Lincoln Financial vs. Mutual of Omaha Life Insurance

Life insurance can impact your family's financial future — that's why it's important to choose a provider that's financially stable and easy to work with. As you research the many options on the market, you're likely to come across Lincoln Financial and Mutual of Omaha. Both brands are consistently ranked among the top 20 largest life insurance companies in the United States. Before you decide between the two, it's helpful to see how each one stacks up in terms of accessibility, riders and ratings.

Lincoln Financial Life Insurance Summary

Lincoln Financial offers term life insurance and permanent life insurance. The brand's term life insurance products come in terms of 10, 15, 20 or 30 years; you can choose from two different plans based on your health and the amount of coverage you need.

When it comes to permanent life insurance, Lincoln Financial allows you to get an individual or a survivorship policy. A survivorship policy is issued to two people and only pays a death benefit after both people have died. Both types build cash value based on a set interest rate, so you can accumulate wealth over time.

Mutual of Omaha Life Insurance Summary

Mutual of Omaha offers term life, whole life and universal life insurance. The company's term life policies are the most affordable and come with 10-, 15-, 20-, or 30-year terms. They have fixed premiums and are available to people aged 18-80.

Whole life insurance policies from Mutual of Omaha offer higher coverage limits and the opportunity to build a cash value, all with competitive premiums. These policies have fixed premiums and are available to people aged 45-85. Universal life insurance has the biggest potential for growth; you can choose your investments, adjust premiums and select the death benefit amount. Keep in mind that Mutual of Omaha's universal insurance comes with a certain amount of risk because it is linked to the market. Both of these permanent policies offer the option to borrow against the cash value.

Lincoln Financial vs. Mutual of Omaha Life Insurance Comparison of Accessibility

When you're shopping for life insurance, online quotes can help you evaluate providers quickly. Mutual of Omaha offers instant quotes for some coverage types. If you're younger than 45, you can only get a quick quote for term life insurance. People 45 and older can get cost estimates for both term and whole life policies. If you're interested in universal life insurance, you'll need to call an agent. Mutual of Omaha has an online application for certain whole life policies; all other coverage types require you to apply over the phone. Depending on the options you choose, you may need a medical exam.

Lincoln Financial makes it considerably harder to apply for life insurance. You can't get quotes or applications online — your financial professional must submit the initial application for you. If you don't have one, the Lincoln Financial website can connect you with one of their advisers. Then, you'll need to go through the company's interview process. Some term life policies offer an online interview, but most require a phone interview. Most policy types require a medical exam.

Lincoln Financial vs. Mutual of Omaha Life Insurance Comparison of Riders

Riders are add-ons that you can use to personalize your life insurance policy and expand coverage. Most riders come with an extra monthly fee. Lincoln Financial and Mutual of Omaha offer a wide variety of riders. Each policy type is compatible with a different set of riders, so you'll need to talk to an agent to find out which are available to you.

The table below covers some of the most commonly requested life insurance riders.

Rider	Lincoln Financial	Mutual of Omaha
Chronic illness	X	X
Terminal illness	X	X
Accelerated death benefit	X	X
Waiver of premium for unemployment	X	X
Accidental death benefit	X	X
Disability income	X	X
Long-term care expense protection	X	X

Lincoln Financial vs. Mutual of Omaha Life Insurance Comparison of Company Ratings

Financial strength ratings are an important factor to consider when you're ranking life insurance companies. They help you gauge how likely it is that the provider will be to pay your claims. Financial strength also affects a company's ability to offer dividends and policy loans where applicable. Both Lincoln Financial and Mutual of Omaha have strong financial strength ratings. A.M. Best Company, Inc. gives both companies a rating of A+ and a stable outlook. S&P Global rates Mutual of Omaha as A+. Lincoln Financial gets an AA- rating, with a negative outlook.

When it comes to customer satisfaction, a 2021 J.D. Power study rated Mutual of Omaha at 795/1000; Lincoln Financial received a 773/1000. The Better Business Bureau gives Mutual of Omaha an A+ rating while Lincoln Financial gets an A- rating. It's worth noting that Mutual of Omaha is a BBB-accredited business; Lincoln Financial is not.

Choosing the Right Insurance Company for You

If you're considering Lincoln Financial or Mutual of Omaha for your life insurance needs, it's important to read the fine print. Every policy comes with its own restrictions and options; with careful research, you can determine which type of coverage suits your current financial situation and your family's future needs.