Mutual of Omaha Life Insurance Review

By Jim Tobin, CFP®

Last Updated on

 

Critical Takeaways

  • A.M. Best Rating :  A+
  •  Not known for Aggressive Pricing of   Health Risks
  • Well Known and Popular Carrier

Life Insurance Help Desk Rating

Mutual of Omaha Carrier Specifics

Policy Options

Term, Universal Life, Whole Life

Term Lengths

10,15,20,,30

Riders

Available

Ratings

A+ - A.M. Best

States

NY Unavailable

Pricing

 Competitive

Customer Service

Issue Age

18-70

Min. Coverage

$100K

No Exam Option

Certain Products

COMPARE RATES INSTANTLY
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Mutual of Omaha Carrier Specifics

Policy Options

Term, Universal Life, Whole Life

Term Lengths

10,15,20,,30

Riders

Available

Ratings

A+ - A.M. Best

States

NY Unavailable

Pricing

 Competitive

Customer Service

Issue Age

18-70

Min. Coverage

$100K

No Exam Option

Certain Products

Expert Review Of Mutual of Omaha Life Insurance

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

This Mutual of Omaha life insurance review will address the primary points of comparison between carriers. These highlights include company history,  financial ratings, product offerings, underwriting niches, pricing, and available alternatives.  Note that Mutual of Omaha is widely known as Swiss Army knife company, as it does many things well. 

Mutual of Omaha  Company History

One of the better name recognition  life insurance carriers, Mutual of Omaha has been on the scene in various incarnations since 1909

Easily recognized by it's affiliation as a sponsor of television's Wild Kingdom, Mutual of Omaha is a privately held Fortune 500 located in Omaha, Nebraska. 

Mutual of Omaha Financial Ratings

With more than 3.5 million customers and 35 billion in assets, Mutual of Omaha is a strong performer in the life insurance market.

The Comdex score, an industry specific financial rating,  for MoO is 93.

Below is a compilation of the major rating companies. You can learn more about the financial strength of life insurance carriers here.

Banner financial ratings

  A+

  A1

Banner financial ratings

  AA-

COMDEX

  92

Mutual of Omaha Life Insurance Products

Like many of the stronger life insurers, Mutual of Omaha has a broad choice of products to choose from. Among the life insurance choices are Term, Whole Life, and, Universal life. 

Within these categories are several iterations to serve distinct market segments.

Term products available:

  • Term Life Direct - 25k-100k simplified issue (no blood or urine)
  • Term Life Answers- 100K + this traditional term product is sold in 10, 15, 20 & 30 year options.
  • Universal Life Insurance 

  • Guaranteed universal Life (GUL)
  • GUL Express - No blood or urine
  • IUL- Universal life insurance product that is indexed to the                 equities markets.
  • AccumUL-  a traditional current assumption universal life                   product. 
  • Whole Life

  • Guaranteed Issue WL- Guaranteed policy that is often used for final expense           applicants who do not qualify for "day one" coverage. Therefore, the benefit is         graded.
  • Whole Life Express- a simplified issue product with day one coverage.
  • Kid's WL- Offered to children up to age 17 
  • Other Products (Non Life Insurance)

    Mutual of Omaha is a major player in the Medicare supplement market and participates in Long term Care, Disability insurance and investment products.

    Mutual of Omaha Life Insurance Riders

    • Child Protection Rider 
    • Other Insured Rider
    • Disability Waiver of Premium Rider 
    • Unemployment Waiver of Premium Rider ​
    • Accelerated Death Benefit Rider ​
    • Accidental Death Benefit Rider ​

    Mutual of Omaha Life Insurance Review of Underwriting Niches

    Unlike some other carriers we have reviewed, Mutual of Omaha does not jump out at you for specific medical condition underwriting niches. 

    However, because of ease of application process (and being well known), the carrier is wildly popular with seniors. Along those same lines, Mutual of Omaha is often among the best priced of the well known carriers.

    Mutual of Omaha Life Insurance Review of Pricing

    Mutual of Omaha is  competitive in some cases and appears expensive in others. However, it is important to note that even in cases where they appear expensive they could be the best deal.

    You may be asking: "How can the be?"

    It all comes down to the underwriting class you are given. If Mutual of Omaha  is the most expensive of the major carriers at standard rates but the more competitive carriers would grade you as table 2/B , then the "more expensive" standard rate would be the best deal. 

    This situation is illustrated below by showing Mutual of Omaha  at "standard" and the others at table 2/B. The rates are for a 53 year old man who is  overweight and takes a gout medication and is seeking a 20 year term of $250K. 

    Company

    Coverage

    Product

    Mo. Pymnt.

    250K

    TLA 20

    $116.53

    Banner

    250K

    OPTerm 20

     115.94

    AIG

    250K

    Level -20

    126.60

    Pac Life

    250K

    Term-20

     140.36

    Lincoln

    250K

    Your Term

     146.18

    So as you can see in this example , the final price has just as much to do with the underwriting decision as it does with the rates you see on quote tools.

    Mutual of Omahal will always be viewed as "more expensive", but sometimes there is more to the story than meets the eye. 

    Mutual of Omaha No Exam 

    Term Life Express

    Term Life Express or TLE is the Mutual of Omaha no exam option. This policy is available up to age 65 in 15,20 and 30 year terms. The amount of coverage is limited to $400,000 which is less than several competitors. Term Life Answers also is priced at a premium to many other no exam offerings.

    On the plus side, TLE is far more lenient than the more competitive no exam options and it is underwritten the same day as application. Ultimately, you need to decide if the extra premium charge is wothwhile for your unique situation.

    Mutual of Omaha  Customer Service

    The NAIC complaint report shows a complaint ratio that is below the national average. The national complaint index average is 1 percent, Mutual of Omaha came in at .64

    J.D. Power & Assoc. rank Mutual of Omaha 4/5. The Better Business Bureau grades A+ for MoO.

    Mutual of Omaha  Contact Information

    Address:

    3300 Mutual of Omaha Plaza
    Omaha, NE 68175

    Phone:(402) 342-7600

    Web:

    https://www.mutualofomaha.com

    Mutual of Omaha: Final Thoughts

    The Verdict

    Mutual of Omaha is a solid carrier with a diverse product line up. While seldom the least expensive option, they are competitive when you take into account strong financials and occasional niche underwriting.

    Mutual of Omaha is worthy  of consideration if your particular situation works well with their product offering.  Should you have any specific questions about your situation and MoO please drop us a line. 

    Alternatives to Mutual of Omaha Policies

    In cases where Mutual of Omaha is not the most competitive rate (for example  marijuana users), there are over 50 carriers available at the Life Insurance Help Desk. Whether it's a condition that Mutual of Omaha underwriting chooses not to see more favorably than others  or it's a no exam term option you are looking for, the Life Insurance Help Desk will be happy to help you get the best deal possible.

    Your Next Step

    Thank you for choosing The Life Insurance Help Desk to research Mutual of Omaha  life insurance review. Should you have any questions please do not hesitate to call or send over an email.

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