American National vs Mutual of Omaha
American National vs. Mutual of Omaha Life Insurance: Which One Fits Your Budget and Needs?
Choosing the right life insurance provider means balancing affordability with reliability. American National and Mutual of Omaha both offer competitive pricing, long-standing reputations, and flexible policy types. But depending on your age, health profile, and goals, one may better suit your situation. Here’s a side-by-side breakdown to help guide your decision.
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Company Overviews
American National Insurance Company (ANICO)
Founded in 1905, American National has built a reputation for offering straightforward, affordable life insurance products with competitive pricing and simple underwriting. The company serves all 50 states and offers a full suite of financial products.
Mutual of Omaha
Established in 1909, Mutual of Omaha is a mutual insurance company (owned by its policyholders) known for strong customer service, senior-friendly policies, and simplified issue options. It’s particularly popular among older adults looking for final expense and no-medical-exam policies.
Financial Strength & Ratings
| Rating Agency | American National | Mutual of Omaha |
|---|---|---|
| AM Best | A (Excellent) | A+ (Superior) |
| Moody’s | N/A | A1 |
| Standard & Poor’s | A | A+ |
| Fitch | N/A | Not Rated |
Verdict: Mutual of Omaha has slightly stronger financial ratings, particularly from AM Best and Moody’s, reflecting a higher level of stability and claims-paying ability.
Policy Types Offered
| Policy Type | American National | Mutual of Omaha |
|---|---|---|
| Term Life | ✅ Level, ART, Convertible | ✅ Level Term Life |
| Whole Life | ✅ Available | ✅ Available |
| Universal Life | ✅ Indexed, Guaranteed | ✅ Indexed, Guaranteed |
| Final Expense | ✅ Simplified Issue | ✅ Simplified & Guaranteed |
| Guaranteed Issue | ✅ On select plans | ✅ No-exam available |
Coverage Options & Flexibility
American National offers:
- Up to 30-year term policies with conversion privileges
- Return of premium (ROP) term option
- Indexed Universal Life with flexible payment schedules
Mutual of Omaha provides:
- Strong no-exam and simplified issue plans
- Living benefits on many policies
- Shorter term policies for older adults (10-, 15-year options)
- Popular among those 50+ due to its user-friendly structure
Underwriting & Application Process
- American National:
- Offers Xpress and Xpress Plus programs for simplified and accelerated underwriting.
- No medical exams for healthy individuals under certain age/coverage thresholds.
- Mutual of Omaha:
- Known for fast approvals, especially for seniors.
- Offers guaranteed issue life with no health questions for applicants aged 45–85.
Verdict: Mutual of Omaha has a slight edge in underwriting simplicity, especially for final expense and older clients. American National excels in accelerated options for younger, healthier applicants.
Pricing & Affordability
| Age & Gender | Coverage & Term | American National | Mutual of Omaha |
|---|---|---|---|
| 30-year-old male | $500k / 20 years | $22–$27/month | $24–$28/month |
| 45-year-old female | $250k / 20 years | $29–$33/month | $30–$34/month |
| 60-year-old male | $100k / 10 years | $58–$65/month | $60–$70/month |
Verdict: American National is typically more affordable for younger and healthier individuals, while Mutual of Omaha is more competitively priced for simplified or guaranteed issue plans.
Alternatives to Consider
- Banner Life – Among the most affordable term providers with long duration options.
- Protective Life – Offers flexible term-to-UL policies for lifelong coverage.
- Haven Life – Ideal for online shoppers looking for no-exam term coverage.
- AIG – Strong choice for guaranteed issue and impaired-risk individuals.
Riders & Customization
| Rider Type | American National | Mutual of Omaha |
|---|---|---|
| Accelerated Death Benefit | ✅ Included | ✅ Included |
| Waiver of Premium | ✅ Optional | ✅ Optional |
| Child Term Rider | ✅ Available | ✅ Available |
| Return of Premium (ROP) | ✅ Available on Term | ❌ Not typically offered |
| Terminal/Chronic Illness | ✅ Living Benefits | ✅ Living Benefits |
| Accidental Death Benefit | ✅ Optional | ✅ Optional |
Verdict: American National offers more options for return-of-premium and indexed products, while Mutual of Omaha focuses on simplicity and core riders that appeal to senior demographics.
Best For…
American National
- ✔️ Young to middle-aged adults
- ✔️ People wanting return-of-premium term life
- ✔️ Applicants seeking indexed universal life coverage
Mutual of Omaha
- ✔️ Seniors and final expense shoppers
- ✔️ Those seeking no-exam or guaranteed issue life
- ✔️ Applicants who want fast, simplified approvals
Pros and Cons
American National Life Insurance
- ✅ Competitive rates for term and IUL
- ✅ Strong return-of-premium options
- ✅ Simplified underwriting with fast decisions
- ❌ Not as well-known as other top insurers
- ❌ Limited whole life distribution (more agent-focused)
Mutual of Omaha Life Insurance
- ✅ Excellent for seniors and no-medical-exam life
- ✅ Strong financial strength and customer trust
- ✅ Simple application process
- ❌ Slightly higher rates for traditional term life
- ❌ Less emphasis on high-growth IUL options
Customer Experience & Support
- American National: Reliable but more traditional in service style; digital tools are functional but not cutting-edge.
- Mutual of Omaha: Strong reviews for customer service, ease of claims processing, and helpful agent support—especially among senior clients.
Final Verdict: Which Life Insurance Company Should You Choose?
Choose American National if you’re under 50, want competitive rates with return-of-premium options, or need indexed universal life insurance with growth potential.
Go with Mutual of Omaha if you’re over 50, want fast approval without medical exams, or are seeking final expense coverage from a company trusted by generations.
💬 Frequently Asked Questions (FAQs)
Which company offers better term life insurance rates — American National or Mutual of Omaha?
Do both companies offer no-medical-exam life insurance?
What is the main difference in underwriting between the two?
Can I get return-of-premium term life insurance from either company?
Which company is better for seniors or final expense coverage?
Does American National offer indexed universal life (IUL)?
Which company has higher financial ratings?
Can I convert a term policy into permanent insurance with either provider?
Which insurer is faster with policy approval?
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent