Mutual of Omaha Life Insurance Company Review

If you grew up in the 1970’s or 80’s, you may remember a show called Wild Kingdom. This show was sponsored by Mutual of Omaha, which is now also known as United of Omaha. But wait, it’s not just a wild animal business. Mutual of Omaha is a successful insurance company. The company is still sponsoring Wild Kingdom as it has since 1963, and this has become a testament to their values. Here’s our very own Mutual of Omaha Life Insurance Company Review.


Mutual of Omaha Life Insurance Company Overview

Mutual of Omaha is headquartered in Omaha, Nebraska.

Mutual of Omaha Life Insurance
customerservice@mutualofomaha.com

 

Mutual of Omaha Life Insurance Company Financial Ratings

 

Upon choosing a life insurance provider, you must know the right type. Keep an eye on the right dollar amount of life insurance.
It is also important to choose a financially -stable company. This way, you get sound, dependable, and customer service valuing insurance carrier. Do you want a company with a strong industry reputation? Mutual of Omaha meets all of these expectations.

 
 

 

A.M. Best is valued by the insurance industry for their reports on the financial stability of insurance carriers.

The firm consistently ranks Mutual of Omaha with an A+ rating. Mainly for its financial strength, and just renewed this rating in January 2018. A.M. Best is the oldest and most recognized of all rating firms.

Their exclusive insurance industry focus ensures that A.M. Best ratings mean a great deal.

This rating supports the claim that Mutual of Omaha is a trusted insurance company. Lastly, the company also has strong ratings with Standard and Poor’s and Moody’s Investor Service.

 

Mutual of Omaha Life Insurance Company History

 The company opened its doors in 1909, and they remain open and value-centered to this day. They were first known as Mutual Benefit Health & Accident Association. They started the business in Omaha, Nebraska. Despite a change in name, they are still a privately held company in the heartland of the country.
 
Just a few short years after the company was founded, World War I broke out. The company offered coverage to working women. These women ”filled the workplace vacancies that men left behind when leaving to fight in the war”.
 
By the 1920s, the company was operating in Nebraska, as well as 14 other states. In 1929, Mabel L. Criss became the first female general manager. Having a woman hold such a high position attests to the strong values held by this company.
 
In the 1930s, Mutual of Omaha helped families during the Great Depression. They offered indigenous families a much-needed hospital insurance.  By the end of the Great Depression, the company became licensed in 48 states. They broke ground on their new headquarters building in downtown Omaha. The company headquarters remains in that location to this day.

United of Omaha began as United Benefit Life Insurance Company. They later changed their name to United of Omaha in 1981.

In the new age, Mutual of Omaha made a decision to revitalize its brand. They a;so revamped their advertising campaign. They began a new corporate sponsorship of USA Swimming and hosted the annual Duel in the Pool meet.
 
The longstanding Wild Kingdom was rebranded by relaunching the show on Animal Planet. The company also established a new website.
 
They began the Wild Kingdom Kids Summit. It’s ”a challenge to 9 to 12-year-olds to think of ways to save endangered wildlife.”
The company also started sponsoring professional golf. They sponsored Drive, Chip and Putt Junior Challenge. This show aired on Golf Channel. This event is a skills competition for kids ages 7-14, and it is held in more than one hundred locations across the nation.”
 
After a century of being in business, they named only the fifth chairman of the company Daniel P. Neary. Now that’s dedication to the job!
 

In 2005, they established the Mutual of Omaha Foundation. This aims to handle the company’s charitable giving.

 
In 2009, they celebrated their centennial. They also commemorated the 50th anniversary of Mutual of Omaha’s Wild Kingdom. The company also decided to sponsor IndyCar racing’s Marco Andretti.
 
In 2014, they became one of the few insurance companies to actually create an online program. This eased the application process for customers when applying for Medicare Supplement policies.

Mutual of Omaha Life Insurance Products Offered

If you’re looking for an insurance that’s best for you and your family, there’s some factors to consider.
It is important to see what each company offers. This way, you’ll know what differentiates them from their competitors.

