Nationwide vs. Mutual of Omaha: Life Insurance at a Glance

When shopping for life insurance, you’ll have to make several key decisions: how much coverage you need, what type of policy to buy and which insurer to buy it from. Choosing a well-known provider with a stable reputation, such as Nationwide or Mutual of Omaha, may feel like a safe bet. However, every provider offers a unique selection of products and services, so it’s important to understand what to expect before you sign on the dotted line. Let’s take a closer look at two of the industry’s most well-known companies: Nationwide and Mutual of Omaha.

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Nationwide Life Insurance Summary

Having been in business for nearly a century, Nationwide has become a leading global provider of individual life insurance plans. It offers term and permanent policies, including universal, variable and whole-life plans, with a broad selection of available riders to round out coverage. The company’s term plans can be renewed up until the insured reaches age 95 and can typically be converted to permanent coverage before the contractual term ends. Alternatively, shoppers looking to purchase permanent coverage outright may appreciate the flexibility of a universal life policy, or they can opt for level payments over the lifetime of the policy with a whole life plan.

Nationwide’s innovative products are designed to satisfy a multitude of investment goals and risk tolerances. Its CareMatters plan combines long-term care benefits with life insurance coverage, so investors can prepare for their own healthcare needs while guaranteeing a nest egg for their loved ones. This Fortune 100 company also offers a 20-pay whole life policy, which lets policyholders become premium free after 20 years of payments.

Mutual of Omaha Life Insurance Summary

Founded in 1909, Mutual of Omaha is owned by its policyholders, so it’s able to prioritize the needs of its more than 5 million customers. Older Americans may recognize Mutual of Omaha as the sponsor of Wild Kingdom, a pioneering TV show that featured wildlife encounters and an exploration of the natural world. Today, the company continues to emphasize corporate responsibility, supporting programs that aim to reduce poverty throughout the Omaha metro area.

This Fortune 300 company offers an array of term and whole life insurance solutions, including universal life policies, which feature adjustable premiums and coverage that let customers accommodate their changing needs and a cash-value subaccount that may be withdrawn or borrowed against at the policyholder's discretion. Mutual of Omaha also sells accidental death plans, which are ideal for supplementing standard life insurance policies. Several of the company’s coverage options are also senior-friendly, letting policyholders renew their term coverage until they reach age 94.

Nationwide vs. Mutual of Omaha Life Insurance Comparison of Costs

Life insurance premiums are typically based on the type of policy, the coverage amount and the risk profile of the insured, which often factors in variables, such as age, gender and overall health. When assessing an applicant's risk, some companies also require applicants to undergo a medical exam and/or answer an extensive health questionnaire. To compare costs between companies, let’s look at the anticipated prices for a nonsmoking female in average health who has purchased a 20-year, $1 million term policy:

Age	Nationwide	Mutual of Omaha
35	$59.94	$61.28
40	$83.56	$88.80
45	$123.81	$131.80
55	$283.94	$295.20
65	$948.94	$920.42

Men of the same age with a similar risk profile typically incur higher premiums, and both genders see a steep increase in cost between the ages of 55 and 65. Additionally, while Mutual of Omaha requires applicants to undergo a medical exam before being approved for this type of coverage, Nationwide may not require an exam for qualified applicants.

Nationwide vs. Mutual of Omaha Life Insurance Comparison of Accessibility

Accessibility is an important component of a policy purchase, and Nationwide lets consumers receive quotes and apply for term insurance plans directly through its website. Additionally, not all plans require a medical exam prior to approval. Shoppers may also use the company’s digital coverage calculator to help determine the amount of insurance they need and can afford. However, to apply for the company’s permanent life insurance products, consumers must schedule a consultation with a Nationwide financial specialist or go through their local insurance agent. Current policyholders may access policy documents and forms electronically, and claims can be conveniently filed online.

Mutual of Omaha customers can also get quotes through the company website and may apply for policies online, over the phone or through a licensed insurance agent, depending on the type of plan they’re interested in. Additionally, most policies require a medical exam as part of the underwriting process. The company has limited account management tools online, and most changes or adjustments need to be made through your insurance agent or by sending a written request to Mutual of Omaha. However, the company maintains an automated phone service, which customers may use to pay their premiums or find the current value of their policies.

Nationwide vs. Mutual of Omaha Life Insurance Comparison of Company Ratings

Nationwide and Mutual of Omaha both maintain reputations as strong, stable businesses that consumers can feel comfortable investing money with. Both companies earn consistent high marks from industry ratings agencies that assess financial stability and creditworthiness. Mutual of Omaha currently has ratings of A+ (superior) from A.M. Best, A1 (good) from Moody’s and AA- from S&P Global, which indicates that the company has a strong capacity for meeting its financial obligations. Nationwide has similarly high marks, having received A+ ratings from AM Best and S&P Global and an A1 from Moody’s.

These companies also landed on several prominent lists ranking the top life insurance companies, including U.S. News and World Report’s Best Life Insurance Companies of 2022. Nationwide hit the list at No. 9, with Mutual Omaha not far below it at No. 11.

Choosing the Right Insurance Company for You

Choosing the right life insurance company often comes down to how well an insurer can meet your family's unique financial needs and goals. While finding a financially stable provider is crucial, particularly if you’re young and investing in lifetime coverage, you may also want to consider more practical day-to-day aspects, such as the company’s online toolset and the ease of contacting customer service. By researching the companies you’re interested in, you can make smarter policy decisions and choose a company that works for you.