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Everything you need to know about Mutual of Omaha

Based in Nebraska, Mutual of Omaha (formerly known as Mutual Benefit Health & Accident Association) is a privately-administered Fortune 500 financial and insurance company founded in 1909. Initially, it filed incorporation articles with the Nebraska Insurance Department. In the second year itself, they were permitted to sell insurance products, particularly health and accident coverage. Similarly, in the first 8 years of its existence, it achieved the feat of serving over 3,000 policyholders. Gradually, it has managed to grow into an organization of approximately 5,000 employees across the nation.

At the moment, this organization is one of the leading providers offering a wide range of insurance and financial services for individuals, communities, and businesses. It was the first insurance provider to introduce a rehabilitation provision in its disability income protection coverage. Likewise, it was one of the first few providers to offer online application for Medicare supplement plan.

Continue reading further to know about the products and services offered by Mutual of Omaha, their affiliates, and the financial strength.

Products and services offered by Mutual of Omaha

For individuals:

  • Annuities
  • Cancer, heart attack & stroke insurance
  • Critical illness insurance
  • Disability insurance
  • Investments
  • Life insurance – term, whole, universal, children, and accidental death
  • Long-term care insurance
  • Medicare solutions
  • Medicare Supplement insurance
  • Small business solutions
  • Structured settlements

For employers

  • Accident insurance
  • Life insurance
  • Critical illness insurance
  • Disability income insurance
  • Dental insurance
  • Employee assistance program
  • Hearing discount program
  • Participant accident insurance
  • Vision insurance
  • Mutual solutions

Apart from insurance services for individuals and business, Mutual of Omaha offers retirement and financial solutions such as group annuities, banking, mortgage, institutional investments, 401(k), and other retirement services.

Mutual of Omaha’s affiliate companies

  • East Campus Realty, LLC: This particular affiliate manages Midtown Crossing at Turner Park, a mixed urban development project, right on the east side of the Mutual of Omaha headquarters.
  • Companion Life Insurance Company: As the name suggests, the Companion Life Insurance company deals with life insurance plans, both individual and group, but only in the state of New York.
  • Mutual of Omaha Investor Services, Inc.: A registered broker-dealer, this affiliate offers mutual funds directly to the clients via Mutual of Omaha’s Agency Sales and Retirement Plans department.
  • Omaha Financial Holdings, Inc.: A holding company, this affiliate oversees the banking operations for Mutual of Omaha.
  • Omaha Insurance Company: Founded in 2006, the Omaha Insurance Company provides Medicare supplement insurance with direct marketing approach with the assistance of Mutual of Omaha’s sales staff and independent agent networks.
  • United of Omaha Life Insurance Company: The United of Omaha Life Insurance Company runs multiple services, including annuities, Medicare supplement plans, life insurance, and more with the help of Mutual of Omaha’s group sales offices, agency sales force, and independent agency network.
  • United World Life Insurance Company: This affiliate only administers Medicare supplement plans via direct marketing, independent agency networks, and Mutual of Omaha’s agency sales teams.

Mutual of Omaha’s financial strength
Here’s how prominent insurance rating companies appraised Mutual of Omaha:

  • A.M. Best Company, Inc. – A+ Superior
    This rating by A.M. Best Company, Inc. denotes Mutual of Omaha’s overall financial strength and its competence to stand by its commitments to policyholders.
  • Standard & Poor’s – AA-Very Strong
    This rating by Standard & Poor’s infers that Mutual of Omaha has a solid financial strength to handle and meet its undertakings.
  • Moody’s Investors Service – A1 Good
    This rating by Moody’s Investors Service suggests that Mutual of Omaha has a strong financial health to weather any type of fiscal pressure in the future.

Mutual of Omaha’s BBB rating
With respect to customer service, Mutual of Omaha has been accredited by Better Business Bureau since 1940. It has given Mutual of Omaha and its affiliate companies the highest rating, i.e., A+, as they have successfully honored their obligations to their clients via their day-to-day business practices and customer service.

With over a century’s experience in insurance and finance, Mutual of Omaha has undoubtedly withstood all the highs and lows in the market. Moreover, their broad line of products and services have a first-rate standing among rating agencies as well as clients. They also have a user-friendly website that includes resources and detailed information about its products and services, insurance calculators, blogs, videos, and advice. On the other hand, online tools include retirement planning guides and insurance worksheets.

Mutual of Omaha not only offers insurance products with the help of sales agency staff but also renders them online. The only drawback with its online services is that one can’t file a claim online. Therefore, one will need to do it either via phone or visit a local agent.

For inquiries, one can contact the customer support center via phone, mail, local agents, or online forms. They also have a planning and advice center, where one can get more assistance with regard to life insurance, business, retirement planning, travel, and healthy living.

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