural choice.

To weigh up your options, compare life insurance providers.

Compare life insurance providers

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required
LadderLife™ Life Insurance
20 - 60 years old
$100,000
$8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
Policygenius
18 - 85 years old
$10,000
$10,000,000+
Depends on provider and policy
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Fabric
25 - 60 years old
$100,000
$5,000,000
No
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
Haven Life
18 - 64 years old
$100,000
$3,000,000
No
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
Sproutt
18 - 100 years old
$50,000
$3,000,000
No
This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
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Compare up to 4 providers

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