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 simplified-issue, 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 the same face amount and term, although the underlying products behind each quote may differ (see below).

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, the four Preferred Plus quotes have to be Term Life Answers, because Mutual of Omaha’s Term Life Express materials list only standard non-tobacco and standard tobacco classes. The 55-year-old quote also has to be Term Life Answers, because Term Life Express face-amount caps for ages 51 to 60 are below $500,000. The male 45 Standard quote could be either Mutual of Omaha product, and we cannot tell which from the quote. For Transamerica, the quote does not tell us whether it reflects Trendsetter Super or Trendsetter LB, and distributor quote pages we reviewed priced LB above Super for the same profile. Confirm the exact product when you request a quote.

Transamerica: Overview — Trendsetter Super vs. Trendsetter LB

Transamerica Life Insurance Company is based in Cedar Rapids, Iowa, and 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 policy and is typically priced below LB. Transamerica product materials we reviewed show face amounts from $25,000 to $10 million or more, which makes it suited to very large policies. Its living benefit, per a Transamerica guide dated 2021, is limited to terminal illness.
• Trendsetter LB is built around living benefits, giving early access to part of the death benefit for qualifying terminal, critical, or chronic illness, where approved by state. Per that same Transamerica guide, face amounts run from $25,000 up to $2 million, with living benefits available on up to $1.5 million (that figure comes from a third-party page, so confirm it). Accelerated amounts are discounted and administrative fees can apply per request. Distributor quote pages we reviewed priced LB above Super for the same profile.

Both policies are offered in 10-, 15-, 20-, 25-, and 30-year terms. Per a Transamerica product sheet for Trendsetter Super hosted by a distributor, the maximum issue age is 80 on the 10-year term and falls on longer terms (for non-smokers at $100,000 or more, roughly 78 on 15-year, 70 on 20-year, 65 on 25-year, and 58 on 30-year; lower for smokers). We could not confirm issue ages for LB, so confirm them at quote. The 25-year term is a real differentiator: Mutual of Omaha does not offer one. Trendsetter LB is not available in New York, and the New York version of Super is a different yearly-renewable product, 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.
• Living benefits that can travel with a conversion. Transamerica’s April 2026 conversion guide says critical and chronic accelerated death benefit riders can be converted along with existing term coverage. It does not address terminal illness benefits, so confirm which converted products carry which living benefits before relying on this.

Transamerica’s Limitations

• The chronic and critical illness benefits live in the LB policy, which typically costs more than Super and has a lower face-amount limit.
• Trendsetter is an underwritten product line. Transamerica’s 2021 guide says both policies can be issued on a nonmedical basis (no exam) at certain ages and face amounts, up to $2 million through age 45 in that guide, though exams or labs can still be required depending on health history, and nonmedical policies may convert to whole life only. We did not find a separate, dedicated no-exam term product from Transamerica like Mutual of Omaha’s Term Life Express.
• A.M. Best rating of A per Compulife, one notch below United of Omaha’s A+ per Compulife.

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

Mutual of Omaha, founded in 1909 and headquartered in Omaha, Nebraska, describes itself as policyholder-owned. Its term life insurance is issued by United of Omaha Life Insurance Company, one of the Mutual of Omaha companies. It sells two term products, and they are built quite differently:

• Term Life Answers is the fully underwritten product. It is available in 10-, 15-, 20-, and 30-year terms and starts at $100,000. Underwriting is full, which typically means a medical exam, depending on age and amount. Published summaries describe it as Mutual of Omaha’s lower-priced term option. Per Mutual of Omaha’s producer guide, terminal illness acceleration and a waiver of premium for unemployment are included at no additional cost. The unemployment waiver is a one-time, six-month premium waiver that applies after the policy has been in force 24 months and following a four-week wait. It is separate from the Disability Waiver of Premium, which is an optional rider that costs extra, as are the accidental death, dependent children’s, and other-insured riders. Chronic and critical illness riders are not listed in that guide for this product.
• 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 (up to 80 percent of the face amount), 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, and it falls with age. Mutual of Omaha’s 2026 materials list face amounts up to $550,000 for ages 18 to 50. For ages 51 to 60 and 61 to 75, the carrier’s own documents disagree ($250,000 and $150,000 in one, $450,000 and $350,000 in others), and older third-party reviews still quote $300,000, $250,000, and $150,000. Confirm the current cap for your age and state. Issue ages run from 18 up to 75 per the carrier, with maximum ages varying by state, product, and risk class.

