Mutual of Omaha: Company Overview
| Detail | Information |
|---|---|
| Founded | 1909 |
| Headquarters | Omaha, Nebraska |
| AM Best Rating | A+ (Superior) |
| Fortune Ranking | Fortune 500 |
| Company Type | Mutual (owned by policyholders) |
| BBB Rating | A+ |
| NAIC Complaint Index | 0.61 (well below industry average) |
Mutual of Omaha Life Insurance Products
- Term Life Express: No-exam term life, $25K–$300K, ages 18–60, 10/15/20/30-year terms. Instant decision online.
- Living Promise (Final Expense): $2K–$40K whole life, ages 45–85, simplified issue. Level and graded benefit options.
- Guaranteed Acceptance: $2K–$25K, ages 45–85, no questions, no exam, 2-year graded benefit.
- Income Advantage IUL: Indexed universal life with income-focused design. S&P 500 index options.
- Guaranteed Universal Life (GUL): Permanent death benefit at fixed premiums to age 121.
Term Life Rate Table: Mutual of Omaha
Sample monthly premiums for 20-year term, non-tobacco, preferred health:
| Age | $250K Male | $250K Female | $500K Male | $500K Female | $1M Male | $1M Female |
|---|---|---|---|---|---|---|
| 25 | $15/mo | $12/mo | $23/mo | $18/mo | $40/mo | $30/mo |
| 30 | $17/mo | $14/mo | $27/mo | $21/mo | $48/mo | $36/mo |
| 35 | $19/mo | $16/mo | $29/mo | $23/mo | $52/mo | $40/mo |
| 40 | $28/mo | $22/mo | $46/mo | $36/mo | $86/mo | $66/mo |
| 45 | $45/mo | $35/mo | $76/mo | $58/mo | $146/mo | $110/mo |
Living Promise Final Expense: Best-in-Class
Mutual of Omaha's Living Promise is widely regarded as one of the best final expense products on the market:
- Level Benefit: Healthy applicants get full coverage from day one. Roughly 80–90% of applicants qualify for the level benefit.
- Graded Benefit: For applicants with more significant health history — 30% of death benefit in year 1, 70% in year 2, 100% from year 3 on.
- Premiums never increase
- Coverage never cancels
- Cash value accumulates
- Available in all 50 states
No-Exam Term Life (Term Life Express)
For buyers wanting term life without a medical exam:
- Coverage: $25,000–$300,000
- Ages: 18–60
- Terms: 10, 15, 20, 30 years
- Instant decisions for many applicants
- Coverage active within 24 hours in many cases
- Note: the $300K maximum is lower than some competitors (e.g., Banner offers $1M no-exam)
Pros
- Best-in-class final expense product
- No-exam term to $300K
- A+ AM Best rating
- Strong customer service (low NAIC complaints)
- GI product available ages 45–85
Cons
- Term rates slightly above average
- $300K no-exam limit
- Limited permanent options vs. competitors
- Website UX could be improved
- Not the cheapest for older applicants
Verdict: Who Should Choose Mutual of Omaha?
Mutual of Omaha is the clear choice for final expense buyers, seniors needing GI coverage, and anyone wanting no-exam term under $300K with a carrier they can trust. Its Living Promise product is the benchmark against which all other final expense products are compared. If you're shopping term and want the absolute lowest price, consider quotes from Banner Life or Pacific Life alongside Mutual of Omaha — but for overall value, service, and product quality, Mutual of Omaha is hard to beat.
Frequently Asked Questions
Yes. Mutual of Omaha holds an A+ (Superior) AM Best rating and has been in business since 1909. It consistently receives low NAIC complaint ratios and is particularly well-regarded for final expense and no-exam term life insurance. It's one of the most trusted names in senior life insurance.
Living Promise is Mutual of Omaha's final expense whole life product. It provides $2,000–$40,000 in coverage for applicants ages 45–85 with simplified underwriting (health questions but no exam). It offers both a Level Benefit (full coverage from day one for healthy applicants) and a Graded Benefit (for those with more health history). Premiums never increase and coverage never cancels.
Yes. Mutual of Omaha's Term Life Express offers up to $300,000 in no-exam term coverage for applicants ages 18–60. The application is completed online or by phone, with instant decisions for many applicants. Coverage can be active within 24 hours.
The $300,000 no-exam limit is competitive but lower than some carriers (Banner Life offers up to $1M no-exam). Pricing is slightly above average for term, but the combination of no-exam convenience, A+ rating, and Mutual of Omaha's service reputation makes it a top choice for busy buyers.
Yes. Mutual of Omaha offers guaranteed acceptance whole life insurance for ages 45–85 with $2,000–$25,000 in coverage. No health questions. No medical exam. Includes the standard 2-year graded benefit period. It's one of the widest age ranges available among GI carriers.