Mutual of Omaha vs. New York Life Reviews in 2021

Mutual of Omaha is a US-based Fortune 500 mutual insurance and financial services company. It was founded in 1909 as Mutual Benefit Health & Accident Association. Located in Omaha, Nebraska, Mutual of Omaha offers a variety of insurance and financial products for its members. They are committed to listening to their members and helping them with various insurance and financial products. They aim at protecting their customer and help them achieve their financial goals.

New York Life Insurance Company (NYLIC) is the 3rd largest life insurance company and the largest mutual life insurance company in the United States. Founded in 1845, the company’s headquarter is located at New York Life Building, New York. Ted Mathas is the Chairman and CEO of the company. In 2019, New York Life ranked #71 in the Fortune 500 list of the United States corporations by total revenue. The company sells life insurance, annuities, long-term care, and asset management.

Mutual of Omaha

Mutual of Omaha has been offering health and accident coverage and specialty life plans since 1983. Through direct marketing and independent agent networks, they provide innovative and affordable insurance plans that have saved thousands of lives. In 1963, the company started sponsorship for the Mutual of Omaha’s the Wild Kingdom. Hosted by Marlin Perkins and Jim Fowler, this program was broadcasted on television for over 20 years.

Omaha Plans

Mutual of Omaha offers a wide range of insurance plans for its customers. These include financial services like Medicare Supplement, life insurance, long-term care coverage and annuities, group coverage, and much more.

Medicare

A Medicare plan is a federal program offered by the government of the USA. This program is for people aged 65 years or more, and they can qualify if they have a low income or any type of disability. Mutual of Omaha offers the following Medicare plans:

Medicare Supplement Insurance

Mutual of Omaha is a mutual company that has been serving the customers for their benefit and protection since 1909. A Medicare Supplement insurance plan provides coverage to protect a customer’s health and pocket. You can add this option to your existing Medicare Part A and B plans. This will cover some out-of-pocket costs like copays, coinsurance, and deductibles that are not covered by a Medicare Advantage plan. It also provides you with coverage when you are traveling abroad.

Prescription Drug Plan

A Prescription Drug Plan or Medicare Part C of Mutual of Omaha gives you access to more than 65,000 pharmacies and major chains. This plan works well with both Medicare Supplement and Medicare Advantage plans. It includes two plans –

  • Mutual of Omaha Rx Premier
  • Mutual of Omaha Rx Plus
Name of Plans Premium / month Deductible Preferred Network
Mutual of Omaha Rx Premier $30.20 Tier 1 & 2 – $0

Tier 3 to 5 – $445

CVS, CVS/Target, Walmart, Sam’s Club, and Regional Rx networks
Mutual of Omaha Rx Plus $47.98 $445 CVS, CVS/Target, Walmart, Sam’s Club, and Regional Rx networks

Dental Insurance

Oral health is as important as your physical health. Medicare does not cover dental services like routine cleanings, fillings, crowns, bridges, dentures, cosmetic services, and root canals. Mutual of Omaha offers two types of dental solutions – Insurance plan and Savings plan.

Mutual of Omaha Dental Insurance plan covers dental care that pays 100% for preventive services. It covers basic services like fillings, simple extractions, and some major services after a 12 month waiting period. It includes two dental plans –

  • Mutual Dental ProtectionSM
  • Mutual Dental PreferredSM

With a Dental Savings Plan, you can save 5% to 60% on most dental procedures. These include oral exams, unlimited cleanings, dentures, root canals, and crowns. The following chart will help you understand the pricing of a dental savings plan:

Monthly Quarterly Semi-annually Annually
Member Only $8.95 $26.85 $53.70 $99.00
Member + One $13.95 $41.85 $73.70 $139.00
Member + Family $15.95 $47.85 $95.70 $169.00

Life Insurance

A life insurance plan provides you coverage to protect the people you love the most. After your demise, the insurance company will provide financial help according to your premium bought earlier. Mutual of Omaha provides the following life insurance plans:

Term Life Insurance

A term life insurance includes –

  • Coverage for a certain period according to your need
  • Helps your family maintain their lifestyle when you are not around
  • Make sure your debts are paid off

