Christian Simmons, writer and researcher for RetireGuide
  • Written by
    Christian Simmons

    Christian Simmons

    Financial Writer

    Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE®). He covers Medicare and important retirement topics. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016.

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  • Edited By
    Savannah Pittle
    Savannah Pittle, senior financial editor for RetireGuide

    Savannah Pittle

    Senior Financial Editor

    Savannah Pittle is a professional writer and content editor with over 16 years of professional experience across multiple industries. She has ghostwritten for entrepreneurs and industry leaders and been published in mediums such as The Huffington Post, Southern Living and Interior Appeal Magazine.

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  • Financially Reviewed By
    Ebony J. Howard, CPA
    Ebony J. Howard, CPA

    Ebony J. Howard, CPA

    Credentialed Tax Expert at Intuit

    Ebony J. Howard is a certified public accountant and freelance consultant with a background in accounting, personal finance, and income tax planning and preparation.  She specializes in analyzing financial information in the health care, banking and real estate sectors.

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  • Published: March 21, 2023
  • Updated: October 25, 2023
  • 5 min read time
  • This page features 10 Cited Research Articles
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A qualified expert reviewed the content on this page to ensure it is factually accurate, meets current industry standards and helps readers achieve a better understanding of retirement topics.

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How to Cite RetireGuide.com's Article

APA Simmons, C. (2023, October 25). Mutual of Omaha Annuities: Finding the Right Retirement Income Plan. RetireGuide.com. Retrieved February 27, 2024, from https://www.retireguide.com/annuities/companies/mutual-of-omaha/

MLA Simmons, Christian. "Mutual of Omaha Annuities: Finding the Right Retirement Income Plan." RetireGuide.com, 25 Oct 2023, https://www.retireguide.com/annuities/companies/mutual-of-omaha/.

Chicago Simmons, Christian. "Mutual of Omaha Annuities: Finding the Right Retirement Income Plan." RetireGuide.com. Last modified October 25, 2023. https://www.retireguide.com/annuities/companies/mutual-of-omaha/.

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Key Principles

RetireGuide’s mission is to provide seniors with resources that will help them reach important financial decisions that affect their retirement. Our goal is to arm our readers with knowledge that will lead to a healthy and financially sound retirement.

We’re dedicated to providing thoroughly researched annuity information that guides you toward making the best possible financial decisions for you and your family.

We partner with Senior Market Sales (SMS), a leader in the insurance industry with over 30 years of experience and a network of 66,000 independently licensed agents across the United States.

Our partnership with SMS (and Insuractive, the company’s consumer-facing branch) allows us to deliver expertly researched and reviewed content at no cost or obligation to all of our visitors. It also gives our visitors the opportunity to take the next step in their financial journey by requesting help from our partner through the phone numbers or forms provided on our website.

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The content and tools created by RetireGuide adhere to strict editorial guidelines to ensure quality and transparency.

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While the experts from SMS are available to help you navigate various annuity options, RetireGuide retains complete editorial control over the information it publishes.

We operate independently from SMS, which allows the award-winning RetireGuide team to provide you with unbiased information.

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Key Takeaways
  • Mutual of Omaha is a century-old Fortune 500 company with ratings of “A+” by S&P Global Ratings, “A+” by AM Best and “A1” by Moody’s.
  • Mutual of Omaha offers income annuities and deferred annuities.
  • The provider charges no administrative fees on its annuities, although withdrawal/surrender charges might apply.

Mutual of Omaha History

Founded in 1909 and chartered as Mutual Benefit Health & Accident Association, Mutual of Omaha began issuing health and accident insurance to Nebraskan workers in 1910. The company grew and branched out, gaining licenses in 48 states and two territories by 1939.

In 1950, the company began pursuing its mission of pioneering the insurance industry under the Mutual of Omaha name. In 2014, it became the first insurance business to provide an online application for Medicare Supplement policies.

Mutual of Omaha grew by acquiring subsidiaries, expanding its reach and product lines to generate long-term financial security for its customers. Today, it offers a range of income and deferred annuities, among other financial services. United of Omaha Life Insurance underwrites its policies.

Mutual of Omaha companies have an “A+” rating from the Better Business Bureau.

Mutual of Omaha Company Reputation and Financial Stability

Mutual of Omaha has more than 14.6 million members and serves more than 5.3 million individual customers and more than 48,000 employer groups across all 50 states.

In 2021, it paid nearly $6.4 billion in benefits from nearly 6.3 million policies in force. The company has solid financial ratings from leading rating agencies and maintains a statutory surplus of $4 billion.

Besides its strong balance sheet and leverage profile, the company emphasizes community service and charitable giving through the Mutual of Omaha Foundation. In 2022, the foundation granted more than 6.2 million to more than 120 organizations through multiple channels all geared toward giving back to the community.

As of March 2023, Mutual of Omaha has earned strong ratings from three major rating services: AM Best, Moody’s and S&P Global.

Rating AgencyFinancial Strength Rating
AM BestA+
Moody’sA1
S&P GlobalA+
Source: AM Best, Moody’s, S&P Global
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Annuity Products from Mutual of Omaha

Mutual of Omaha offers two varieties of annuity products — income and deferred annuities. United of Omaha Life Insurance underwrites these annuities.

Income Annuities

Income annuities can help address one of people’s most common concerns — outliving your savings. They provide a consistent stream of income for people nearing retirement age or who are already retired. Income annuities can supplement income for a specific period or throughout your lifetime.

Income Annuities Offered by Mutual of Omaha
  • Ultra-Income
  • Income Access
  • Differed Income Protector
  • Income Annuity with Premium Return

Deferred Annuities

Deferred annuities offer a fixed rate of return and tax-deferred growth, which helps accumulate assets for retirement. One feature of deferred annuities is that your investment will never decline in value. You can also choose from a variety of income payout options.

Deferred Annuities Offered by Mutual of Omaha
  • Bonus Flexible Annuity
  • Ultra-Secure Plus
  • Ultra-Premier
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Mutual of Omaha Annuity Fees and Charges

Mutual of Omaha charges no annual administrative fees for its annuities. The only charges you may encounter are withdrawal charges, which only take effect if you pull out more than 10% of your contract’s value in the first year of the policy. The charge applies to the amount you withdraw over the 10% allowable. The amount differs from year to year and from one annuity to another. As with all tax-deferred policies, withdrawals done before 59½ years of age are subject to a 10% income tax penalty by the Internal Revenue Service.

Besides withdrawal/surrender charges, a market value adjustment may also apply, depending on the current new money interest rate relative to the multi-year guaranteed interest rate.

Exceptions may apply if the withdrawal is to cover:
  • Unemployment
  • Disability
  • Damage of a residence
  • Death of a spouse or minor dependent
  • Confinement to a hospital, nursing home or long-term care facility
  • Terminal illness or transplant surgery

Mutual of Omaha prides itself on having fee transparency. It says it discloses all relevant fees, charges and applicable waivers on its products. However, always read all the disclosures for any policy you’re ready to buy.

Contact Mutual of Omaha Customer Service

Customers have knocked Mutual of Omaha for poor customer service, which includes a perceived lack of communication and slow processing. However, the company says it maintains the flexibility to meet the unique needs of each customer through industry-benchmark customer service and payment services.

If you have questions, you can find an agent in your area or have an agent contact you.

You can reach the company at 800-775-6000 or through Mutual of Omaha’s contact page. Customers of Mutual of Omaha can log into their account at Mutual of Omaha’s annuity login page.

FAQs About Mutual of Omaha’s Annuity Products

What are the different payout options available with Mutual of Omaha annuities?
Mutual of Omaha offers a variety of annuities payout options, including life only, refund at death, period certain, life with period certain and joint and survivor life.
Can you customize Mutual of Omaha annuities to fit specific retirement needs?
Mutual of Omaha offers a variety of income and deferred annuities to give customers a broader choice and help them find a solution that meets their specific retirement needs.
What is the process for setting up a Mutual of Omaha annuity?
Although there are different annuities, the process for buying one is similar for each. You assess your current and future financial needs, then weigh your investment options against your short-, medium- and long-term objectives. Then complete an application, transfer money to buy the annuity and set a date when you want payments to start. A representative will guide you through this process.
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Last Modified: October 25, 2023

10 Cited Research Articles

  1. Moody’s. (2023, March 5). Mutual of Omaha Insurance Company. Retrieved from https://www.moodys.com/credit-ratings/Mutual-of-Omaha-Insurance-Company-credit-rating-340400
  2. AM Best. (2023, March 1). AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries. Retrieved from https://news.ambest.com/newscontent.aspx?refnum=248191&altsrc=23
  3. Mutual of Omaha Foundation. (2022). Our Annual Impact — 2022. Retrieved from https://www.mutualofomahafoundation.org/
  4. Mutual of Omaha. (2022). Company Facts. Retrieved from https://www.mutualofomaha.com/about/newsroom/company-facts
  5. Mutual of Omaha. (2020). Company Profile; Timeline. Retrieved from https://www.mutualofomaha.com/about/company-profile
  6. Mutual of Omaha. (2020). Company Profile; Affiliates. Retrieved from https://www.mutualofomaha.com/about/company-profile/affiliates
  7. Mutual of Omaha. (n.d.). The Basics of Annuities. Retrieved from https://www.mutualofomaha.com/annuities
  8. Mutual of Omaha. (n.d.). Our Solutions for Annuities. Retrieved from https://www.mutualofomaha.com/annuities/plans
  9. Forbes. (n.d.). Mutual of Omaha. Retrieved from https://www.forbes.com/companies/mutual-of-omaha/?sh=3c6639652dcb
  10. Better Business Bureau. (n.d.). Mutual of Omaha companies. Retrieved from https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434