If you’re seeking a financially stable, brand-name insurance company that offers excellent customer service, vast policy options, and low prices, then Mutual of Omaha is the perfect company for you.
- They offer a range of life insurance options, including term, whole, final expense, universal, accidental, and children’s coverage
- Many no medical exam options, and there are products for seniors as old as 85.
- Excellent pricing for all types of policies.
- A remarkably low number of consumer complaints, according to the NAICNational Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis to help insurance commissioners effectively regulate the industry and protect consumers. Founded in 1871, the U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories to coordinate regulation of multistate insurers..
- Some policies have a two-year waiting period.
- They don’t allow payments via credit card.
- Nearly all policy options require you to speak with a licensed agent.
- No-exam term insurance is much more expensive than many other providers.
Types of Mutual of Omaha Life Insurance Policies
Mutual of Omaha offers a wide array of life insurance policies with varying benefits, costs, limitations, and state availability. In particular, Mutual of Omaha’s life insurance policies for seniors are especially attractive due to their highly competitive premiums and comprehensive coverage options.
Whole life (final expense insurance)
Mutual of Omaha offers two types of whole life insurance for adults. They often refer to it as final expense insurance, which is essentially a marketing term for a small whole life policy typically intended to cover final expenses, such as funeral costs. Regardless of your reasons for buying the policy, the payout money can be used for any purpose.
The first option is called their Living Promise policy. To qualify, you must answer health questions, but you don’t need to take an exam. If you’re approved for the level death benefit, there is no waiting period, which means you’re fully insured right away. The Living Promise policy is available to seniors 45-85, and you can buy up to $50,000 in coverage.
The second option is a guaranteed acceptance policy that does not require you to answer health questions, nor is there an exam. Because acceptance is guaranteed, there is a two-year waiting period before you’re covered for natural causes of death. It’s available to anyone age 45-85, but the maximum coverage amount you can buy is $25,000.
Learn more about Mutual of Omaha’s final expense insurance
Term life
Mutual of Omaha offers two types of term life insurance- Term Life Express (no-exam) and Term Life Answers (requires a medical exam). Both policies have level premiums, and depending on your age, can last for either 10, 15, 20, or 30 years.
Term Life Express offers coverage amounts ranging from $25,000 to a maximum of $300,000. Term Life Answers has a minimum coverage of $100,000 and a maximum of $65 million.
With term insurance, the policy ends at the end of the term, and it’s unequivocally the least expensive type of life insurance.
Universal life
Universal life insurance is a type of permanent coverage that often offers flexible payments and potential for investment growth through its cash value. Mutual of Omaha has four distinct kinds of universal life insurance.
- Income Advantage (indexed UL): $25K-$1 million and is available to ages 0-85.
- Life Protection Advantage (indexed UL): $100,000-$1 million+ and is available to ages 0-85.
- AccumUL Answers (traditional UL): $100,000-$1 million+ and is available to ages 0-85.
- Indexed Universal Life Express (no-exam IUL): $25,000-$300,000 and is available to ages 18-75.
Please keep in mind that universal life policies are complicated and should only be bought with the guidance of an experienced agent who you can trust to have your best interests in mind.
Children’s coverage
Mutual of Omaha’s life insurance for children is a whole life policy available to minors aged 14 days to 17 years old. The coverage ranges from $5,000 to $50,000, and no medical exam is required; nor do you need to provide the children’s medical records.
Accidental death
Mutual of Omaha’s accidental death insurance will provide a death benefit payout if your cause of death is specifically from an accident. Qualification does not require answering any questions, as acceptance is guaranteed. Any adult aged 18-70 is eligible to apply for coverage of $50,000-$500,000.
How Much Does Mutual Of Omaha Life Insurance Cost?
Mutual of Omaha’s life insurance rates are generally based on the type of policy, gender, age, health history, and coverage amount. Below are some sample premiums for different kinds of policies.
Mutual of Omaha Life Insurance Riders
Mutual of Omaha offers a vast array of riders that you can add to your policy for enhanced coverage. The cost, details, limitations, and availability of these riders vary depending on the type of policy and other factors, such as your age.
- Accelerated Death Benefit for Terminal Illness: This benefit is automatically included on all policies and is provided at no additional cost. It allows you to access the full death benefit if you’re given a life expectancy of 12 months or less.