For Mutual of Omaha, this distinguishable quality is an impressive underwriting program. It benefits clients who have ratings below the standard. They call this the Fit Underwriting Credit Program.

It offers credits for good health and lifestyle choices. If clients qualify for three or more of the 14 credits offered, that applicant is bumped up to a better tier of policies.

This program is unique. In addition, it does a great job of rewarding those people who chose to make lifestyle choices. These choices are those that benefit their well-being.

Like most companies, they offer term life, universal life, and whole life policies.

For most, the best policy is the Living Promise whole life for ages 45 to 85. This policy is available in amounts up to $40,000 in most states and $50,000 in some states. These policies are usually purchased as final expense policies. They are often used for funeral and burial expenses.

All their policies are priced competitively. This firm consistently ranks among the top five companies for policies for ages 40 to 65, male or female.

In particular, their universal life insurance policies are usually available in larger amounts. These are larger than the amounts provided by most of their competitors. Just years ago, the company introduced a new indexed universal life insurance productThis policy’s cash value is determined on how well the Standard & Poor’s 500 index is performing.

Mutual of Omaha also offers some of the best Medicare supplements in the business. These include critical illness policies, disability policies, and even long-term care insurance. They offer several different types of Medicare Supplement Plans as well as annuities.

Recently, the company announced a new disability insurance policy. This comes with a simplified application process. This does not require a medical exam or information from your doctor.

The company continues to be innovative by keeping a pulse on the market. Omaha frequently offers new policies to meet the ever-changing needs of the market. They seek new solutions and look for ways to streamline their policies and application processes.

 

Mutual of Omaha Life Insurance Customer Service

Mutual of Omaha boasts a 100% customer satisfaction rating with BBB. Their commitment to customer service is seen in their mission statement.

Their longstanding values show their commitment to their clients.

“We help our customers protect what they care about and achieve their financial goals. For every customer … a financial future imagined, planned and secured. Mutual of Omaha’s values are the attributes, behaviors and beliefs that connect Mutual associates with a common vision.”

“We Exist for Our Customers. We care for, respect and listen to our customers. We use what we learn to provide the right financial solutions and a superior customer experience. We understand that we are here for our customers and because of them, so every decision we make is with their best interests in mind.”

“Mutual of Omaha acts With Integrity. We hold ourselves to the highest standards and seek always to do the right things. We deliver on our promises and honor our commitments. We are clear in our communications and transparent about our intentions. We adhere to high ethical standards, complying with regulatory requirements and company policies.”

“We Are Accountable for Results. We take personal accountability for results, working within and beyond our areas of responsibility to ensure timely decisions, quick action and ultimate success. We understand that we are in the business of managing risk, and work to protect our assets and reputation so that we can continue to meet our commitments.”

BBB Rating for Mutual of Omaha Life Insurance Company

There’s no higher Better Business Bureau (BBB) rating than A+. That is the rating Banner Mutual of Omaha has been given consistently. They have an incredible 100% customer satisfaction rating.

BBB doesn’t endorse a company or its products. But, they hold the company to a commitment to resolve consumer complaints.

The BBB scale runs from A+ and F, but what does this scale mean? What exactly is a company graded on? Here are the BBB criteria.

  • Trust: Establish and maintain a positive track record in the marketplace. 
  • Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services. Including clear and adequate disclosures of all material terms.
  • Transparency: Openly identify the nature, location, and ownership of the business. Clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy
  • Honor Promises: Abide by all written agreements and verbal representations.
  • Responsiveness: Address marketplace disputes quickly, professionally, and in good faith. 
  • Safeguard Privacy: Protect any data collected against mishandling and fraud. Collect personal information only as needed. Respect the preferences of customers regarding the use of their information. 
  • Integrity: Approach all business dealings, marketplace transactions and commitments with integrity.

In conclusion, there are no clear downsides to choosing Mutual of Omaha. In fact, they are a widely trusted life insurance provider. They are customer service oriented. Omaha provides a variety of good policies and very competitive prices. Additionally, the company is very involved in the community. They chose to put money into things used and appreciated by people across the U.S. every year.

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