Mutual of Omaha Life Insurance Review

Company overview and financial strength

Mutual of Omaha is a large, policyholder-owned company with top-tier ratings. It was founded in 1909 in Omaha, Nebraska, and is organized as a mutual holding company. Its June 2026 fact sheet reports more than $8.6 billion in benefits paid in 2025.

AM Best affirmed its A+ (Superior) financial strength rating on April 2, 2026, with a stable outlook. A+ is the second highest of 16 AM Best grades. S&P rates it A+ and Moody’s rates it A1, per the company fact sheet.

Most individual life policies are issued by United of Omaha Life Insurance Company. In New York, policies are issued by Companion Life Insurance Company, and United of Omaha is not licensed there.

Living Promise final expense

Living Promise is Mutual of Omaha’s main final expense policy, and it comes in two versions. The Level Benefit plan pays the full amount from day one. The Graded Benefit plan is for applicants whose health answers do not qualify for Level.

The Level plan issues at ages 45 to 85 for $2,000 to $50,000. The Graded plan issues at ages 45 to 80 for $2,000 to $20,000. If death from natural causes happens in the first two years of a Graded policy, the beneficiary gets premiums paid plus 10%. Accidental death pays the full amount at any time.

Both plans use a short set of health questions and no exam. Premiums never rise and the policy builds cash value. The Level plan can include an accelerated death benefit for terminal illness or a 90-day nursing home stay, and an optional accidental death rider. See how waiting periods work for a fuller comparison.

Term life: Term Life Express and Term Life Answers

Mutual of Omaha has two term lines: a quick no-exam product and a fully underwritten one. Term Life Express uses simplified underwriting with standard rate classes only. It offers 10, 15, 20 and 30-year terms from $25,000 to $550,000 for ages 18 to 50. Maximums are lower at older ages.

Term Life Express includes terminal, chronic and critical illness benefits at no extra charge, each capped at 80% of the face amount. It can convert after year two, but not to a fully underwritten product. That matters if you want to move into Income Advantage IUL later.

Term Life Answers starts at $100,000 and uses full underwriting, so healthy applicants can reach Preferred Plus pricing. Issue ages run to 80 on the 10-year term for non-tobacco users. Compare it with other carriers on our term life page.

IUL and children’s coverage

Mutual of Omaha sells both simplified and fully underwritten indexed universal life. IUL Express issues at ages 18 to 75 with no exam and standard classes only. It carries 14 years of surrender charges and a no-lapse guarantee of 20 years for ages 18 to 60.

Income Advantage IUL is fully underwritten from $100,000 and issues from birth to age 85. It offers an optional long-term care rider for issue ages 30 to 79. Children’s Whole Life covers kids from 14 days to 17 years for $5,000 to $50,000, with options to buy more later without new health questions.

Who Mutual of Omaha fits

Mutual of Omaha suits people who put financial strength first and qualify on a short health questionnaire. Living Promise Level works well for adults 45 to 85 who want day-one coverage for funeral costs and final bills.

Term Life Express fits busy buyers who want up to $550,000 without an exam and like having living benefits built in. Healthy applicants who want the lowest price may do better with fully underwritten Term Life Answers or another carrier.

It is a weaker fit for people who need final expense coverage after age 85, or graded coverage above $20,000. Those buyers should compare other carriers on our final expense over 80 page.

Pros and cons

Pros: an A+ AM Best rating; day-one final expense coverage to age 85; no-exam term up to $550,000 with living benefits included; e-application through the iGO system; strong children’s whole life.

Cons: Term Life Express offers only standard rate classes, so healthy applicants may do better with full underwriting. The graded final expense plan stops at $20,000 and age 80. Mutual of Omaha’s own sheets list different Term Life Express maximums for older ages, so confirm current limits before applying.

Buying through an independent agent vs direct

Mutual of Omaha sells through independent brokers and also direct to consumers. Its Guaranteed Whole Life plan is marketed by mail and online. It covers ages 45 to 85, up to $25,000, with no health questions and a reduced benefit in the first two years. We did not find it in the May 2026 brokerage portfolio.

An independent agent can compare Living Promise against other final expense companies using the same health answers. If you qualify for Living Promise Level, you get day-one coverage instead of a guaranteed-issue waiting period. Availability varies by state.