Do you want to learn more about starting a career selling insurance as a financial advisor with Mutual of Omaha?
If you are trying to decide if working with Mutual of Omaha as an insurance agent or financial advisor is a good idea, you’ve found the right article.
Let’s jump right in!
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Founded in 1909 by Dr. C.C. and Mabel Criss as Mutual Benefit Health & Accident Association, Mutual of Omaha is one of the largest insurers in the United States.
It is among the most established and respected names in the insurance industry.
Mutual of Omaha sells a wide range of financial and insurance products including life insurance (guaranteed issue permanent life and term life policies), Medicare supplement, long-term care coverage and annuities, and group coverage including life, disability, and 401(k) plans.
It offers its products through direct sales representatives, career agents, and independent agents, while its group coverage is provided through employee benefit consultants and brokers.
The company is headquartered in Nebraska and operates in all 50 states and the District of Columbia.
Mutual of Omaha provides a variety of easily accessible sales tools for insurance agents.
Through the dedicated online learning center, agents can get all the necessary information about the products and sales ideas to help them offer better value products to their customers.
Mutual of Omaha’s sales offers a 12-month sales trainee program for new agents where they learn how to sell group insurance products to brokers across the country.
The program consists of three-month modules where the agents learn:
- Basics of products, sales, underwriting, and how to be successful in business.
- How to effectively build relationships, quote, work on cases, and sell products.
- How to set up broker meetings, conduct sales presentations, and build relationships.
- Refine their knowledge and start to build a client base.
All new insurance agents at Mutual of Omaha are paired with a mentor who will guide them through the program and offer valuable tips and advice.
Furthermore, the company has a strong commitment to diversity and inclusion, from hiring practices to the company culture, and encourages employees’ involvement in local communities.
The company provides agents with highly competitive qualified leads and offers the possibility to purchase more leads if they wish.
Mutual of Omaha offers a 100% commission based salary. This means that agents only get paid if and when they sell the company’s products.
Mutual of Omaha is not a scam. It is a legitimate company with a great reputation in the life insurance industry.
Mutual of Omaha has been in business for more than 110 years and have maintained an A+ rating with AM Best since 1947.
It was on the Forbes 100 Most Trustworthy Companies list in 2018 and is known for its inclusive culture and emphasis on diversity. Mutual of Omaha has received excellent employee reviews.
It is not a multi-level marketing (MLM) business opportunity or pyramid scheme.
It doesn’t have multiple layers of agents, mentors, and trainers and is, therefore, not suitable for insurance agents who are primarily looking to recruit.
Now that you understand a bit more about Mutual of Omaha’s Financial Advisor program, I’d like to share my thoughts with you as an independent final expense agent since 2011.
While these aren’t necessarily direct criticisms of Mutual of Omaha’s Financial Advisor program, I would like to offer advice to anyone considering their insurance sales opportunity.
The Woes of a One Company Operation
Everyone thinks that more options in life are a good thing, right?
Of course, you do! And in most situations, this is true. But it’s especially true if you sell insurance. Let me explain!
When you only have one company at your disposal, you risk overcharging your client for coverage that they could get more affordably elsewhere.
Plus, you risk not having adequate underwriting support to place a prospect with health concerns at a competitive rating class.
But why should this matter to you?
Well, first of all, with severe limitations in underwriting flexibility and price, you won’t be able to close as many deals as an independent agent would.
And you won’t be able to keep as much business either since independent agents will be able to offer your clients a better deal.
For instance, in the final expense market, I can access over a dozen insurance companies. So when I run into a problem with one company, I have alternative options readily available.
As you can imagine, this means more of my clients get better quality coverage at a more competitive rate.
And I get to keep more of my business on the books since my clients are happier and far less likely to switch to a different policy in the future.
This isn’t an issue unique to Mutual of Omaha Financial Advisors. It’s a potential risk that any agent could experience when they only have one company at their disposal.
I hope you enjoyed this article and now understand a little more about how an insurance sales career with Mutual of Omaha as a financial advisor works.
If you’d like more information about how my organization works, click the link here.