Mutual of Omaha Life Insurance Review

Written by Ross Quade

Contact Info:

Call: 800-228-7104

Hours: 7:30-5:30 CST,  Monday – Thursday, 7:00-5:00 CST, Friday

Website: www.mutualofomaha.com

Corporate Headquarters:

Mutual of Omaha Plaza

Omaha, Nebraska 68175

Mutual of Omaha is a highly regarded financial services company that specializes in selling life insurance and products to individuals and businesses looking to protect their assets. Mutual of Omaha has a mission statement that projects their commitment to helping their customers protect what they care about while managing to meet their financial goals. Their vision focuses on the realization of economic milestones, planning to achieve financial goals and securing those objectives for each and every one of their customers.

Mutual of Omaha takes great pride in their core values of which they and all of their employees and agents act on every day that they are in business.

  • Acting with integrity
  • Existing one hundred (100) percent for their customers
  • Continual growth and innovation
  • Taking accountability for all business results
  • Together achieving greatness

Mutual of Omaha Life Insurance policies can be purchased directly through the company’s website, or from various agents scattered throughout the United States.

History

Mutual of Omaha was originally founded back in 1909 under the name of Mutual Benefit Health and Accident Association. Along the way, the financial services company has grown and expanded acquiring many small arm subsidiaries that include numerous specifically focused niches such as investor services, life insurance, and reality.

Mutual of Omaha operates as a mutual firm and thus, its revenues are paid back to its valued policyholders at the end of the annual year in the form of dividends. The company applies these dividends directly toward policy premiums.

To this day, Mutual of Omaha continues to operate as a mutual firm and has grown to such magnitude as to become a noted Fortune 500 Company. Mutual of Omaha currently employees 4,200 individuals and brings in approximately $4.2 billion in revenue annually.

Positives

Mutual of Omaha offers a variety of life insurance policy coverage’s to persons or groups (through business plans) that include whole life insurance, term life insurance, and universal life insurance, in addition to accidental death.

  • Whole and Universal Life Insurance Policy Plans

Both whole and universal life insurance policy plans are considered to be permanent policy plans as long as the original owner of the policy continues to pay the premium; the coverage will remain. Also, both whole and life insurance plans through Mutual of Omaha allows the policyholder to invest a portion of paid premiums to be used as their cash value prior to death. Universal policy plans have flexible premium amounts, whereas whole policy plans remain consistent throughout the life of the policy.

  • Term Life Insurance Policies

Term life insurance policies through Mutual of Omaha have a guaranteed coverage benefits amount that will remain valid throughout a stated age frame. However, if the policyholder outlives the life insurance policy, they must buy into another plan to regain benefits

  • Accidental Death

Accidental death life insurance policies are much more affordable than term, whole or universal life insurance policies. Where the coverage only guarantees paid benefits if the policyholder dies as a result of an accident. For example, drowning, a fall, or automobile accident.

Negatives

One of the most difficult to overlook negative factors about Mutual of Omaha’s life insurance policies is their not so competitive price and by “not so competitive” we mean outrageously expensive. Where according to one agency’s price comparison metrics, Mutual of Omaha’s term life insurance policy ranked approximately eighteen (18.1) percent higher than the national average of term life insurance policies. This makes Mutual of Omaha the most expensive life insurance policy provider that this company has ever tested.

Additionally, Mutual of Omaha has had 145 complaints filed against them through the BBB over only the past three years. Most all of these complaints are with regards to products and services.

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Ross Quade
Ross Quade has been a licensed insurance agent since 2008. State of Texas license #1702965. He has a Bachelor Degree in Psychology from University of Minnesota and minored in Applied Economics. He has been quoted in several online publications including Huffington Post, Young Startups and various financial blogs. Ross frequently writes about issues related to the insurance and finance industry.
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