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About Mutual of Omaha
Mutual of Omaha is a Fortune 500 mutual insurance company with over 115 years of experience serving American families. Known for their exceptional financial strength and customer service, they offer a range of annuity products designed for safety-conscious investors. As a mutual company, they are owned by their policyholders, aligning their interests with their customers.
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How we scored them
Income Options86/100
Financial Strength96/100
Fees & Costs87/100
Flexibility82/100
Customer Service94/100
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The tradeoffs
What works
- Superior AM Best A+ rating
- Over 115 years of financial stability
- Mutual company structure (policyholder-owned)
- Excellent customer service reputation
- Competitive MYGA rates
What to watch
- Fewer indexed annuity options than specialists
- Income rider payouts slightly below top competitors
- Limited online account management tools
- Smaller annuity product portfolio
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What you could receive
Estimated guaranteed lifetime income based on a single premium payment. Actual rates may vary.
| Investment | Age | Monthly | Annual | Guarantee |
|---|---|---|---|---|
| $100,000 | 60 | $510 | $6,120 | Lifetime |
| $250,000 | 65 | $1,400 | $16,800 | Lifetime |
| $500,000 | 65 | $2,800 | $33,600 | Lifetime |
| $1,000,000 | 70 | $6,350 | $76,200 | Lifetime |
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Fee schedule
| Fee type | Amount | Description |
|---|---|---|
| Annual Contract Fee | $0 | No annual maintenance fee |
| Income Rider Fee | 1.00% | Annual fee for optional income rider |
| Surrender Charge | Varies | Declining surrender charge schedule |
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Early withdrawal penalties
Charges apply to amounts above the annual free withdrawal (typically 10%).
| Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9 | Yr 10 |
|---|---|---|---|---|---|---|---|---|---|
| 8% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% | 0% |
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Best fit for these buyers
Safety-conscious investors prioritizing financial strength
Those who value a mutual company structure
Retirees seeking simple, guaranteed products
Ages 55-75 wanting principal protection
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Frequently asked questions
Is Mutual of Omaha a good annuity company?
Mutual of Omaha earns an average rating of 0.0/5 across the 0 products we've reviewed, with an AM Best rating of A+ and S&P rating of AA-. Their financial strength is rated "Superior" with $45+ Billion in total assets. Mutual of Omaha is particularly strong in financial strength.
How much income can I get from a Mutual of Omaha annuity?
Income depends on your investment amount and age. For example, a $500,000 investment at age 65 could generate approximately $33,600 per year in guaranteed lifetime income. A $250,000 investment at the same age could generate about $16,800 per year.
What are the fees for Mutual of Omaha annuities?
Mutual of Omaha charges Annual Contract Fee: $0, Income Rider Fee: 1.00%, Surrender Charge: Varies. Notably, there is no annual contract fee on the base contract, which is a competitive advantage.
What is the surrender period for Mutual of Omaha annuities?
Mutual of Omaha annuities typically have a 10-year surrender period. Charges start at 8% in year one and decline to 0% in the final year. Most products allow 10% annual free withdrawals without penalty.