Cost & Coverage
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A highly-rated company that's a great option for shoppers with complex health histories.
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Mutual of Omaha
THE BOTTOM LINE
Mutual of Omaha offers a wide range of policies and competitive pricing for applicants with health conditions. However, the application process and above-average cost for most healthy applicants keeps them from being a top-tier company.
MUTUAL OF OMAHA COMPANY SPOTLIGHT
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Competitive underwriting for a range of health conditions, like a history of cancer. Insurance companies don't all treat the same health conditions in the same way. Some may offer more competitive rates for applicants with diabetes, while others are cheaper for people who have a family history of cancer. One of the keys to getting an affordable life insurance policy is comparing companies and making sure you're going with the one that's best for your specific conditions.
Mutual of Omaha offers competitive pricing for many common health conditions, meaning they're a good first look for someone who might have a complex medical history that may price them out of other companies.
Strong customer ratings and few complaints. Customers who go with Mutual of Omaha can be confident that they're working with a strong, reliant company. Besides strong reviews from consumer organizations and high marks from financial rating firms, Mutual of Omaha has had few complaints reported to state insurance boards.
As you get older, policies get more expensive than the average. Applicants are likely better off looking beyond Mutual of Omaha as they get older. Mutual of Omaha starts off cheaper than average for young applicants, but shoppers in their 40s or 50s may end up paying more if they don't compare costs.
Limited policy options. Shoppers who want robust customization options will likely have better luck with a different carrier. Death benefit ranges, term lengths, and key riders can be limited with Mutual of Omaha, so while they work in most cases, specialized cases may require a different company for the best results.
Slower-than-average turnaround time. The application process can be a little slower than average with Mutual of Omaha than with other carriers. Applying for life insurance can take as long as six to eight weeks depending on a number of factors, such as the carrier requesting medical records from your doctor(s) -- but it can also be quicker than that if everything goes smoothly. That means the application speed can vary from person to person.
Mutual of Omaha has affordable policies for younger applicants but is more expensive than the average for older applicants. However, the company offers competitive pricing for many common health conditions, making them a good choice under the right circumstances.
The cost of life insurance depends largely on the policy itself — how long it lasts and how much coverage it’s for — and the health and age of the applicant.
For a healthy man applying for a $500,000, 20-year policy, Mutual of Omaha cost starts out competitively but gets more expensive than the average for older applicants.
|Age||Mutual of Omaha average||Industry average|
However, of the eight most common health conditions cited on life insurance applications, Mutual of Omaha has average or above-average pricing for seven of them, making them an excellent option for people applying with health conditions.
|Recent Weight Loss||Good|
|Former Tobacco Use||Fair|
|High Blood Pressure||Good|
You should feel confident that your life insurance company will be around to pay out when your family needs it most. Mutual of Omaha has been in business for 110 years and provides coverage to over half a million customers. They’re financially sound, ranking in the top tier for three major credit rating firms.
Standard & Poor’s, Moody’s, and A.M. Best are financial ratings companies. These firms look at the financial strength of companies as a measure of how well they can handle future financial strength and meet the obligations of policyholders.
Highest ratings from each firm are:
These strong financial ratings are supported by Mutual of Omaha’s half a million customers and more than a century in business.
What are people like you saying about Mutual of Omaha? Overall, Mutual of Omaha has higher-than-average ratings from consumer sentiment organizations like J.D. Power and the Better Business Bureau (BBB). There are also few complaints to state insurance agencies, as measured by the National Association of Insurance Commissioners.
Mutual of Omaha has high marks in third-party ratings and reviews as determined by consumer-generated comments, complaints, and ratings.
J.D. Power scores are based on customer ratings for overall satisfaction, clarity and usefulness of annual statements and billing, price, policy offerings, and interaction experience. Policygenius has used the overall satisfaction score as part of our rating method.
BBB ratings take into account a company’s complaint history, the type of business, how long the business has been operating, transparency of business practices, commitment to BBB mediation and arbitration practices, known licensing and government actions, and known advertising issues. Consumer ratings are not directly calculated in the BBB’s score.
Mutual of Omaha has a Consumer Affairs rating of 3.3 of 5. Most complaints revolve around confusing whole life policies, but the company is responsive to all complaints on the platform.
Finally, Mutual of Omaha has a 0 on the National Association of Insurance Commissioner’s National Complaint Index for 2018. This means the number of confirmed complaints submitted to state insurance departments were not enough to register on the index. Only 10 complaints were submitted in 2018.
Policygenius recommends term life insurance for most people, and Mutual of Omaha offers term life insurance with several options for term lengths, coverage amount, and available riders, including a policy that foregoes the medical exam for eligible customers. They also offer whole life insurance.
However, there are fewer options for customization at Mutual of Omaha than you might find with other carriers, so you may not get the exact term or death benefit you're looking for.
Term life policies provide life coverage for a specific period of time (the term). Some may not require a medical exam during underwriting.
Term Life Answers is a straightforward term life policy.
|Annual payment discount||5%|
|Available payment methods||Check, bank draft|
|Temporary coverage||Up to $1,000,000|
Policy conversion The 10-year policy may be converted any time up to age 75. Policies issued at age 74 or 75 have a 2-year conversion window. The 15 and 20-year term policies can be converted before age 75. 30-year term policies may be converted in the first 20 policy years.
Term Life Express offers a no-exam option for qualifying customers applying for policies up to $300,000 in coverage. Fast-track eligibility depends on the health and age of the applicant.
|Annual payment discount||5%|
|Available payment methods||Check, bank draft (only monthly payments)|
|Temporary coverage||Up to $100,000|
The 10-year policy may be converted any time up to age 75. Policies issued at age 74 or 75 have a 2-year conversion window. The 15 and 20-year term policies can be converted before age 75. Term Life Answers 30 may be converted in the first 20 policy years.
Whole life policies provide coverage for the duration of your life.
Mutual of Omaha’s Living Promise policy is a final expense policy that may not require a medical exam.
|Annual payment discount||6%|
|Available payment methods||Check, bank draft, credit card (for initial payment)|
Note: The information above represents potential policy options and may not be available for every applicant. Speak to a licensed expert for a personalized look at your coverage options.
What’s it like to apply for life insurance through Mutual of Omaha, and for your beneficiaries to file claims? Although the company provides an electronic application, the policy itself is delivered by mail, you can’t update policy information online, and there’s a slower turnaround time for activating your policy. Term life policies are not available in New York state.
Mutual of Omaha’s permanent life insurance policies are available in all 50 states, plus Washington, D.C. Their term life policies are not available in New York State.
Policies from Mutual of Omaha have an average number of application forms.
* Based on standard application. Additional forms may be required.
The average time to apply for life insurance from Mutual of Omaha is slightly longer than the average.
Changes to a policy can be made online, over the phone, or via mail depending on the company.
Mutual of Omaha accepts premium payments by check. For monthly payments, bank account auto-draft is accepted. Paying with credit card is not available.
Once finalized, Mutual of Omaha policies are delivered by physical mail. Electronic delivery is not available.
Mutual of Omaha requires the following forms to be submitted to claim a death benefit:
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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