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Mutual of Omaha Insurance Review & Complaints: Life Insurance

Mutual of Omaha life insurance options include term life, whole life, and universal life insurance policies. Mutual of Omaha insurance quotes for a 30-year-old male non-smoker with $100,000 of coverage returned Mutual of Omaha rates of $10.02/mo for a 10-year term and $14.49/ for a 30-year term.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 11, 2020

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Approaching its 110th anniversary in business, Mutual of Omaha insurance is a life insurance and medical supplement insurance company based in Nebraska. They offer products to individuals as well as voluntary employee benefits. Enter your ZIP code above to get a FREE insurance quote today.

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. Mutual of Omaha health insurance options include providing 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.

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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.

Life Insurance

Mutual of Omaha writes term life insurance, whole life insurance, and universal life insurance policies. The website offers very little in the way of information on these plans.

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 Mutual of Omaha 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.

Supplemental Health

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.

Financial Services

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.

Employee Benefits

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.

Rates

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.

Claims

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. We were unable to find a specific Mutual of Omaha claims address for mailings.

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Is Mutual of Omaha a good insurance company?

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.

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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker 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.

21 Comments

  1. James, I don’t work for Mutual of Omaha. In fact I am a disabled agent who has been in the business for 33 years. The policy you are explaining is a universal or now they will call it a universal whole life. Regular whole life does build cash values. You can use these c.v. to buy reduced paid-up insurance or you can take extended term insurance. This is one of the reasons I didn’t sell for m. of o. But the reason so many people will buy this product is because it is cheaper than buying a true whole life or limited pay whole life. If anyone has family on level premium billing on their heat. That is what a universal or universal whole life. Now most likely the insured was offered a regular whole life but the insured wanted the cheapest payment.

    Reply
  2. My parents both recently had to go into long-term care due to dementia. I became their court-appointed guardian and trustee of their estate. In going through all their finances I noticed my mother while going through the beginning stages of dementia began taking out lots of credit cards and spending a lot of money on magazine subscriptions and other things like many different life insurance policies which had high monthly premiums but very little return due to her age.

    I canceled all of these extraneous expenses. As an example of the typical experience of cancellation, I had no trouble canceling their New York Life, life insurance policy. They asked that I fax in the guardianship paperwork and they would cancel the policies. I did and called them back and they canceled. I even got a refund, albeit small, for the value of each policy.

    I found Mutual of Omaha on their bank statements as United/DTC INS Premium but couldn’t find an actual paper policy in their files as I did with their other policies. So I called in and gave them their information to track down the policies. They found the policies and asked that I fax in the guardianship paperwork. I did and when I called back on a later date to make sure they processed the paperwork I got a very rude customer service rep who at first seemed to not be able to find the policies by simply giving her their names. After finally finding the policies she put me on hold and came back to tell me that my guardianship paperwork was received which would give me access to review their policy but wasn’t a high enough level to allow me to cancel the policy. She said I would need to get a specific court order sent just to cancel their policy.

    Now I know for a fact this just isn’t true. I had gone through the process of much more rigorous scrutiny of gaining control over their retirement accounts and bank accounts by simply presenting the documents from the court ordering me as their appointed guardian of their estate and persons. I canceled all their credit cards by faxing in these guardianship papers to each credit card company. Not one company challenged this paperwork and all cooperated accordingly.

    Guardianship is a level higher than a power of attorney. The court appointed me as guardian because they were deemed incapacitated and weren’t able to make any decisions like signing a power of attorney with me.

    So either Mutual of Omaha is intentionally lying in order to make it difficult to cancel policies which is fraud and illegal or they are terribly incompetent and not knowledgeable of the legal system. Either way, this doesn’t look good for a company that deals with legal matters like life insurance.

    I resolved this matter by calling my bank to have them block reoccurring charges.

    Reply
  3. Do not buy any whole life insurance policy, particularly “GUARANTEED COVERAGE” policies. When you die all the ripoff premiums that you have paid into the policy that build “cash value” suddenly disappear and your heirs receive only the “FACE VALUE” of the policy. An extreme RIPOFF. Also, the return on the phantom cash value is next to zero when you do cash in after 20 to 30 years. If you cash in early, you will find that there is no cash value as all your premiums in the first 10 years go to agent commissions and company profits. An EXTREME RIPOFF. DO NO GET INVOLVED IN THESE ABSOLUTE RIPOFF POLICIES. THROW YOUR MONEY DOWN A RATHOLE INSTEAD!!!!!!!!

