Mutual of America Insurance Review & Complaints: Life Insurance (2023)
Mutual of America sells both group and individual products with a focus on retirement savings and planning. The vast majority of Mutual of America products listed in both the group and individual sections of the website are 401k retirement savings plans.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...
Farmers CSR for 4 Years
UPDATED: May 17, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: May 17, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Primarily a financial services company assisting people with retirement planning, Mutual of America offers a range of mainly IRA investments. They are a Fortune 1000 company headquartered in New York.
What is 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.
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What products are offered by Mutual of America?
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.
How are the rates and claims?
Since we did not find any actual insurance products listed, we are unable to provide information on rates or answer any claims questions about the ease or difficulty of the process. This company appears to be more focused on offering investment plans or a retirement plan than on true insurance options.
Are ratings and consumer reviews positive?
Mutual of America has been accredited with a Better Business Bureau or BBB business profile since 1995 and has an A+ rating with the BBB. There have been a total of five customer complaints in the past three years which seems to be a low number of people to have had a less than optimal experience with the company.
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.
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What is the bottom line?
Although they are a life insurance company by name, Mutual of America Financial Group gives very little evidence of involvement in that market. They are more likely to be helpful to those seeking individual retirement products or investment options 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.
Frequently Asked Questions
What is Mutual of America Insurance?
Mutual of America Insurance is a life insurance company that offers various life insurance products and services to individuals and organizations. They have been providing insurance solutions since their establishment and have a strong reputation in the industry.
What types of life insurance does Mutual of America offer?
Mutual of America offers several types of life insurance, including term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. Each type has its own features and benefits, catering to different needs and preferences.
How can I apply for life insurance with Mutual of America?
To apply for life insurance with Mutual of America, you can visit their website or contact their customer service. They will guide you through the application process, which typically involves providing personal information, undergoing a medical evaluation, and selecting the appropriate coverage options.
Are there any age restrictions for obtaining life insurance from Mutual of America?
Mutual of America generally offers life insurance to individuals of all ages. However, certain types of coverage or coverage amounts may have specific age restrictions or limitations. It is best to consult with Mutual of America directly to understand the options available based on your age and needs.
How can I file a complaint about Mutual of America Insurance?
If you have a complaint regarding Mutual of America Insurance, you can contact their customer service department. They will assist you in addressing your concerns and work towards a resolution. Additionally, you may also have the option to file a complaint with your state’s insurance regulatory authority.
Are you looking for free insurance quotes?
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.