Protective Life vs. Mutual of Omaha Life Insurance

In this article...
  • Read our review of Protective Life Insurance vs. Mutual of Omaha Life Insurance for help deciding which company may be right for you. Learn about term and whole life insurance, and the types of policies each company offers.

Comparing life insurance companies is a critical step in the policy shopping process. Some life insurance companies are better suited for certain demographics or designed to serve unique needs. 

Protective Life Insurance and Mutual of Omaha Life Insurance companies are two of the industry’s leaders. We’ve done the hard work for you to provide an easy comparison between Protective and Mutual of Omaha to help you determine which company may be best for your life insurance needs. 

Protective Life Insurance

Protective Life Insurance was founded in 1907 and today serves millions of policyholders. One of the most reputable insurance companies, Protective Life maintains solid financial ratings from the leading credit and financial rating agencies:1

  • A+ from A.M. Best
  • A+ from Fitch
  • AA- from Standard & Poor’s
  • A1 from Moody’s

Protective offers some of the most affordable life insurance rates you’ll find for those who are in good health. There are also opportunities to lower your rates if your health improves after a year. Plus, you can receive dividends from your policy that may be used to purchase additional coverage or distributed as cash.   

Protective also offers a wide variety of coverage amounts and term lengths, providing enough flexibility to fit a wide range of needs. Applicants may choose term lengths of:

  • 10 years
  • 15 years
  • 20 years
  • 25 years
  • 30 years
  • 35 years
  • 40 years

Protective offers insurance policies that include term life, whole life and universal life. 

Protective also offers several available riders, which are additional units of coverage you can buy if you’re eligible and could benefit from the extra protection. Riders include those for children, terminal illnesses and for control over distribution of a policy’s death benefits. 

You may also purchase temporary coverage or convert your term life policy to a whole life policy with Protective. 

Mutual of Omaha Life Insurance

Mutual of Omaha was founded in 1909 and today makes up one of the largest insurance companies in the U.S. Depending on where you live, you may be able to find plans from Mutual of Omaha Insurance Company or one of its subsidiaries or underwriters, which include:

  • United of Omaha Life Insurance Company
  • Companion Life Insurance
  • United World Life Insurance Company

In addition to life insurance, Mutual of Omaha offers health insurance, Medicare Supplement Insurance, Medicare Advantage plans, annuities, mortgages, disability insurance, long-term care coverage and more. 

Mutual of Omaha offers term, whole and universal life insurance policies, with multiple products available for each type of coverage. There is also a long list of available riders you can add to a policy, including:

  • Accelerated death benefits
  • Disability income
  • Waiver of premium

Term lengths for term life policies with Mutual of Omaha include 10, 15, 20 and 30 years and may be converted into permanent coverage in many cases. Mutual of Omaha also sells final expense insurance, which is a small policy designed to cover funeral costs and other end-of-life expenses. 

Mutual of Omaha has a reputation for affordability, and the company even offers guaranteed issue whole life insurance policies, meaning your health or tobacco usage will not be factored on your application. 

Mutual of Omaha Insurance Company boasts strong financial ratings:2

  • A+ (superior) from A.M. Best
  • A+ (strong) from Standard & Poor’s
  • A1 (good) from Moody’s

Which Is the Best Insurance Company? Protective or Mutual of Omaha?

Protective Life and Mutual of Omaha share many qualities. Both companies have a reputation for affordability, strong financial performance and a diverse policy lineup that includes a wide variety of riders and other add-ons. 

One advantage of life insurance from Protective: Protective policies can pay out investment dividends to members, while Mutual of Omaha does not offer such a feature. If you’re looking for a life insurance policy that can double as an investment vertical, you may want to look toward Protective.

Mutual of Omaha, however, is among the leaders in investment and retirement planning, and anyone purchasing life insurance from Mutual of Omaha will have the opportunity to take advantage of the company’s many proven investment verticals. 

Another area where Protective has a slight edge over Mutual of Omaha is with the lengths of term policies:

  • Mutual of Omaha offers the standard 10-, 15-, 20- or 30-year life insurance term options.
  • Protective offers more flexibility, with five-year term increments and policies that last up to 40 years.

Keep in mind you may not need such targeted term lengths, and many people would convert their term life insurance policy into whole life insurance before 40 years passed. 

One big advantage that Mutual of Omaha offers: guaranteed issue policies. These types of policies don’t require you to undergo a medical exam when you apply. This gives people in poor health access to affordable life insurance that may not otherwise be available.

Mutual of Omaha also offers final expense coverage, while Protective does not.  

So which life insurance company is right for you?

  • If you value additional flexibility for your term lengths and wish to use your policy as an investment, Protective may be the better choice.

  • If you are a smoker or have certain health conditions that might make affordable life insurance hard to come by, or if you wish to purchase final expense insurance, you may want to consider Mutual of Omaha.   

Either way, it’s recommended that anyone shopping for and comparing life insurance companies and policies reach out to a licensed agent for assistance. Licensed insurance agents can help you compare plans available where you live so you can see their rates, coverages, riders and more before applying.

  1. Ratings as of March 31, 2021. Protective.

  2. Ratings as of March 15, 2022. Mutual of Omaha.

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