- Accidental death: Doubles the death benefit payout if death is from an accident.
- Chronic Illness Rider: Provides an accelerated death benefit if the insured is unable to perform 2 of 6 Activities of Daily Living (ADLs) for 90 consecutive days.
- Common Carrier Death Benefit Provision: Pays an additional death benefit equal to 100% of the original face amount or $250,000, whichever is less. If the base insured should die in an accident while a fare-paying passenger on a common carrier (e.g., airplane, train, bus).
- Critical Illness Rider: Provides an accelerated death benefit if the insured has been certified by a physician as having one or more of the following conditions within the last 12 months: ALS, kidney failure, life-threatening cancer, major organ failure, heart attack, and stroke.
- Dependent Children’s Rider: Provides coverage to dependent children until they reach age 23.
- Disability Income Rider: Provides a monthly cash payout if the insured becomes disabled and is unable to work.
- Disability Waiver of Premium Rider: Waives the premiums if the insured becomes disabled and is unable to work.
- Guaranteed Insurability Rider: Provides the guaranteed right to buy additional coverage at various triggers without having to undergo underwriting.
- Guaranteed Refund Option: Allows for a refund of premiums paid upon a full surrender of the policy during 60 days following the 15th and 20th through 25th policy anniversary.
- Long Term Care Rider: Allows you to use all or a portion of the death benefit for qualified long-term care expenses.
- Other Insured Term Rider: Provides coverage for another insured adult. The proposed person to be insured under this rider must undergo full underwriting, just like the primary insured.
- Return of Premium Rider: Refunds your premiums should you outlive the policy.
- Waiver of Premium for Unemployment Rider: Will waive your policy premiums for six months if the insured becomes unemployed.
Mutual of Omaha Customer Satisfaction & Complaints
Mutual of Omaha consistently ranks highly in customer satisfaction scores. For example, they ranked sixth place in J.D. Power’s 2024 U.S. Life Insurance Study. Additionally, the company received fewer consumer complaints than expected from the National Association of Insurance Commissioners. Finally, they are fully accredited by the BBB and have an A+ rating.
The Application Process
There are two ways to apply for Mutual of Omaha life insurance:
- Online or through the mail. The only products you can apply for directly on the Mutual of Omaha website or via mail are guaranteed acceptance whole life insurance, accidental death insurance, and children’s life insurance. After you apply, the company will mail you a policy, usually within two weeks.
- Via a licensed agent. Nearly all products Mutual of Omaha offers require you to speak with or meet a licensed agent. The agent would ask you the necessary lifestyle and health questions and gather all your information. They will submit the application for approval, and if accepted, the company will mail you the policy.
What Is The Claims Process With Mutual of Omaha?
Filing a claim with Mutual of Omaha is very straightforward. First, you can submit the claim online and keep track of its status. Alternatively, you can contact them by phone at 1-888-493-6902.
Either way, you’ll need to sign a beneficiary statement and return it with a copy of the death certificate. In most cases, that is all you will need to provide so they can pay out the claim.
How Does Mutual of Omaha Compare To Its Competitors?
- $10K Policy Cost$47.00/month*
- New Applicant Ages50-80
- Death Benefit Options$5,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$79.60/month*
- New Applicant Ages50-85 (50-75 in NY)
- Death Benefit Options1-25 Units
- 2-Year Waiting PeriodYes
- $10K Policy Cost$51.10/month*
- New Applicant Ages18-85
- Death Benefit Options$5,000-$100,000
- 2-Year Waiting PeriodNo
Frequently Asked Questions
Mutual of Omaha guaranteed acceptance life insurance has a two-year waiting period, as does the Living Promise Graded Death Benefit policy. With either of these, your beneficiaries would only receive a refund of your premiums for any death during the first two years.
Mutual of Omaha and United of Omaha are the same company. All life insurance products issued by Mutual of Omaha are filed with each state’s department of insurance as United of Omaha.
Mutual of Omaha offers a wide range of insurance products, including those beyond life insurance. For example, they sell annuities (in various types), Medicare supplements, Medicare Advantage, critical illness insurance, dental insurance, disability insurance, and long-term care insurance. They also have a mortgage and investment division.
Mutual of Omaha offers life insurance in all states, including Washington, DC. However, in New York, there are very few options due to burdensome state regulations that do not exist in other states.
