Great Western vs. Mutual of Omaha: Top Life Insurance in 2024

Comparing life insurance companies can be hard, but to make it easier, we compared Great Western vs. Mutual of Omaha, so you don’t have to.

These two companies offer very different things, but both serve a vital purpose to customers.

Mutual of Omaha offers everything from term life insurance to whole life policies, while Great Western specializes in final expense policies.

Keep reading to learn more about what each company provides and who they are right for.

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Great Western vs. Mutual of Omaha Overview

Great Western and Mutual of Omaha offer two very different things to their customers. Great Western specializes in final expense insurance and pre-need insurance.

Mutual of Omaha offers a wider range of policies, including term life insurance, whole life insurance, and indexed universal life insurance.

Because of their differences, they cater to very different customers. Final expense insurance and pre-need insurance are generally designed for seniors.

Whole life insurance policies are at their most affordable when purchased before you are in your sixties.

While there are individuals who may be able and willing to purchase these policies at different times of their life, they are generally not as affordable or necessary at that time.

Because of this, when it comes to comparing the two companies, it depends a lot more on you as the customer than what they offer.

Are you a senior looking for insurance to cover the cost of your final wishes or pre-pay for your funeral expenses? Great Western offers the policies that you need.

Are you a young adult looking to purchase a whole life policy? Mutual of Omaha has more of what you need.

The first step to deciding between these two companies is choosing which type of life insurance coverage you need.

Great Western Basics

Great Western is a relatively young company founded in 1996. Despite being less than thirty years old, they have a good reputation in the industry with an A.M. Best rating of A.

When it comes to their customer reputation, the National Association of Insurance Commissioners reports they have a complaint index score of 0.80.

This rating demonstrates that they have very few complaints, which is always a good sign to prospective customers.

Currently, Great Western specializes in two types of life insurance; pre-need and final expense.

Pre-need insurance is designed to allow policyholders to work directly with funeral homes to plan and pre-pay for their funerals while still alive.

Final expense insurance is very similar, but rather than providing funds tied directly to a funeral home or preplanning an event it provides funds directly to beneficiaries to use for final expenses.

Final expense insurance allows you to save that money for any final expenses you have, from funeral to affording medical bills in your final days.

Great Western offers ideal policies for seniors looking to secure their financial futures.

Mutual of Omaha Basics

Mutual of Omaha is a well-established company founded back in 1909. They currently hold an A.M. Best A+ and a stable outlook. Their reputation with customers is only slightly less positive.

Mutual of Omaha has a complaint index score of 1.22, just a little above average. The complaint index score is only a little above average, and there were more complaints in 2020 than in 2019.

Mutual of Omaha is a large company that offers a wide array of policies, including:

• Term life insurance
• Whole Life insurance
• Universal Life Insurance
• Accidental Death Insurance

Mutual of Omaha is also well-known for offering affordable policies. Their term life insurance policies and child life insurance policies are particularly cost-effective and popular.

Who offers the most affordable coverage?

The affordability of coverage between the two companies is largely based on what type of coverage you are interested in.

Term life insurance, final expense insurance, and pre-need insurance are some of the most affordable policies.

As Great Western specializes in final expense and pre-need insurance, this means that their policies are generally more affordable than any of the whole life policies offered by Mutual of Omaha.

However, comparing the term life insurance options offered by Mutual of Omaha to the policies offered by Great Western will be more difficult.

The best way to know which policy offers you the best coverage would be to get a quote from both.

As the policies offered do very different things, it’s important to look more for what you want your policy to do than just the monthly cost.

What other services are offered?

Both Mutual of Omaha and Great Western offer annuities in addition to their life insurance policies. However, Mutual of Omaha also offers a multitude of other types of coverage on top of annuities.

Mutual of Omaha offers several additional coverage types:

• Long-term care insurance
• Disability income insurance
• Critical illness insurance
• Cancer, heart attack, and stroke insurance

Outside of insurance, Mutual of Omaha provides several financial services, including:

• Investments
• Mortgages
• Reverse Mortgages

But what are the pros and cons of these two companies?

Pros and Cons of Great Western vs. Mutual of Omaha

The pros of both companies are that they have a good reputation in the industry. They both have great ratings with A.M. Best and stable financial outlooks.

Mutual of Omaha has more history, being established for over a hundred years. However, their complaint index has gone up in the past year while Great Western has maintained a below-average number of complaints.

When it comes to the products that each company offers, they are so different that the pros and cons will vary greatly based on the individual.

In short, the real pros and cons will depend entirely on you. If you are looking for affordable life insurance, Mutual of Omaha is well known for providing multiple policy types at reasonable rates.

If you are looking for final expense or pre-need insurance, Great Western offers that at an affordable rate.

Not convinced either company will work for you? Enter your ZIP code below, and we will help you compare additional life insurance companies and jumpstart your search for the right policy.