3.5 NerdWallet rating Bottom line: An established name in life insurance, Mutual of Omaha offers a wide range of policies, including whole life policies without a medical exam. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Close to expected Policies offered Term, permanent & no-exam on Nerdwallet 3.5 NerdWallet rating Bottom line: An established name in life insurance, Mutual of Omaha offers a wide range of policies, including whole life policies without a medical exam. Financial strength rating Exceptional Online purchase No NAIC complaints Close to expected Policies offered Term, permanent & no-exam
Mutual of Omaha
Mutual of Omaha
How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Based in Nebraska, Mutual of Omaha is a mutual company owned by its policyholders. Along with life insurance, it offers a range of insurance products and financial services to individuals and businesses.
The company started in 1909 and for many years sponsored the television series “Mutual of Omaha’s Wild Kingdom,” about the animal world. The show continues today as a web series.
» MORE: Compare life insurance quotes
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.
Mutual of Omaha life insurance rating
3.5
NerdWallet rating
Mutual of Omaha earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
» MORE: Best life insurance companies
Mutual of Omaha life insurance policies
Term life insurance. Terms of 10, 15, 20 and 30 years are available for coverage of $100,000 and more for applicants 18 to 80 years old. You’ll need to call an agent to get aquote for term life insurance. The website provides contact information for nearby agents, and lets you search for other agents or have one contact you.
Whole life insurance. You can buy Mutual of Omaha’s whole life insurance policies online or through an agent. Coverage is guaranteed issue, meaning there are no health questions or medical exams. Death benefit amounts range from $2,000 to $25,000 ($5,000 to $25,000 in Washington). Whole life policies are available to applicants 45 to 85 (50 to 75 in New York). Mutual of Omaha also offers whole life policies for children.
Universal life insurance. Mutual of Omaha offers three types of universal life insurance, including Income Advantage indexed universal life, which ties the policy’s cash value accumulation to a market index, such as the Standard & Poor’s 500.
» MORE: Life insurance: Policies, cost and best companies
Mutual of Omaha life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from Mutual of Omaha. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $23.87 | $20.43 |
30 | $23.87 | $20.43 |
40 | $37.20 | $31.61 |
50 | $92.67 | $69.02 |
60 | $273.70 | $189.42 |
Source: Quotacy. Rates reflect the super preferred class and were generated on 1/16/24. | ||
» MORE: Cheapest life insurance companies
Mutual of Omaha complaints and customer satisfaction
Over three years, Mutual of Omaha has drawn close to the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners
Mutual of Omaha ranked No. 4 out of 22 companies in J.D. Power's 2023 U.S. Life Insurance Study for overall customer satisfaction.
Mutual of Omaha | Northwestern Mutual | Guardian | |
|---|---|---|---|
Star rating | 3.5 NerdWallet rating | 5.0 NerdWallet rating | 5.0 NerdWallet rating |
Financial strength | Exceptional. | Exceptional. | Exceptional. |
NAIC complaints | Close to expected. | Far fewer than expected. | Far fewer than expected. |
J.D. Power ranking | #4 out of 22. | #10 out of 22. | #12 out of 22. |
Policy types offered | Term, permanent, no-exam. | Term, permanent. | Term, permanent. |
Read full reviews | Northwestern Mutual life insurance review. | Guardian life insurance review. |
More about Mutual of Omaha life insurance
Mutual of Omaha offers additional financial products and services including:
Accidental death insurance.
Dental insurance.
Medicare supplement plans.
Annuities.
Critical illness insurance.
Cancer insurance.
Heart attack and stroke insurance.
Disability income insurance.
Investments.
Long-term care insurance.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Methodology
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsem*nt of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