    Reply
  4. I’m getting tired of getting letters from United of Omaha saying I have not paid my premium for a certain month and I have paid my premium every month on line with the rest of my bills. Then they tell me how my cash value will go down if I keep missing a payment ( which I have not done.) One more letter like this one and I will cancel my insurance with them. Maybe if they could spell my name right we would not have this issue. It’s SNIPES not Snites.

    Reply
  5. I called Mutual of Omaha after seeing a Commercial with Al T. The woman that I spoke to was Pushy Sales Person. I was uncomfortable with what she was telling me and she kept insisting that I wouldn’t find a better deal. They want to charge me $9.95 per Unit, and a Unit is approx only $1,500 in coverage. That’s $30 a month for less than $5,000 of coverage. I might as well Save Pennies in a Coffee Can.

    Reply
  6. I have never experienced such awful, unprepared employees for their job. Several months ago I had brain surgery, and not knowing my future care . While recuperating a week later a received a call from [Redacted] an agent for Mutual, as I had Medicare AARPcomplete. he was the agent I WAS THE CLIENT, AND WAS NOT TRAINED IN INSURACE, but trained in the medical field for many years, but work with the doctor, and patient not billing. after paying 3 months of $104.00, 110.00 to medicare,35.00 to UHC, 8 medications a month this was killing my disability check. I was in my YMCA Gym one day, and an insurance agent was visiting when I spoke to her she said “oh no you don’t need a secondary, you are completely covered by United Health Care. I immediately contacted my insurance company, I did not need this. I have been fighting for three months to get my money back. 10 calls, faxing incorrect info they were giving me over, and over. got the opportunity to get the private number of the supervisor. Called him five- six times still waiting. It got so bad my insurance company bent their rules, and fax info straight to the supervisor two weeks ago, no money. He told me last week the holiday slowed it down. Well no damn holiday this week where is the rest of my money. how many seniors are they ripping off like they did me, but I am filing with the insurance commissioner as soon as possible. Never witnessed such incompetent employees as this, and from other complaints see it is not just me.

    Reply
  7. I am just in the beginning stages of “working” with Mutual of Omaha. My parent just appointed me Power of Attorney after having my Mom’s long term care insurance denied. After paying the premiums on time every month for over 20 years they have denied my Mom’s claim. She has Dementia and the only way the assisted living facility would take her was if my Dad went too. I intervened after the first denial and thought the information they requested would be sufficient to satisfy their underwriting needs, however I was informed tonight that they are still denying her claim. This is such a slam dunk case it makes me wonder how many others they have denied and hope that the elderly won’t bother to fight them. Unfortunately, they have chosen the wrong folks to mess with as I am very capable of standing up for my parents and intend to hire an attorney tomorrow, right after a visit with the Nebraska Department of Insurance and the Better Business Bureau. If anyone else has an issue like this – there may be cause for a class action lawsuit. I am not worried about protecting my privacy and would appreciate this site letting my name and phone number remain here as I am highly motivated to bring an end to what I perceive to be an injustice to the elderly, disabled folks they happily accepted premiums from for many years, yet now when it is time to pay up they are playing delay games and or are turning a blinded eye to what is right. My name is Roger Harre, I live in of all states Nebraska, which I believe is where their home office is located. My phone number is 402-430-6670. Feel free to call and leave contact information if you have had issues such as this with Mutual of Omaha.

    Reply
    • Hello Roger, My name is Miguel Loya and I have a similar concern. My mother in law was diagnosed with metastatic lung cancer a couple of years back and was getting radiation treatments and lived with her 2 sons, my brother in laws. She had a fall about mid-May 2017 breaking her shoulder and they both said that they did not want to take care of her. They were all contemplating putting her in a nursing home and my wife intervened and decided we should take her in. She mentioned to my wife one day that she had overheard them saying bad things about her. That prompted my mother in law to change her mind about having the younger one of the 2 being the beneficiary of her life insurance. So, they, my wife and mom in law, went to do a change of beneficiary and listed my wife as the beneficiary. She also made my wife her power of attorney for all accounts on Sept. 25, 2017, while she was still of sound mind and body. The attorney is a friend of the family. My mom in law passed away Nov. 2, 2017. When my wife filed the claim they never got back to my wife for updates or anything. She called a month later and was told that there was a mistake on the change of beneficiary form so their attorneys reverted back to the original beneficiary, my bro in law. According to the agent, the attorneys claim that the beneficiary cannot sign the change of beneficiary form to herself. That it must be signed by the policyholder. My mom in law would have signed it if our attorneys would have seen that it was important since my wife was already holding Power of Attorney status. So, they cut a check out to him and the lady said that the attorney’s decisions are final and are not reversible. How were they able to do that instead doing a little more investigating to get a better picture of what is going on or just honoring what the documents stated what my mom in laws wishes were. She wanted my wife to be the beneficiary, not my bro in law. Can you help me with this or give me any advice? I don’t know who to contact about this. It really does not seem fair. They will not let us talk to any of their attorneys to help them clarify things. Thanks in advance.

