UPDATED: Mar 18, 2020
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About Mutual of Omaha
Mutual of Omaha was founded in the city whose name it now bears in 1909, under the name Mutual Benefit Health & Accident Association. In 1918 the company merged with Omaha Health & Accident Association and was expanding – by 1920 they were licensed in 15 states. Twenty years later their reach has more than doubled, serving 48 states and D.C.
The company name became Mutual of Omaha in 1950, and the following decades saw the company growing brand recognition while staying at the forefront of new technology. They were the first accident and health company to use a computer system. They also began sponsorship of radio and then television programs, including a show called Zoo Parade, which was the precursor to their most famous television sponsorship; in 1963 Wild Kingdom debuted and made Mutual of Omaha a household name.
Meanwhile, the company expanded its insurance product line. In 1966 they were chosen to administer the newly created Medicare plans. By the late 2000s, the company was shifting gears, having moved away from major medical and group health plans and opened a banking branch.
Today the company focuses on life insurance, financial services, and supplemental health insurance policies including Medicare Supplement. They also provide employee group benefits including financial products and group life and health.
Mutual of Omaha provides coverage nationwide through local independent agents. Their headquarters remain in Omaha, Nebraska.
Mutual of Omaha Products
Mutual of Omaha writes a full range of life insurance products as well as accident and illness policies. For the most part, the same products offered to individuals are also available as voluntary employee benefits group policies.
Term life is offered with 10, 15, 20, and 30-year terms. Issues age is from 18-80, and death benefits start at $100,000. The plans can be converted to permanent insurance.
Whole plans available for purchase online differ from what is available through an agent. Online, guaranteed issue policies can be purchased with an issue age of 45-85 and benefit amounts of $2,000-$25,000. Through an agent, benefit amount can be increased up to $40,000. There are both level and graded benefit plans available to choose from, and an accelerated benefit rider can be attached. These plans are the type that is commonly referred to as final expenses insurance.
Universal life is available in several forms. Life Protection Advantage and Income Advantage are both indexed universal life plans that are geared towards growing a cash account in addition to providing a death benefit.
The AccumUL plan also has a focus on investment, although it has a fixed interest rate rather than being connected with an index. Finally, Guaranteed Universal Life is the basic universal policy; it still has a cash accumulation account but is more focuses on death benefits and flexibility.
Mutual of Omaha also offers a Children’s Whole Life policy. It can be issued between the ages of 14 days and 17 years and has death benefit amounts ranging from $2,000 to $40,000. This plan locks in a low rate from childhood and can be in place for life.
The final life insurance option is an Accidental Death policy. This plan pays out only in the event of accidental death. It can be issued from age 18-70, is renewable to age 80, and can have a benefit of up to $1,000,000. Family coverage is available under this plan.
Mutual of Omaha writes several different supplemental health policies that are focused on specific needs.
Long-term care insurance comes with the option of reimbursement for services or a cash benefit. The policy has a waiver of premium built in so that premiums do not need to be paid during a covered period of care. There are also several options that can be added on, including inflation protection, a shared care endorsement that allows you to share benefits with a spouse or partner should their policy limits be met, and return of premium.
There are two disability income plans. Priority Income Protection is a simplified issue short-term disability plan with a maximum monthly benefit of $4,000 and benefit periods of 12, 24, or 36 months.
Disability Income Choice Portfolio is a more complex option that is available as an accident-only plan or as either short-term or long-term disability insurance. Short-term plans have the option of an elimination period as short as 0 days for accidents and 7 days for illness. The maximum monthly benefit is $5,000.
Long-term plans provide coverage for longer time periods – ranging from 2 years to 10 years, or up to age 67. With these plans monthly benefits of up to $12,000 are available.
Finally, the accident-only plan provides coverage only for an accident, which makes it a more affordable choice. It can have no elimination period and monthly benefits of up to $5,000.
Mutual of Omaha also writes critical illness policies with benefits that kick in upon diagnosis with one of a list of conditions. Cancer policies are also available to cover costs specifically associated with a cancer diagnosis.
Mutual of Omaha provides Medicare Supplement and Part D prescription drug coverage as well, which we have reviewed separately.
Mutual of Omaha has a range of financial services including regular banking services through their banks. They also offer annuities and other retirement savings plan options.
Most of the same policies that are offered to individuals are also available as group benefits. There are a few options available through employers that are not offered to individuals, however, including dental and vision insurance.
Group annuities and other retirement plans are also offered.
We ran a quote for life insurance through Mutual of Omaha based on the sample of a 30-year-old male non-smoker.
At $100,000 in coverage, a term policy was quoted at $10.02 a month for a 10-year term and $14.49 a month for a 30-year term.
We would normally quote at $1 million, but the online system does not allow quotes with a death benefit that high. We were able to run at $500,000. The 10-year term policy came back at $16.13 a month, and the 30-year term at $34.62 a month.
While the rates are not the lowest we have seen, Mutual of Omaha offers higher death benefits without huge jumps in premium. This makes them a good value for those that are seeking a higher death benefit. Our second quote at $500,000 came in lower than what we have seen for $100,000 elsewhere.
We were unable to find a dedicated claims page on the Mutual of Omaha page, which is surprising given the generally user-friendly and informative nature of the site.
There is a form search section where forms for any of the policies can be found, including claims forms for various products. There is also a “find a phone number” search that will eventually lead to a phone number that can be used to file a claim or get claims information.
Ratings and Consumer Reviews
Mutual of Omaha has an A+ rating with the Better Business Bureau (BBB), with 119 complaints on file in the past three years. They have been accredited since 1940. There are eight reviews of the company on the BBB page, most of which are negative. Complaints include problems applying for coverage, solicitation attempts, and claims issues. Neither the contents of the reviews nor the number of them is a red flag; complaint volume is low considering the size of the company.
Consumer Affairs has 115 reviews of the company with an overall rating of just over two stars based on the 33 reviews submitted in the past year. Most of those reviews were negative. The complaints center on billing issues and sales tactics, and it is worth noting that of those reviews that were in regards to a claim, several were very positive. Mutual of Omaha does take the time to respond to negative reviews, which is always good to see.
The Bottom Line
Mutual of Omaha has a solid reputation and have good rates as well – particularly for those with a need for higher coverage amounts. We found nothing of major concern in the reviews, and we recommend taking a look at this company for life insurance and supplemental health needs.
For a list of companies that we recommend, visit our Best Insurance Companies page.