Founded in 1909, Mutual of Omaha is a highly respected insurer with a long history of financial strength and stability. It remains one of the few major carriers still offering standalone, traditional long-term care insurance, making it a go-to choice for individuals who want pure LTC coverage rather than hybrid life or annuity products. Mutual of Omaha has been a leading name in the industry for decades, backed by an A+ rating from A.M. Best for its financial strength.
Pros and Cons
Strengths
- One of the last insurers offering traditional LTC insurance
- Strong financial ratings and long-standing reputation
- Flexible benefit periods, daily/monthly benefit amounts, and elimination periods
- Options for shared care and inflation protection riders
Weaknesses
- Premiums are not guaranteed and may rise over time
- Stricter health underwriting than some hybrid policies
- Standalone LTC policies have fewer death benefit features compared to hybrids
- It can be more expensive for older applicants
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Process
Applying for Mutual of Omaha’s LTC insurance requires going through an agent or financial advisor. The process typically involves a health questionnaire, a review of medical records, and possibly an interview or examination. Benefits are triggered when the policyholder is unable to perform two or more activities of daily living (ADLs) or has cognitive impairment. Policies generally reimburse for qualified care expenses after the elimination period (usually 90 days).
Costs and Fees
Premiums vary based on age, health, benefit amount, and riders. For a healthy 55-year-old, premiums typically range from $2,500 to $3,500 annually, with costs increasing for older applicants. Riders like 3% or 5% compound inflation protection, shared care between spouses, and return of premium add to the price. Like most traditional LTC policies, premiums are not guaranteed — Mutual of Omaha has raised rates in the past, which is a common concern for policyholders.
Customer Experience
Mutual of Omaha holds an A+ rating from AM Best and a BBB rating of A+, reflecting its strong financial health and overall trustworthiness. Customer reviews are mixed: many praise the company’s stability and comprehensive coverage, while others express frustration with premium increases and the complexity of the claims process. On forums like Reddit, policyholders frequently mention the peace of mind that comes with coverage, but also share concerns about affordability in later years.
Comparison to Competitors
Compared to Nationwide or OneAmerica, which focus on hybrid policies (life or annuity with LTC benefits), Mutual of Omaha stands out as a pure LTC provider. Hybrids guarantee premiums but come with higher upfront costs, while Mutual of Omaha’s traditional LTC offers flexibility and lower entry pricing — with the trade-off of potential future premium hikes.
In comparison to Northwestern Mutual and MassMutual, Mutual of Omaha is often more accessible, as those companies tend to focus heavily on wealthier clients and hybrid designs. Mutual of Omaha is the most approachable choice for middle-income families who want solid LTC coverage without having to buy a large life insurance policy.
Our Ranking of Mutual of Omaha Long-Term Care Insurance
We compared Mutual of Omaha to the best long-term care insurance providers, and here’s how it ranked:
- Customer Experience (30%): 8 / 10
- Fees & Costs (25%): 7.5 / 10
- Product Options (20%): 9 / 10
- Application Process (15%): 8 / 10
- Overall Score: 8.2 / 10
Compare AssistedKin’s Top 5 Picks for Long-Term Care Insurance
| Recommended For | Company | Product Type | Premiums Guaranteed | Editor's Rating (Out of 10) | Next Steps |
|---|---|---|---|---|---|
| Best for Traditional Long-Term Care Coverage | Mutual of Omaha | Standalone Policy | No | 8.2 | Get Rates |
| Best for Comparing Policy Options | GoldenCare | Brokerage (Multi-products available) | Yes - Varies by Carrier | 8.0 / 10 | Get Rates |
| Best for Lifetime Coverage | OneAmerica | Hybrid (Life/Annuity) | Yes | 8.5 | Get Rates |
| Best for Cash Indemnity Flexibility | Nationwide | Hybrid (Life Insurance/Long-Term Care) | Yes | 8.6 | Get Rates |
| Best All-Around Hybrid Value | Lincoln Financial | Hybrid (Life Insurance) | Yes | 8.4 | Get Rates |
Final Thoughts
Mutual of Omaha is one of the strongest options for families seeking traditional long-term care insurance with a flexible benefit design and a trusted brand. While premiums may rise over time, and hybrid alternatives may appeal to those wanting guaranteed costs, Mutual of Omaha remains a top choice for individuals seeking straightforward, reliable LTC coverage.
Frequently Asked Questions
Answers to common questions about Mutual of Omaha long-term care insurance.
Yes, it is one of the few major insurers still offering standalone LTC policies.
Options include inflation protection (3% or 5%), shared care for couples, and return of premium.
Premiums typically range from $2,500 to $3,500 annually for a healthy 55-year-old, but costs increase with age and the addition of riders.
Middle-income families who want pure LTC coverage from a financially strong insurer.
