Mutual of Omaha Insurance Review

RATINGS BY CATEGORY
Premium Price
Claims Process
Consumer Feedback
Financial Strength
OVERALL
Products  |  Price  |  Claims  |  Complaints  |  Financials  |  Bottom Line

Mutual of Omaha Summary

Mutual of Omaha is a financial services company selling life insurance and other products. The company was formed in 1909 as Mutual Benefit Health and Accident Association. It continues to operate as a mutual firm and has grown in size to become a Fortune 500 company, employing around 4,200 people and earning $4.2 billion in annual revenue.

The company is headquarters in Omaha, Nebraska, where it was originally founded. Since its inception, the company has grown and expanded to include numerous subsidiaries focusing on specific niches, including life insurance, investor services and realty. As a mutual firm, the company’s revenues are paid back to members in the form of dividends, which are generally applied to the policies. In theory, with each policyholder holding a share in the company, Mutual of Omaha is able to base its decisions on customer needs without worrying about the separate demands of shareholders.

Mutual of Omaha is also well-known for sponsoring the documentary television show, Wild Kingdom, which initially aired in 1963. A new version of the series was released on Animal Planet in 2002, with Mutual of Omaha’s name still attached to the project.

Policies can be purchased through independent agencies throughout the country or directly from the company on its website. Interested customers can start the process by obtaining a quote online. From there, a representative will be in touch to complete the process and establish a policy.

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Insurance Products

Life Insurance

Mutual of Omaha sells life insurance products to individuals as well as group policies for employers. Among the plans offered are term, universal and whole life policies as well as accidental death insurance.

  • Term life – Provides a guaranteed level of benefits during a specific insurance term. At the completion of the term, the policy ends and the insured must purchase another if they wish to remain covered.
  • Universal and Whole Life – Permanent insurance policies, which last as long as the insured continues paying for coverage. Both types of permanent insurance offer a savings component, allowing policyholders to invest a portion of their premiums and access those funds prior to death. Whole life has consistent premiums, however, whereas universal policies have flexible payments that can be adjusted.
  • Accidental Death – A special type of policy available to those who cannot afford full life insurance. These policies offer guaranteed benefits to the families of people who succumb to fatal accidents, including auto accidents, falls, drowning and other similar perils. By covering only accidents, not disease, these plans can be more affordable than standard life insurance.

It is our opinion that most individuals benefit the most from term insurance policies, and investing the difference in premiums of a whole or universal life insurance policy. You can read more about our analysis in the article titled Why Term is Better Than Whole Life.

Supplemental Insurance

In addition to life insurance, Mutual of Omaha offers several types of supplemental health products to individuals and group policies for employers. Among these are disability insurance and critical illness coverage, both of which provide benefits to people whose serious illnesses could cause financial strain.

  • Disability Insurance – Helps to protect an individual’s income when his earning capacity is diminished by a long or short-term disability, such as a serious illness or accident. The insurance acts as replacement income during this period.
  • Critical Illness Insurance – Assists with the costs associated with serious illness, particularly those costs that are not covered by major medical insurance. Some examples include financial assistance for paying the mortgage or hiring household help during recovery. The policy can also be used to pay for travel expenses during treatment.
  • Dental Insurance – Available through group plans for employers to complement an existing health insurance plan. Individual dental insurance is not currently offered by Mutual of Omaha.

Mutual of Omaha Price (Rates)

Quote Test Results
+18.1%
Rate Test Details

According to our term life insurance rate quote test, Mutual of Omaha is 18.1% higher when using our standard metrics. This is a slight decrease from the last time we reviewed them, but the difference is negligible. They remain the most expensive term life insurance company we have tested.

Claims

Claims can be filed through your agent or over the phone. The claims number for life insurance policies is 1-800-775-6000. The number is operational from 7am to 5:30pm Monday through Thursday and from 7am to 5pm on Friday. Claims cannot be filed on the weekend.

Claims forms are available under the Service & Forms tab of the website, but the forms themselves cannot be submitted online. Instead, they must be printed, then mailed or faxed.

When filing a claim, you’ll need to choose the correct form. These are divided between individual policyholders, plan members and plan administrators. Within those classifications are separate forms for different types of policies, including life, critical illness, disability and retirement plans.

Because of the number of forms available and the lack of an online reporting system, it’s probably easiest to file claims through the agent or customer service phone number. Because life insurance claims are generally filed by the policyholder’s beneficiary, be sure to have relevant personal identification information available to confirm your identity.

Consumer Research and Complaints

Mutual of Omaha has been accredited with the Better Business Bureau since 1940. It has an A+ rating on the BBB website. In the past three years, the site lists 159 complaints, with 53 having been closed in the last 12 months. Of these, the majority are issues with the product or service.

Details are not available on the site for most of these complaints. However, one recent complaint describes a billing issue with a Medicare supplement plan. It appears that the person lodging the complaint is a family member of the policyholder and was unable to make necessary changes to the policy due to lack of permission.

Financial Strength

Rating CompanyGradeFinancial Outlook
AM BestA+Stable
FitchN/AN/A
S&PA+Stable

Bottom Line

Mutual of Omaha has strong financial ratings and a better-than-average score when it comes to customer satisfaction and complaints. However, their claims process is behind the times compared to many of their competitors, and they remain the most expensive term life insurance company we have tested to date.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Summary
Reviewer
Eric Stauffer
Review Date
Reviewed
Mutual of Omaha
Author Rating
2

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About the Author

Eric Stauffer

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.


Comments

  1. Janet Slaughter-Smith says

    My aunt who is 78 years old, was called by a United of Omaha Life Insurance Company employee to sell her some whole life insurance. She use to work for the post office and through AARP she has enough insurance that she needs.
    My problem is she do not remember purchasing the policy and she did give her information to the man. one premium was paid. when she got the next notice she said she was not going to pay it because she don’t belong to Mutual of Omaha…But I found a policy they send her. There was no beneficiary named on the policy. Can they do that sell her a policy without putting a beneficary on it. they have all of her banking info, they put down the wrong address. The only reason she received the mail is because she use to be the Post Master General in our area. Small Town…. thank you for any advice. We have cancelled the policy….She could not afford to pay 98 dollars per month and a policy she did not need.

  2. Linda and Charles McNeil says

    We have paid for our life ins policy for years. Last summer I talked with a representative from United of Omaha and she set it up for the ins payment to be taken out of our checking account when it was due. I have looked at my account and I do not see where it is being taken out. Have you canceled my ins without letting me know? I think I started the policy in 2005/2006. Our phone number is [Redacted] and I would like to hear from someone regarding this matter.

    • Eric Stauffer says

      Hello Linda and Charles,

      ExpertInsuranceReviews.com is not affiliated with Mutual of Omaha. If you are having an issue with them that needs to be resolved, here is the phone number for their customer service:

      (800) 228-7104

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