"The IRS has it on file" how do you know they have it on file? Does this mean you received a letter of correction? If so, the letter would have told you what you needed to do. It may have said they wanted you to amend your return or that you needed to do nothing if you agreed with the changes and if you did not agree it would have told you how to dispute the income.
Was this a policy paid by your employer? If so, then it would be taxable. If you paid the premiums for the policy, then it would not be taxable and not need to be included on your return.
Was there a W-2 issued that you can contact Mutual of Omaha to get? You should contact them to see what records they sent to the IRS.
If the IRS has already processed your return thoroughly and did not make any corrections, then you can Amend Your Return. Otherwise, follow the instructions in the letter or wait for them to finish processing your return.
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