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Protective Life vs. Mutual of Omaha life insurance

These insurers are at the top of their game — though one has a more robust range of permanent policies.

Updated . What changed?

Fact checked

With financial strength and years of experience in the industry, both of these life insurance companies 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.

Life insurance products with Protective Life and Mutual of Omaha

Protective Life
Mutual of Omaha
Term
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Whole
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Universal
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Variable
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Variable universal
Indexed universal
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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.

GenderAge
Protective Life
Mutual of Omaha
Male20
$15.96
$16.77
Male30
$15.96
$17.20
Male40
$21.80
$24.51
Male50
$48.32
$54.83
Male60
$123.30
$157.38
Get a quote on Policygenius
GenderAge
Protective Life
Mutual of Omaha
Female20
$12.99
$14.62
Female30
$13.49
$14.84
Female40
$18.55
$19.78
Female50
$37.56
$44.08
Female60
$89.23
$113.31
Get a quote on Policygenius

*Based on sample rates from Policygenius, August 2019.

Policy riders

Protective Life Riders

  • Waiver of premium rider
  • Accelerated death benefit rider
  • Accidental death benefit rider
  • Child rider
  • Disability income rider
  • Term insurance rider
  • Guaranteed insurability rider
Get a quote on Policygenius

Mutual of Omaha Riders

  • 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

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. BestA+ (Superior)A+ (Superior)
Moody’sA1 (Good)A1 (Good)
Standard & Poor’sAA- (Very strong)AA- (Very strong)
FitchA+ (Very high quality)N/A
J.D. Power4 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 80 complaints for Protective Life in the past three years, with most complaints centering on communication issues and the claims process. All of them were resolved promptly, though customers award the insurer 2 out of 5 stars.

For Mutual of Omaha, the BBB has recorded 115 complaints over the past three years — though these reflect the insurer as a whole, and not just its life insurance departments. Customers have given the insurer 1.5 out of 5 stars.

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 companies.

Compare life insurance companies

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
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.
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Compare up to 4 providers

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