Mutual of Omaha scores well for renewals. The company ranked No. 10 among life insurers for 2024, with a score of 4.11 out of 5.
Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.
John is the editorial director for CarInsurance.com, Insurance.com and Insure.com. Before joining QuinStreet, John was a deputy editor at The Wall Street Journal and had been an editor and reporter at a number of other media outlets where he covered insurance, personal finance, and technology.
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Mutual of Omaha is the No. 10 company in Insure.com’s Best Life Insurance Companies ranking for 2024 with 4.11 stars out of 5. For policy renewals, Mutual of Omaha received a 93% score, indicating that most customers plan to stay with the company.
Mutual of Omaha is rated well with third-party rating agencies, with an A+ rating from AM Best and a customer satisfaction score of 805 out of 1,000 from J.D. Power.
Below is Insure.com’s review of the company. It’s based on third-party metrics and an in-depth survey of insurance customers. Find the full methodology here.
AM Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.
Of the Mutual of Omaha customers surveyed, 66% say they are satisfied with Mutual of Omaha’s customer service. Pacific Life topped this category at 86%. In a separate report, Mutual of Omaha received a score of 805/1,000 from J.D. Power for overall customer satisfaction.
Customers want a hassle-free insurance experience. Mutual of Omaha received an average score of 75% for ease of service. Pacific Life led this category at 86%.
A wide range of policy offerings makes it easy for customers to purchase the coverage they need. The percentage of those satisfied with Mutual of Omaha’s policy offerings is 80%, which is near the top among the companies we ranked. Allstate led this category with a score of 85%.
Trust is important to policyholders. People want to know their insurer has their back.
Mutual of Omaha earns an 80% mark for being trustworthy – the fourth highest score in this category, which was led by Penn Mutual at 84%.
Happy customers are loyal customers and 93% of Mutual of Omaha customers plan to stick with the company. While Mutual of Omaha received a high score in this category, many of the insurers ranked received relatively high scores — some even receiving 100%.
Mutual of Omaha is a Fortune 500 company and the 18th largest life insurance company in the U.S. The company sells various types of insurance as well as Medicare Supplement Plans.
Founded as Mutual Benefit Health & Accident Association in Omaha, Nebraska, the company was first licensed to issue health and accident insurance in 1910. The company gradually grew over the next several decades, issuing hospital insurance to protect families during the Great Depression and becoming licensed in all of the 48 states (at the time) and two territories in 1939.
The company changed its name to Mutual of Omaha in the 1950s. It became even better known throughout the country when it started hosting Mutual of Omaha’s Wild Kingdom in 1963, which was on TV for 25 years and was revived briefly in the early 2000s.
Sources:
Mutual of Omaha. “Explore Our Medicare Solutions.” Accessed January 2024.
Mutual of Omaha. “Timeline.” Accessed January 2024.
J.D. Power. “Individual Life Insurance Study.” Accessed January 2024.
Insure.com in the fall of 2023 surveyed more than 1,750 people with auto, home, life and health insurance (1003 with life insurance). The survey was conducted by online market research company Slice MR. Respondents were asked to name their insurer and the editors then selected – based on the number of responses – the top companies for this year’s Best Life Insurance Companies ranking. Insure.com needed 20 or more of a company’s customers to respond to the survey for that insurer to be included in the ranking, although in some categories the editors did consider companies with 18 or 19 responses.
Respondents were first asked to grade their insurer in the following categories – customer satisfaction, claims satisfaction and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.
In addition, the editors also created star rankings for each company. Respondents were asked to pick their insurer’s top three attributes out of the more than the dozen presented – again including categories such as customer satisfaction and policy offerings. The number of responses for each of those attributes was totaled and then divided by the number of each company’s customers who responded to that survey question to create the star ranking.
Respondents were then asked if they would recommend their insurer to someone else. The percentage who said yes is presented in the results.
They also were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.
The editors compiled the survey results and then collected National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives. The editors identified the NAIC company code or codes that were the primary underwriting companies for each carrier and line of business using total annual premiums. The associated NAIC complaint index score was used in our calculations. If more than one underwriting company was identified for a line, we used a weighted average of the NAIC complaint index scores.
The team also gathered AM Best data, which measures financial strength.
They also collected insurance rate data from Quadrant Information Services (for auto and home insurance), Compulife (for life insurance) and the public health marketplace (for health insurance).
With the help of Prof. David Marlett, Ph.D., managing director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For life insurers, we used the following weights to calculate the overall score for each company:
To find the industry average annual premium, insure.com weighed the rates from 9 companies: AAA, Farmers, Guardian Life, John Hancock, Lincoln Financial, MassMutual, New York Life, Northwestern Mutual and Transamerica. Rates are based on premiums for 35-year-old males and females who are non-smokers and in good health. Rates are for a 20-year-term policy that provides $500,000 in coverage.
No insurer in our ranking received less than half a star and the highest possible ranking is 5 stars.
On company review pages, the editors compared the profiled insurers in various categories against the leaders in that category or against other top insurers that match up well against the profiled company in terms of size and/or coverage area.