Mutual of Omaha vs Americo
Mutual of Omaha and Americo are two respected insurers frequently chosen by clients seeking affordable life insurance, especially for final expense and simplified issue coverage. Both companies offer policies with minimal medical requirements and fast approvals, but they differ in financial strength, product flexibility, and pricing. Here’s a comprehensive comparison for those evaluating these two providers.
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Company Overviews
Mutual of Omaha
Founded in 1909, Mutual of Omaha is a Fortune 500 mutual insurance and financial services company headquartered in Omaha, Nebraska. It serves over 23 million customers and is known for its broad range of insurance products, including life, Medicare supplement, and annuities. Mutual of Omaha operates through a network of agents and brokers nationwide.
Americo
Americo Life, Inc. is a privately held insurer with a national footprint, focusing on simplified issue life insurance, final expense, and annuity products. Americo is recognized for its streamlined digital underwriting, instant decisions, and accessible coverage for seniors and low-to-middle-income consumers.
Financial Strength & Ratings
| Company | AM Best | S&P | Moody’s | Assets (2024/2025) |
|---|---|---|---|---|
| Mutual of Omaha | A+ | A+ | A1 | $55.4 billion |
| Americo | A | BBB | N/A | Not specified |
Policy Types Offered
| Policy Type | Mutual of Omaha | Americo |
|---|---|---|
| Term Life | Yes (10, 15, 20, 30 years) | Yes (15, 20, 25, 30 years) |
| Whole Life | Yes (Living Promise, GA) | Yes (final expense, whole) |
| Universal Life | Yes (Indexed, GUL) | Yes (Indexed UL) |
| Guaranteed Issue | Yes (ages 45–80) | Yes (up to $10,000) |
| Final Expense | Yes (Living Promise) | Yes (Eagle Premier, others) |
Coverage Options & Flexibility
Mutual of Omaha: Term life starts at $100,000, convertible to permanent. Whole life/final expense ranges from $2,000–$50,000. Guaranteed acceptance is available from $2,000–$25,000 for ages 45–80. Universal life includes indexed and guaranteed universal life options.
Americo: Term life runs 15–30 years with no exam required for many. Whole life/final expense ranges from $2,000–$30,000, with no waiting period options for many. Guaranteed issue goes up to $10,000 with a two-year waiting period.
Underwriting & Application Process
Mutual of Omaha: No medical exams for most policies under $500,000. Simplified applications with health questions for most products, with fast approvals.
Americo: Instant-decision eApplications. Simplified issue involves just a few health questions; guaranteed issue requires none. Very fast approvals, often within minutes.
Pricing & Affordability
Mutual of Omaha: Competitive rates. Example: A $10,000 whole life policy for a 65-year-old female is ~$41/month through an agent. Guaranteed acceptance for the same profile runs ~$50/month. Rates are level and never increase.
Americo: Final expense premiums are generally higher than Mutual of Omaha for similar coverage. Example: $10,000 guaranteed issue costs more, and premiums are also level for life.
Alternatives to Consider
- New York Life
- Transamerica
- John Hancock
- Everdays
These companies offer strong alternatives with digital features, higher face amounts, and flexible underwriting.
Riders & Customization
Mutual of Omaha: Offers a wide range of riders, including accelerated death, child coverage, chronic/critical illness benefits, and unemployment waivers. Term policies can convert to permanent without new underwriting.
Americo: Includes living benefits (critical, chronic, terminal illness) and offers accidental death, child/grandchild, disability, and unemployment waiver riders. Particularly strong for mortgage protection/final expense riders.
Best For…
| Company | Best For |
|---|---|
| Mutual of Omaha | Seniors, affordable final expense, broad product/rider choices, strong financial strength and customer service |
| Americo | Applicants needing fast, no-exam coverage, high-risk individuals, instant approval, and digital applications |
Pros and Cons
| Company | Pros | Cons |
|---|---|---|
| Mutual of Omaha | Superior financial strength, low rates, broad product selection, strong reputation, fast claims, no-exam options | Whole life caps at $50,000, some state restrictions, limited digital experience |
| Americo | Instant approvals, no-exam for most, no waiting period for high-risk, flexible digital process | Higher premiums, low guaranteed issue max, limited customer satisfaction data |
Customer Experience & Support
Mutual of Omaha: A+ BBB rating, low complaint ratio, praised for fast claims and strong customer support. Online and phone support available.
Americo: Fast approvals and accessible information, but lacks extensive customer satisfaction data. Not BBB accredited, higher complaint index than average.
Final Verdict
Mutual of Omaha excels in financial strength, competitive pricing, broad product and rider selection, and excellent customer service. It’s ideal for most clients seeking affordable, reliable life insurance, especially for final expense and guaranteed acceptance coverage. Americo, while offering fast, no-exam approvals and flexible underwriting for high-risk applicants, tends to be more expensive for similar coverage and offers lower maximums for guaranteed issue. For most seeking value and peace of mind, Mutual of Omaha is the stronger option. Americo remains a viable alternative for those needing instant decisions or who struggle to qualify elsewhere.
✅ FAQs: Mutual of Omaha vs. Americo Life Insurance
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