Best Overall Company 2019

Mutual of Omaha Life Insurance Company

A+ Rating on BBB 5 star rating on Google

At a glance

Founded in 1909, Mutual of Omaha is a mutual insurance company (owned by it’s policyholders) that offers insurance, banking, investments, and retirement products to individuals and organizations.

Mutual of Omaha has a very strong financial history, and ranks #1 among our top 60 life insurance companies.

As far as life insurance is concerned, they offer both term and whole life insurance, with and without a medical exam.

ProsCons
  • Financial history
  • Customer support is outstanding
  • Products and features
  • Over 100 years of experience
  • Simple application process
  • More expensive than average
  • Not the fastest approval process

Our review for Mutual of Omaha

Mutual of Omaha is not the cheapest life insurance provider, but they may just be the best.

With over 100 years of experience, Mutual of Omaha is a strong company that has proven it’s worth. Their customer service is unmatched, and their products typically offer more features and benefits than any other company.

If you’d ask us what one company we’d recommend – our answer would be simple: Mutual of Omaha.

4.7 out of 5
How we calculated this number:
Price: 4.0
Products: 4.5
Speed: 5.0
Process: 5.0
Service: 5.0
Reputation: 5.0

Types of life insurance they offer

Mutual of Omaha provides a variety of life insurance products, including term life insurance, no medical exam term life insurance, whole life insurance and children’s whole life insurance.

Aside from life insurance, they also offers accidental death insurance, and cancer, stroke and heart attack insurance.

Mutual of Omaha product comparison
Insurance typeAgesCoverage amountsMedical qualification

Term life insurance

Learn more

18 – 70

For ages 18 – 45:
$10,000 – $5,000,000

For ages 45 – 70:
$10,000 – $500,00

A few simple health questions for coverage under $300,000.

Health exam for coverage over $300,000.

Whole life insurance

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45 – 85
$2,000 – $40,000A few simple health questions.

Accidental death insurance

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Max age 80Up to $300,000None

Children’s life insurance

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14 days – 25$5,000 – $50,000None

Term life insurance by Mutual of Omaha

Overview

Mutual of Omaha provides some of the simplest and easiest term life insurance coverage you will find on the market. As with other life insurance companies, Mutual of Omaha is directing much of its customer base to a simplified-issue type of term life insurance policy to help speed up underwriting time. As a leader in the no-exam life insurance product category, Mutual of Omaha’s term life insurance coverage is one of strongest and most customizable term life options out there.

To qualify for simplified underwriting, the face amount must be between $25,000 and $300,000. If more coverage is needed, then you have the option to go through the standard underwriting process, which requires a medical exam.

Mutual of Omaha offers standard 10-year to 30-year term life insurance, with the option for a return of premium on the 20-year and 30-year term products.

ProsCons
  • Simple application process
  • Return of premium is an option
  • Additional policy benefits included for free
  • Simplified underwriting if coverage between $25,000 and $300,000
  • Rates become more expensive the less healthy and older you are
  • Term life may not be an option if you have a history of health problems

Term life insurance products

Get a Quote
Or call 1-866-816-2100 to speak to a True Blue agent.

Term Life Express

Overview:
Term Life Express is Mutual of Omaha’s term life insurance product that does not require a medical exam. In order to qualify, you simply answer some medical questions.

What it offers:
The available coverage starts at $25,000, lower than the $50,000 standard most insurance companies offer, and goes up to $300,000.

Term Life Express is available in four different terms: 10 year, 15 year, 20 year and 30 year.

Get a Quote
Or call 1-866-816-2100 to speak to a True Blue agent.

Term Life Answers

Overview:
Term Life Answers is Mutual of Omaha’s term life insurance product that requires a medical exam. A doctor can come to your home or work to evaluate your health by performing a 15-30 minute physical.

If you are in excellent health, you typically save money compared to a non medical exam policy.

What it offers:
The available coverage starts at $300,000 and goes up to $5,000,000.

Term Life Answers is available in four different terms: 10 year, 15 year, 20 year and 30 year.

Whole life insurance by Mutual of Omaha

Overview

Mutual of Omaha provides outstanding whole life insurance, at attractive pricing. There is no medical exam involved, you simply answer a few health related questions in order to qualify.

