Mutual of Omaha Overview
Mutual of Omaha was founded in 1909 as Mutual Benefit Health and Accident Association, and is currently one of the top 500 companies by size in the United States. They specialize in life insurance and finance related products. They also operate a banking division.
As a traditional mutual insurance company, the policyholders own Mutual of Omaha. This means that the profits and losses of the company are passed on to the policyholders in the way of reduced or increased premiums. Many believe this keeps the insurance company acting in their member’s best interest, but it can also lead to increased premiums in the event of a bad fiscal year for the company.
Mutual of Omaha currently has over 4000 employees and is headquartered in Omaha, Nebraska. In 2007 they brought in over $4 billion in revenue and earned a net income of just over $200 million. Their banking division serves as a regional bank, and their life insurance products can be purchased all over the United States.
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Mutual of Omaha Companies
Mutual of Omaha has been involved in numerous buyouts and mergers over the years, and in those processes have acquired or been known by several different names. Here is a list of some of the company names that are or have been associated with Mutual of Omaha:
- United of Omaha Life Insurance Company
- Companion Life Insurance Company
- United World Life Insurance Company
- Mutual of Omaha Investor Services, Inc.
- Continuum Worldwide
- Omaha Financial Holdings, Inc.
- East Campus Realty, LLC
- Omaha Insurance Company
- Retirement Marketing Solutions, Inc.
Mutual of Omaha Products
The insurance division of Mutual of Omaha operates primarily in the fields of individual life and disability insurance products, as well as group benefit solutions designed for businesses. Some of their product offerings include:
- Term Life Insurance
- Universal Life Insurance
- Whole Life Insurance
- Accidental Death Insurance
- Medical Supplement Insurance
- Long-Term Care Insurance
- Disability Insurance
- Critical Illness Insurance
- Structured Settlements
- Group Life Insurance
- Group Disability Insurance
- Group Dental Insurance
- Employee Retirement Services
- Special Risk Insurance
- Employee Assistance Programs
- Group Annuities
- Institutional Investments
Mutual of Omaha Rates
We run our rate tests based on term life insurance policies, since that is what we recommend to most individuals and families on this site. Mutual of Omaha appears to be above average when it comes to a 20-year level term policy for a 30-year-old male living in California. The rate quoted from a major quote generation website was $712.50, with the lowest quote we saw being just over $400 for the same coverage.
It is important to remember that each insurance company uses their own underwriting guidelines when determining rates for individuals, so it is recommended to do your own quote tests when looking for coverage. Our tests are meant as a guide, as they often represent the overall cost compared to other insurance companies.
Mutual of Omaha Better Business Bureau
The Better Business Bureau (BBB) currently ranks Mutual of Omaha with an A+ based on 144 complaints closed in the past three years, and 41 closed in the previous 12 months. Of the 144 complaints in the last three years, 128 have been resolved with the help of the BBB, and 15 were not resolved to the customer’s liking, but the BBB determined that Mutual of Omaha made a good faith effort to resolve the issues. One issue was dismissed because the party failed to provide sufficient evidence of the problem.
Mutual of Omaha has been accredited with the Better Business Bureau since 1940.
Mutual of Omaha Overall Rating
Mutual of Omaha is a financially strong insurance company that has been in business for over 100 years. They carry a number of complaints online, which is typical of a company their size, and offer a standard list of insurance related products for both individuals and businesses. Additionally, their term life insurance rates are right on par with similar insurance companies.
Mutual of Omaha is a good choice for someone looking for an insurance company with many years of experience and a solid history of financial stability. Individuals looking for annuity products or other fixed income sources that require a stable company would be well suited with Mutual of Omaha.
Individuals looking for standard life insurance products like term, but are concerned about price, would be better suited finding a more affordable insurance company. While Mutual of Omaha’s prices are not out of line, we found many competitors that had prices significantly lower than theirs. A good place to start is an online broker who can provide multiple quotes from a variety of life insurance companies.
Mutual of Omaha Contact Information
Mutual of Omaha Plaza
Omaha, Nebraska 68175
Mutual of Omaha was founded in 1909 as Mutual Benefit Health and Accident Association, and is currently one of the t…
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About the Author
I am a former insurance agent turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.