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Mutual of Omaha life insurance at a glance
- Average costs: $26.02 per month for 35-year-old non-smoking male, $22.15 per month for 35-year-old non-smoking female
- Term life policy limits: $25,000 minimum
- Whole life policy limits: $2,000 to $40,000 ($5,000 to $40,000 in Washington state)
- Riders/Add-ons: Accelerated death benefit for terminal illness rider, accidental death benefit rider, waiver of premium for unemployment rider, dependent children’s rider, other insured riders, disability waiver of premium rider, living benefit riders, residential damage waiver of premium rider, common carrier death benefit provision, a disability income rider
- Eligibility: 18 to 80 for term life policies, 45 to 85 (50-75 in New York) for guaranteed whole life policies
- Discounts available: None
- Other insurance offered: Universal life insurance, accidental death insurance
Guaranteed-issue whole life insurance
Mutual of Omaha offers whole life insurance policies that don’t require a medical exam or a health questionnaire. This makes it a great option for smokers who have a hard time finding affordable life insurance coverage elsewhere.
Good selection of policy riders
Mutual of Omaha offers a variety of riders that policyholders can add to customize coverage. Options vary depending on the type of policy. Some common choices include accidental death benefit rider, dependent children’s rider, and waiver of premium for unemployment rider.
Strong customer satisfaction ratings
Mutual of Omaha scored well in J.D. Power’s most recent U.S. Individual Life Insurance Study. This suggests that most of its customers are satisfied with the support they receive from the company.
What could be improved
Limited online tools for buying and managing policies
It’s possible to get Mutual of Omaha term life insurance quotes online, but it’s necessary to contact an agent to actually buy the policy. Some whole life policies can be purchased online, but it depends on the policy limit. Most people will have to speak to an agent to buy or make major changes to their policies.
Mutual of Omaha’s term life insurance rates are pretty affordable for non-smokers. But those who smoke will see much higher prices. Here’s a look at how much the company charges for a 20-year term life insurance policy with a $500,000 limit.
|35-year-old male, non-smoker||$26.02|
|35-year-old male, smoker||$106.86|
|35-year-old female, non-smoker||$22.15|
|35-year-old female, smoker||$91.38|
The cost for a life insurance policy is, as expected, more expensive for seniors but the rates offered by Mutual of Omaha are one of the reasons why we selected them as one of the best life insurance options for seniors.
|GENDER||AGE||10-YEAR POLICY||15-YEAR POLICY||20-YEAR POLICY|
Data source: Mutual of Omaha instant quote (all rates quoted as a non-smoker)
Alternatives to consider
For those who want customizable life insurance policies: Prudential offers flexible term and universal life insurance policies. It also has many riders that policyholders can add to build a life insurance policy that’s completely customized. Its policies are widely available, but unfortunately, there’s no whole life insurance option.
For those seeking outstanding customer service: State Farm led the pack in J.D. Power’s most recent U.S. Individual Life Insurance Study. It’s known for providing great customer support to complement its flexible policies. But there are a few states where it doesn’t offer coverage.
Mutual of Omaha has a selection of policy types to choose from.
Term life insurance
Mutual of Omaha offers policies with 10-, 15-, 20-, and 30-year terms. Customers must buy at least $25,000 of coverage, but there isn’t a clear upper limit on how much coverage one can buy. It’s possible to buy $1 million or more in term life coverage, though those interested in a policy like this must speak to an agent to get a quote.
Policies are available to adults between the ages of 18 and 80, and premiums remain level for the entire term. All term policies renew annually following the initial term until the policyholder reaches 95 or they cancel the policy. It’s also possible to convert the term life policy to a permanent life policy.
Whole life insurance
Mutual of Omaha’s guaranteed-issue life insurance offers benefit amounts ranging from $2,000 to $40,000 ($5,000 to $40,000 in Washington state). Customers don’t have to answer medical questions or take a medical exam to get approved.
These policies are only available to adults 45 to 85 (50 to 75 in New York), and the premiums don’t increase over time.
Universal life insurance
There are three universal life insurance policies available through Mutual of Omaha. They’re all indexed universal life insurance (IUL) policies, which means policyholders can put some of their funds into an equity index account. This can help the cash value portion of their account earn interest more quickly without actually investing their funds directly in the market.
These policies cover a person for their entire life, and their flexibility means they can accommodate a variety of policyholders. But because they’re often customized to meet the needs of the individual, anyone interested must contact Mutual of Omaha to get a quote.
The following riders and add-ons can be purchased with qualifying Mutual of Omaha policies.
Accelerated death benefit for terminal illness rider
If the policyholder develops a terminal illness, this rider pays some of the death benefits to help them cover medical expenses.
Accidental death benefits rider
This rider pays an extra sum if the policyholder dies in a qualifying accident.
Waiver of premium for unemployment rider
With this waiver, the policyholder doesn’t see their policy lapse if they miss paying premiums for a certain number of months due to unemployment.
Dependent children’s rider
This extends life insurance coverage to the dependent children of the policyholder.
Other insured riders
This extends life insurance coverage to another adult, such as a spouse.
Disability waiver of premium rider
If a policyholder purchases this rider, they won’t have to worry about making premium payments if they become disabled. The policy will remain in good standing.
Living benefit riders
This rider pays some of the death benefits early if the policyholder develops a terminal, chronic, or critical illness.
A residential damage waiver of premium rider
This rider excuses the policyholder from paying their premiums for a certain number of months if they experience damage to their home exceeding a certain dollar amount.
Common carrier death benefit provision
This rider pays an extra death benefit if the policyholder dies as a passenger on an airline or other type of common transportation carrier.
Disability income rider
This rider helps the policyholder access some of the death benefits while alive if they become disabled.
Getting a term or whole life insurance quote online from Mutual of Omaha only takes a minute. Depending on the amount of coverage, it may be possible to buy a whole life insurance policy online. But in most cases, prospective customers must contact an agent to begin the process. Those interested in a universal life insurance policy must speak to an agent to even get a quote. This is typical of most life insurance companies.
Once the purchase is complete, the policyholder can view policy details and pay premiums online. But to make any major changes, it’s necessary to speak to an agent.
Who is eligible for Mutual of Omaha life insurance?
Eligibility requirements for Mutual of Omaha life insurance depend on the type of policy. For a term life policy, a policyholder must be between the ages of 18 and 80. Those seeking whole life coverage need to be between 45 and 85.
Since Mutual of Omaha doesn’t require a medical exam for its whole-life products, poor health isn’t a disqualifying factor.
Customer service and ratings
Mutual of Omaha has pretty good customer service, judging by its high ratings in J.D. Power’s U.S. Individual Life Insurance Study. It ranked fifth overall, and its score was well above the industry average.
However, it does have a slightly above-average complaint ratio with the National Association of Insurance Commissioners (NAIC). This means it’s received a few more complaints than other life insurance providers.
This life insurer is a good choice for:
Mutual of Omaha is an option worth considering for:
- Those who want whole life coverage without a medical exam
- Those who want flexible term life policies with a variety of riders for customization
But Prudential is also worth considering for those who want flexible policies. And State Farm is a strong contender for those who put a premium on customer service.