Mutual of Omaha Life Insurance Review 2021

Last modified: September 8, 2021
  • Claims 9
  • Buying 8
  • Transparency 8.5
  • Coverage Variety 8.5
  • Value For Money 8.5
  • OVERALL RATING 8.5
  • Financial Strength A+
  • BBB Rating A+
  • Coverages 5/5
  • Discounts Offers no discounts
  • Support Online form, Phone
  • User Ratings TrustPilot 3.2
  • Availability All States except New York
  • Pricing Average
  • Flexibility Policy customization available

Read Mutual of Omaha Life Insurance Reviews to discover their coverage options for people who want to get life insurance.

About the Company

Mutual of Omaha Life Insurance Company is a Fortune-500 mutual insurance company located in Omaha, Nebraska. Established in 1909, the life insurance provider first worked as a Mutual Benefit Health and Accident Association before it began to provide other financial products for businesses, people, and groups in the United States.

Some of the products they provide include life insurance options, Medicare Supplements, long-term care coverage and annuities, and more. The Mutual of Omaha Insurance company phone number is
800-377-9000. If you want to get life insurance through them, read the Mutual of Omaha Life Insurance reviews to learn about their life insurance products.

How We Reviewed 

Mutual of Omaha Life Insurance has been around for several years. Based in the United States, the life insurance provider offers a wide range of insurance coverage options. You can learn more about them based on several factors.

We reviewed the life insurance provider based on the Mutual of Omaha insurance ratings, customer satisfaction, different life insurance coverage options, and various insurance riders. We also examined the life insurance company’s website for user-friendliness and the different types of online tools and resources it provides to current and future policyholders. Read further to determine how this life insurance provider compares to its competitors. 

Where is it Available?

Mutual of Omaha Life Insurance is not available in New York. Mutual of Omaha is headquartered in Omaha, Nebraska. 

Life Insurance Coverage Options

Mutual of Omaha Life Insurance coverage options include:

  • Term Life Answers

The term life insurance coverage offers 10-year, 15-year, 20-year, and 30-year terms. They issue life insurance policies to people aged between 18 and 80. The age limit depends on the term you choose, risk class, and state. Initial coverage begins at $100,000 and you can renew your insurance policy on one-year durations after the term ends up until 95 years old.

  • Term Life Express

Term Life Express is a simplified version of term life insurance with 10-year, 15-year, 20-year, and 30- year terms. You can qualify for this insurance coverage without giving a medical exam. However, you will need to answer a few questions, and will only be approved based on your answers.

  • Whole Life Insurance

Whole Life Insurance is a permanent insurance provider with coverage until your death. The benefits include a death benefit, potential tax-deferred cash value growth, and policy loans. 

  • Guaranteed Whole Life

The Mutual of Omaha Guaranteed Life Insurance Coverage offers people coverage amounts ranging from $2,000 to $25,000 with guaranteed acceptance. You don’t have to take a medical exam or answer any questions related to health. 

The insurance is for people aged 45 to 85. You can add a person to this insurance coverage if you want. Premiums may also include access to other services that are part of your plan. The coverage also offers a graded death benefit, which is valid in the first two years.

  • Living Promise Whole Life 

The Living Promise Whole Life Coverage is only available via one of their agents. The insurance coverage provides you with two options, a graded benefit plan, and a level benefit plan. It also uses a simplified underwriting process. 

The level benefit option is for people aged 45 to 85 with coverage limits ranging from $2,000 to $40,000 and you also receive access to the accelerated death benefit rider in the event of a terminal illness. The graded benefit option is for people aged 45 to 80. It offers lower coverage limits ranging from $2,000 to $20,000.

  • Children’s Whole Life Insurance

This life insurance coverage is for children aged between 14 days and 17 for death-benefit coverage amounts ranging from $5,000 and $50,000.

  • Universal Life Insurance

The life insurance coverage offers flexible premium amounts and cash values. You can increase the coverage amounts, but you will need to provide proof of your good health to do so. Under this life insurance plan, you receive several different life insurance plans. They include indexed universal life, AccumUL answers universal life insurance, life protection advantage universal life plan, and income advantage universal life plan. 

Riders

You can add the following riders to your Mutual of Omaha Health Insurance plans coverage:

  • Child Protection Rider –Children riders provide life insurance for all children between 15 days and 20 years old. The rider covers all present and future children in one rider with the available coverage between $1,000 and $10,000. 
  • Other Insured Rider– The rider covers another individual with the same terms and conditions as the base policy. The premium is based on the face amount and age of the insured individual. 
  • Disability Waiver of Premium Rider – The rider covers people in the event they become completely disabled due to an accident and waives the premium after a waiting period of six months.
  • Unemployment Waiver of Premium Rider –In the event you become unemployed, you won’t have to pay premium up to six months after a waiting period of four weeks.
  • Accelerated Death Benefit Rider –In the event, you become diagnosed with a chronic disease and have less than twelve months to live, you can access up to $1 million or up to 80% of the life insurance coverage’s death benefit. 
  • Accidental Death Benefit Rider –The rider pays an extra death benefit over the base life insurance coverage’s death benefit if you pass away from a qualifying accidental injury.

Mutual of Omaha Life Insurance Pricing 

You can Mutual of Omaha quotes online and then discuss your options by speaking to a life insurance agent. You can discuss the type of life insurance coverage you wish to opt for with an agent. To give you an idea, here is the Mutual of Omaha life insurance rates based on age and other factors:

Age Average
20s $27.63
30s $31.22
40s $63.60
50s $164.05
60s $507.23

 

Mutual of Omaha Life Insurance Discounts

Mutual of Omaha Life Insurance does not offer any discounts on any of their life insurance policies.