There are two different whole life insurance plans available, level (where the coverage amount will be paid in full from day one), and graded (where the coverage amount is limited for the first years, and gradually builds up).

Our agents can explain the difference in detail, as well as recommend a plan based on your circumstances. Simply call 1 (866) 816-2100.

Mutual of Omaha’s whole life insurance is available for ages 45 – 85, and can provide coverage amounts of $2,000 – $40,000.

ProsCons
  • No medical exam
  • Competitive pricing
  • Whole life insurance builds cash value
  • Prices never go up
  • Policies are never cancelled due to age or health, only if you decide to end the policy
  • Limited coverage (up to $40,000)
  • If you are under the age of 65, you could save money with a term life insurance policy

Whole life insurance products

Living promise whole life insurance by Mutual of Omaha

Get a Quote
Or call 1-866-816-2100 to speak to a True Blue agent.

Living Promise

Overview:
Living Promise by Mutual of Omaha is designed to cover funeral expenses and more, with a very simple and straightforward application process.

While you could get term life insurance before age 65 (whole life insurance starts at 45), the application would involve a medical exam, where this product does not.

So if you’re between age 45 and 85, and you’re looking for a simple life insurance solution, Living Promise could be best choice for you.

What it offers:
The graded plan offers coverage between $2,000 and $20,000, the level plan offers coverage between $2,000 and $40,000.

The acceptable age is the same for both plans, 45 – 85.

Whole life insurance does not expire, if you get a whole life policy before age 85, it will last the remainder of your life.

Accidental death insurance by Mutual of Omaha

Overview

Accidental death insurance is typically purchased to supplement a life insurance policy. Say for example, you have an existing $500,000 term policy, and you wish to acquire another $500,000.

Cancelling the policy you have to purchase one $1,000,000 could become troublesome, or perhaps you’re not eligible for this much coverage.

In these cases, accidental death is an affordable solution, since it’s cheaper than life insurance.

Perhaps you’re simply looking for the most affordable life insurance solution. In that case, accidental death insurance may be right for you.

Just keep in mind that only death due to an accident is covered.

ProsCons
  • No medical exam
  • Competitive pricing
  • Whole life insurance builds cash value
  • Prices never go up
  • Policies are never cancelled due to age or health, only if you decide to end the policy
  • Limited coverage (up to $40,000)
  • If you are under the age of 65, you could save money with a term life insurance policy

Accidental death insurance products

Living promise whole life insurance by Mutual of Omaha

Get a Quote
Or call 1-866-816-2100 to speak to a True Blue agent.

Guaranteed ADvantage

Overview:

Guaranteed ADvantage is Mutual of Omaha’s accidental death insurance solution.

Since only death due to an accident is covered, there are no medical questions or exams involved in order to qualify.

What it offers:

Guaranteed ADvantage offers face amounts from $50,000 to $500,000 for people between ages 18 – 70.

It also offers a return of premium rider for ages 18 – 50, and will pay a percentage of the premiums paid at time of cancellation.

If death is caused while riding as a fare-paying customer passenger on a common carrier, such as an airplane, bus, or boat, Guaranteed ADvantage will pay double the coverage amount.

If death is caused while driving or riding in a private automobile, or by being struck by an automobile driven by someone else, Guaranteed ADvantage will pay an additional 25% of the coverage amount.

Children life insurance by Mutual of Omaha

Overview

Mutual of Omaha provides an excellent life insurance option for your children, or grandchildren.

Not only does the child lock in the best possible life insurance rates for the entire duration of their life (even after they reach adulthood), the child will have the option to purchase additional life insurance without any health questions or exams as they grow older.

Whole life insurance for children offers $5,000 – $50,000 in life insurance coverage.

ProsCons
  • No medical questions or exams
  • The child locks in the best life insurance rates for the entire duration of their live
  • The child can purchase additional life insurance coverage as they grow older
  • Very affordable pricing
  • Pricing never goes up, coverage never goes down
  • Limited coverage (up to $50,000)

Children whole life insurance products

Children's whole life insurance by Mutual of Omaha

Get a Quote
Or call 1-866-816-2100 to speak to a True Blue agent.

Children’s Whole Life Insurance

Overview:

Children’s whole life insurance is the only life insurance type available by Mutual of Omaha for children just 14 days old to age 25.

