Mutual of Omaha Burial Insurance & Final Expense Insurance Review

Mutual of Omaha Final Expense Insurance

In this article, we will discuss the Mutual of Omaha Final Expense Insurance Policy. (This is sold under the United of Omaha title).

We are not intentionally negative about life insurance companies. Most of them have very high standards, along with the financial reserves necessary to pay out claims. State insurance commissioners keep a sharp eye out for any evidence of fraud or financial misconduct. Our concern is the marketing of the final expense insurance products.

Some companies concentrate on a glitzy advertising campaign. What appears to be special deals aren’t necessarily cost savings, but it is hard to ignore a celebrity spokesman’s pitch.

We are advocates of looking at what is in the pages of an insurance policy and finding out the prices and coverage. We believe that consumers, particularly those who are in their golden years, should buy policies they can afford and give the coverage they need.

How Does Mutual Of Omaha Burial Insurance Work?

The final expense insurance policy provided by Mutual of Omaha is a whole life policy. That is worth the attention of any smart shopper.

Mutual of Omaha Burial Insurance

A whole life policy has features that a senior citizen should not ignore. Here’s how it works:

  1. If you buy a policy of $10,000, the benefit stays at $10,000 and will not go down. The coverage will not go down in value.
  2. There is a fixed premium. Term insurance offers lower premium rates in the beginning. However, companies selling term insurance might increase the cost over time (e.g. one large insurance company increases its rate for a policy every five years. It means you will be paying increasingly more for the same coverage).
  3. A whole life policy does not expire. If you are paying the premiums charged, the policy does not lapse. That is true with term insurance. There is a set age where the policy expires. Most companies have the term insurance policy when the insured reaches 90, but there are companies where the expiration age is 80 years old.
  4. Please keep the above in mind as you look at any final expense insurance policy. A term policy might not be in your best interests.

United Of Omaha Living Promise & Guaranteed Issue Quotes

Mutual of Omaha Final Expenses Insurance

For any of these Mutual of Omaha final expense plans, you won’t be limited to the coverage of $10,000 or $20,000. Here are the quotes for both plans.

Female Non-Tobacco

AGE$10,000 Living Promise (No Waiting Period)$10,000 Guaranteed Issue (2 Year Wait)$20,000 Living Promise (No Waiting Period)$20,000 Guaranteed Issue (2 Year Wait)

We do not think any question is stupid. Our Team will answer any inquiry based on researched information. We have the software and expertise necessary to get the facts as quickly as possible. If you have any questions about our services, please feel free to contact us at your needs. We look forward to hearing from you.

Male Non-Tobacco

AGE$10,000 Living Promise (No Waiting Period)$10,000 Guaranteed Issue (2 Year Wait)$20,000 Living Promise (No Waiting Period)$20,000 Guaranteed Issue (2 Year Wait)

Mutual of Omaha Burial Insurance Product Information

The Mutual of Omaha burial insurance products are created to pay for the final expenses and burial costs, especially if the survivors have financial hardships. The named beneficiary gets the death benefits as a lump sum, tax-free amount with no restrictions on using this fund. The products include:

Immediate Coverage Plan without a Waiting Period

Mutual of Omaha final expense policy for seniors comes with coverage called Living Promise for full day-one. It has two plans with several benefits.

burial Insurance Mutual of Omaha

For example, if you choose level benefit, there is no waiting period, and you’ll be covered from the first day, while the graded benefit plan has a waiting period of two years.

Level Plan Features

  • Nationwide availability except for NY
  • Face amount ranging from $2000-$40,000
  • Applicable for ages 45-85 years
  • No waiting period and sold only through licensed brokers

Graded Plan Features

  • Not available in MT, NY, AR, and NC
  • Applicable for issue aged 45-80 years
  • A waiting period of 2 years for non-accident deaths
  • Face amount from $2000 to $20,000

Mutual of Omaha’s Guaranteed Issue

You may not be able to qualify for the Final Promise product because of health issues. This sounds bad, but that is not a reason to turn away from the Mutual of Omaha burial insurance. There is one product that you should consider, and it is the Guaranteed Issue policy.

Mutual of Omaha burial insurance review

It’s a whole life insurance policy that does not ask health questions or seek any health information. Here are some of the basics of this policy.

  • You can buy a policy if you are between 45-85 years of age. The upper limit is 75 years state of New York.
  • The coverage amount is $2000-$25,000, and the minimum the state of Washington is $5000.
  • It is available everywhere except Connecticut and Montana.
  • Unlike other United of Omaha products, the guaranteed issue policies sold directly from the company and not through brokers.

The most notable feature of guaranteed issue plans by Mutual of Omaha life insurance final expense is that they have a two-year waiting period without any exception.