Customer Satisfaction and Financial Strength Review

Mutual of Omaha Life Insurance has fewer complaints than its size. The life insurance company has a strong financial strength rating. The Mutual of Omaha AM Best Rating is A+ and the S&P Rating is AA-. The Mutual of Omaha BBB is A+ and on Consumer Affairs, it has received 3.4 stars out of 5, and on TrustPilot, they have received 3.2 stars out of 5. The Mutual of Omaha Life Insurance complaints are mostly regarding their slow application and claim processing times.

 

Platform Rating
BBB Rating A+
Consumer Affairs 3.4
TrustPilot 3.2

Customer Support 

Mutual of Omaha offers a few interactive tools to help you determine the amount of life insurance you need to get. Compared to their competitors, they don’t provide a lot of information on their various life insurance coverage options. 

You will need to contact one of their agents through the website for more information. You can also do an online search to find an agent either by name or directory. They can also match you to an agent. You have to agree to text messages, automated phone calls, and emails, which are optional. 

Their Mutual of Omaha customer service is satisfactory with fewer complaints. The Mutual of Omaha customer service number is 800-377-9000.

Ease of Buying and Claims Handling

You can buy a life insurance policy through their agent, but you can get quotes online to determine which type of life insurance coverage is right for you. You can view your life insurance coverage online, but to change or update your life insurance coverage, you will need to contact one of their agents.

You can fill out Mutual of Omaha claim forms to file a claim or call them on 1-888-493-6902 to start the claims process. Their claims specialist will review your claim and then get back to you.

Comparison with Competitors 

We compared Mutual of Omaha vs Transamerica to help you decide.

Transamerica Life Insurance

Mutual of Omaha Life Insurance and Transamerica Life Insurance does not require people to take a medical exam under their simplified underwriting life insurance coverage options. They both offer similar pricing and advantages to various age groups. 

Transamerica has better coverage options, as it has more riders on their coverage options than Mutual of Omaha Life Insurance does. Transamerica also helps people decide and helps them understand the products.

Pros & Cons

The Pros

  • They offer term, whole, and universal life insurance plans that don’t require a person to take a medical exam.
  • Offer lenient preferred rates and health issues won’t automatically exclude you from getting low rates.
  • Strong financial strength rating.

The Cons

Final Verdict

Mutual of Omaha Life Insurance offers competitive underwriting for various medical conditions, such as with people with a history of cancer. If you have a certain underlying medical condition, you will have to compare different life insurance companies to determine the perfect fit. The life insurance provider also offers competitive pricing for several common medical conditions.

They also have a strong financial rating and customer complaints with few complaints from customers. The disadvantage of buying a life insurance policy from them is that as you get older, your life insurance coverage becomes more expensive. 

You may consider switching to another life insurance provider as you get older. If you’re younger than 50, you should consider buying a life insurance policy from them. They also offer limited policy options. It also takes six to eight weeks, depending on certain factors, for your application to be approved. In the end, you can base your decision on the various Mutual of Omaha Life Insurance reviews to determine if you should go with them or not.

FAQs

How do you buy Mutual of Omaha’s life insurance?

You can use their online quote tool and information on their website to determine the type of life insurance that suits you best. They will match you with an agent to buy life insurance.

What does Mutual of Omaha’s life insurance cover?

The life insurance coverage covers the chosen beneficiary’s needs after the death of a policyholder. They include daily expenses, end of life expenses, college education for dependents, and debt payoffs. Certain life insurance coverage offers riders.

Can I choose my Mutual of Omaha agent?

Yes, you can choose your agent by searching for one by zip code or by name by searching in the directory. You can call their number or submit an online form to get matched to an agent.

Are all Mutual of Omaha life insurance products available to apply for online?

They provide online estimates for their life insurance coverage options, but after that, you need to talk with an agent to buy it.

Can a Mutual of Omaha agent submit my life insurance application if I started it online?

Your agent will talk to you about your online estimate. However, you can’t apply for life insurance coverage online, which means you can’t start an application online and need to have an agent to submit the application on your behalf.

How long do you have to claim Mutual of Omaha life insurance?

Life insurance companies have to adhere to state laws regarding the duration a policyholder can claim their life insurance coverage. You can contact the life insurance company or an agent for more information.

How much can you borrow from your Mutual of Omaha life insurance policy?

Most of their universal life insurance policies allow people to borrow 90% of the cash during the surrender charge duration and 100% of the cash after the surrender charge. 

Can I get a discount on my Mutual of Omaha life insurance premium if I have other policies with Mutual of Omaha?

No, you can not.

Do all Mutual of Omaha life insurance policies pay dividends?

No, they don’t. 

Can I receive my Mutual of Omaha documents electronically?

No, they do not.

What is the maximum amount of life insurance coverage I can currently apply for with Mutual of Omaha?

The maximum amount you can get on a life insurance coverage is $65,000,000.

Does Mutual of Omaha’s life insurance pay for suicidal death?

Life insurance companies adhere to state laws regarding death by suicide. If the person has held life insurance for over two years, they will be eligible to make a claim. However, the policy may differ based on state and type. Contact the company or the agent for more information. 

Can you get Mutual of Omaha life insurance if you have cancer?

They don’t issue underwritten life insurance coverage to people who have cancer, but you can opt for guaranteed whole life coverage regardless of your medical condition, which means it would be available to a person with cancer.

Does Mutual of Omaha life insurance cover a drug overdose?

Life insurance companies have to adhere to state laws regarding the payment in the event of a drug overdose. If you have held the policy for over two years, you can make a claim. Since their policy can differ by state and type, contact the life insurance company or the agent for more information.