      Reply
  8. We received our tax statement from them and it was incorrect by over $3.000.00 dollars. A summary of our distributions to them was sent to help them find their error. It has now been a week and they have not responded. We need the corrected form to file our income tax. We have regretted many times involving ourselves with these folks.

    Reply
  9. Eric, Have to call you out on your “rate test”. As a long time advisor, I know Mutual of Omaha is as competitive with their rates as any other company. All companies have their “sweet spots” using various term, ages, and benefit amounts.
    Using a single quote from the thousands of possibilities is disingenuous at best

    Reply
  10. I am very dissappointed with mutual of omaha! If you’re thinking about life insurance….choose someone else….Anyone else!

    Reply
    • Anybody you would recommend?

      Reply
      • Primerica is a woonderful company!

        Reply
    • So why are you disappointed? You give no reason, valid or non.

      Reply
      • Easy answer in defense of this person. Whole life policies eat themselves alive because the cost of insurance naturally rises annually within these policies as you age because health goes down and most people pay the amount they were told to when they sat down with the agent…where does the insurance company get the difference in premium rising…from thin air? NO! From the cash value until it reaches a $0 balance…then guess what happens to your policy…you will get a fancy letter in the mail that says thank you mr and mrs client but your premium will now be alot more per month for this contract…pay it monthly or the policy will lapse…oh and in most cases unless you carry option 2, you will lose your cash value at death regardless of how much is in it…where does it go? Back to the insurance company. A cash value account is basically a forced savings within a policy that indexes the market. They say you can borrow from it but you have to pay it back in a loan provision with interest. Keep in mind you are making a monthly premium and your insurance company takes your money to put into the cash value every month…it’s basically like opening a bank account and going back 5-10 yrs later and having the bank teller tell you that you can take a loan out with interest on you OWN MONEY!!! Would you do business with that bank? If they offer other products to prevent lapse or keep your cash value in the end (option 2) then the added products are basically like trying to make garbage smell good…it is pricey. Everyone thinks bundling things are great…auto and home is good to bundle…but not life insurance. You should buy term and invest the difference in your savings. Term pays out a death benefit within the length of the period of the term. for example a 35 year old man takes a 30 year term out on his life. He would be 65 when the term ends…typical retirement age…in most cases this kind of insurance is cheaper and more practical because life insurance was only designed to protect you in the event of an immediate loss during your delicate years of life when you have higher debts, mortgage, income replacement, funeral, education for children. At this gentleman’s age of 65 he should be relying on his retirement assets and should be self insured…however if he wanted to he could generate another term after he turns 65 if he would like to have coverage if he wants it…nice to have that option. You should be investing into your retirement accounts separately and just purchase term insurance. Not all term is good though.

        Reply
    • My name is [Redacted] my wife died in January and they still have not paid the claim it was life insurance with no questions asked up to seventy thousand dollars. The state of Michigan sponsored it and now they want medical records . They keep delaying the payment . They took my money right away with payroll deductions through the state . This company is a scam. I guess I will get my Union involved and get a lawyer . They totally misrepresent themselves and lie to all the state workers in Michigan .

      Reply
  11. I called and talked to several employees to follow-up the double payment of my policy loan and was assured by about 5 or 6 employees I talked with at the Customer Service Center that they will make a request to have the check mailed immediately.
    After waiting for 1 month and nothing has been done, I wrote [Redacted], Vice President of Policyowner Services to intercede in my behalf to have the refund check mailed immediately.
    My feedback to the service experience I had at the CSC is evidently is very poor and need to be corrected.
    Thank you..

    Reply
  12. 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.

    Reply
  13. 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.

    Reply
    • 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

      Reply

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