InsuredBetter's Mutual of Omaha's Final Score
3.5 Stars
Mutual of Omaha was founded in 1909 as Mutual Benefit Health & Accident Association. Within a decade, combined with the Omaha Health & Accident Association, and over the next thirty years, the company expanded to nearly all 50 states.
The current name, Mutual of Omaha, was adopted in 1950. It has total assets of $55 billion.
The carrier has earned strong ratings from AM Best, the Better Business Bureau (BBB), and several other major rating services. The carrier receives an A+ (Superior) rating from AM Best that points to the insurance company’s ability to pay claims, debts, and other financial obligations in a timely manner. Customers can expect Mutual of Omaha to maintain sufficient cash reserves to pay out claims, an essential factor in evaluating any insurance company before purchasing a policy.
Mutual of Omaha also has an A+ rating from the BBB and has been accredited with the BBB since February 1940.
We award Mutual of Omaha a final rating of 3.5 out of 5 stars. The carrier has a long history in the life insurance industry. Its high ratings from AM Best and the BBB speak to its financial strength and stability, one of the most important factors in choosing a life insurance company.
Mutual of Omaha offers a comprehensive range of policy options, riders, and benefits for life insurance customers, as well as various specialty policies, including Medicare supplements, disability income insurance, long-term care insurance, and more, for both individuals and employer groups. The carrier even offers whole life insurance that does not factor in the insured’s tobacco usage or health status, making it an attractive option for those who may have trouble getting affordable coverage elsewhere. In addition, the carrier has many policy options available for seniors, with whole life coverage available up to an issue age of 85, and term life coverage that can be renewed through age 94.
Customers report both positive and negative experiences with the carrier. What’s more, Mutual of Omaha does not work with independent insurance agents for many of its products, which can make accessing its policies more difficult in some communities. We recommend finding out more about the carrier online, or speaking to an independent insurance agent about your life insurance options.
Mutual of Omaha Pros and Cons
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Longstanding, well-respected company
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Limited policy options for purchase online
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Get quotes and purchase coverage online, over the phone, or through an agent
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Term life insurance only available through a captive agent
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High ratings from AM Best and the BBB
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Quick turnaround policy issuance is not available
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BBB accredited since 1940
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Some customer service capabilities like bill pay are available online, but most will have to be done through your agent or by mailing or faxing forms
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Offers several forms of specialty coverage for individuals and employers
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Offers a long list of policy options, benefits, and riders, including a whole life option that doesn’t factor in smoking status to rates
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Customer service information and options are plentiful online
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Coverage available in all 50 states
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Promises prompt claims response and resolution
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High customer satisfaction ratings
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Mutual of Omaha Products
Mutual of Omaha offers a variety of coverage solutions for individuals and employers. Their products include the following:
Individual products
- Medicare supplement insurance
- Life insurance (term life insurance, whole life insurance, universal life insurance, accidental death insurance)
- Long-term care insurance
- Disability income insurance
- Critical illness insurance
- Cancer, heart attack, and stroke insurance
- Financial services (annuities, investments, mortgage, reverse mortgage)
Employer products
- Group disability income insurance
- Group accident insurance
- Group critical illness insurance
- Group dental insurance
- Group life insurance
- Participant accident insurance
- Business owner life insurance
- Individual disability income insurance
- Group investment products (annuities, institutional investments, retirement services)
This list of insurance products available from Mutual of Omaha is not exhaustive.
What Discounts Does Mutual of Omaha Offer?
Mutual of Omaha does not publicize any specific discounts that it makes available for its customers. But just like any insurance policy, your rates from Mutual of Omaha are dependent on a variety of personal risk factors, such as the following:
- Your age
- Your gender
- Where you live
- Your medical history
- Your smoking status
- The type of policy and amount of coverage you choose
An independent insurance agent can help you learn about pricing and discounts for life insurance.
Mutual of Omaha Customer Service
Mutual of Omaha allows individual customers to initiate a claim online or over the phone. The carrier also provides the following customer service options:
- Phone contact option
- Email contact option
- Mail and fax contact options
- Online bill pay
- Some policy changes can be made via the Customer Access online customer portal
Customer service department has the following hours restrictions:
| Days | Hours (CST) |
| Monday - Thursday | 7:00 am - 7:00 pm |
| Friday | 7:00 am - 5:00 pm |
You can also get help by contacting your independent insurance agent or local Mutual of Omaha representative.
Mutual of Omaha FAQs
What is Mutual of Omaha’s average claim response time frame?
According to Mutual of Omaha, more than 85% of whole life insurance claims are paid out within 24 hours or less. Claim response times for the carrier’s other individual and group products are not published.
What is Mutual of Omaha’s customer service availability?
Whether you are looking to buy a new life insurance policy or want to make changes to your current coverage, you can contact the carrier by phone or email. Claims for other insurance products typically must be filed by phone or by using downloadable, product-specific claim forms. Customer service is available by phone Monday - Thursday from 7:00 am to 5:30 pm CST and Friday 7:00 am to 5:00 pm CST. You can also contact your local Mutual of Omaha agent or find an agent near you.
What is Mutual of Omaha’s claims process?
Mutual of Omaha’s claims process varies by product. Life insurance customers can start the claims process by phone or by filling out a form on the company’s website. The information will be reviewed by a claims specialist who will contact you within one business day to help you through the process.
Claims forms are available online for the following:
- Critical illness claims
- Dental claims
- Disability claims
- Medical claims
Does Mutual of Omaha create a user-friendly experience for customers?
Mutual of Omaha’s public website offers a lot of information, and it is easy to read and navigate. There are instructions and forms available online for just about every product and help topic.
Online bill pay is available for most products except for Medicare Advantage and Medicare Prescription Drug policies. Customers can also manage their policies, update personal information, and more online.
The carrier allows life insurance customers to initiate the claims process online or by phone. For other products, customers can download claims forms and a variety of other pertinent forms. Customer service is available 7:00 am to 5:00 pm CST, allowing for plenty of time for customers to get the answers they need. Customers can also message the company via Facebook and X.
Does Mutual of Omaha have good life insurance?
Mutual of Omaha offers a variety of life insurance plans to choose from, depending on your coverage needs. However, not all policies will be available in all areas. The company offers whole life insurance, permanent life insurance, and universal life insurance.
- The company offers term life insurance that offers protection for a limited term, such as 10, 15, 20, or 30 years.
- Mutual of Omaha offers three whole life insurance options where health status and tobacco use are not factored into your premiums.
- Permanent coverage (indexed universal life) that also builds cash value is available from Mutual of Omaha.
- Mutual of Omaha offers accidental death policies with no medical exams or health/occupation limitations.
The insurance company also offers a wide variety of additional benefits and riders, including (but not limited to) accelerated death benefit rider, chronic illness rider, terminal illness rider, waiver of premium rider, and more. The carrier also offers dependent children’s coverage that allows you to protect your dependent children with their own term coverage via a rider on your policy.
You can learn more about the carrier’s offering by visiting their website.
Is Mutual of Omaha a good insurance company?
Mutual of Omaha was founded in 1909, giving it over a century of experience in the life insurance business. It has received high ratings from AM Best and the BBB, and provides a comprehensive and stable set of life and disability insurance for individuals, as well as group policies for employers. The company offers a long list of policy options, benefits, and riders, including a whole life option that doesn’t factor smoking status into rates. Customer satisfaction reviews are generally positive. Overall, Mutual of Omaha can be considered a good insurance company.
Sources
https://www.mutualofomaha.com
