Jennifer Schell, CAS®
  • Written by Jennifer Schell, CAS®
  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury, editor for RetireGuide.com

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more.

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  • Published: March 21, 2023
  • Updated: June 21, 2024
  • 6 min read time
  • This page features 10 Cited Research Articles
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How to Cite RetireGuide.com's Article

APA Schell, J. (2024, June 21). Mutual of Omaha Annuities. RetireGuide.com. Retrieved July 15, 2024, from https://www.retireguide.com/annuities/companies/mutual-of-omaha/

MLA Schell, Jennifer. "Mutual of Omaha Annuities." RetireGuide.com, 21 Jun 2024, https://www.retireguide.com/annuities/companies/mutual-of-omaha/.

Chicago Schell, Jennifer. "Mutual of Omaha Annuities." RetireGuide.com. Last modified June 21, 2024. 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.

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Key Takeaways
  • Mutual of Omaha offers a variety of products, including income annuities and fixed annuities.
  • The company sold over $1 billion in individual annuities in 2023 and is licensed to sell annuities in every state and several U.S. territories.
  • Mutual of Omaha tailors its products to specific customer needs, and a few products have low minimum premiums or flexible premiums.

Products Offered

Mutual of Omaha offers two types of annuities: income annuities and deferred annuities. The company has a few different products of each type.

Mutual of Omaha's Income Annuities

Mutual of Omaha provides four options for income annuities. Each of these products converts a lump sum premium into a guaranteed income stream.

Income Annuities
  • The Ultra-Income annuity is a single premium immediate annuity (SPIA) that customers can customize with a variety of payout options. The SPIA has a minimum premium of $10,000, and payments can begin as early as the next month after purchase.
  • Mutual of Omaha's Income Access is a SPIA with several optional benefits. These include enhanced death benefits and increased payout options such as a 3% inflation protection rider.
  • The Income Annuity with Premium Return is a SPIA that guarantees a return of the owner's initial premium as a death benefit to the contract's beneficiaries. The SPIA has a minimum premium of $10,000 and Life Only or Joint Life Only payout options.
  • Deferred Income Protector is Mutual of Omaha's deferred income annuity, meaning customers can purchase the annuity and delay payments for up to 40 years. The annuity has a $5,000 minimum initial premium, and owners can also contribute additional purchase payments of at least $2,000 at any time until two years before income payments start. Mutual of Omaha positions the Deferred Income Protector as an alternative to employer-sponsored pension plans.

Mutual of Omaha's Deferred Annuities

The three deferred annuities Mutual of Omaha offers are the Ultra-Premier Annuity, the Ultra-Secure Plus and the Bonus Flexible Annuity.

Deferred Annuities
  • The Ultra-Premier Annuity is a multi-year guaranteed annuity (MYGA) with five-year and seven-year guarantee periods. This annuity has a minimum premium of $25,000 and allows for penalty-free annual withdrawals of up to 10% of the account value. Mutual of Omaha also offers a surrender charge waiver in cases of unemployment, disability, terminal illness, transplant surgery and other circumstances, though this waiver is subject to restrictions and not available in all states.
  • Ultra-Secure Plus is another MYGA with guarantee period options of five years or seven years. This annuity has a minimum premium of $5,000 but credits an additional 0.15% interest to contracts with accumulation values of $50,000 or higher. The Ultra-Secure Plus has a free withdrawal provision and surrender charge waiver similar to the Ultra-Premier.
  • The Bonus Flexible Annuity is a flexible premium fixed annuity. This product allows customers to purchase an annuity with a single premium of at least $5,000 or to set up flexible recurring premiums, with a minimum annual contribution of $1,200. The annuity has an eight-year surrender period and a 10% free withdrawal provision.
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Mutual of Omaha Overview

Mutual of Omaha was originally founded as Mutual Benefit Health & Accident Association in 1909. Today, the company’s offerings include Medicare supplemental insurance, life insurance, annuities, long-term care insurance, disability insurance and mortgages.

In 2023, Mutual of Omaha’s individual annuity premiums totaled just over $1 billion, representing a 0.28% share of the U.S. annuity market, according to data from the National Association of Insurance Commissioners (NAIC). The company is licensed in all 50 states, the District of Columbia, and several territories including Puerto Rico, American Samoa and Guam.

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Mutual of Omaha’s Reputation and Financial Standing

Mutual of Omaha has a strong reputation for financial stability. The company has received high ratings from three major credit rating agencies, signaling that Mutual is extremely likely to be able to meet ongoing obligations to policyholders.

An annuity’s guarantee is only as good as the stability of the issuing company, so it’s important to check the credit ratings of any annuity provider you consider.

Mutual of Omaha's Credit Ratings
Rating AgencyFinancial Strength Rating
AM BestA+ (Superior)
Moody’sA1 (Good)
S&P GlobalA+ (Strong)
Source: AM Best, Moody’s, S&P Global

Customer Satisfaction

According to data from the NAIC, Mutual of Omaha has not had any annuity customer complaints in the last two years. The NAIC tracks consumer complaints each state’s insurance commission receives each year and uses them to compile a company’s NAIC Complaint Index.

The index score is calculated by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market.

NAIC Complaint Index for Mutual of Omaha
All Policy Types0.31
Individual Annuities Only0.00

These numbers indicate that Mutual of Omaha receives significantly fewer complaints than the industry average, both for individual annuities and for the insurance industry as a whole.

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Pros and Cons of Mutual of Omaha

Mutual of Omaha is a major player in the insurance industry with a long track record of stability and customer satisfaction. However, this company may not be right for every annuity customer. Before purchasing an annuity from any provider, it’s important to weigh the pros and cons.

Pros
  • Financially stable: Mutual of Omaha received strong financial stability ratings from three major credit rating agencies.
  • Variety of fixed and income annuities: Mutual of Omaha's income and deferred annuities encompass a range of products, each designed to meet specific objectives for customers
  • Low minimum premiums for some products: Some of Mutual of Omaha's annuities have minimum premiums as low as $5,000, while others have flexible premium options.
Cons
  • No indexed or variable annuity offerings: Mutual of Omaha does not offer indexed annuities, variable annuities or RILAs.
  • Product information not easily accessible: The company's website does not provide detailed information about their annuity products.
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Last Modified: June 21, 2024

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