Whole Life Insurance

A whole life insurance plans include –

  • Premium does not increase over time
  • Provides coverage for burial, funeral, or paying debts
  • Supplement of existing insurance coverage
  • Access to funding during emergency

Universal Life Insurance

Universal life insurance plans include –

  • Financial coverage for your loved ones after your death
  • Cash value that can be used for college funding or emergencies
  • Flexibility to adjust your payments and death benefit amount

Accidental Death Insurance

This plan includes –

  • Protection for your family in case of an unexpected covered accident
  • Supplement to existing life insurance coverage
  • Less waiting period with less premium

Besides these, Mutual of Omaha offers some other financial coverage, such as –

  • Long-term Care Insurance
  • Disability Income Insurance
  • Critical Illness Insurance
  • Cancer, Heart Attack & Stroke Insurance
  • Annuities
  • Investments
  • Mortgage
  • Reverse Mortgage

New York Life

New York Life Insurance Company has been serving people for the last 175 years. It is the largest mutual insurance provider in the United States, with $1.8 billion investments for its customers. They are focused on improving their long-term services and getting the best solution available in the market.

NYLIC Plans

New York Life offers a variety of life insurance plans for its customers. Some of these plans are for a certain period, some are for a lifetime, and some provide financial coverage. Below are some of the insurance plans offered by NYLIC:

Life Insurance

A life insurance plan provides financial coverage to your family when you will not be around them anymore, i.e., after your death. These plans pay in cash or cover hospital and education expenses (in some cases) of your loved ones. Some of these plans are:

Term Life Insurance

You can consider a term life insurance plan if you are looking for –

  • Temporary coverage that gives you access to convert to permanent coverage later on
  • Customizable add-ons that can fulfill your individual needs
  • Protection for your family at an affordable price

Universal Life Insurance

You can apply for a universal life insurance plan if you are looking for –

  • The most long-term protection for your money
  • Protection for a longer period than a typical term insurance
  • The ability to modify your protection and make adjustments according to your need

Long-Term Care

You work hard to make sure that your family and loved ones can live a certain lifestyle. Long-term insurance helps you to maintain that lifestyle even in your absence. This plan includes:

Traditional Long-Term Care Insurance

You can choose a traditional long-term insurance plan if you want –

  • The most long-term care coverage for your money
  • Coverage with the widest set of options
  • Protection for your properties and income in retirement

Combination Long-Term Care Insurance

Consider a combination long-term insurance plan if you want –

  • Premiums guaranteed never to increase
  • Ability to pay for a certain period
  • Long-term care and a guaranteed death benefit
  • A money-back guarantee

Premier Services

New York Life offers premier services to help their premier clients and small business owners achieve their retirement, estate planning, and business goals. They have professionals in sectors like law, taxation, accounting, business, insurance, etc., to help you with your financial problems.

Small Business

You can opt for a small business insurance plan if you are looking for –

  • Coverage for the loss of key executives
  • Succession planning
  • Incentives for valued employees
  • Protection for the business you have built

Estate Planning

You can consider an estate planning plan if you want to –

  • Create a will or living will
  • Give a lifetime gift
  • Support a special-needs child

Moreover, New York Life Insurance Company also offers the following plans:

  • Whole Life Insurance
  • Variable Universal Life Insurance
  • Income Now
  • Income Later
  • Annuities
  • Mutual Funds
  • ETFs
  • 529 Plans
  • Wealth Management

Mutual of Omaha and New York Life Insurance Company both offer a wide range of insurance plans to provide you financial coverage in times of emergencies. These plans come with huge benefits but at affordable prices. For more information about their plans, you can visit www.mutualofomaha.com and www.newyorklife.com.

Frequently Asked Questions

Q. What is the financial strength rating of New York Life Insurance Company?

In 2019, New York Life Insurance Company had earned the highest financial strength rating from major four rating agencies –

Agency

Rating

A.M. Best A++
Fitch Ratings AAA
Moody Aaa
Standard & Poor’s AA+

Q. Does Mutual of Omaha Plan G cover eye exams?

Mutual of Omaha offers Medicare Supplement Plan G that provides coverage for eye exams. With this plan, members get valuable vision care savings through EyeMed Vision Care. The vision plan comes as a pre-existing package with a supplemental plan that covers eye care and eyewear.

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