Mutual of Omaha life insurance review 2025

Founded in 1909, Mutual of Omaha is one of the largest life insurance companies in the U.S. And thanks to its generous age limits and highly rated customer service, it's one of our favorite life insurance providers, as well, especially for seniors.

We love that United of Omaha, a Mutual of Omaha company, offers a whole life insurance policy doesn't require a medical exam for applicants up to age 85 (75 in New York State). We also like that the term life policies can be converted into permanent ones with no medical exam.

Mutual of Omaha doesn't allow you to get quotes or buy a term life insurance policy online, however, you can buy a whole life policy online. It only has physical branches in about half the country.

With policies underwritten by United of Omaha Life Insurance Company (Companion Life Insurance in New York State), Mutual of Omaha offers term and permanent life insurance policies in all 50 states and Washington, D.C. The availability of individual products may vary by state.

Term life insurance

Term life insurance stays in place for a set period before coverage expires. Mutual of Omaha offers a Term Life Answers policy to adults ages 18 to 80 with terms of 10, 15, 20 or 30 years. The death benefit starts at $100,000, although the upper limit isn't disclosed.

If you're 75 or younger, you can get a Term Life Express policy without an exam for up to $300,000, which is significantly lower than what's offered by other brands.

Term Life Express policy has a simplified underwriting process, but it has age and coverage limits:

• Age 18 to 50: $25,000 to $300,000
• Age 51 to 60: $25,000 to $250,000
• Ages 61 to 75: $25,000 to $150,000

Whole life insurance

Whole life is a type of permanent life insurance that remains in place for your entire life.

Mutual of Omaha offers whole life insurance to applicants between 45 and 85 (50 to 75 in New York). While their coverage limits are quite low, between $2,000 and $25,000, these plans can could be a fit for those wanting to leave a small legacy or cover their funeral costs.

The application doesn't require an exam or health questions, and your premiums won't increase over time.

Children's whole life insurance

Mutual of Omaha is one of the few insurers that offer children's whole life insurance. These policies are available for children from as young as 14 days, and up to as old as 17 years. Benefit amounts that range from $5,000 to $50,000.

There's no medical exam required with the application and only three health questions. Policies can build cash value and, so long as the premiums are paid, coverage will follow your child their entire life.

Universal life insurance

Like whole life, universal life insurance can build cash value over time and stays in force as long as you make payments

Premiums and payouts are flexible, however, and the growth of the cash value component is tied to interest rates and the market. You'll need to closely monitor your plan to make sure it's not underfunded, which could lead to it being canceled.

Mutual of Omaha has several products in its universal life insurance lineup:

• Life Protection Advantage: An indexed universal life insurance policy with a death benefit guaranteed until age 90. The cash value component is tied to a stock market index, like the S&P 500.
• Income Advantage: This plan's cash value is pegged to the stock market's overall performance, so the money is not invested in individual stocks or tied to an index.
• AccumUL Answers: This universal life policy requires a medical exam and accumulates cash value with an interest rate of at least 2%.

Mutual of Omaha offers several endorsements, also called riders, which can address your specific needs and may even allow you to access benefits while you're still alive. (Mutual of Omaha only publicly provides a list of riders for term life, not whole or universal life insurance.)

Term life insurance riders

• Terminal illness rider: Also called an accelerated death benefit rider, this add-on allows you to use a portion of your death benefits to pay for care if you've been diagnosed with a terminal condition.
• Critical illness rider: Similar to a terminal illness rider, this endorsement allows you to access benefits early if you have certain conditions, like a heart attack or major organ failure.
• Chronic illness rider: Access part of your benefits if you're diagnosed with a condition that keeps you from being able to independently perform at least two of the six activities of daily living, moving, dressing, eating, bathing or going to the bathroom.
• Waiver of premium for unemployment rider: If you lose your job, your premiums can be waived for up to six months.
• Residential damage waiver of premium rider: You can have premiums waived for up to six months if your home requires more than $25,000 worth of repairs.
• Common carrier death benefit provision: This rider provides an additional 100% of your death benefit (or $250,000, whichever is greater) If you die as a result of being aboard an airplane, train or bus.
• Waiver of premium rider: Your premiums are waived if you become disabled while the policy is in force.
• Accidental death benefit: Can bolster your death benefit if you die from an accident.
• Dependent children's coverage: Can cover a child or children instead of getting separate policies.

