Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Feb 27, 2022

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The Brief

  • There are plenty of policy options and riders available for seniors depending on the coverage you select
  • Payouts for life insurance policies can reach up to $1 million 
  • Mutual of Omaha’s financial strength rests at an A+ with A.M. Best

Dating back to 1909 and originally based in Omaha, Nebraska, Mutual of Omaha offers an array of insurance products that include everything from life insurance policies to general insurance policies. In addition, Mutual of Omaha also offers insurance for disabilities, short-term and long-term care, as well as supplementary insurance. 

Mutual of Omaha term life insurance policies are available to applicants between the ages of 18 and 80. In addition, they can be renewed on an annual basis — up to age 95 — with coverage maxing out at $1 million. 

Continue reading to discover more about Mutual of Omaha’s life insurance policies and what is covered. Are you ready to begin saving? Simply enter your ZIP code to start comparing quotes in your area.   

What type of life insurance does the Mutual of Omaha Insurance Company offer?

Mutual of Omaha offers three different types of insurance policies, including whole life insurance, indexed universal life insurance, and term life insurance.

Here is a basic breakdown of what is offered with each:

PolicyTermInfo
Term Life10 to 30 yearsPolicies start at $100,000 with the option to convert their term life policies to permanent life insurance up to age 80
Universal life10 to 30 yearsPolicies include accelerated death benefits at no additional cost; also features downside protection, accelerated death benefits, and guaranteed refund option riders
Whole life10 to 30 yearsFor people ages 45 to 85 (50 to 75 in New York); policies do not require answering health questions or taking a medical examination; policies start from $2,000 and range to $25,000
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While the universal life policy carries accelerated death benefits without any penalty, the whole life policy has limited benefits.

Term Life Insurance

Mutual of Omaha has two different policies regarding term life insurance, consisting of Term Life Express and Term Life Answers. Both of these policies cover a set period of time (10 to 30 years) but are slightly more expensive when compared to Mutual of Omaha’s other products, such as whole life.

But what is the difference between Term Life Express and Term Life Answers?

TypeInfo
Term Life ExpressThis policy does not require you to take a medical exam in order to qualify, but you will need to participate in a phone interview that will detail your health history; the maximum coverage option available is from $25,000 to $300,000
Term Life AnswersThis policy has a minimum death benefit of $100,000 and a maximum of $65 million; you must take a medical exam to qualify
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Term Life Answers policies tend to be slightly more expensive than policies from other life insurance companies but are generally more affordable than Term Life Express.

Since you are not required to take a medical exam for Term Life Express, your rates will be higher than average, and the size of any purchasable death benefits will be significantly lower for payouts.

Whole Life Insurance

Mutual of Omaha whole life insurance is designed to provide lifelong coverage without a medical exam. This policy offers rates that are guaranteed not to increase and can be purchased by individuals between the ages of 45 and 85.

Death benefits range from $2,000 to $25,000.

Universal Life Insurance

There are four different policies offered under Mutual of Omaha’s universal life insurance:

  • AccumUL – This is a permanent life insurance policy which guarantees that your cash value account will grow at a minimum of 2% annually.
  • Guaranteed Universal Life – This is a universal policy that will not lapse if your cash value reaches zero.
  • Life Protection Advantage – Also known as indexed universal life insurance, this policy is tied to the performance of a market index and will accrue cash value.
  • Children’s whole life insurance – This policy is available for children between the ages of 14 days and 17 years old and is meant to provide financial protection if your child becomes seriously ill or passes away unexpectedly.

Rates from Mutual of Omaha start at approximately $24 a month for their most basic plans and increase intermittently. This makes Mutual of Omaha an ideal life insurance option for seniors who are on a fixed budget.

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What are Mutual of Omaha life insurance reviews like?

Mutual of Omaha has great financial strength as well as an above-average rating for reviews.

Their A.M. Best rating sits at a strong A+ and they’ve also received a J.D Power customer satisfaction index score of 792. This has placed them fifth out of 23 other insurance providers. Moody’s Corporation has also ranked them A1 for financial strength and S&P 500 rated them AA-.

Most consumer reviews are generally positive, praising the fast and tech-savvy claims processes as well as overall satisfaction with the company’s customer service.

Mutual of Omaha Term Life Insurance Policies Review: Key Takeaways

Having reputable life insurance can be life-changing, as well as give you the peace of mind that you and your loved ones are covered in times of need and during unexpected events.

With Mutual of Omaha’s competitive prices and all-inclusive policies, they are a great option for life insurance.

Now that you’ve learned about Mutual of Omaha’s term life insurance, take the time to enter your ZIP code and begin comparing rates in your area.