Is Mutual of Omaha a good annuity company?
Yes, for most buyers. The annuities are issued by United of Omaha Life Insurance Company, a Mutual of Omaha subsidiary that carries an A+ (Superior) rating from AM Best along with strong grades from S&P and Moody's. As a mutual company, Mutual of Omaha answers to policyholders rather than shareholders, and total enterprise assets run close to $55 billion. The lineup is broad, spanning MYGAs, a brand-new fixed index annuity and a flexible immediate annuity, though New York and California residents will run into a few product gaps.
Mutual of Omaha at a glance
| Legal name | Mutual of Omaha Insurance Company |
|---|---|
| Annuities issued by | United of Omaha Life Insurance Company |
| Founded | 1909 (United of Omaha chartered in 1926) |
| Headquarters | Omaha, Nebraska |
| Ownership | Mutual company, owned by policyholders |
| AM Best rating | A+ (Superior) |
| Total enterprise assets | About $55 billion |
| What it sells | MYGAs, a fixed index annuity, and an immediate annuity |
| State availability | All 50 states (New York served through Companion Life Insurance Company) |
Where Mutual of Omaha sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+Mutual of Omaha
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Mutual of Omaha
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Mutual of Omaha's history and financial strength
Mutual of Omaha opened its doors in 1909 in Omaha, Nebraska, and built its name over the following century largely through Medicare supplement advertising most Americans have seen at some point. The annuity business runs through a separate but wholly owned subsidiary, United of Omaha Life Insurance Company, chartered in 1926. When you sign an annuity contract, United of Omaha is the legal entity behind the guarantee, not the parent brand directly.
Mutual of Omaha operates as a true mutual company. There are no outside shareholders demanding quarterly returns; policyholders are the owners, and profits stay inside the enterprise. Across the whole organization, total assets sit close to $55 billion.
| Rating agency | Rating | What it means |
|---|---|---|
| AM Best | A+ | Superior |
| S&P Global | AA- | Very strong |
| Moody's | A1 | High quality |
| Fitch | Not rated |
That's a strong showing across three agencies, putting Mutual of Omaha in the same tier as carriers like Massachusetts Mutual. One detail worth flagging for New York shoppers: United of Omaha does not hold a New York license, so residents there are served through a different affiliate, Companion Life Insurance Company, which carries a smaller product lineup. Always confirm the current rating for the specific entity issuing your contract at AM Best's site before you sign anything.
What annuities does Mutual of Omaha sell?
United of Omaha's shelf splits into three families of products.
- Ultra-Premier, a MYGA sold in 5 and 7 year terms with a $25,000 minimum deposit. It lets you pull 10% of the account value out each year with no withdrawal charge.
- Ultra-Secure Plus, a second MYGA in the same 5 and 7 year terms, but with a much lower $5,000 minimum, which suits smaller allocations. Push your deposit to $50,000 or more and you pick up a small rate bump.
- Ultra Advantage, a fixed index annuity the company first brought to market in 2025. Buyers choose from five surrender periods (3, 4, 5, 7 or 10 years), principal stays protected from index losses, and an optional guaranteed lifetime withdrawal benefit rider is available for buyers who want future lifetime income. The free withdrawal allowance in year one runs up to 10%, and any portion left unused rolls forward toward a 25% cumulative ceiling. It is not offered in California, New York or the U.S. Virgin Islands.
- Ultra-Income, a single premium immediate annuity with several payout structures to choose from. An optional cost-of-living rider helps payments keep pace with inflation, and a separate rider raises the payout if you develop a qualifying medical condition, something you rarely see built into an immediate annuity.
Because MYGA rates and FIA crediting terms move often, this page does not print live numbers. Use the quote box here to pull current figures for your state and deposit size.
Who is Mutual of Omaha best for?
- Buyers who already know and trust the brand. If the name is familiar from Medicare supplement marketing, often the case for buyers in their 60s and 70s, the same financial strength carries over to the annuity side.
- Smaller MYGA deposits. A $5,000 minimum on Ultra-Secure Plus is unusually accessible for a carrier rated A+, since many competitors set their floor at $10,000 or higher.
- Retirees who like the idea of income that can grow after a health event. The medical-trigger rider on Ultra-Income is a distinctive feature most immediate annuities don't offer.
- FIA shoppers who want to pick their own commitment length. Five surrender period choices give more flexibility than carriers offering only one or two term lengths.
Mutual of Omaha fits less well for New York residents, since United of Omaha's full catalog isn't sold there; for California buyers hoping to use the Ultra Advantage FIA specifically; and for anyone looking for a variable annuity or a registered index-linked annuity, since the company doesn't currently sell either.
Other annuity companies to consider
If Mutual of Omaha is on your shortlist, these carriers are worth a look too:
- United of Omaha: the subsidiary that actually issues these contracts, reviewed on its own
- Massachusetts Mutual: another policyholder-owned mutual with a strong ratings profile
- Nationwide: a large, diversified seller worth comparing on FIA and income features
Pros and cons
Pros
- A+ from AM Best, AA- from S&P and A1 from Moody's, a top-tier combination
- True mutual structure, owned by policyholders with no outside shareholders
- $5,000 minimum premium on the Ultra-Secure Plus MYGA, low for an A+ rated carrier
- Ultra Advantage FIA carries forward unused free withdrawal amounts up to a 25% cumulative cap
- Ultra-Income SPIA offers a payout increase tied to a qualifying medical event, unusual for an immediate annuity
- Well over a century of national brand recognition
Cons
- The Ultra Advantage FIA only launched in 2025, so it has no long claims or crediting history
- United of Omaha is not licensed in New York; residents there use Companion Life's smaller lineup
- Ultra Advantage is not sold in California
- No variable annuity or registered index-linked annuity on offer
- Several product details require a conversation with a licensed agent rather than a public rate sheet
Frequently asked questions
Are Mutual of Omaha annuities issued directly by Mutual of Omaha?
No. The parent company does not issue the contracts itself. United of Omaha Life Insurance Company, a wholly owned subsidiary, is the entity named on your annuity contract, and it carries the same A+ AM Best rating as the broader enterprise. New York residents are routed instead to Companion Life Insurance Company, which offers a narrower product set.
Is the new Ultra Advantage fixed index annuity worth considering?
It has some genuinely buyer-friendly design choices: a choice of five surrender periods, principal protection, and a free withdrawal carryover that can build up to 25% of the contract's value. The tradeoff is that it launched in 2025, so there is no multi-year record yet on how its index crediting or income rider perform in practice. If a proven track record matters more to you than newer features, compare it against carriers that have sold an FIA for a decade or longer.
How do I buy a Mutual of Omaha annuity?
These annuities are sold through licensed independent agents rather than directly by the company. A licensed strategist can quote the United of Omaha lineup next to other top-rated carriers so you can see the tradeoffs side by side before you decide.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
