Mutual of Omaha life insurance review: Good no-exam options
Mutual of Omaha is a highly-rated life insurance company with great no-med options for all kinds of people, especially seniors.
By
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Edited by
Adam MorganAdam MorganEditorial DirectorAdam Morgan is a former editorial director at Policygenius who led the editorial team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.5
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
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The bottom line
Mutual of Omaha’s no-med-exam options are among the best on the market for seniors, and its guaranteed issue and simplified issue policies ensure that almost anyone can get the coverage they need for final expenses.
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
Basic coverages offered
Term life insurance: Term Life Answers is Mutual of Omaha’s term life insurance product. It is available for 10, 15, 20, and 30-year-terms, for people age 18 to 80. The coverage minimum is $100,000.
No-medical-exam term life insurance: Term Life Express is Mutual of Omaha’s no-medical-exam term life insurance product, available for people age 18 to 70. Terms are available for 10, 15, 20, and 30 years. Coverage amounts start at $25,000 and are capped between $150,000 and $300,000, depending on age.
Whole life insurance: Mutual of Omaha’s two whole life insurance products are both final expense policies. Living Promise is a simplified issue life insurance policy available for people age 45 to 85 for coverage amounts from $2,000 to $40,000. UCSL3 (CCSL3 in New York) is a guaranteed issue life insurance policy available for people age 45 to 85 (age 50 to 75 in New York) for coverage amounts from $2,000 to $25,000.
Universal life insurance: The universal life insurance policy from Mutual of Omaha is called AccumUL Answers. (Note: This product isn't available through the Policygenius marketplace.)
Indexed universal life insurance: Mutual of Omaha’s indexed universal life insurance policies include Life Protection Advantage and Income Advantage. (Note: These products aren’t available through the Policygenius marketplace.)
Additional coverages offered
Accelerated death benefit for terminal illness rider: For no additional cost, the accelerated death benefit rider provides part of the death benefit (80% or $1 million, whichever is less) if you’re diagnosed with a terminal illness.
Waiver of premium for unemployment rider: For no additional cost, this one-time rider will waive premiums for six months if the insured becomes unemployed. (Not available in CT, FL, MA, MN, TN, VA, or WA)
Dependent children’s rider: For an additional cost, the child rider provides life insurance coverage to the insured’s children.
Disability waiver of premium rider: For an additional cost, the waiver of premium rider waives premiums during a period of disability of six months or more, after the first six months and for as long as the disability continues.
Accidental death benefit rider: For an additional cost, this rider pays out an additional benefit if you die in an accident.
Other insured rider: For an additional cost, adds coverage for another adult, with full underwriting.
Ratings methodology
Price
4.2/5
Our price rating scale looks at the average cost of life insurance for a sample 20-year term policy with a $1 million coverage for a 35-year-old female non-smoker with a Standard Plus risk classification, the rating an insurance company gives you that determines your rates (if a company doesn't have a Standard Plus rating, we use its Standard rates). The quote we got from Mutual of Omaha puts it in the second least expensive category for our rating system.
Customer experience
4.9/5
Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. Mutual of Omaha has a score of 0.65, meaning it receives fewer complaints than expected for a company of its size (the average is 1.0).
Transparency
4.1/5
Our transparency rating scale measures how easily shoppers and policyholders can find information about Mutual of Omaha on its website. While the company makes it easy to find contact information online and has a robust help center, we’d love to see a chat bot or live chat on the site. And while Mutual of Omaha clearly outlines its life insurance offerings, we’d love to see average prices on its website as well.
Financial strength
4.3/5
Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: A.M. Best, Standard & Poor’s, and Moody’s. Mutual of Omaha has an A+ rating from A.M. Best, an A+ rating from Standard & Poor’s, and an A1 rating from Moody’s.
A closer look at Mutual of Omaha
Who is Mutual of Omaha best for?
Mutual of Omaha is a good option for Americans over age 40 who want to avoid the medical exam usually required to get life insurance coverage. Its Term Life Express policy offers an affordable term option for many people, and Americans over age 45 who don't qualify for traditional life insurance can get coverage through one of Mutual of Omaha’s final expense products.
What makes Mutual of Omaha unique?
Mutual of Omaha’s inclusion of a rider that waives premiums during a period of unemployment is unique. Its Term Life Express product, which offers no-medical-exam term life coverage, is also unique in that it considers applicants up to age 70.
Who should consider a different life insurance company?
While Mutual of Omaha does have no-medical-exam term policies available for people in their 50s and 60s, people in those age groups looking for traditional term life insurance with a medical exam will likely find their lowest rates elsewhere.
Expert opinions on Mutual of Omaha
"Mutual of Omaha offers non-medical and guaranteed issue products for applicants over age 45 with profiles other insurance carriers find difficult to underwrite." — Sean Rogers, CFP®, licensed life insurance specialist at Policygenius
Mutual of Omaha life insurance rates
The chart below shows average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index methodology.
Age/sex
Mutual of Omaha average
Industry average
25-year-old female
$24.83
$21.08
25-year-old male
$30.31
$26.90
35-year-old female
$28.25
$25.58
35-year-old male
$32.46
$30.34
45-year-old female
$54.71
$47.86
45-year-old male
$70.30
$60.76
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Mutual of Omaha’s history, reputation, and social responsibility
Mutual of Omaha is a mutual insurance and financial services company founded in 1909 in Nebraska as the Mutual Benefit Health & Accident Association. It was renamed Mutual of Omaha in 1950. It sells life insurance and other financial services products, including fixed annuities and Medicare supplement policies. [1]
A Fortune 300 company, Mutual of Omaha is headquartered in Omaha, Nebraska, and has nearly 6,000 employees. In 2022, it was named by Fortune as one the 100 best companies to work for. [2]
Mutual of Omaha is well known in popular culture for its early sponsorship of the television show "Mutual of Omaha’s Wild Kingdom," which originally aired from 1963 to 1988. In 2002, the show was revived on Animal Planet and today airs as a web series. [3]
The company has a robust diversity, equity, and inclusion plan, including initiatives to provide community funding, management DEI training, and an equitable recruitment process. In 2020, it retired its legacy logo, which featured Native American imagery, and replaced it with a lion. [4]
Mutual of Omaha in the news
In October 2022, Mutual of Omaha announced it would begin construction on new headquarters in Omaha in January 2023, with plans for it to open in 2026. It will become Omaha’s tallest building. (Mutual of Omaha)
In June 2022, Quantum Workplace recognized Mutual of Omaha for its outstanding workplace culture, awarding it the Employee Voice Award (EVA) in the Excellence in Engagement category. (Mutual of Omaha)
In April 2022, Mutual of Omaha was named number 14 on the Forbes list for Best Employers for Diversity, and the third-highest listed insurance industry. (Forbes)
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Mutual of Omaha vs. other life insurance companies
Compare Mutual of Omaha to similar life insurance companies using the table below.
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Adam Morgan is a former editorial director at Policygenius who led the editorial team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
