UPDATED: Nov 30, 2018
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About Mutual of America
Mutual of America Life Insurance Company was founded in 1945 and has a long history of helping people with their retirement planning needs. They have regional offices in 33 states, although their head office remains in New York.
They sell both group and individual products with a focus on retirement savings and planning. Most of what is listed on their website are 401k products, although they also offer investment services in various funds. The “About Us” section of the website states that they offer several life insurance products, but these are not listed in the products sections of the website.
In 2014 Fortune ranked Mutual of America at 910 on the Fortune 1000.
Mutual of America Products
The vast majority of the products listed in both the group and individual sections of the website are 401k retirement savings plans. Again, although the website states they sell life insurance including universal life insurance and term life insurance, we were unable to find any sign of those products in the actual listings.
The one related product that we did find in the individual section is the Flexible Premium Annuity. While annuities are not specifically life insurance products, they are often connected to life insurance.
Mutual of America’s plan is a flexible premium plan that allows tax-deferred savings with no contribution limit for retirement savings. It is designed to work alongside other retirement savings plans to provide income.
After a thorough search of the website, we were unable to locate information regarding life insurance products from this company. It is possible these products are only offered through agents or financial advisors, but strange that they are not at least listed on the site.
Rates and Claims
Since we did not find any actual insurance products listed, we are unable to provide information on rates or on the claims process. This company appears to be more focused on investments than on true insurance options.
Ratings and Consumer Reviews
Mutual of America has been accredited with the Better Business Bureau (BBB) since 1995 and has an A+ rating with the BBB. There have been a total of five customer complaints in the past three years.
We were unable to find any other customer reviews of this company. This may be due to the nature of their products and the fact that they focus quite a bit on group retirement plans.
The Bottom Line
Although they are a life insurance company by name, Mutual of America gives very little evidence of involvement in that market. They are more likely to be helpful to those seeking retirement planning assistance than to those shopping for life insurance. We were unable to find any information on life products from this company, in spite of the statement that they do sell such products.
For a list of companies that we recommend, visit our Best Insurance Companies page.