Mutual of Omaha is a large insurance and financial services company headquartered in Omaha, Nebraska. It operates as a mutual company, meaning it is owned by its policyholders rather than public shareholders. Founded in 1909, the company sells individual life insurance, Medicare supplement plans, long-term care coverage, annuities, and employer-sponsored benefits, among other products.
What “Mutual” Means for Policyholders
The word “mutual” in the company’s name refers to its ownership structure. Unlike a publicly traded insurer that answers to stockholders, Mutual of Omaha is owned by the people who hold its policies. When you buy a qualifying policy, you become a member of the organization with the right to vote for its board of directors. This structure has been in place since the company’s founding, though it now operates through a mutual holding company arrangement where policyholder membership interests sit at the holding company level.
In practical terms, a mutual structure means the company doesn’t face pressure to maximize quarterly earnings for Wall Street. Profits are reinvested into the business or returned to policyholders through dividends on participating policies, rather than paid out to outside investors.
Insurance Products
Mutual of Omaha is perhaps best known for its Medicare supplement insurance (also called Medigap), which covers out-of-pocket costs that original Medicare doesn’t pay. It is one of the largest Medigap carriers in the country. Alongside Medicare supplement plans, it sells hospital indemnity insurance and dental insurance tailored to Medicare-age customers.
Its life insurance lineup includes whole life, term life, universal life, children’s whole life, and accidental death policies. The company also offers long-term care insurance, critical illness insurance, and a cancer/heart attack/stroke policy that pays a lump sum upon diagnosis. These products are sold through a network of independent agents and the company’s own representatives.
Employer-Sponsored Benefits
On the group side, Mutual of Omaha provides benefits packages that employers offer to their workers. These include group disability income insurance (both short-term and long-term), group life insurance, accident insurance, critical illness coverage, hospital indemnity plans, dental and vision insurance, and paid family medical leave administration. Disability insurance has been a core part of the company’s business for decades, and it remains one of the larger group disability carriers in the U.S.
Financial Services Beyond Insurance
Mutual of Omaha has expanded beyond traditional insurance into several financial product areas. It sells fixed and variable annuities for retirement income. Through Mutual of Omaha Investor Services, a subsidiary registered with FINRA and SIPC, it offers investment advisory services and securities. The company also operates mortgage lending and reverse mortgage divisions, giving it a presence in home financing alongside its insurance operations.
Financial Strength Ratings
Independent rating agencies assess an insurer’s ability to pay claims over time, and Mutual of Omaha scores well across the board. AM Best rates it A+ (Superior), which is the second-highest rating out of 16 possible levels. S&P Global rates it A+ (Strong), the fifth-highest of 21 levels. Moody’s gives it an A1 (Good), also fifth-highest of 21 levels. Its subsidiary companies, Companion Life Insurance and United World Life Insurance, carry similar marks.
These ratings matter because they reflect the likelihood that the company can pay your claim years or even decades from now, which is especially relevant for products like whole life insurance, long-term care policies, and annuities that you may hold for 20 or 30 years. The company has also been accredited with the Better Business Bureau since 1940 and holds an A+ rating there.
Customer Satisfaction
In the J.D. Power 2025 U.S. Individual Life Insurance Study, Mutual of Omaha ranked first among 23 carriers. The study measured satisfaction across eight categories: trust, ease of doing business, digital experience, people, problem resolution, product offerings, service availability, and value for price. Mutual of Omaha scored 707 out of 1,000 points, finishing above the industry average of 650 and placing first in six of the eight categories.
How to Buy Mutual of Omaha Products
You can purchase individual policies through an independent insurance agent who carries Mutual of Omaha products or directly through the company’s website for certain plans. Medicare supplement quotes are available online with the ability to apply digitally. For employer-sponsored benefits, your company’s HR department would typically handle enrollment if your employer has chosen Mutual of Omaha as a benefits provider. Investment and advisory services are offered through the company’s registered representatives.