Mutual of Omaha Life Insurance Review

Best life insurance company for living benefits

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Mutual of Omaha

 Mutual of Omaha

Our Take

Mutual of Omaha is a financially solid company with a few uncommon offerings that make it stand out, such as return of premium (ROP) term insurance and a disability income rider. The company also includes at least two accelerated death benefit riders on most policies, and it ranked third for customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance Study.

However, you’ll need to look elsewhere for variable universal or traditional whole life insurance.

  • Pros & Cons
  • Company Overview
  • specifications
Pros & Cons
  • Policies include at least two no-cost living benefit riders

  • Wide range of riders available

  • Live chat feature on the website

  • Offers return-of-premium (ROP) term

  • No-exam policies available

  • Online applications unavailable for term policies

  • No variable universal or traditional whole life insurance

Company Overview

Mutual of Omaha was founded in 1909 and provides a wide range of insurance products, including life, disability, dental, and long-term care coverages.

AM Best Rating
NAIC Score (avg.)
Years In Business
113 Years
Policy Types
Final Expense, Indexed Universal (IUL), Term, Universal (UL)
Accepts Credit Cards
Why Trust Us
Companies reviewed
Features considered
Data points analyzed
We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews.

Pros Explained

  • Most policies include at least two no-cost living benefit riders: Mutual of Omaha’s Term Life Express and IUL Express policies include chronic, critical, and terminal illness accelerated death benefit riders at no extra cost. Other universal life policies include only the chronic and terminal illness riders.
  • Wide range of riders available: The company has various riders available for purchase, including a disability income rider on its Term Life Express policy that pays a monthly income if you become disabled and can’t work.
  • Live chat feature on the website: The Mutual of Omaha virtual assistant is available and will connect you with a live agent if needed.
  • Offers return-of-premium (ROP) term: ROP term insurance refunds some or all of your premiums if you outlive the policy. These policies are more expensive than regular-term coverage.
  • No-exam policies available: Mutual of Omaha uses a simplified underwriting process on its “Express” policies, where applicants can skip the medical exam when applying for coverage. Additionally, guaranteed issue whole life policies are another no-exam option.

Cons Explained

  • Online applications unavailable for term policies: If you want a term policy from Mutual of Omaha, you’ll need an agent to help you apply.
  • No variable universal or traditional whole-life insurance: Mutual of Omaha doesn’t offer VUL insurance or a whole-life policy coverage over $25,000.

Complaint Index

The National Association of Insurance Commissioners (NAIC) collects data on complaints against insurance companies and creates a “complaint index” so consumers can see how many complaints the company receives. An index of 1.0 indicates the company received the number of complaints expected for a company its size. A complaint index lower than 1.0 means the company received fewer complaints than expected, while an index greater than 1.0 means it received more than expected. The lower the complaint index, the better. 

We researched Mutual of Omaha’s NAIC complaint index over three years, from 2020 to 2022, and found an average complaint index of 0.76. Mutual of Omaha received fewer complaints than would be expected based on its market share.

Third-Party Ratings

The rating agency AM Best gives Mutual of Omaha an A+ score for financial stability, which means the company has a “superior” ability to take care of its contractual insurance obligations, like paying claims. AM Best has been rating the financial strength of insurance companies since 1899 and uses letter grades that range from A++ to D. 

Mutual of Omaha ranked third out of 21 major life insurance companies in the 2022 J.D. Power U.S. Individual Life Insurance Study. Mutual of Omaha scored 801 out of 1,000 points, while the average was 774, and the number one company, State Farm, scored 839. 

AM Best assesses a company's ability to pay its claims on a graded scale, with A++ being the highest. All our best life insurance companies have at least an A rating.


  Mutual of Omaha Nationwide  MassMutual
Types of Coverage Term, universal, indexed universal, guaranteed issue whole Term, whole life, universal, indexed universal, variable universal Term, whole life, universal, variable universal 
Online Application Available (for guaranteed issue whole life)  Available (for term)  Available (for term) 
AM Best Rating  A+  A+  A++ 
Price for Term Policies  Average  Average  Better than average 
NAIC Complaint Index (3-year average)  0.76 0.08 0.05

Policies Available 

Chronic, critical, and terminal illness riders are included free of charge on Mutual of Omaha’s Term Life Express and IUL Express policies. Most other policies include chronic and terminal illness riders at no additional cost. 

Term Life Insurance

If you need affordable and temporary life insurance coverage, term life insurance may be a good fit. Term insurance guarantees that your beneficiaries will receive a death benefit if you die during the policy term, such as 30 years. Mutual of Omaha term products offer 10-, 15-, 20-, and 30-year policies. Both are convertible term policies where you can convert your term coverage to a permanent life insurance policy without the application process. 

  • Term Life Answers: This is Mutual of Omaha’s fully underwritten term life insurance product offered to those 18-80 years of age and requires a health history and medical exam. Coverage starts at $100,000. A terminal illness rider and waiver of premium rider are included at no cost.
  • Term Life Express: You can skip the medical exam with this policy, and critical, chronic, and terminal illness riders are included at no additional cost. Benefits range from $25,000 to $300,000. You can purchase a Return of Premium (ROP) version and receive up to 100% of premiums paid into the policy if you surrender it.

Universal Life Insurance

Universal life (UL) insurance is designed to last your entire life and builds a tax-advantaged cash value within the policy over time. Permanent policies are more expensive than term, but you may be able to borrow or withdraw from the cash value.

  • AccumUL Answers: This product requires a medical exam and includes permanent life insurance coverage. The policy accumulates cash value using a declared interest rate, guaranteed to be at least 2% annually.

Indexed Universal Life Insurance

Indexed universal life (IUL) policies tie their cash value to a stock market index, such as the S&P 500. Gains credited to the account are based on the performance of the index it is tied to, subject to caps and floors. IUL policies are considered riskier than UL policies because cash value returns may not offset policy expenses. However, they’re less risky than variable universal life (VUL) policies, which are invested in the market and can have returns below 0%. Mutual of Omaha has two indexed universal life insurance policies: 

  • Life Protection Advantage IUL: This IUL policy offers permanent life insurance coverage with a death benefit that can be guaranteed through age 90. It provides the potential for more value accumulation than traditional fixed-interest universal life insurance policies.
  • Income Advantage IUL: This IUL option offers permanent life insurance coverage that builds value based on selected interest-crediting options tied to the performance of a market index. This policy provides more growth potential than Life Protection Advantage.

Some people use permanent insurance policies to build a tax-advantaged cash value in order to supplement their retirement income. But withdrawing or borrowing too much can potentially cause the policy to lapse.

Whole Life Insurance

Whole life insurance is permanent life insurance coverage that protects your family by securing benefits that help pay for end-of-life expenses and a cash value that can be used in an emergency. Mutual of Omaha offers a guaranteed issue whole-life policy, which means you won’t be denied coverage based on your health.

  • Guaranteed Whole Life Insurance: Available to applicants between 45 and 85 years old for coverage between $2,000 and $25,000.

Available Riders

  • Critical illness benefit: You can request up to 80% of the death benefit early if you experience a critical illness, such as kidney failure or a heart attack.
  • Terminal illness benefit: If your life expectancy is less than 12 months, you can request up to 80% of the death benefit.
  • Chronic illness benefit: If you lose the ability to perform at least two activities of daily living, such as bathing and feeding yourself, for 90 consecutive days, you can request up to 80% of the death benefit.
  • Accidental death benefit rider: Provides an additional death benefit on top of the policy's regular death benefit in the event of an accidental death. Additional benefits are based on the age of the insured and range from $10,000 to $250,000.
  • Dependent children's rider: This rider is added at issue and available for the insured only. Face amounts are $5,000 and $10,000. The rider coverage terminates when the youngest child attains age 23, at the first anniversary after the insured turns 65, or when the base policy ends. 
  • Waiver of premium rider: If the insured becomes disabled and unable to work, the premium for the base policy and all riders are waived for a period.
  • Disability income: The insured can apply for a maximum monthly disability income benefit equal to the lesser of 1.5% of the face amount, $3,000 per month, or 60% of your monthly gross income.