While Gerber is the perhaps the most well-known company that provides life insurance for children, Mutual of Omaha’s pricing is usually less than 50% cheaper.

What it offers:

It offers coverage amounts from $5,000 to $50,000 with the option to purchase additional life insurance as the child grows older.

Since it’s a whole life insurance policy, it builds cash value, there are no medical questions or exams involved, and the price will never go up.

The policy will never be cancelled due to health conditions or other factors, only if you decide to cancel the policy.

Medicare supplement by Mutual of Omaha

Overview

If you are over 65 or have a qualifying disability like end-stage renal disease, you are eligible for Medicare Part A and B through the federal government.

As one of the best companies offering Medicare Supplement plans, Mutual of Omaha provides a variety of plans designed to meet your needs when it comes to helping offset the costs associated with traditional Medicare.

However, knowing which one is best for you can be tricky, so we’ve listed the features and benefits of each in the table below.

To learn more about medicare in general, we’d like to refer you to our medicare supplement informational page.

ProsCons
  • Top provider of Medicare supplement
  • Multiple supplement plans available
  • Supplement plans can protect you from large out of pocket costs
  • It’s not needed if your union or employer covers part A and part B costs
  • It’s not needed if you have Medicare Advantage (part C) or are about to sign up for it
Medicare Supplement by Mutual of Omaha Comparison
High-deductible Plan FPlan NPlan GPlan F
Deductibles:

$2,240 annual deductible

Copays:

No copays

Coverage:

Once your deductible is met, this plan will cover any Medicare approved expenses

Get a Quote

Deductibles:

$184 annual plan B deductible

Copays:

$20 for each doctor visit

$50 for each emergency room visit

Coverage:

Once your deductible is met, this plan will cover any Medicare approved expenses

Get a Quote

Deductibles:

$184 annual plan B deductible

Copays:

No copays

Coverage:

Once your deductible is met, this plan will cover any Medicare approved expenses

Get a Quote

Deductibles:

No deductibles

Copays:

No copays

Coverage:

Your plan will cover any Medicare approved expenses

Get a Quote

Cancer insurance by Mutual of Omaha

Is Mutual of Omaha Cancer Insurance Worth It?

Professionals in the insurance industry are often torn on this topic, so the answer to this question is largely based on who you ask. Considering that health insurance policies today typically have a much larger out-of-pocket limit than policies did 10 years ago, more people are looking at these types of policies as a way to help offset out-of-pocket costs attached to their main health insurance, as well as other expenses not covered by health insurance.

Whether cancer insurance is worth it depends largely on the amount of risk you are willing to take.

What Does Mutual of Omaha Cancer Insurance Cover?

Cancer insurance can be used in a multiple of ways, from income replacement for time taken off work for treatment, the costs of treatments, or to keep your business running in the event of a cancer diagnosis. Depending on the policy you choose, you can either receive the payment in a lump sum upon diagnosis or submit claims based on treatment.

What Are the Benefits of Mutual of Omaha Cancer Insurance?

The main benefit of a cancer insurance policy is the ability to obtain a lump-sum payment in the event of a diagnosis of a covered condition that is almost guaranteed to be a financial burden. With Mutual of Omaha’s Cancer, Heart Attack & Stroke Insurance product, these benefits pay out to help prevent unnecessary financial stress on the family during this time.

How Much Does Mutual of Omaha Cancer Insurance Cost?

Mutual of Omaha offers you the ability to easily run a quote on its cancer insurance product on the company’s website. You can also choose whether you want just cancer insurance or coverage for heart attack and stroke, as well. These different options can change the price of the policy. However, the overall cost will be based largely on the amount of coverage you seek.

Example: The price quoted for a 37-year-old male in Alabama seeking cancer, heart attack, and stroke coverage was $22.45 per month, per the initial response of the company’s quote page.

ProsCons
  • It can be a good addition to regular life insurance
  • Get a lump sum payment if you are diagnosed
  • Pays 14 different treatments, including preventive screenings
  • Affordable pricing
  • While it could be a blessing during a dark time in your life, it could feel like a pointless investment for some.
  • Unlike life insurance, this product covers you only if you are diagnosed with cancer, heart attack or stroke.

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Whether you’re a do-it-yourself kind of person, or you prefer guidance of a professional, our service is at no-cost and no-obligation.

Mutual of Omaha Reviews

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