Mutual of Omaha life insurance

Overview

Mutual of Omaha is a Nebraska insurance and financial services organization best known for life insurance, Medicare supplement coverage and, for generations of television viewers, Mutual of Omaha's Wild Kingdom. Its group ranked #17 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with about $2.85 billion in premiums and a 1.82% market share.

Most individual life policies are issued by United of Omaha Life Insurance Company, which is licensed everywhere except New York. New York residents are served by Companion Life Insurance Company of Melville, New York, and a third affiliate, United World Life, sells specialty life plans. Since April 1, 2026 the companies have been owned by Mutual of Omaha Holding Company, a mutual holding company whose members are the policyholders, so there are no outside shareholders.

The company says it has more than 6.7 million policies in force, paid more than $8.6 billion in benefits last year, employs more than 6,000 people and holds a $4.7 billion statutory surplus. It sells through its own advisor network, independent agents and brokers, and directly by phone and online. James Blackledge is chairman and chief executive.

History

Dr. C.C. Criss, his wife Mabel and his brother Neil acquired the charter of Mutual Benefit Health & Accident Association in Omaha in 1909, and the company filed its articles of incorporation with the Nebraska Insurance Department that year. It started as a health and accident insurer, extended coverage to working women in 1917 and was licensed in all 48 states by 1939. Its life insurance arm, United Benefit Life Insurance Company, was incorporated on August 9, 1926, and renamed United of Omaha Life Insurance Company in 1981. Companion Life was formed in 1949 so agents in New York could offer a full line of products.

The company shortened its name to Mutual of Omaha in 1950. Wild Kingdom debuted on network television in 1963, and in 1966 Mutual was chosen to administer parts of the new Medicare program. In 2003 it stopped selling individual major medical insurance and all variable life and variable annuity products, with Security Benefit Group reinsuring the existing variable blocks. In 2007 it left the group health business, selling it to Coventry Health Care. Mutual of Omaha Bank, opened in 2007, was sold to CIT in 2019, and the company's 401(k) recordkeeping business was sold to Ascensus under an agreement announced in March 2024.

Blackledge became chief executive in 2015 and chairman in 2018. In 2025 the company launched its first fixed indexed annuity, and policyholders approved the mutual holding company reorganization on March 6, 2026; it took effect on April 1, 2026, after approval by the Nebraska Department of Insurance. The holding company structure lets the group raise debt capital while keeping policyholders' membership rights. A new downtown Omaha headquarters tower, under construction since 2023, became the tallest building in Nebraska in October 2025.

Life insurance products

Mutual of Omaha sells a broad lineup, all underwritten by United of Omaha outside New York:

• Term life in 10-, 15-, 20- and 30-year durations with level premiums and an option to convert to a permanent plan later (see converting term life to permanent: how the conversion option works).
• Whole life for ages 45 to 85 (50 to 75 in New York) with no medical exam or health questions, for benefit amounts of $2,000 to $25,000 ($5,000 to $25,000 in Washington). It is aimed at funeral and other final costs; read our final expense insurance: what it covers and costs guide and how guaranteed issue life insurance: no health questions, with limits works before buying.
• Children's whole life for children from 14 days old to age 17, with premiums that never increase.
• Universal life: Life Protection Advantage, an Indexed universal life (IUL) explained policy with a no-lapse guarantee that can keep the death benefit in force through age 90 or longer if the required premium is paid; Income Advantage, an IUL built for cash value growth; and AccumUL Answers, a fixed universal life policy with a 2% minimum guaranteed interest rate. The IULs credit at least 0% when the index falls and include accelerated death benefit and guaranteed refund option riders.
• Accidental death insurance, which pays only if death results from a covered accident.

Smaller whole life policies can be applied for online, and term and universal life generally go through an agent.

Other products

Mutual of Omaha is a major seller of Medicare supplement insurance and also offers long-term care, critical illness, cancer, heart attack and stroke coverage, dental and hospital indemnity plans. Its Ultra Advantage fixed indexed annuity was introduced in July 2025, and an April 2026 reorganization created a Health and Annuity Solutions division focused on annuities and long-term care. Group benefits for employers include life, disability, accident and paid family leave. Mutual of Omaha Mortgage offers forward and reverse mortgages.

Buying and service

You can get quotes on the website and apply online for the small whole life, children's and accidental death policies, call the company, or work with a Mutual of Omaha advisor or an independent agent. For term and universal life, the website routes you to an agent. Individual policyholders manage their coverage through the Customer Access website, where they can pay bills, update information and review policies, or by calling 800-775-6000. People covered through an employer call 800-655-5142.

Claims

Beneficiaries can report a death online through the claims page or by calling 888-493-6902 for individual policies; claims on employer coverage go to 800-775-8805. The online form asks for the policyholder's name, date of birth, date and cause of death and policy number, and lets you upload an obituary or death certificate. Mutual of Omaha says a claims specialist will contact you within one business day to explain the next steps and documents needed. Our claims guide covers what to expect.

Ratings and reputation

S&P Global Ratings affirmed Mutual of Omaha's A+ financial strength rating with a stable outlook in an August 20, 2026 report and upgraded its view of the company's capital and earnings to excellent, citing its market leadership in Medicare supplement and whole life insurance. AM Best affirmed its A+ (Superior) financial strength rating and "aa-" issuer credit rating for Mutual of Omaha and its subsidiaries, including United of Omaha, on April 2, 2026, with a stable outlook, the day after the organization converted to a mutual holding company structure. Moody's rates Mutual of Omaha Insurance Company and United of Omaha A1, according to the company's ratings page in 2026. Companion Life and United World Life carry A+ ratings from AM Best and S&P.

Mutual of Omaha ranked 3rd of 23 brands in the J.D. Power 2026 U.S. Individual Life Insurance Study, released in October 2026, with 680 points against a study average of 649, down from first place (707 points) in 2025.

Who it suits

Mutual of Omaha suits people who want a long-established, policyholder-owned company with high service scores, especially for straightforward term coverage, a small no-exam whole life policy for final expenses, or a child's policy. It suits less well buyers who want participating whole life with dividends, which it does not feature, or large permanent policies with cash values that are guaranteed rather than linked to an index.

• Strengths: Third place in J.D. Power's 2026 life insurance satisfaction study (first in 2025); A+ ratings from AM Best and S&P, with S&P affirming in August 2026; guaranteed-acceptance whole life up to age 85; can be bought online, by phone or through agents.
• Weaknesses: Whole life is capped at $25,000 and sold mainly for final expenses; the main permanent options for larger amounts are indexed products whose cash value depends on index crediting; Moody's rating (A1) is a notch below its AM Best and S&P grades.

How to contact Mutual of Omaha