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.

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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.

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.

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 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.

Compare life insurance providers

Name Product Issue Ages Coverage Range Medical Exam Required State Availability
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
All 50 states
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
21 - 54 years old
$50,000 to $1,000,000
No
Not available in Alaska or New York
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
20 to 60 years old
$100,000 to $8,000,000
No
Not available in New York
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
18 - 64 years old
$100,000 to $3,000,000
No
All 50 states
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
25 - 60 years old
$100,000 to $5,000,000
No
Available in all states except for Montana
Offers term life insurance with accelerated underwriting. No-exam coverage up to $1,000,000 for those who qualify.

Compare up to 4 providers

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