Mutual Of Omaha

Planning for your future | Life Insurance

Mutual of Omaha Life Insurance Review

Anyone that has shopped for life insurance in the United States will tell you one thing: it isn’t fun and is extremely confusing. There are thousands of different options, and each one looks like a great one, until you find out more details about the products. Finding the right insurance policy is important, and one of the hardest things to get right. That is the reason why we are conducting expert and in-depth reviews of all major life insurance carriers in the United States.

One of the first things you must look at when buying an insurance policy from a company is the financial strength of the insurance carrier. They must also have a great track record in paying out policies, and have good coverage options. It is imperative that you thoroughly research every company before you purchase a life insurance policy from them.

Our focus today is on Mutual of Omaha, which is one of the most popular life insurance companies in the United States. They have been in the industry for a long time and have been delivering outstanding insurance coverage to people across the United States. So, let’s check out our review of Mutual of Omaha Life Insurance Company.

Our Rating – 4.5/5 Stars

A.M Best Fitch Moody's Standard & Poor's Comdex J.D. Power & Associates
A+
N/A
A1
AA-
93
789

Company History

Mutual of Omaha Life Insurance Company was founded in 1909, and is one of the oldest life insurance companies in the United States. They been in the industry for over a century, and were originally named the Mutual Benefit Health and Accident Association. The company did great business in its initial years, and it only took them a decade to merge with Omaha Health and Accident Association. This meant that they adopted nearly 3,000 new clients instantly..

The company underwent massive expansion over the next 30 years and got a foothold in all 50 states in the United States. They also started a new company in New York, which was branded as Companion Life Insurance Company. It was only in 1950 that the company decided to change its name, and underwent rebranding with a logo change as well. It became known as Mutual of Omaha after that, as it is still known to the public today.

Mutual of Omaha started its website in 1997 and was always at the forefront of introducing cutting-edge technology to insurance. The company was also one of the first ones to introduce online applications for life insurance and Medicare Supplements. The most impressive thing about Mutual of Omaha Life Insurance Company and its subsidiaries is that they continue to be at the forefront of insurance innovation and introducing technology into the industry.

Company Overview

Mutual of Omaha Life Insurance Company initially started off under the name of Mutual Benefit Health and Accident Association. The company has undergone a rebranding and logo change and is headquartered in Omaha, Nebraska. The first president of the company Harry S. Weller was in charge of the company until 1932 and oversaw the dramatic expansion of the company across the United States. The insurance carrier was only licensed to sell insurance in 15 states in 1920, and it was that year, when premiums soared over $1 million.

The tremendous success of Mutual of Omaha meant that within the next 20 years, the company acquired licensing to sell insurance in 48 states and 2 territories. Mutual of Omaha is one of the most successful insurance companies in the United States, and in 1958, became one of the first insurance companies to pay out $1 billion in benefits paid out to policyholders.

The year 1963 is a significant one for Mutual of Omaha because it was this year that the company acquired widespread acclaim and praise for its wildlife and reality programming known as ‘The Mutual of Omaha’s Wild Kingdom’, show featuring Marlin Perkins. The insurance company is still making great strides in the industry today and is among a select group of insurance companies that are offering online applications for Medicare Supplement insurance policies.

Financial Stability and Customer Service Ratings

Any good life insurance company must have outstanding financial stability and customer service ratings, and the good news is that Mutual of Omaha is right at the top. The insurance company has phenomenal ratings when it comes to financial strength, customer service, and paying out claims to policyholders. The company is also BBB accredited, and is one of the highest rated life insurance companies currently operating in the United States.

The insurance carrier has a stellar record in the industry and has been given ‘A+’ ratings from all 4-major independent insurance carrier ratings agencies in the United States. The ratings given to Mutual of Omaha Life Insurance Company are:

  • M. Best rating — “A+, Excellent”
  • Standard & Poor’s rating — “AA-”
  • Fitch – “A+”
  • Moody’s – “A1”

If you were looking for a company with a solid financial background, and great record in paying out claims to policyholders, you will struggle to find an insurance carrier with higher ratings than Mutual of Omaha. That is just how good the insurance company has been over the years.

Company Products and Features

Types of Life Insurance AvailableTerm, Universal, Indexed Universal, Whole Life
Annual PremiumQuotes will vary
Important Coverage Options
  • Term Life Direct
  • Term Life Answers®
  • Guaranteed Universal Life
  • Guaranteed Universal Life Express
  • Income AdvantageSM IUL
  • AccumUL Plus
  • Whole Life Guaranteed (Direct)
  • Whole Life Guaranteed
  • Whole Life Express®
  • Children’s Whole Life (Direct)
  • Children’s Whole Life
Term Lengths
  • 10, 15, 20 or 30 years
NAIC Customer Complaint Ratio

2015 – 2017 Average: 0.45

Well below average (National Medium 1.00)

Customer Resources
  • FAQ
  • Insurance Blog
  • Phone Number and email contact form
Pros
  • Longevity of company
  • Possible rate reductions
  • Lenient underwriting guidelines
  • Financially solid
Cons
  • No whole life insurance
  • Lengthy approval process
  • Strict underwriting for best rates

Mutual of Omaha Life Insurance Products

When it comes to life insurance products, Mutual of Omaha Life Insurance Company offers an extensive range of financial and life insurance products to business customers and consumers. The company also provides products for investments, small business solutions, stroke and heart attack insurance, cancer, structured settlements, annuities, critical illness coverage, disability insurance, long-term care, Medicare Supplement and life insurance.

