CNO Financial (Bankers Life, Colonial Penn) vs Mutual of Omaha

Verdict

CNO Financial and Mutual of Omaha both serve older, middle-income buyers with a mix of life, Medicare supplement and long-term care products, and both offer guaranteed-acceptance whole life. They differ in ownership and brand structure. CNO is a publicly traded Indiana holding company (NYSE: CNO) with three brands: Bankers Life (about 4,600 exclusive producing agents), Colonial Penn (direct response) and Washington National (worksite and independent agents). Mutual of Omaha became a mutual holding company owned by policyholders on April 1, 2026, and sells through its own advisors, independent agents and brokers, and directly.

For small final-expense-style coverage, Colonial Penn sells guaranteed acceptance whole life for ages 50 to 85 in most states at $9.95 per unit per month, up to 25 units, with a graded death benefit in the first two years. Mutual of Omaha's guaranteed-issue whole life covers ages 45 to 85 for $2,000 to $25,000, and it also sells 10-, 15-, 20- and 30-year term, children's whole life and indexed and fixed universal life. CNO's term is described as typically 5, 10, 20 or 30 years.

Ratings and service favor Mutual of Omaha on the published figures: AM Best A+ (Superior) as of March 2025 against CNO's A (Excellent), affirmed April 2026, and third place in the J.D. Power 2026 study (680 points; first in 2025). None of CNO's brands was ranked. CNO's annual report notes that many competitors have higher ratings and that Conseco, its predecessor, went through Chapter 11 reorganization in 2002 to 2003.

Choose CNO Financial if

• You want an in-person Bankers Life agent who can combine life, Medicare supplement, long-term care and annuities.
• You want a Colonial Penn guaranteed acceptance policy with no health questions at ages 50 to 85 in most states.
• You are shopping at work and want Washington National supplemental coverage.
• You accept an A (Excellent) rating from AM Best and A- from S&P.

Choose Mutual of Omaha if

• You prefer a policyholder-owned company and A+ ratings from AM Best and S&P.
• You want term or a small guaranteed-issue whole life policy that can be bought online or by phone.
• Customer satisfaction scores weigh heavily in your decision.
• You want to consider an indexed universal life option alongside simpler policies.

Key differences

Before you decide

Compare the same coverage amount from both, and check the first-two-year benefit on any guaranteed-acceptance policy (graded death benefits: why the first two years matter, guaranteed issue life insurance: no health questions, with limits). Healthy buyers should also price fully underwritten coverage with how to compare life insurance quotes fairly. Confirm rating dates with AM Best, S&P, Moody's and Fitch ratings explained.