Mutual of Omaha Insurance Review & Complaints: Life Insurance (2023)
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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Ty Stewart
Licensed Life Insurance Agent
Ty Stewart is the founder and CEO of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent, he has helped clients nationwide to secure affordable coverage while making the...
Licensed Life Insurance Agent
UPDATED: Nov 10, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Nov 10, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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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 focused 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 many 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 a 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.
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 regarding a claim, several were very positive. Mutual of Omaha does take the time to respond to negative reviews, which is always good to see.
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Is Mutual of Omaha’s Website Easy to Understand?
If you’re looking for the best life insurance policy for your needs, being able to understand a life insurance company’s website is crucial.
Mutual of Omaha’s website had a moderate readability score at 49 out of 100. (A score of at least 60 is preferred.
The website did not have a significant number of long sentences and difficult words. Understanding Mutual of Omaha’s product offerings should be relatively easy.
Mutual of Omaha’s website content is at an 8th-grade reading level, making it easy to read for the typical consumer.
Does Mutual of Omaha offer online quotes?
Yes, for term life and whole life policies. It’s easy and quick. Enter your birthdate, desired coverage amount, and whether you smoke. You can also use their online quote tool for a fast and individualized quote.
What are the main health conditions that Mutual of Omaha covers?
Mutual of Omaha covers a wide range of diseases. Anxiety, arthritis, blindness, chronic obstructive pulmonary disease, degenerative disk disease, gout, hepatitis b, herpes, polycystic ovary syndrome, scoliosis, and ulcerative colon are some of the most common health problems covered by Mutual of Omaha.
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Streamlining Your Experience: Navigating the Mutual of Omaha Claims Process
Ease of Filing a Claim
Mutual of Omaha offers a user-friendly claims process, providing multiple avenues for filing a claim. Policyholders can conveniently file a claim through their online platform, over the phone, or via their mobile apps. This diverse range of options ensures ease and accessibility for individuals during the claims submission process.
Average Claim Processing Time
The average claim processing time at Mutual of Omaha is known to be efficient and timely. The company prioritizes swift handling of claims to provide policyholders with the support they need during challenging times. Quick processing times contribute to enhanced customer satisfaction and a smooth claims experience.
Customer Feedback on Claim Resolutions and Payouts
Customers have expressed satisfaction with Mutual of Omaha’s claim resolutions and payout processes. The company is appreciated for its transparent communication and fair settlements. Policyholders have reported a positive experience when interacting with the claims department, further establishing Mutual of Omaha as a reliable choice for life insurance needs.
Digitally Empowered: Exploring Mutual of Omaha’s Cutting-Edge Technological Features
Mobile App Features and Functionality
Mutual of Omaha’s mobile app is equipped with a range of features to enhance user experience. It provides policyholders with access to their policy details, allows them to make premium payments, view their policy status, and even initiate the claims process. The app’s intuitive interface and comprehensive functionality make managing insurance policies on-the-go convenient and efficient.
Online Account Management Capabilities
The online platform offered by Mutual of Omaha enables policyholders to manage their accounts with ease. Through the online portal, users can access and update policy information, review policy documents, and make payments. The platform is designed for user-friendly navigation, providing a centralized hub for policy management and information.
Digital Tools and Resources
Mutual of Omaha offers various digital tools and resources to assist policyholders in understanding and managing their life insurance policies. These include calculators to estimate coverage needs, educational resources to inform about different insurance products, and FAQs to address common inquiries.
These digital tools aim to empower policyholders with the information needed to make informed decisions regarding their life insurance coverage.
The Bottom Line
Mutual of Omaha has a solid reputation and has 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. Your one-stop online insurance guide. Get free quotes now!
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Frequently Asked Questions
What is Mutual of Omaha?
Mutual of Omaha is a well-established insurance company that offers a range of insurance products, including life insurance. They have been in operation for over a century and are known for their financial stability and strong customer service.
What types of life insurance does Mutual of Omaha offer?
Mutual of Omaha offers a variety of life insurance options to meet different needs. They provide term life insurance, whole life insurance, universal life insurance, and children’s life insurance.
What is term life insurance?
Term life insurance is a type of life insurance that provides coverage for a specific term or period, typically 10, 20, or 30 years. It offers a death benefit to the beneficiary if the insured person passes away during the term of the policy.
What is whole life insurance?
Whole life insurance is a permanent life insurance policy that provides coverage for the entire lifetime of the insured person. It offers a death benefit to the beneficiary and also includes a cash value component that grows over time.
What is universal life insurance?
Universal life insurance is another type of permanent life insurance that offers flexibility in premium payments and death benefit amounts. It combines a death benefit with a cash value component that can earn interest over time.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Ty Stewart
Licensed Life Insurance Agent
Ty Stewart is the founder and CEO of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent, he has helped clients nationwide to secure affordable coverage while making the...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.