Mutual of Omaha
Our Take
Few annuity providers are stronger than Mutual of Omaha. With over $800 million in annual direct premiums sold and many product options, the company is a strong choice for annuities. One place it falls short is the online availability of product information.
Pros
- Good mix of customizable options
- Stable company
- A lot of access to your money
Cons
- Lack of easily accessible in-depth information on offerings
- Lack of rate information readily available
Products Offered by Mutual of Omaha
Mutual of Omaha divides its annuity products into two categories: income annuities and deferred annuities.
The company offers several different options of each type along with various riders, allowing potential customers to find the product that best fits their needs and customize from there.
Income Annuities
Mutual of Omaha sells four different income annuities, each with variations and possible perks.
One option is the Ultra-Income annuity, which is a heavily customizable product. It includes numerous different payment options, a COLA option and the ability to increase your payments if you develop certain medical conditions.
Mutual of Omaha’s Ultra Income annuity includes six different payment options.
The Income Access annuity is similar, also allowing for customization such as COLA add-ons or payment increases of 10% or 20% due to certain health conditions.
The annuity offers four optional benefits that can shape it to your specific needs.
Income Access Annuity Optional Benefits
- Guaranteed minimum death benefit
- Nursing home rider
- Survivor continuation option
- Inflation protection
Mutual of Omaha also offers the Deferred Income Protector℠ annuity, which allows you to defer payments anywhere from two years to 40 years. There are eight different payment options to choose from, along with income payment advance and annual increase options.
The final deferred annuity available is the Income Annuity with Premium Return, which helps guarantee that you can leave something for your heirs through the annuity. You can select a life-only or joint-life payout.
Deferred Annuities
In addition to its income options, Mutual of Omaha offers three types of deferred annuities as well.
The first product is the Bonus Flexible Annuity, which advertises an additional 1% of interest added onto the first year of your contract.
Another 0.15% is added to the interest rate on accumulation values over $50,000. There is also a guaranteed minimum interest rate starting in the second year of the contract.
The second product is the Ultra-Secure® Plus, a single premium deferred annuity. It includes the same 0.15% interest rate addition as the Bonus Flexible Annuity and includes an interest rate that can be guaranteed for five or seven years.
This product provides plenty of access to your money, both a return of premium option and free access to your account if certain life events occur.
Life Events Triggering Free Access To Your Ultra-Secure Plus Annuity
- Hospitalization
- Disability
- Terminal illness
- Unemployment
- Death of a spouse
- Home damage
- Organ transplant
Mutual of Omaha also sells the Ultra Premier℠ annuity, which is available in terms of five or seven years and includes numerous potential payout options.
Buy an Annuity From Mutual of Omaha Today
About Mutual of Omaha
Mutual of Omaha is a major financial corporation, selling everything from annuities to life insurance and Medicare supplement plans.
Its widely known brand name can be a plus for those who are most comfortable working with an established company. It backs up its name with an A+ financial strength rating from AM Best and over $800 million in direct annuity premiums sold in 2022.
The company is based in Nebraska and traces its roots to the Mutual Benefit Health & Accident Association, which was originally founded in 1909. It took on its current name in 1950.
Log into your provider account or connect with customer service at (800) 228-7104.
Talk to one of our trusted partners at 855-995-1277 or request a free estimate.
Credit Ratings
Credit ratings for annuity providers can help determine a company’s financial strength and stability — an indication that it will be around to guarantee payments to you in the future. Different rating companies use different scales.
Mutual of Omaha Credit Ratings
| Rating Company | Credit Rating |
| AM Best | A+ |
| Fitch | Not Rated |
| S&P | A+ |
See which annuity providers our independent editorial team ranked as the Best Annuity Companies of 2024.
What Customers Are Saying About Mutual of Omaha
Mutual of Omaha has a solid reputation, partly thanks to the company’s stability and strength.
In 2019, the company released a survey reporting it had a 98% rating for overall satisfaction. About 95% of clients said the company provides high-quality service and 92% said they would recommend it to others.
As far as its annuity-specific services, there is less readily available information. Mutual of Omaha was absent from the 2022 and 2023 J.D. Power Customer Satisfaction Index Rankings that measure customer experience with annuity services.
The company holds a perfect NAIC score of 0, meaning the company has fewer customer complaints than would be expected given its presence in the market.
The National Association of Insurance Commissioners (NAIC) tracks consumer complaints that each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint Index.NAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market.
NAIC Complaint Index for Mutual of Omaha
| All Policy Types | 0.23 |
| Individual Annuities Only | 0 |
Mutual of Omaha Pros & Cons
When it comes to considering buying an annuity from Mutual of Omaha, there are plenty of pros. First and foremost, the company has a solid range of options.
On top of its diversity of income and deferred annuities, each product has a good amount of built-in customization. These aren’t just off-the-shelf products. You can mold your annuity to fit your needs.
Additionally, Mutual of Omaha’s annuities offer an impressive amount of access to the money you place into the products. It’s common for providers to include waivers for things like nursing home confinement or terminal illness. But Mutual of Omaha goes beyond that, with some of its products offering access to money due to a wide range of life events.
The only real knock against Mutual of Omaha is that individual product information is not as readily available as it is with other providers. Both rates and detailed product breakdowns are not easily accessible.
You may only be able to get this information through an agent.
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Provider Rating Methodology
Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the amount of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.
Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.
Annuity.org’s Top-Ranked Providers
| Provider | Annuity.org Star Rating |
| Mass Mutual | 5 Stars |
| New York Life | 5 Stars |
| Pacific Life | 5 Stars |
| Midland National | 5 Stars |
| North American | 5 Stars |
| Western & Southern | 5 Stars |
Our Rating Panel
The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.
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