Mutual of Omaha Life Insurance Company Review

If you have ever applied for life insurance coverage and been turned down, it doesn’t mean that you’ll never get the protection that you need. That’s because frequently, when an individual who has certain health issues applies for a fully underwritten policy, the insurance company will check into all their health-related details, and if the insurer feels that there’s a risk, it is possible that they will deny the coverage.

However, when you apply for a no medical exam life insurance policy, you are not typically required to submit a blood and urine sample for testing. Because of that, you could increase your chances – sometimes quite substantially – of being approved for the plan.

Before purchasing a no exam life insurance policy (or any life insurance policy, for that matter), it is important that you first ensure that you are moving forward with the proper type and amount of coverage. You should also check out the insurance carrier you’re considering buying through to determine whether it is strong and stable financially and that it also has a good, positive reputation for paying out its policyholder claims. One company that meets these criteria is Mutual of Omaha.

The History of Mutual of Omaha Life Insurance Company

Mutual of Omaha Life Insurance Company ReviewMutual of Omaha is a privately held Fortune 500 mutual insurance and financial services company. For more than 100 years, Mutual of Omaha has been committed to its customers’ needs by assisting them with growing, diversifying, and protecting their wealth.

The company began in 1909 as the Mutual Benefit Health and Accident Association, with a purpose of providing health and accident insurance in the state of Nebraska. Over just its first eight years in business, the company had more than 3,000 policyholders. In the mid-1910s, Mutual also extended coverage to working women as they flooded into the workplace to fill the vacancies left behind by the men who were fighting in World War l. By 1920, with just over a decade in the industry, the company had nearly $1.3 million in premiums and was licensed to offer coverage in 15 states.

Less than 20 years later, in 1939, Mutual was licensed in all 48 of the then-U.S. states, and two territories. It has continued to grow and thrive since that time, adding more products that help fill various customer needs.

Over the years, Mutual of Omaha has become known for many “firsts,” such as being the first insurance company to include a rehabilitation provision in its disability income protection policies, as well as a first in setting the standard for today’s wildlife and reality television programming, with the Mutual of Omaha Wild Kingdom program. Recently, the company was one of the first few insurance carriers to offer an online application for Medicare Supplement insurance coverage.

Mutual of Omaha Life Insurance Company Review

Today, Mutual of Omaha is considered to be one of the most financially sound insurance companies in the United States. As of year-end 2016, the company reported a pre-tax operating income of more than $526 million, on revenues of nearly $8 billion. Both of these figures represent an increase over its 2015 results. The company also reported an after-tax consolidated net income of more than $356.5 million, as compared with $333 million in 2015.

For the 2016 year, the company had consolidated total assets (on December 31, 2016) of $38.5 billion, and retained earnings of roughly $5.6 billion – here, too, both figures represent an increase over the year prior.

Insurer Ratings and Better Business Bureau Grade

Given its strong financial standing, Mutual of Omaha has earned high ratings from the insurer rating agencies. These include the following:

  • A+ (Superior) from A.M. Best Company
  • A1 (Good) from Moody’s Investor Services
  • AA- (Very Strong) from Standard and Poor’s

The company’s subsidiaries have also received high marks. For example, Companion Life Insurance Company has an A+ from A.M. Best and an AA- from Standard & Poor’s. Likewise, United World Life Insurance Company has been given an A+ from A.M. Best Company, as well as an AA- from S&P.

In addition, Mutual of Omaha has been an accredited company of the Better Business Bureau ever since February 1940. The company has been given a grade of A+ from the BBB (which is on an overall grade scale of A+ to F).

Throughout the past three years, Mutual of Omaha has closed out a total of 112 customer complaints through the Better Business Bureau (with 33 of these closed out within the past 12 months). Of the total 112 customer complaints, 62 had to do with problems with the company’s products and/or services, 27 were related to the company’s advertising and/or sales, 17 were related to billing and/or collection issues, 3 had to do with delivery issues, and another 3 were related to guarantee and/or warranty issues.

No Exam Life Insurance Coverage Offered Through Mutual of Omaha

Mutual of Omaha offers many life insurance coverage options to choose from. This is helpful, as there is not a one-size-fits-all solution for coverage needs. The company’s products include both term and permanent plans.

Term life insurance provides affordable coverage for a set period. During this term, the amount of life insurance protection will typically remain the same, as will the amount of premium that is due.

Although term life insurance is frequently referred to as “temporary” insurance coverage (due to its time limits), this form of protection can be an excellent choice for those who are seeking financial resources for the following needs:

  • To pay off the balance of a home mortgage
  • An emergency fund
  • To help to provide for a child or a grandchild’s future college education fund
  • To pay off other personal debts

The term life insurance that is offered via Mutual of Omaha can be applied for by individuals who are between the ages of 30 and 74, and the coverage can remain in force until age 80. Death benefit coverage can range between $25,000 and $100,000.