Mutual of Omaha policyholders hold generally favorable views of the company: It landed well above the average on J.D. Power's 2024 U.S. Individual Life Insurance Study, which surveys customers about product offerings, price, communication, interactions and statements.

The brand earned an A+ rating from the Better Business Bureau, the highest grade possible, and receives a very small share of complaints about life insurance compared to its competitors, according to the National Association of Insurance Commissioners.

Rate quotes for term policies are not available on the Mutual of Omaha website or app, and there is no online chat feature.

Customer service representatives are only available by phone on weekdays, although you can request a call from an agent through the website instead of waiting on hold.

The company also has physical branches in 27 states for in-person attention.

While Mutual of Omaha doesn't sell homeowners or auto insurance, it does have other financial products:

• Long-term care insurance: Can pay for care if you're not able to complete two of six standard daily tasks of living (eating, bathing, dressing, transferring, toileting, or continence). Mutual of Omaha is also one of CNBC Select's top picks for long-term care insurance.
• Critical illness insurance: A cash benefit that covers expenses associated with a serious medical condition, like a stroke or cancer.

We compared Mutual of Omaha's life insurance offerings to two other giants in the field.

Mutual of Omaha vs. Guardian

Mutual of Omaha and Guardian are close competitors, but each has its benefits and drawbacks.

Guardian could be a better fit if you're looking for term life insurance: It offers online quotes and has policies that pay up to $5 million, including no-exam plans worth up to $3 million. Mutual of Omaha's Term Life Express caps at $300,000 and its Term Life Answers policy requires a medical exam as well as special approval for death benefits above $500,000.

It's worth noting that Guardian limits term-life policies to age 75, while Mutual of Omaha accepts applicants up to age 80.

Guardian also has several more whole life insurance options, including a joint life insurance policy. 

Read: Guardian life insurance review

Mutual of Omaha vs. State Farm

State Farm offers customers final expense whole life insurance of up to $15,000. While Mutual of Omaha doesn't offer a final expense policy, per se, its whole life insurance policy pays out up to $25,000, which could easily be used for funeral and other end-of-life costs.

Both companies rank fairly well for customer satisfaction with J.D Power, although State Farm took the top spot in the 2024 life insurance survey. State Farm also offers online quotes for term life.

In addition, policyholders who bundle State Farm life with auto or homeowners insurance can save up to 17%, according to the provider.

Read: State Farm life insurance review

Mutual of Omaha comes out on top for availability, though: It issues life insurance nationwide, while State Farm doesn't offer new policies in Massachusetts or Rhode Island.

To purchase a life insurance policy, you can call Mutual of Omaha's sales department at 866-248-2851, Monday to Friday from 8:30 a.m. to 4:30 p.m. ET.

You can also enter your contact information on the Mutual of Omaha website and an agent will get in touch with you.

To work with an agent in person, there are physical branches in 27 states and Puerto Rico.

Rate quotes aren't available for term life insurance on the Mutual of Omaha website, and you can't buy a policy online. There are coverage calculators on the website, so customers can get a quote and buy whole life insurance online.

Mutual of Omaha is a great option if you're looking for a guaranteed whole life policy or children's whole life insurance. It also benefits from higher-than-average age limits and highly rated customer service.

It might not be a good fit if you want to buy a term life policy online, however, or if you are looking for robust whole life insurance options.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

When reviewing life insurance companies, CNBC Select uses a variety of criteria, including the types of policies, availability, rates and terms, the number of riders, medical exam requirements, the availability of online quotes and overall customer satisfaction. 

In addition, we also considered J.D. Power's life insurance survey, financial strength ratings from A.M. Best, Better Business Bureau grades and scores from the National Association of Insurance Commissioners' complaint index.

Life insurance rates may come from various sources, including the provider and state insurance departments.

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*Mutual of Omaha whole life insurance is available to applicants between the ages of 45 and 85 (50 to 75 in New York State). Term life insurance is available up to age 80 (75 in NY).

Life Insurance and annuities are underwritten by United of Omaha Life Insurance Company, 3300 Mutual of Omaha Plaza, Omaha, NE 68175. United of Omaha is licensed nationwide except in New York and does not solicit business in New York. In New York, Companion Life Insurance Company, Melville, NY 11747 underwrites life insurance and annuities.