Mutual of Omaha vs. Transamerica: Term Insurance Compared

When it comes to Mutual of Omaha vs. Transamerica, you’re comparing two household names that sell term life insurance in very different ways. Transamerica builds its term line around two Trendsetter policies with a long list of term lengths and large face amounts. Mutual of Omaha, a policyholder-owned company, splits its term line into a fully underwritten product and a no-exam product with living benefits built in. In the profiles we checked, Transamerica priced roughly 18 to 25 percent below Mutual of Omaha at every age, so the real question is whether Mutual of Omaha’s features are worth that premium for your situation.

Live Rate Comparison: Mutual of Omaha vs. Transamerica

Rates below come from Compulife® as of October 2026 for a $500,000 20-year term policy, non-tobacco, Nevada. Rates are subject to change and depend on full underwriting. Individual outcomes vary.

Profile	Transamerica	Mutual of Omaha (United of Omaha)	Difference
Male, 30, Preferred Plus, $500K 20-yr	$18.28/mo	$23.87/mo	$5.59 (Transamerica cheaper)
Female, 40, Preferred Plus, $500K 20-yr	$23.80/mo	$31.61/mo	$7.81 (Transamerica cheaper)
Male, 45, Preferred Plus, $500K 20-yr	$45.05/mo	$59.13/mo	$14.08 (Transamerica cheaper)
Male, 45, Standard (Regular), $500K 20-yr	$85.85/mo	$104.71/mo	$18.86 (Transamerica cheaper)
Male, 55, Preferred Plus, $500K 20-yr	$112.20/mo	$147.71/mo	$35.51 (Transamerica cheaper)

Rates sourced from Compulife® October 2026, NV, non-tobacco. A.M. Best ratings shown by Compulife: Transamerica A, United of Omaha A+. Rates subject to change. Not an offer of insurance.

Key takeaway: Transamerica was cheaper in all five profiles, by about 18 to 25 percent. The dollar gap grows with age: about $5.59 a month at 30 and $35.51 a month at 55. If you paid that 55-year-old gap for the full 20-year term, it would add up to roughly $8,500 for identical coverage.

Which products are these quotes for? Compulife returns one price per carrier and does not say which product it is quoting. For Mutual of Omaha, a $500,000 quote has to be Term Life Answers, because Term Life Express is capped at $300,000. For Transamerica, the quote does not tell us whether it reflects Trendsetter Super or Trendsetter LB, and LB is generally priced above Super. Confirm the exact product when you request a quote.

Transamerica: Overview — Trendsetter Super vs. Trendsetter LB

Transamerica Life Insurance Company, based in Cedar Rapids, Iowa, has more than a century of history. Its fully underwritten term line is the Trendsetter series, and the two policies differ mainly in how they handle living benefits and how large a policy you can buy:

• Trendsetter Super is the simpler, usually lower-priced policy. Published product summaries show face amounts from $25,000 to $10 million or more, which makes it one of the stronger options for very large policies.
• Trendsetter LB is built around living benefits, giving early access to part of the death benefit for qualifying terminal, critical, or chronic illness. Its published face-amount limits are lower than Super’s (commonly cited at around $2 million), and reviews describe it as costing more.

Both policies are available in 10-, 15-, 20-, 25-, and 30-year terms with issue ages from 18 to 80, depending on term length. The 25-year term is a real differentiator: Mutual of Omaha does not offer one. Availability differs in New York, so confirm eligibility if you live there.

What Transamerica Does Well

• Lower price in every profile we checked, by roughly 18 to 25 percent.
• Five term lengths, including 25 years, so you can match coverage to a specific obligation like a mortgage.
• High face amounts on Trendsetter Super.
• Conversion that keeps living benefits. Trendsetter LB policies convert to Transamerica Lifetime whole life and retain their living benefits.

Transamerica’s Limitations

• The living benefits live in the LB policy, which costs more than Super and has lower face-amount limits.
• Trendsetter is a fully underwritten product line. Some applicants may qualify for streamlined underwriting without an exam, but there is no dedicated no-exam product like Mutual of Omaha’s Term Life Express.
• A.M. Best rating of A, one notch below United of Omaha’s A+.

Mutual of Omaha: Overview — Term Life Answers vs. Term Life Express

Mutual of Omaha, founded in 1909 and headquartered in Omaha, Nebraska, is owned by its policyholders. Its life insurance is issued through subsidiary United of Omaha Life Insurance Company. It sells two term products, and they are built quite differently:

• Term Life Answers is the fully underwritten product. It requires a medical exam, is available in 10-, 15-, 20-, and 30-year terms, and starts at $100,000. Published summaries describe it as Mutual of Omaha’s lower-priced term option. Terminal illness acceleration and a waiver of premium for unemployment come at no additional cost. The unemployment waiver is a one-time, six-month premium waiver if you lose your job, and it is separate from the Disability Waiver of Premium, which is an optional rider that costs extra, as are the accidental death, children’s, and other-insured riders.
• Term Life Express is the simplified-issue, no-exam product: health questions only, no paramedical exam. Terminal, chronic, and critical illness living benefits are included at no extra cost, along with unemployment and residential damage waivers of premium. The Disability Waiver of Premium is a separate optional rider that costs extra. The tradeoff is size: face amounts are capped at $300,000 (ages 18 to 50), $250,000 (ages 51 to 60), and $150,000 (ages 61 to 70). Issue ages run up to 75 on a 10-year term and taper to 50 on a 30-year term.

What Mutual of Omaha Does Well

• A true no-exam option with chronic and critical illness benefits included, for smaller policies.
• A one-time, six-month waiver of premium for unemployment included at no cost on Term Life Answers. The disability waiver of premium is a separate rider that costs extra.
• A+ financial strength rating and a policyholder-owned structure.
• Strong brand recognition that makes some buyers more comfortable.

Mutual of Omaha’s Limitations

• Higher premiums than Transamerica in every profile we checked, with the gap widening at older ages.
• The no-exam product cannot cover a $500,000 policy, so larger buyers are on Term Life Answers.
• No 25-year term.
• The standard no-cost living benefit on Term Life Answers is terminal illness acceleration. If chronic illness protection matters to you, confirm what is available on that product before applying.

Features Side by Side

Feature	Transamerica (Trendsetter Super / LB)	Mutual of Omaha (Term Life Answers / Express)
Term lengths	10, 15, 20, 25, 30 years	10, 15, 20, 30 years
Underwriting	Fully underwritten line; streamlined underwriting without an exam may be available to some applicants	Answers: fully underwritten with exam. Express: no exam, health questions only
Face amounts	Super: up to $10M or more. LB: lower published limits (commonly cited near $2M)	Answers: starts at $100,000, upper limit not published. Express: capped at $300,000
Issue ages	18 to 80, depending on term length	Varies by term length. Express: up to 75 on 10-year, down to 50 on 30-year
Living benefits	Built around Trendsetter LB: terminal, critical, and chronic conditions	Express: terminal, chronic, and critical included free. Answers: terminal illness included free
Other included riders	Varies by product; confirm at quote	Answers: one-time, six-month waiver of premium for unemployment. Express: unemployment and residential damage waivers of premium. The disability waiver of premium is optional at extra cost on both
A.M. Best rating (per Compulife)	A	A+ (United of Omaha)

Conversion Options Compared

Both carriers let you convert term coverage to permanent coverage without new medical underwriting, but the windows work differently.

Level Term Length	Transamerica Early Conversion Period (current Trendsetter Super and LB)
10 years	5 years from issue date
15 and 20 years	10 years from issue date
25 and 30 years	15 years from issue date

• Transamerica: Trendsetter Super includes a conversion option automatically. Transamerica’s conversion rules distinguish an early conversion period (the table above) from the later contractual conversion period. Within the early period, current Trendsetter policies can convert into Transamerica’s enhanced permanent offerings, subject to additional criteria, and Trendsetter LB policies convert to Transamerica Lifetime whole life while keeping their living benefits. After the early period, conversion remains available within the contractual conversion period, but the product choices may be narrower. Confirm the exact windows and eligible products in your policy.
• Mutual of Omaha Term Life Answers: A conversion option is available. Confirm the window and the permanent products you can convert into when you apply.
• Mutual of Omaha Term Life Express: Conversion is available after the second policy year, typically into a narrower set of designated products such as an indexed universal life or final expense whole life option.

Which Carrier Fits Which Buyer

The profiles below are illustrations built from the rates above, not descriptions of real client cases.

• A 30-year-old buying $500,000 of 20-year term on price alone. In our check, Transamerica was $5.59 a month lower ($18.28 vs. $23.87).
• A 55-year-old comparing the two for $500,000. The gap is $35.51 a month ($112.20 vs. $147.71), the largest we found.
• Someone who needs $300,000 or less, wants no medical exam, and wants chronic and critical illness benefits included. Mutual of Omaha’s Term Life Express is built for exactly that, though you accept a smaller policy and a higher price than a fully underwritten option.
• Someone who wants a 25-year term to match a specific obligation. Only Transamerica offers that length in this comparison.

The Verdict

Choose Transamerica if:

• Price is your top priority. It was cheaper in every profile we checked.
• You need a very large policy (Trendsetter Super) or a 25-year term.
• You want living benefits built into a fully underwritten policy (Trendsetter LB) and plan to keep them through conversion.

Choose Mutual of Omaha if:

• You want a no-exam policy of $300,000 or less with terminal, chronic, and critical illness benefits included (Term Life Express).
• You value the one-time unemployment premium waiver that comes with Term Life Answers at no extra cost.
• You prefer a policyholder-owned company with an A+ rating and are willing to pay more for it.

Because each carrier sells two quite different term products, the right comparison depends on which product you would actually buy. See our guide on why an independent broker beats going direct for why that comparison is worth doing before you apply anywhere. If you are weighing a no-exam route, read our overview of life insurance without a medical exam, and if you are not sure how much coverage you need, our life insurance needs calculator is a good starting point.

Frequently Asked Questions

Is Mutual of Omaha or Transamerica cheaper for term life insurance?

Transamerica was cheaper in every profile we checked in October 2026 Compulife data, by roughly 18 to 25 percent. For a $500,000 20-year policy, a 45-year-old male at Preferred Plus paid $45.05 a month with Transamerica versus $59.13 with Mutual of Omaha. Your own rates depend on your health and the exact product, so compare both before you apply.

What is the difference between Transamerica Trendsetter Super and Trendsetter LB?

Trendsetter Super is the simpler, usually lower-priced policy, with published face amounts reaching $10 million or more. Trendsetter LB is built around living benefits that give early access to part of the death benefit for qualifying terminal, critical, or chronic illness. LB’s published face-amount limits are lower, and it generally costs more.

What is the difference between Mutual of Omaha Term Life Answers and Term Life Express?

Term Life Answers is the fully underwritten product with a medical exam, starting at $100,000, and is generally the lower-priced option. Term Life Express is a simplified-issue, no-exam product capped at $300,000 that includes terminal, chronic, and critical illness benefits at no extra cost.

Can I get $500,000 of no-exam term life insurance from Mutual of Omaha?

No. Term Life Express, the no-exam product, is capped at $300,000 for ages 18 to 50 and at lower amounts for older applicants. A $500,000 policy goes through Term Life Answers, which requires a medical exam.

Is the waiver of premium rider included on Mutual of Omaha term policies?

It depends on which waiver. A one-time, six-month waiver of premium for unemployment is included at no extra cost, and Term Life Express also includes a residential damage waiver. The Disability Waiver of Premium, which waives premiums if you become disabled, is an optional rider that costs extra.

Does Transamerica offer a 25-year term?

Yes. Transamerica’s Trendsetter policies are available in 10-, 15-, 20-, 25-, and 30-year terms. Mutual of Omaha offers 10-, 15-, 20-, and 30-year terms.

Authoritative Resources

• NAIC — Life Insurance Consumer Information
• A.M. Best — Insurer Financial Strength Ratings