Mutual of Omaha has a wide range of insurance products, and if you choose to do business with them, you will be presented with a variety of different insurance policies, which include:

  • Term Life
  • Universal Life
  • Indexed Universal Life
  • Whole Life

Let’s check out the insurance policies in greater detail below:

Ø  Term Life

The term life insurance policy offered to you by Mutual of Omaha has two options, which are:

  • Term Life Direct
  • Term Life Answers®

The two policies are vastly different, and have little similarities, which makes it easier for you to find one that is right for you. We are going to look at them as well.

·        The Term Life Direct

This term life insurance policy offers coverage up to $100,000, and has a minimum coverage of $25,000. This is a simplified issue product with no conversion privileges, while the death benefit will be structured like a term life, and goes till age 80.

Another great thing about Mutual of Omaha is that they offer no exam coverage, which puts them among a select group of insurance carriers that offer this option.

·        The Term Life Answers®

This term life insurance product can only be acquired for death benefits that are more than $100,000, and can only be acquired with full underwriting. This product can be converted into a permanent product as well, and can be purchased with separate terms, which include 10-year, 15-year, 20-year, and 30-year options.

Ø  Universal Life

Mutual of Omaha offers consumers with complete freedom when it comes to their universal life insurance products. There are four different options to choose from, which include:

  • Guaranteed Universal Life
  • Guaranteed Universal Life Express
  • Income AdvantageSM IUL
  • AccumUL Plus

The best thing about the universal life products from the company is that all of them are different, which offers consumers with a lot more choices.

·        The Guaranteed Universal Life

This universal life insurance product from Mutual of Omaha is perfect for people who are looking for death benefit with guarantees. This product is also the cheapest way to acquire permanent and lifelong insurance coverage.

·        The Guaranteed Universal Life Express

This universal life insurance product has some similarities with guaranteed universal life, but there are two major differences between the two products. These are:

  1. The maximum age of an applicant must be 65 (instead of 85)
  2. There is no blood test or medical exam required

This insurance product comes with faster underwriting but slightly lower death benefits, and is a great option for people looking to lock in their rates quickly.

·        The Income AdvantageSM IUL and the AccumUL Plus

These two universal life insurance products are ideal for consumers that are looking for ways to increase cash accumulation potential. These two products offer increased gains, as they do so by tying up the cash growth with market indices. This helps you acquire increased returns at the end.

Ø  Whole Life

There is again a lot of options when it comes to whole life insurance policy from Mutual of Omaha. Consumers have three different coverage options, and the third one is only eligible for children. These whole life insurance products are:

  • Whole Life Guaranteed
  • Whole Life Express®
  • Children’s Whole Life

The great thing about the whole life insurance policies from Mutual of Omaha is that you get great coverage and one for your children as well.

·        The Whole Life Guaranteed

This whole life insurance product offers a guaranteed issue. It doesn’t require any underwriting, medical exams, or health questions. All you need to do is meet the minimum standards of age and death benefit to acquire this coverage. However, it does have a drawback, which occurs during the payout, because you only get partial or no payout in the first few years of the policy.

·        The Whole Life Express®

This whole life insurance product is different, and doesn’t offer a guaranteed issue. However, it doesn’t require an exam, but does need underwriting. You will trade an exam to ensure that the policy payout is quicker if you something happens to you.

·        The Children’s Whole Life

This whole life insurance product is for children, and any child from the age of two weeks old, till 17 years of age is eligible for it. This is one of the most highly valued and competitive products for children, and if you wanted life insurance for your child, you will be very happy with this product from Mutual of Omaha Life Insurance Company.

You can also add a rider to the children’s whole life policy, which lets you increase the coverage to $250,000 for the duration of the child’s life, with no medical information required.

Other Products Offered

Mutual of Omaha isn’t only renowned in the insurance industry for their life insurance products. They have some of the best financial products and other insurance coverages in the industry as well. Their extensive range of products have led to extremely satisfied customers. Here are some of the other products offered by Mutual of Omaha:

  • Long-term Care Insurance
  • Medicare Supplement Insurance
  • Disability Insurance
  • Critical Illness Insurance
  • Cancer Insurance
  • Heart Attack Insurance
  • Stroke Insurance
  • Dental Insurance
  • Retirement Annuities
  • Investments
  • Banking Services
  • Mortgages

If you have been searching for any of the products mentioned above, Mutual of Omaha is the right choice for you, with their amazing customer service and strong financial strength.

Company Summary

Company Name Company Ratings Headquarters Policy Types Available

Mutual of Omaha Insurance Company

Mutual of Omaha Life Insurance Company

United of Omaha Life Insurance Company

Companion Life Insurance Company (NY)

A.M. Best (A+)

Fitch (N/A)

Moody’s Investors Services (A1)

Standard & Poor’s (AA-)

Comdex (93)

Mutual of Omaha Plaza

Omaha, Nebraska 68175

(402) 342-7600

Web: www.mutualofomaha.com

Term

Universal

Indexed Universal

Whole

The Bottom Line

There are a lot of great insurance carriers currently operating in the United States and Mutual of Omaha is ranked among the very best. The insurance company has excellent ratings and a stellar track record within the insurance industry. Their life insurance products are competitive and extremely popular, as is their Children’s Life insurance policy. If you have been searching for a reliable life insurance carrier with strong financial ratings and excellent record for paying out claims to policyholders, then Mutual of Omaha is a great choice. Check out Our Globe Life Insurance Review

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