When applying for Mutual of Omaha’s term life insurance protection, there are only a few health questions to answer – and there is no medical exam required for approval. This means that there is no need to submit a blood and urine sample to the underwriters. Because of this, policies can be issued very quickly – sometimes within just a matter of days (or even less).

*It is important to note that, while there is no medical examination required, Mutual of Omaha will order a Medical Information Bureau (MIB) report, as well as a pharmaceutical report when evaluating an individual for coverage.

Mutual of Omaha also offers permanent life insurance. This type of policy provides protection that can last for the entire lifetime of the insured (provided that the premium is paid). Permanent life insurance also offers a cash value component that allows funds to grow and compound on a tax-deferred basis. This means that there is no tax due on the gain unless or until the money is withdrawn.

In most cases, the premium will remain the same with permanent life insurance – even as the insured gets older, and regardless of whether he or she contracts an adverse health condition. A permanent life insurance policy could be a good fit for someone who has needs such as:

  • Paying for final expenses
  • Providing an ongoing income for their family
  • Supplementing retirement income
  • Funding an estate or business continuation plan

There are two primary types of permanent life insurance offered by Mutual of Omaha. These are whole life and universal life. Whole life insurance is guaranteed to remain in force (once approved), provided that the premium is paid. This is the case, even as the insured gets older.

The whole life insurance coverage issued by Mutual of Omaha can range in benefit between $2,000 and $25,000, and qualified applicants can be between the ages of 45 and 85 (except in New York, where the age range is 50 to 75).

As with Mutual of Omaha’s term insurance plans, there is no medical exam required on whole life insurance policy applications. There are also no health questions to answer. These plans have a graded death benefit, which means that if the insured’s death occurs within the first two years that the policy in force, the policy’s beneficiary will receive back all of the premiums that were paid in, plus 10 percent. Once the initial two-year period has ended, the full amount of the stated death benefit will be received if the insured should die.

Mutual of Omaha also offers a children’s whole life insurance policy option. Eligible applicants are between the ages of 14 days and 17 years old. While nobody ever wants to think about it, accidents and unexpected illness can occur even with young children. Should that be the case, this policy will pay out a benefit.

It will also build cash value, which can act as a type of savings vehicle for a child. Funds grow on a tax-deferred basis, and the money can be either borrowed or withdrawn for any reason. Also, because this is a whole life plan, the premium rates will not go up – and coverage is guaranteed into the child’s adulthood, regardless of his or her future occupation and health.

Another form of permanent life – universal life insurance – is offered by Mutual of Omaha. Universal life insurance is a permanent and flexible life insurance plan that lasts for the lifetime of the insured or the life of the policy.

With universal life insurance, the benefit amount and the premiums are flexible – and, should the needs of the insured change over time, he or she may be able to either increase or decrease the amount of life insurance coverage that they have.

As with other permanent forms of insurance, universal life insurance can build up cash value on a tax-deferred basis. With no tax due on the gain (while the funds remain in the policy), the cash value can grow and compound exponentially over time.

These funds can also be borrowed or withdrawn for any reason, such as the supplementing of retirement income, the payoff of higher interest debt, or even for taking a nice, long-awaited vacation.

Mutual of Omaha offers four universal life insurance policy options. These include the following:

  • Life Protection Advantage – Indexed Universal Life
  • Income Advantage – Indexed Universal Life
  • Guaranteed Universal Life – Universal Life
  • AccumUL – Universal Life

Other Products and Services Available

In addition to life insurance coverage, Mutual of Omaha offers a long list of products and services to its clients. These include the following:

  • Medicare Supplement
  • Long-Term Care Insurance
  • Disability Income Insurance
  • Critical Illness Insurance
  • Cancer, Heart Attack, and Stroke Insurance
  • Dental Insurance
  • Retirement Annuities
  • Investments
  • Banking Services
  • Mortgages

The company also offers many helpful resources for it policyholders and its website visitors, such as information regarding:

  • Understanding your Medicare costs
  • How much life insurance is enough
  • How long will your money last

How to Get the Best Premium Rate on No Exam Life Insurance Coverage

If you are looking for the best premium rates on no exam life insurance coverage, it can be beneficial to work with an independent life insurance agency or brokerage. We can help you with this process by showing you numerous policies, carriers, and premium rates – and from there, you can choose which one will work the best for you. When you are ready to see which plans you may be eligible for, all you must do is just fill in the needed information on the quote form on this page.

Should you find that you still have any additional questions about life insurance –  including no medical exam policies – please feel free to reach out to us directly and talk with one of our experts. We can be reached toll-free by dialing 800-277-3098.

Even if you have been turned down for life insurance coverage in the past, it can be well worth it to take another look. So, contact us today – we’re here to help.


Susan Wright holds a BA from Michigan State University and an MBA from St. Louis University. Having over 20 years of working experience in the insurance and financial services industry, she has trained more than 10,000 financial services representatives. Susan has had licenses in real estate, insurance, and NASD Securities, and she has earned nine industry professional designations, including CLU, ChFC, RHU, REBC, CSA, CLTC, CCFC, CSS, and ADPA. Read more about her on Google+

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