What Mutual of Omaha Does Well

• A true no-exam option with terminal, chronic, and critical illness benefits included, for policies within its age-based face-amount caps.
• A one-time, six-month waiver of premium for unemployment included at no cost on both products, after the policy has been in force 24 months. The disability waiver of premium is a separate rider that costs extra.
• A+ financial strength rating (per Compulife) 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.
• Term Life Express face-amount caps decline with age, so buyers over 50 or those who need larger policies generally end up on Term Life Answers.
• No 25-year term.
• The no-cost living benefit listed for Term Life Answers is terminal illness acceleration. Chronic and critical illness riders are not listed for that product in the carrier guide, so if that protection matters to you, confirm what is available 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	Underwritten line; per Transamerica’s 2021 guide, nonmedical (no exam) issue is available at certain ages and amounts, with exams or labs still possible. No separate dedicated no-exam product found	Answers: fully underwritten, typically with an exam. Express: no exam, health questions only
Face amounts	Super: $25,000 to $10M or more. LB: up to $2M per a 2021 Transamerica guide	Answers: starts at $100,000, upper limit not published. Express: up to $550,000 at ages 18 to 50; lower caps at older ages (carrier documents differ; confirm)
Issue ages	Super: up to 80 on 10-year, lower maximums on longer terms. LB: confirm at quote	Answers (non-tobacco): up to 80 on 10-year, 74 on 15-year, 68 on 20-year, 55 on 30-year. Express: 18 to 75 per carrier, varies by state, product, and class
Living benefits	Super: terminal illness. LB: terminal, critical, and chronic, where approved	Express: terminal, chronic, and critical included free. Answers: terminal illness included free; chronic and critical not listed
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

Per Transamerica’s April 2026 term conversion guide. The early period also ends at age 70 (age 75 for Preferred Plus), whichever comes first.

• Transamerica: Trendsetter Super includes a conversion option automatically. Within the early conversion period (the table above), current Trendsetter policies can convert into a wider set of Transamerica permanent products, including Transamerica Lifetime whole life, subject to additional criteria. After the early period, conversion follows the conversion privilege in the policy contract. Transamerica product materials we reviewed describe that as generally available until the earlier of the end of the level premium period or age 70 (age 75 for Preferred Plus), and one distributor quote page notes that conversions after the first five policy years can only go into specific products. Transamerica’s conversion guide says critical and chronic accelerated death benefit riders can be converted with existing term coverage, but it does not say which converted products carry them, and an older Transamerica quick-facts sheet said the conversion products did not include chronic or critical benefits. Treat living-benefit continuity as something to confirm with Transamerica before you rely on it. Policies issued on a nonmedical basis may convert to whole life only. Confirm the exact windows and eligible products in your policy.
• Mutual of Omaha Term Life Answers: For policies issued May 1, 2026 or later, Mutual of Omaha’s producer guide shows conversion on the 10-year term until the earlier of 10 years or age 70 (only the first 2 policy years if issued at age 68 or older), on the 15-year and 20-year terms until the earlier of the term’s end or age 70, and on the 30-year term during the first 15 policy years. Your policy data page shows the exact last conversion date. Confirm the permanent products you can convert into when you apply.
• Mutual of Omaha Term Life Express: Conversion is available after the second policy year, through the earlier of the end of the level term or the policy anniversary after age 70. Per the carrier, it cannot be converted to a fully underwritten product, so the permanent options are narrower. Confirm which products are available.

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 wants no medical exam and wants terminal, chronic, and critical illness benefits included. Mutual of Omaha’s Term Life Express is built for exactly that, within its age-based face-amount caps, though you should expect a higher price than a fully underwritten option and confirm the cap for your age.
• 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 chronic and critical illness benefits built into an underwritten policy (Trendsetter LB), and you will confirm how they carry through a conversion.

Choose Mutual of Omaha if:

• You want a no-exam policy within Term Life Express’s age-based caps, with terminal, chronic, and critical illness benefits included.
• You value the one-time unemployment premium waiver that comes with both Mutual of Omaha term products at no extra cost.
• You prefer a policyholder-owned company with an A+ rating (per Compulife) 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 policy and is typically priced below LB, with published face amounts reaching $10 million or more. Its living benefit is limited to terminal illness. Trendsetter LB is built around living benefits that give early access to part of the death benefit for qualifying terminal, critical, or chronic illness where approved. Per a Transamerica guide dated 2021, LB’s face amounts go up to $2 million, and distributor quotes priced it above Super.

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

Term Life Answers is the fully underwritten product, which typically involves a medical exam, starting at $100,000, and is generally the lower-priced option. Term Life Express is a simplified-issue, no-exam product with age-based face-amount caps (up to $550,000 at ages 18 to 50 in Mutual of Omaha’s 2026 materials, lower at older ages) 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?

Possibly, depending on your age. Mutual of Omaha’s 2026 materials list Term Life Express at up to $550,000 for ages 18 to 50, so a $500,000 policy may fit in that range, subject to state and underwriting. For ages 51 and older the caps are lower than $500,000, and older third-party reviews still quote a $300,000 cap, so confirm the current limit for your age and state. Above the cap, the policy goes through Term Life Answers, which is fully underwritten.

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 once the policy has been in force 24 months, 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