Mutual of Omaha Guaranteed Life Insurance Review

Written by Jeff Root

Below, you are going to learn more about the guaranteed life insurance policy offered by Mutual of Omaha.

We are going to explain the details of guaranteed issue life insurance, then cover Mutual of Omaha’s specific policy. You will see their policy details, including the pros and cons of choosing Mutual of Omaha, and finally, compare their guaranteed life insurance with other top companies.

Quick Navigation

Is Guaranteed Life Insurance Right for You?
About Mutual of Omaha Life Insurance
Guaranteed Issue Policy Review
Pros of Mutual of Omaha Guaranteed Life Insurance
Cons of Mutual of Omaha Guaranteed Life Insurance
Compare Mutual of Omaha to Other Carriers

Mutual of Omaha guaranteed life insurance review

Is Guaranteed Life Insurance Right for You?

Before you review the Mutual of Omaha guaranteed life insurance policy, make sure that a guaranteed issue policy is right for you.

Guaranteed acceptance policies should be a last resort for anyone shopping for life insurance. These policies have higher premiums and a mandatory waiting period.

Only a person with very serious health issues, like current cancer, oxygen use, dialysis, HIV, or others that make them uninsurable, should seek out a guaranteed issue policy.

If you can qualify for a simplified issue final expense policy, we recommend you purchase that instead. If you’re not sure, call one of our life insurance experts, and we can help point you in the right direction.

About Mutual of Omaha Life Insurance

Mutual of Omaha Life Insurance is one of the top-rated insurance companies in the United States. They often make it on many top life insurance lists, and we understand why.

Mutual of Omaha Life Insurance Logo

Mutual of Omaha was founded in 1909 and is headquartered in Omaha, Nebraska. You may know the name from Mutual of Omaha’s Wild Kingdom that was originally produced from 1963 until 1988. The company began as Mutual Benefit Health & Accident Association in the early 20th century and has since grown into a Fortune 500 company employing over 4,000 people and earning over $4 billion in annual revenue.

In 1950 the company shortened its name to Mutual of Omaha, yet all life insurance policies that are issued come from United of Omaha Life Insurance Company. For simplicity, we’ll be referring to the company as Mutual of Omaha.

Mutual of Omaha Financial Ratings

Mutual of Omaha has very strong ratings across all agencies.

As of January 27, 2016, A.M. Best, the industry gold standard rating agency, gave United of Omaha an “A+” (Superior) rating.

This rating is mirrored or very close to the ratings across other rating agencies.

A.M. Best RatingS&P’s RatingMoody’s RatingComdex Ranking
A+, SuperiorAA-, Very StrongA1, Good93 out of 100

These ratings make Mutual of Omaha one of the highest rated life insurance companies in the country and very financially stable. This means that you can trust that your money is in good hands and your beneficiaries will receive the payout upon your passing.

Mutual of Omaha Guaranteed Life Insurance Policy Review

Mutual of Omaha’s guaranteed issue life insurance product is a great choice for some people. However, we do recommend you look at all your options to find the best life insurance for your needs. One person’s situation might make Mutual of Omaha a great fit, while another person may get better life insurance coverage from AIG, for example.

Overall Mutual of Omaha is a great choice for those who can afford it, and people in a specific situation which we’ll cover below. They do however lack the flexibility and options that some other life insurance carriers offer. We’ll review their policy features before diving into the details.

Policy Overview

Face Amount Range: $2,000 – $25,000

Age Availability: 45 – 85

State Availability: All

Graded Period: 24 months

Premiums Returned: 20%

Riders: None available

How to Apply: Directly through carrier or an independent agent

Pros of Mutual of Omaha Guaranteed Life Insurance

Below are the benefits of purchasing a guaranteed issue life insurance policy from Mutual of Omaha. Some of these benefits are unique to this company, while others are common among guaranteed life insurance.

The Policy is Guaranteed Acceptance & Whole Life

Guaranteed life insurance approval

As with all guaranteed issue life insurance policies, you cannot be denied coverage. These policies are made for those who have been denied coverage for other types of insurance such as term life, or simplified issue whole life.

As a whole life policy, it will be active until the insured dies, regardless of age. This means you cannot outlive the policy.

The coverage of Mutual of Omaha’s guaranteed acceptance policy features two benefits:

  • Your benefits will NEVER decrease due to age or changes in your health.
  • Your rates will NEVER increase regardless of age or new health problems.

Mutual of Omaha Offers a Better Waiting Period

If death occurs during the first 2 years that the policy is in-force, 20% of premiums will be returned. Most other guaranteed life insurance carriers offer only a 10% return.

This is if death occurs by natural causes, and does not include suicide. If death occurs by accidental means, the full death benefit is guaranteed no matter when it takes place.

The Policy is Available for Ages 45 to 85

Mutual of Omaha is one of the few life insurance carriers that will insure people in their 40’s. They also insure people up to age 85, which is 5 years more than most other carriers.

If this is important to you, compare Mutual of Omaha to Great Western, who offers guaranteed life insurance coverage from age 40 to 85.

They Offer a Lower Coverage Amount

Mutual of Omaha’s guaranteed life insurance policy offers coverage availability from $2,000 to $25,000.

It is not to only get coverage for $2,000, but if that’s all you need then Mutual of Omaha can be a great choice.

However, keep in mind that the average cost of burial cost and final expenses is over $7,000, so you likely will need a larger policy.

Cons of Mutual of Omaha Guaranteed Life Insurance

Below are several drawbacks to using Mutual of Omaha for guaranteed issue coverage.

Their Policy is Typically More Expensive

Mutual of Omaha is rarely the most affordable option. In fact, they are almost always more expensive than our other top guaranteed life insurance companies.

To find out the most affordable options quickly and easily, use our quote tool on this page.

They Have Strict Payment Methods

Mutual of Omaha requires that payment is made through bank draft only, not a debit or credit card. This might be an inconvenience for some people and worthy of consideration.

Only One Type of Policy Available

Mutual of Omaha is a highly respected company, but they are unable to serve the needs of every client. They actually only offer one type of guaranteed issue policy, so it may not be the best fit for you.

Life insurance is a very personal and unique decision and no one carrier can serve everyone. As a consumer, the best company is the one with the right value and price for you.

Compare Mutual of Omaha Guaranteed Life Insurance to Other Companies

More often than not, we recommend other life insurance carriers over Mutual of Omaha’s guaranteed whole life policy.

The three companies we most often recommend are AIG, Gerber Life, and Great Western.

These three companies typically offer more benefits than Mutual of Omaha and have lower rates. Here is a comparison chart.

Mutual of OmahaAIGGerber LifeGreat Western
Coverage Amounts$2K – $25K$5K – $25K$5K – $25K$5K – $25K
Ages Available45 – 8550 – 75
50 – 8040 – 85
Waiting Period24 months24 months24 months24 months
Premiums Returned20%10%10%10%
Rider OptionsNoneYesNoneYes

However, if you know that you need guaranteed life insurance, we recommend that you fill out our instant quote tool and give us a call to go over all your options. We will help you save time and money by getting rates from over a dozen carriers for no extra charge.

About Guaranteed Issue Life

We are an independent agency that compares rates for you across multiple carriers. We’ve helped 1000’s of people find life insurance.

Since Mutual of Omaha guaranteed life insurance is rarely the most affordable option, let us help by shopping across a dozen carriers for you.

We will find the best guaranteed issue policy and answer any questions you have, all at no cost to you.

Use our quote tool on the side of this page to see custom pricing, then give us a call today!

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

All content on this site has been written by life insurance experts & licensed life insurance agents.

This entry was posted in Companies. Bookmark the permalink.


[…] are a few other carriers like Mutual of Omaha that also insure people as low as 45, but the majority will not go as low as 40. This does not mean […]

April 29, 2019 at 10:05 pm

[…] life insurance carriers like Great Western, Mutual of Omaha, and dozens of others on your […]

August 30, 2019 at 5:22 pm

[…] Mutual of Omaha […]

January 5, 2024 at 10:49 pm
Leave A Reply