Mutual of Omaha Insurance Company: Cool Facts & History

In today’s post, I am going to share some really cool facts about Mutual of Omaha Insurance Company. These are things I found online about the company (sources are cited). Enjoy the post and be sure to leave a comment below to share your thoughts.

Top 21 Cool Facts About Mutual of Omaha Insurance Company

Mutual of Omaha Insurance Company: Top 21 Cool Facts

# 1 It was formerly known as Mutual Benefit Health & Accident Association.

Mutual of Omaha was first known as Mutual Benefit Health & Accident Association and in 1950 it changed its name to Mutual of Omaha Insurance Company.

Source: Wikipedia

Mutual of Omaha has stood the test of time.

# 2 It has been in business more than 100-years!

Mutual of Omaha has been in the business of offering insurance and financial products for over 100 years. Mutual of Omaha was founded in 1909 by a medical student at Omaha’s Creighton University and his wife, Dr. C.C. and Mabel Criss.

Source: Good Financial Cents

# 3 The company is headquartered in Nebraska and operates in 44 states.

Mutual of Omaha’s home office remains in Omaha, Nebraska with satellite offices in most states.

Source: nerdwallet

# 4 Mutual of Omaha’s Wild Kingdom premiered on network television. 

In 1963, the company became famous for its wildlife and reality programming – the “Mutual of Omaha’s Wild Kingdom” show that featured Marlin Perkins. The program ran until 1988. The program won Emmy Awards from 1966 to 1969 for “outstanding program achievement.”

Source: Omaha World Herald

# 5 The company provides some of the simplest and easiest term-life insurance coverage you can find.

They sell Priority Income Protection plan. This policy is their simplified version of disability insurance coverage. This policy will still give you disability coverage, but it’s much easier to apply for and be accepted for protection. You can get monthly benefits up to $4,000 (or up to 70% of your income) and you can receive benefits anywhere from 12 months to 36 months.

What makes this policy so special is the ability to skip the medical exam and get protection in a matter of days. Just like with their other policy, you can still purchase additional riders to increase your coverage.

Source: Good Financial Cents

# 6 One of the first companies to provide disability insurance to non-professional workers.

I find this fact very interesting myself. They definitely paved the way for blue collar and non-professional employees (and entrepreneurs) looking for disability insurance.

# 7 Mutual of Omaha offers Medicare supplement plans nationwide except in Massachusetts.

Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular insurance does not cover. Some supplemental insurance plans will pay for out-of-pocket medical expenses, such as deductibles, copayments, and coinsurance.

Source: VeryWellHealth.com

# 8 Mutual’s Residential Damage Rider waives your monthly premiums for six months if your residence suffers $25,000 or more worth in damages.

A rider on a homeowner’s insurance policy can provide additional coverage for valuable things you own that are worth more than the per-item limit of your homeowner’s or renter’s insurance policy.

First accident and health company to use a computer system.

# 9 First accident and health company to use a computer system.

While some insurance companies were slow to use computers, Mutual of Omaha embraced technology and was the first accident and health company to do so.

# 10 Mutual of Omaha is one of the very few insurance companies that offers an online application for Medicare Supplement insurance policies.

The company’s website allows its visitors to easily obtain quotes for both whole life and term insurance coverage. And, the prices for all lines of the company’s life insurance are quite competitive.

Source: Omaha World Herald

# 11 By obtaining quotes from only one insurer, you can essentially lock yourself into just one premium price.

Mutual of Omaha offers a wide variety of insurance and financial products for both consumers and business customers. These include Medicare Supplement, life insurance, long-term care, disability insurance, critical illness coverage, annuities, structured settlements, cancer, heart attack and stroke insurance, small business solutions, and investments.

Source: Omaha World Herald

The company believes in giving back to the community.

# 12 The company believes in giving back to the community.

In 2005, Mutual of Omaha established the Mutual of Omaha Foundation. In the same year, the company also sponsored Indy Car racing.

Source: HeartLifeInsurance.com

# 13 Mutual of Omaha opened its doors to banking.

In 2007, Omaha Financial Holdings, Inc. was created as the parent company of Mutual of Omaha’s banking initiatives.

Source: Wikipedia

# 14 The company employs over 5,000 people.

The company and its affiliates have more than 5,000 employees plus a network of sales advisors.

Source: Wikipedia

# 15 In 2014, they had a $17.6 billion policy reserve which is set aside to pay future claims.

This puts me at ease knowing the company has a large reserve for when things go wrong.

