Get Life Quotes Today is independent. We are not affiliated with, endorsed by or paid by Mutual of Omaha or Colonial Penn for this page, and calling our number does not connect you to either company. If you already have a policy and need help with billing, changes or a claim, contact the company that issued it directly. The licensed agents we connect callers with may or may not offer these companies' products.
Side by side
| Mutual of Omaha | Colonial Penn | |
|---|---|---|
| Type | Insurance company | Insurance company |
| Headquarters | Omaha, Nebraska | Philadelphia, Pennsylvania |
| Ownership | Mutual company, owned by its policyholders | Subsidiary of CNO Financial Group, a public company |
| AM Best financial strength | A+ (Superior), affirmed by AM Best, as announced by the company. Source: Mutual of Omaha newsroom (opens in a new tab). | A (Excellent), affirmed by AM Best in April 2026 for CNO Financial Group's life and health subsidiaries. Source: AM Best release via Business Wire (opens in a new tab). |
| How it sells | Through independent and captive agents, and directly to consumers for some products. | Directly to consumers. |
Mutual of Omaha
A large mutual insurer based in Omaha, Nebraska. Its life insurance is issued through subsidiaries including United of Omaha Life Insurance Company.
Known for
- A broad range of products: term, whole life, universal life and final expense
- Final expense whole life sold through agents, with health questions and no exam
- A long-established brand with wide name recognition among older buyers
What to weigh
- Product details and age limits differ between policies sold by agents and those sold direct, so confirm which one you are being quoted
- Final expense policies with health questions can decline applicants
- As with any insurer, pricing depends on your age, health and state
Colonial Penn
A Philadelphia-based insurer and a subsidiary of CNO Financial Group, best known for guaranteed acceptance whole life insurance advertised on television to people aged 50 to 85.
Known for
- Guaranteed acceptance whole life with no health questions and no exam
- Coverage sold in units, where one unit has a fixed monthly price
- Direct sales by phone, mail and online
What to weigh
- The amount of coverage one unit buys depends on your age and sex, and it is lower for older applicants. Ask for the dollar amount of coverage, not only the unit price.
- The guaranteed acceptance policy has a two-year limited benefit period. A non-accidental death in that time pays back premiums plus interest instead of the full benefit.
- People in reasonable health may qualify for more coverage per dollar from a policy that asks health questions
Which one to look at more closely
Neither company is better for everyone. The right fit depends on your age, health, state and what you want the policy to do.
- Look more closely at Mutual of Omaha if you can answer health questions and want to see whether you qualify for coverage with no waiting period.
- Look more closely at Colonial Penn if health questions would likely lead to a decline and you need acceptance to be guaranteed.
How to check any insurer yourself
- Look up the current financial strength rating at AM Best (opens in a new tab). Ratings change, so check the date.
- Compare complaint records with the NAIC consumer information search (opens in a new tab).
- Confirm the company and the agent are licensed with your state insurance department.
- Ask whether the policy has a waiting period. How graded benefits work.
Sources
- Mutual of Omaha: AM Best affirms rating (opens in a new tab)
- AM Best rating search (opens in a new tab)
- AM Best affirms credit ratings of CNO Financial Group (Business Wire, April 2026) (opens in a new tab)
Facts on this page were checked on October 13, 2026 and can change. This is general information, not a recommendation or insurance advice. Company names are trademarks of their owners and are used here only to identify the companies discussed.