Mutual of Omaha vs. Transamerica Life Insurance

Learn the differences between the life insurance options offered by Mutual of Omaha and Transamerica.

Pat Howard 1600


Pat Howard

Pat Howard

Senior Editor & Licensed Home Insurance Expert

Pat Howard is a senior editor and licensed home insurance agent at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Published August 2, 2018 | 3 min read

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Mutual of Omaha and Transamerica are two of the most highly regarded insurance companies in America. Both have well over 1,000,000 policyholders nationwide, good consumer grades, and offer competitive term life insurance rates.

So how should one go about deciding between the two? A good place to start would be looking at the average cost of the policies, rider availability, health consideration, and more as criteria for choosing the best plan for your needs.

Mutual of Omaha vs. Transamerica term life insurance cost comparison

Mutual of Omaha is more affordable for young men and middle-aged men and women, while Transamerica offers lowers premiums for younger women and older men and women. Here are average monthly premium costs for price-conscious shoppers looking for the most affordable plan.

Mutual of OmahaTransamerica
MaleAge 30$21.66$22.36
Age 40$33.47$37.85
Age 50$85.53$79.12
FemaleAge 30$23.41$18.06
Age 40$28.66$30.96
Age 50$64.09$62.78

Average premium cost based on $500,000/20-year term life insurance policies for healthy, nonsmoking applicants in California.

Mutual of Omaha vs. Transamerica health pricing

Life insurance companies determine your premiums largely around your current state of health and both individual and familial health history, so if diabetes runs in your family or you recently had a heart attack, certain companies may be less lenient toward those conditions than others.

Here’s how Mutual of Omaha and Transamerica grade out for the most commonly scrutinized health conditions and habits in life insurance.

Mutual of OmahaTransamerica
Cancer Survivor/Family HistoryExcellentExcellent
Recent Weight LossGoodGood
Heart AttackGoodGood
Sleep ApneaExcellentFair
Former Tobacco UseFairFair
High Blood PressureGoodGood
High CholesterolGoodFair

Learn more about the best life insurance companies for every scenario.

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Mutual of Omaha vs. Transamerica insurance rider availability

Sometimes the base plan isn’t enough for folks, but that doesn’t necessarily mean dropping it out of consideration altogether. This is where riders come into play.

Most riders fall under one of these four categories — family riders, long-term care riders, benefit structure riders, and accidental death or dismemberment riders — and are worth looking into before making a final decision.

The accelerated death benefit rider, for example, allows a terminally ill policyholder to receive a portion of their payout when they become terminally ill, to pay for their end-of-life care. This is a common rider and a good one to add to any policy.

Here’s how Mutual of Omaha and Transamerica stack up with regard to availability of the most popular riders.

Mutual of OmahaTransamerica
Child Protection RiderXX
Accelerated Death Benefit RiderX
Accidental Death Benefit RiderXX
Disability Waiver of Premium RiderXX

Learn more about life insurance riders.

Mutual of Omaha vs. Transamerica company ratings

Life insurance companies can be ranked in several different ways. A.M. Best provides ratings based on the financial strength of the company, while J.D. Power conducts surveys based on customer service, product quality, and buyer behavior, and the Better Business Bureau (BBB) provides grades based on consumer feedback.

How do Mutual of Omaha and Transamerica stack up with regards to financial and customer service ratings?

Mutual of OmahaTransamerica
A.M. BestA+A+
J.D. Power4 out of 52 out of 5

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Choosing the right life insurance company

Based on all the information provided, is Mutual of Omaha the right life insurance company for you, or is it Transamerica? It really depends on your individual situation and what your needs are. It may boil down to the policy’s cost, health considerations, rider availability, customer service, or something we haven’t mentioned yet. Bottom line, there might not be a one-size-fits-all life insurance company, but there is a company out there for you and your individual needs.

Ready to start looking at policies from Mutual of Omaha, Transamerica, and other top life insurance companies? Use our coverage calculator for find plans and companies tailored to your needs.