Customer Service

Customer service is available by phone at 800-775-6000 on weekdays during the day. For prospective customers you can call sales at 877-202-2676. You can also fill out a form to receive a response by phone or email or utilize a virtual assistant to connect you with an agent for live chat. If you’d prefer to speak with a local agent, you can find one by entering your ZIP code into the agent-finder tool


Mutual of Omaha provides quote estimate calculators on its website. We pulled quotes for applicants in excellent health at different ages and found that pricing for term coverage is average when compared with other providers. Below are 30-year term monthly quotes with a $250,000 death benefit.

Age  Male  Female
25  $21.29  $18.06
40  $34.40  $28.38

Final Verdict

Whether Mutual of Omaha is the best choice depends on what you need. If you’re in the market for a disability income rider or ROP term policy, Mutual of Omaha is one of only a few options available and likely an excellent choice since it ranks highly for financial stability and customer satisfaction. Mutual of Omaha offers IUL, UL, or a guaranteed issue whole-life policy. For a VUL policy or a traditional whole life policy, you’ll need to look elsewhere. Also, if you prefer no-exam options, you might consider another carrier that offers an “accelerated” underwriting process.

Frequently Asked Questions

What Is Children's Whole Life Insurance?

Mutual of Omaha offers children’s whole life coverage available for children as young as 14 days old up to 17 years old with death benefits between $5,000 and $50,000. You can get a quote and apply for coverage online. No exam is required and only three health questions are asked.

How Long Does It Take Mutual of Omaha to Pay Life Insurance?

Some insurance companies like Mutual of Omaha can pay out life insurance death benefits in as little as 24 hours for whole life insurance and 30 to 60 days for a term life insurance policy.

How Much Life Insurance Do I Need?

Life insurance helps to provide you with financial assistance should you become unable to work. And if you have a family or dependents, you may need life insurance since your financial obligations might outlive you. Most insurance companies say a reasonable amount for life insurance is at least 10 times the amount of your annual salary. However, each situation is different so you'll want to calculate your current annual expenses and future expenses, such as a child's college costs and burial costs, to help determine your specific need.

Is Mutual of Omaha Trustworthy?

Yes, Mutual of Omaha is trustworthy. AM Best rated Mutual of Omaha's financial stability as A+, which means the company has a “superior” ability to take care of its contractual insurance obligations, like paying claims. In addition, Mutual of Omaha has high customer satisfaction ratings.


We designed a comprehensive rating methodology based on consumer priorities and life insurance company fundamentals to rank over 90 insurers across five general categories: financial stability, customer satisfaction, product, and feature variety, the overall buying experience, and cost.

To do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. J.D. Power. "Both Life Insurance and Annuity Customer Satisfaction Decline As Pandemic Fears Wane, J.D. Power Finds."

  2. Mutual of Omaha. "Timeline."

  3. Mutual of Omaha. "Whole Life Insurance."

  4. NAIC. "Mutual of Omaha Ins Co National Complaint Index Report."

  5. AM Best. "AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries."

  6. AM Best. "About Us."

  7. AM Best. "Guide to Best's Financial Strength Ratings - (FSR)."

  8. Mutual of Omaha. "Term Life Insurance."

  9. Mutual of Omaha. "Term Life Answers."

  10. Mutual of Omaha. "Term Life Express."

  11. Mutual of Omaha. "Universal Life Insurance."

  12. Mutual of Omaha. "TLE Living Benefit Riders Product Guide."

  13. Mutual of Omaha. "Term Life Insurance Quotes."

  14. Mutual of Omaha. "Children's Whole Life Insurance."

  15. Mutual of Omaha. "What Is a Life Insurance Death Benefit?"

  16. AM Best. "AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries."