Pacific Life vs. Mutual of Omaha Life Insurance

Pacific Life and Mutual of Omaha are reputable life insurance issuers offering a range of term and permanent life insurance products. Both companies boast excellent ratings, potentially leaving consumers feeling confused about which is the better option. Learning about the pros and cons of Mutual of Omaha and Pacific Life can help you decide which insurer best suits your circumstances.

Pacific Life Life Insurance Summary

Pacific Life sells term life insurance products, and it has a broader range of permanent options than Mutual of Omaha. Which products you can purchase depends on your state, and there are 10, 15, 20, 25 and 30-year term policies available. Pacific Life's term life insurance products come with level premiums, and some allow enrollees to convert to permanent insurance at the end of the term.

Pacific Life also provides whole life, universal life and indexed universal life insurance products. These policies are permanent options that accumulate cash value and last for your entire lifetime, as long as you pay your premiums. Pacific Life's whole life insurance products offer the predictability of level premiums, while its universal life products provide flexible payments and guaranteed death benefit options for qualifying enrollees. The indexed universal life insurance plan builds cash value following the performance of specific indexes.

Mutual of Omaha Life Insurance Summary

Mutual of Omaha sells term and permanent life insurance products. Its term policies span 10, 15, 20 or 30 years, and customers pay the same premiums over the policy's lifetime for a level death benefit. You can convert your Mutual of Omaha term life insurance policy to permanent coverage when it expires.

The company's whole life insurance products offer the same level premiums and death benefit as a term plan but with permanent coverage. These policies also build cash value. Mutual of Omaha universal life insurance offers cash value accumulation with adjustable premiums and death benefits if you meet certain criteria. Universal life insurance enrollees can sometimes receive some of the death benefit during their lifetime if they develop a qualifying illness.

Pacific Life vs. Mutual of Omaha Life Insurance Comparison of Riders

Riders allow you to customize your life insurance policy to protect yourself against a broader range of factors that could affect your family's financial security. Pacific Life and Mutual of Omaha both offer optional child riders and riders that allow you to access death benefits early in certain circumstances. However, you'll need to pay extra to add them to your policy. Overall, Mutual of Omaha offers a more comprehensive range of add-ons.

Rider	Pacific Life	Mutual of Omaha
Accelerated Death Benefit	x	x
Chronic Illness		x
Terminal Illness	x	x
Critical Illness		x
Residential Damage		x
Waiver of Premium for Unemployment		x
Common Carrier Death Benefit Provision		x
Disability Income		x
Accidental Death Benefit		x
Child	x	x
Waiver of Charges for Disability	x

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

Mutual of Omaha and Pacific Life both hold an A+ rating with A.M. Best. This rating assures consumers that the companies are financially strong and operate responsibly.

Both companies also score well in terms of customer satisfaction and hold higher than average scores with J.D. Power. Pacific Life's score is 776/1000, while Mutual of Omaha has a score of 795/1000. Both companies rank higher than several industry giants, including Prudential and MassMutual.

Pacific Life vs. Mutual of Omaha Life Insurance Comparison of Accessibility

Mutual of Omaha sells most of its products through agents, so you'll generally have to call the company if you want to purchase a policy. However, you can apply for a limited number of policies online. The company usually requires potential enrollees to complete a medical exam or health assessment to determine eligibility. Its guaranteed acceptance whole life insurance policy allows applicants to skip the medical, but it's pricier than other options.

Pacific Life has a range of calculators on its website to help you assess your insurance needs, but it doesn't accept online applications. Instead, you'll need to use the website's finder tool to locate a licensed financial professional in your area. Pacific Life may waive the requirement for a medical exam for younger applicants if they meet certain criteria. Older applicants may also be able to obtain insurance without a medical exam if they've had a physical exam in the last 18 months.

Choosing the Right Life Insurance Company for You

The promise of cheap premiums can make an insurance company seem more attractive, but it's essential to check that the coverage meets your family's needs. It's sometimes better to spend a little extra in return for extra security. Therefore, it's wise to compare several options before purchasing a life insurance policy and to research the company through a ratings agency, such as A.M. Best or the Better Business Bureau, to check its financial strength and operating practices.