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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.

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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.

Gender Age
Protective Life
Mutual of Omaha
Male 20
$15.96
$16.77
Male 30
$15.96
$17.20
Male 40
$21.80
$24.51
Male 50
$48.32
$54.83
Male 60
$123.30
$157.38
Gender Age
Protective Life
Mutual of Omaha
Female 20
$12.99
$14.62
Female 30
$13.49
$14.84
Female 40
$18.55
$19.78
Female 50
$37.56
$44.08
Female 60
$89.23
$113.31

*Based on sample rates from Policygenius, August 2019.

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Compare quotes for life insurance policies starting at $15/month.
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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

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

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 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 age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Prudential
18 - 75 years old
$100,000
$10,000,000
10, 15, 20, 30 years
Yes
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
Transamerica
18 - 75 years old
$25,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
MassMutual
18 - 80 years old
$2,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
AIG
AIG
20 - 85 years old
$5,000
$2,000,000
10, 15, 20, 25, 30, 35 years
Yes
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
$25,000
$1,000,000
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.
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