Mutual Of Omaha has one of the best online portals.

# 16 Mutual Of Omaha has one of the best online portals. 

Once policy is issued you can register for an account online. Clients find this extremely easy to use. Among other things, you will have the ability to view explanation of benefits (EOB) online was your claims are processed. This can save you a lot of time, you won’t have to wait on hold with customer service just to order a new ID card or to pay a bill.

Source: blue wave insurance services

# 17 It is a Fortune 500 company for 23-years and counting.

Mutual of Omaha made its debut in 1995, dropped off in 2006 and 2007, but is solidly on the list since.

Source: Omaha World Herald

# 18 They hold an A+ rating from A.M. Best

A rank of A+ from A.M. Best, a well-known credit rating agency, is one of the highest positions for an insurance company to hold in terms of financial strength.

Source: True Blue Life Insurance

# 19 In 2018, the company ranked # 5 overall out of 23 insurers for overall customer satisfaction.

In a life insurance study by J.D. Power published in 2018, Mutual of Omaha scored “better than most” companies for overall customer satisfaction. The company ranked No. 5 overall out of 23 insurers included in the survey.

Source: nerdwallet

# 20 Mutual of Omaha has a customer base of 3.8 million individual policyholders and 9 million members that are part of employer groups. 

Considering there are only about 350 million Americans, this means that nearly 1 in 30 Americans has an insurance policy of some type with Mutual of Omaha.

# 21 Mutual holds over 40 Billion in assets with a reported net income of almost 300 million in 2018. 

From a financial standpoint, Mutual of Omaha is considered to be extremely strong. This means that policy holders can know that the company will be there when they need them to pay on when they have a claim.

Source: Wikipedia

Final Thoughts

There you have it folks. These are 21 interesting facts about Mutual of Omaha Insurance Company. Which fact did you find the most interesting? Leave a comment below to let us know what you think.

If you’d like to visit the company’s website, you can do so here.

Suggested Reading

  1. List of Bankrupt Insurance Companies
  2. The Future of SIU
  3. Weird Things You Can Insure

 

 

6 thoughts on “Mutual of Omaha Insurance Company: Cool Facts & History

  1. Rowan

    As a young entrepreneur, I wasn’t very informed in the importance of insurance. Reading about Mutual of Omaha gave me some insights on what a good company looks and sounds like. Pretty cool that they were the first insurance company to use computers! I wonder if I can get coverage as good as what you had stated here in Canada?

    Sounds like they were always ahead of their time, and to this day still stands strong. What is your top recommended insurance company? I am a Canadian so maybe I might not be able to check out policies in the states, but let me know!

    Reply
  2. Gaurav Gaur

    Hi, Chuck.
    Thanks for sharing 21 facts about Mutual of Omaha Insurance Company. The list seems to be endless and gives all the eye-catching positives of the company.

    I liked the fact that it is the first insurance company to use a computer. Though it seems very normal at present, but we can think of the time when entire hard copies would have been uploaded on the software to get access through a computer. A tough task – and becoming first makes it the leader.

    Warm Regards,

    Gaurav Gaur

    Reply
  3. Nate MC

    This is interesting stuff. I knew they had a large presence, because I’ve heard of them doing business in most states. I like that they give a lot back to the community, but I actually didn’t know they had a show going on and that it won Emmys! 

    I will say this, it seems that Mutual of Omaha has always been a forward-thinking company, so it’s no surprise they continue to do well.

    Reply
  4. Cathy Cavarzan

    Amazing facts! 100 years and counting is just amazing in this day and age. I remember watching Mutual of Omaha’s Wild Kingdom growing up. What memories!

    Would you happen to know how that show actually came about since Mutual of Omaha is all about life insurance, I have always wondered the correlation between insurance and the wild kingdom?

    Reply
  5. Sondra M

    This was an interesting list of facts about Mutual of Omaha Insurance Company.

    I think the most interesting thing on this list of facts was that they had the Mutual Of Omaha Wild Kingdom television show. The weird thing is that I faintly remember watching it as a kid. 

    It is also nice to see a 100-year old company still in existence.  

    Reply
  6. Derek

    The Mutual of Omaha Insurance Company has certainly got an excellent record. All the points made can only lead to the conclusion that it is an insurance company that has stood the test of time.

    I find the fact that 1 in 30 Americans are insured in some way through Mutual of Omaha to show that it carries a great deal of trust.

    Derek

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *