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Protective Life vs. Mutual of Omaha
These insurers are at the top of their game — though one has a more robust range of permanent policies.
With financial strength and years of experience in the industry, both of these insurers are solid choices. But if you’re looking for a permanent policy to match your higher risk tolerance, Protective Life has a better array of options.
What's in this guide?
Life insurance products with Protective Life and Mutual of Omaha
 Protective Life |
 Mutual of Omaha |
|
|---|---|---|
| Term |  |
|
| Whole | |
|
| Universal | |
|
| Variable | |
|
| Variable universal | ||
| Indexed universal | |
|
| Final expense | ||
Costs
Life insurance rates are individualized, and yours will reflect your age, gender, occupation and lifestyle. These insurers have similar price points, but Protective Life charges cheaper rates for seniors.
If you’re a healthy nonsmoker, here’s what you might pay monthly for a $250,000, 20-year term life policy.
| Gender | Age | Protective Life |
Mutual of Omaha |
|---|---|---|---|
| Male | 20 | ||
| Male | 30 | ||
| Male | 40 | ||
| Male | 50 | ||
| Male | 60 |
*Based on sample rates from Policygenius, August 2019.
Policy riders
Financial strength
It’s important to choose a financially strong insurer because your beneficiaries might not file a claim for many years to come. Protective Life and Mutual of Omaha score high ratings with the major agencies, which means they have the cash reserves 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, and Protective Life wasn’t far behind in seventh place.
| Protective Life |
Mutual of Omaha |
|
|---|---|---|
| A.M. Best | A+ (Superior) | A+ (Superior) |
| Moody’s | A1 (Good) | A1 (Good) |
| Standard & Poor’s | AA- (Very strong) | AA- (Very strong) |
| Fitch | A+ (Very high quality) | N/A |
| J.D. Power | 4 out of 5 circles or “better than most” | 4 out of 5 circles or “better than most” |
Customer reviews and reputation
Each insurer has an A+ rating from the Better Business Bureau, which is the highest possible rating and a good reflection of their customer service. The BBB records 51 complaints for Protective Life in the past three years, with most complaints centering on communication issues and the claims process. Customers award the insurer 2 out of 5 stars.
There are no customer reviews or complaints for Mutual of Omaha on the site.
Bottom line
Both insurers are financially strong, and offer reasonable rates and riders to enhance your coverage. However, Protective Life has a more robust product lineup, especially if you’re in the market for a permanent policy that takes a more aggressive approach to building cash value.
To learn how other insurers stack up, compare life insurance providers.
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