John Hancock vs. Mutual of Omaha Life Insurance

From the multitude of coverage options to the sheer number of providers selling products directly to shoppers, the life insurance market can be difficult for today’s consumers to navigate. John Hancock and Mutual of Omaha each bring more than a century of experience to the table and aim to match consumers with policies that suit their needs and budget. However, not every company is right for every investor, and it may be helpful to compare providers side by side to get a clearer picture of what’s being offered before making important policy decisions. Let’s take a closer look at these major industry players to see what they have to offer and how they compare.

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John Hancock Life Insurance Summary

John Hancock provides financial solutions to more than 3.5 million customers, paying out billions of dollars in benefits each year. The company sells term and whole life insurance policies with coverage that ranges from $50,000 to upwards of $65 million. Its permanent policies, which include several types of universal life insurance plans, are available to individuals between 3 months and 90 years of age.

John Hancock sets itself apart from other insurers by offering programs dedicated to supporting and rewarding good health. The John Hancock Vitality program rewards customers for engaging in health-conscious actions, such as buying healthy food or going for a walk. Customers enrolled in John Hancock's Vitality program may also benefit from travel and retail discounts, as well as premium savings on the company's financial products and services. Policyholders living with diabetes can participate in the John Hancock Aspire program, which rewards behaviors that help manage their condition and overall health. Customers enrolled in the Aspire program may benefit from personal health coaching and virtual consultations with medical experts.

Mutual of Omaha Life Insurance Summary

As a mutual company, Mutual of Omaha is owned exclusively by its policyholders, so it can focus solely on its customers’ financial needs, rather than the demands of shareholders. Mutual of Omaha is a Fortune 300 company that currently serves more than 5 million customers. The firm prides itself on being socially minded, supporting programs designed to break cycles of poverty in the Omaha metro area through the Mutual of Omaha Foundation. 

The company offers whole and term life insurance solutions, including several universal life products and an accidental death plan designed to supplement a traditional life insurance policy. Mutual of Omaha also offers coverage options that accommodate the needs of seniors, and policyholders can renew term coverage annually through the age of 94. 

John Hancock vs. Mutual of Omaha Life Insurance Comparison of Company Ratings

John Hancock and Mutual of Omaha both earn consistently high marks for financial strength from major industry ratings agencies, such as S&P Global and Moody’s. As of June 2020, Mutual of Omaha had received ratings of A+ (superior) from A.M. Best, A+ (strong) from S&P Global and A1 (good) from Moody’s Investor Service. However, subsequently, S&P lowered its rating for Mutual of Omaha to AA-. John Hancock received similar ratings of A+ from A.M. Best, A1 from Moody’s and AA- from S&P Global.

Both John Hancock and Mutual of Omaha also placed on U.S. News & World Report’s Best Life Insurance Companies of 2022 list. John Hancock came in at number 5, while Mutual of Omaha landed slightly lower on the list at number 11.

John Hancock vs. Mutual of Omaha Life Insurance Comparison of Accessibility

Interested parties can apply for and buy John Hancock’s term policies online, but its other life insurance products typically must be purchased by contacting the company or a licensed insurance agent. The website also has a calculator to help shoppers figure out the amount of coverage they may need based on their family's financial situation. Current policyholders may access policy information and other documents and forms through the company’s electronic document management system. Premium payments may be made online, and beneficiaries can visit the website's claims center to file a claim. The company can also be reached by phone, email or postal mail.

Mutual of Omaha provides consumers options for getting quotes and purchasing a plan online, through an insurance agent or over the phone. However, not all coverage types are available online, and shoppers who want the most options may want to consider purchasing a plan through a licensed agent. Mutual of Omaha’s online account management options are also limited, and policy changes typically need to be made directly through an agent or by sending a request to the company in writing. Mutual of Omaha also offers an automated phone experience, which lets customers check a policy’s value or pay their premium.

John Hancock vs. Mutual of Omaha Life Insurance Comparison of Cost

Regardless of the issuer, the cost of life insurance policies typically varies based on numerous factors, such as age, gender, health, hobbies, location and family medical history. 

To compare the cost of policies through John Hancock and Mutual of Omaha, let's look at sample monthly rates for a 20-year term policy with $1 million of coverage through both companies, assuming policyholders are nonsmokers of average health.

Although the monthly premiums for these companies are fairly similar at age 35 for both genders, Mutual of Omaha's prices increase more steeply than those of John Hancock as the policyholder ages, particularly for men. By age 65, a man with a $1 million 20-year term policy at Mutual of Omaha may pay nearly $200 more each month than one with coverage through John Hancock.

Choosing the Right Insurance Company for You

Life insurance is designed to protect your loved ones after your death, so choosing a suitable policy is one of the most important decisions you can make. Although cost may be the deciding factor for some shoppers, you may also want to consider the issuer's financial stability and the ease of doing business with them before choosing the right insurance company for you.