Our Insurance Review Methodology
Every company we review has an overall score that illustrates how well it stands out in the market relative to its competitors. These scores are not subjective. Instead, we utilize a defined 5-star scoring system that applies a weighted average of particular factors, all of which are outlined below and on our review methodology page.
Coverage
Strength
Complaint Index
We measure the price of a company’s most popular they promote relative to its competitors. The closeness of their cost to other companies determines the final score. Read a full breakdown of the price of coverage factor on our review methodology page.
Coverage
Coverage
Strength
Complaint Index
This factor assesses whether a company offers immediate coverage and, if so, how difficult it is to qualify for it. Read a full breakdown of the no waiting period coverage factor on our review methodology page.
Strength
Coverage
Strength
Complaint Index
A company’s financial strength is based on its rating with A.M. Best. Read a full breakdown of the financial strength factor on our review methodology page.
Complaint Index
Coverage
Strength
Complaint Index
The National Association of Insurance Commissioners’ complaint index measures an insurer’s frequency of consumer complaints compared to the rest of the market. The score the insurer receives is based on how it stacks up to the median score of other insurers. Read a full breakdown of the NAIC complaint index factor on our review methodology page.
Why trust Choice Mutual?
When we review products, our findings are unbiased and free of any influence from partnerships or methods of compensation. All findings, good or bad, are solely the derivative of our objective analysis of any given product or company.
As noted on our review methodology page, our researchers evaluate the financial stability of the insurer, policy costs, product limitations, state availability, customer satisfaction, waiting periods (if applicable), and other relevant factors. We aggregate all this cumulative data to develop objective overall scores based on pre-defined weighted factors.
In addition, a qualified expert who is well-qualified to speak on the matter will provide opinion-based feedback about the company or product being reviewed.
For over a decade, Choice Mutual has been an insurance agency specializing in final expense life insurance. Our expertise in this type of insurance is well-documented in numerous authoritative publications, some of which are listed below:
Choice Mutual’s mission is to provide consumers with unbiased expert commentary and explanations of the topics being discussed. We want our readers to be armed with information and tools that cannot be found anywhere else on the internet, so they can truly make an informed decision.
All content on this website is written by Anthony Martin, who is a licensed life insurance agent with over a decade of expertise in this industry and has been quoted as an expert source hundreds of times by many reputable news outlets.
Per our editorial guidelines, we have never, and will never, use artificial intelligence to create our content. Every word printed on this website is produced and curated 100% by human beings who have firsthand experience with the subject matter.
- Nationally licensed life insurance agent with over 16 years of experience.
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 16 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
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BBB. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
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Trustpilot. https://www.trustpilot.com/review/mutualofomaha.com
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Google. https://www.google.com/maps/place/United+of+Omaha+Life+Insurance+Co./@41.2919772,-96.3930632,11z/data=!4m10!1m2!2m1!1sMutual+of+Omaha!3m6!1s0x87938faddb631741:0x1c63fb3068a9098d!8m2!3d41.2585725!4d-95.9622597!15sCg9NdXR1YWwgb2YgT21haGEiA4gBAZIBEGluc3VyYW5jZV9hZ2VuY3ngAQA!16s%2Fg%2F1hc7zdp8w?entry=ttu
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Yelp. https://www.yelp.com/biz/mutual-of-omaha-omaha-6
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BBB Score & Accreditation. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
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Universal life insurance. https://www.investopedia.com/terms/u/universallife.asp
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cash value. https://www.newyorklife.com/articles/cash-value-life-insurance
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Mutual of Omaha quote calculator. https://www3.mutualofomaha.com/mobile-quotes/#/tla
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Mutual of Omaha quote calculator. https://www3.mutualofomaha.com/mobile-quotes/#/iule
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J.D. Power’s 2024 U.S. Life Insurance Study. https://www.jdpower.com/business/press-releases/2024-us-individual-life-insurance-study
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National Association of Insurance Commissioners. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=69868&REALM=PROD&COCODE=69868&REALM=PROD
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BBB. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
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guaranteed acceptance whole life insurance. https://www.mutualofomaha.com/life-insurance/whole-life-insurance/v2
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accidental death insurance. https://www.mutualofomaha.com/life-insurance/accidental-death-insurance
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submit the claim online. https://www.mutualofomaha.com/support/help-finder/An-Individual-Customer/Claims/Life-Insurance