Mutual of Omaha Life Insurance: What you need to know
Mutual of Omaha is a well established Nebraska-based business, with a history stretching back more than a century.
As well as sponsoring animal shows, Mutual of Omaha also offers a range of well regarded life insurance products and a number of other financial services. It is a mutual company, which means it is owned by policy holders who may receive a dividend payment if the company is doing well.
Mutual of Omaha Life Insurance: Features
- Whole life policies available without medical exam
- Children's whole life insurance available
Information support: Online information hub, quote tool
Customer support: Telephone, email support and social media
Mutual of Omaha’s standout feature is that many of its policies are available without a medical exam. This isn’t unique, but it is unusual. If you’re between 45 and 85 you can buy $2,000 to $25,000 worth of coverage online, without any medical questions at all. These policies largely cover funeral expenses and other end of life costs. You can buy $40,000 of coverage through an agent. The application for this policy asks a number of health questions but doesn’t necessitate a medical exam.
As with other providers, Mutual of Omaha also offers term life insurance, in this case with terms of 10, 15, 20 and 30 years. These are bought through an agent. It offers four types of universal life policies, and also offers a children’s whole life insurance product.
The company offers a range of complementary services, from critical injury cover to investment, banking and mortgage services.
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Mutual of Omaha: Interface and usability
- Easy-to-use website
- A number of useful tools
Mutual of Omaha’s website is clear, concise and very easy to use. Its life insurance calculator is simple and intuitive, and everything is explained in plain and easy-to-understand English. You can contact the company, sign into your account and find an agent from the homepage.
The company’s ‘planning and advice’ section is well done, if not as comprehensive as some. It contains useful articles on a range of subjects, from tackling your finances to living a healthier life. There are also a number of useful calculators, helping you make sense of retirement savings and so on.
Mutual of Omaha Life Insurance: Quality of product
- Very good customer satisfaction scores
- Financially strong, if not the strongest
- Fewer complaints than the average
Mutual of Omaha scored a very good 785 (out of a possible 1,000) in the latest JD Power life insurance survey (opens in new tab), putting it in third place in the rankings. It performed well across the board, with four out of five stars for ‘product offerings’ ‘interaction’ and ‘overall customer satisfaction’, and five out of five for ‘price’, ‘statements’, ‘communication’ and ‘application and orientation’, These are very good grades which put Mutual of Omaha just below the top two in this year’s table.
Potential customers will also be reassured to know that Mutual of Omaha is financially strong, gaining an A+ rating from A.M. Best. This is considered “superior” and denotes a healthy financial position, even if it is not quite up with the A++ awarded to State Farm and others. Nevertheless, it means Mutual of Omaha shouldn’t have a problem meeting its financial responsibilities either now or in the future, assuming its circumstances don’t change dramatically.
Finally, the National Association of Insurance Commissioners calculates that Mutual of Omaha attracts fewer complaints to state regulators than the median for the industry. It is not quite as good in this regard as Northwestern Mutual, but it seems few Mutual of Omaha customers have reason to make serious complaints about its service or coverage.
Mutual of Omaha Life Insurance: Verdict
Mutual of Omaha offers a range of good life insurance products with the added advantage that many do not require a medical exam to buy. Coverage isn’t comprehensive without an exam, ranging between $2000 and $40,000, but you wouldn’t expect it to be. Coverage with a medical exam will be an attractive feature for many potential customers.
Other than that, Mutual of Omaha scores well in terms of customer satisfaction and the number of complaints received about it, and though it is not the strongest provider on the market in terms of finances, an A+ rating is still reassuringly high.
We also liked the company’s simple, jargon-free website, and good, well-made calculators. All in all, Mutual of Omaha is a great choice and may be especially attractive to customers new to the complexities of life insurance.