If an insured should die during the waiting period, beneficiaries will receive all the premiums paid back with 10% interest. The full death benefit paid if the death occurs from an accident.

The premium rates for the guaranteed issue policy are highly competitive. There aren’t many companies offering guaranteed acceptance plan at a rate lower than what is offered by United of Omaha Final Expense Insurance.

Mutual of Omaha Burial Insurance Eligibility

Mutual of Omaha life insurance final expense

United of Omaha has three areas where questions about insurance are asked.

The health questionnaire in Mutual of Omaha final expenses insurance is the most important. Answered in the affirmative any of the questions in part one will disqualify you for the Living Promise Product, while answered yes to a question might allow you to be eligible for the Living Promise Graded plan. Still, you have a two-year waiting period to consider. 

The questions are:

Part One:

  • Are you presently bedridden, getting home healthcare, or confined at a nursing home?
  • Do you need help with routine daily activities like dressing, bathing, medications, etc.?
  • Do you currently need a wheelchair or any medical equipment
  • Have you ever been diagnosed with AIDS, HIV, dementia, Alzheimer’s, mental incapacity, Lou Gehrig’s disease, congestive heart failure, metastatic cancer, sickle cell anemia, quadriplegia, paraplegia, down’s syndrome, or hunting’s disease?
  • Have you been treated with Diabetic coma, insulin shock, dialysis, or amputation due to diabetes?
  • Do you have a terminal condition that can cause death within 12 months?
  • Have you been diagnosed or operated for heart disease or advised hospitalization, surgery, or any procedure with unknown results in the last 12 months?
  • Have you been treated, diagnosed, or advised any procedure for any cancer type in the last two years?

Part Two:

  • Have you been recently diagnosed or treated for emphysema,COPD, chronic lung disease, sarcoidosis, Hepatitis C, or diabetic complications?
  • Have you been treated or diagnosed for multiple sclerosis, bipolar disorder, Parkinson’s, cancer, chronic kidney ailment, schizophrenia, systemic lupus, or scleroderma in the last four years?
  • Have you been convicted of a felony, awaiting a trial, treated for alcohol/drug abuse, DUI, or confined for a mental disorder in the last four years?
  • Did you experience sudden weight loss (over 10 pounds), fatigue, gastrointestinal bleeding, or chronic cough in the last 12 months?

Riders in Living Promise Plan

Mutual of Omaha burial insurance benefits

The Living Promise product has some insurance riders that make it even more attractive.

  • The Nursing Home Confinement Rider. If the insured is confined to any nursing facility for 90 consecutive days or is expected to be in a nursing home facility indefinitely, it is possible to accelerate up to 50% of the death benefit.
  • Terminal Illness Rider. If the insured is diagnosed with a terminal illness and has 12 months or less of life left, up to 50% of the death benefit can be accelerated while the insured is still alive. It is understood that whatever amount is accelerated reduces the death benefit by the same amount.

These riders are automatic parts of the Mutual of Omaha burial insurance policy. There is no extra cost.

  • Accidental Death Rider. If the insured dies due to an accident, the rider doubles the policy payout. It is optional and can only be added to the Final Expense Level Benefit.

Comparing Mutual of Omaha with Others

Male non-tobacco use

CompanyAge 50Age 60Age 70Age 80
Sentinel Security$27.72$42.42$69.92$147.06
Mutual of Omaha$29.16$42.76$73.70$132.65
Liberty Bankers Life$30.51$45.80$73.31$146.80
Phoenix Life$30.80$45.76$76.74$151.36
United Home Life$31.02$44.69$74.63$138.60

Female non-tobacco use

CompanyAge 50Age 60Age 70Age 80
Sentinel Security$23.05$33.78$53.12$108.29
Mutual of Omaha$24.67$32.87$53.24$98.43
Liberty Bankers Life$25.57$34.67$54.79$109.16
Phoenix Life$26.63$36.46$55.26$110.44
United Home Life$26.06$35.42$73.28$141.58

Mutual of Omaha Company Background

The company in existence for more than 100 years, and there’s no indication of problems. The company offers final expense insurance policy coverage as low as $2000 and as high as $40,000. It’s fair to say that all the final expenses involving around the burial can be adequately met.

Mutual of Omaha burial insurance has a straight-A report card with all the major financial rating organizations, including Moody’s, Standard & Poor’s, and BBB. In the opinion of the rating professionals, it has sound financials. 

Should You Buy Final Expense Insurance From Mutual Of Omaha?

Honestly, Mutual of Omaha final expense insurance products, except for the Living Promise Graded Benefit policy, are among the best. We say this because of the following reasons: 

  • You can purchase up to $40,000 of coverage with the Living Promise Level Benefit. Most final expense insurance policies will offer a death benefit of a little more than $20,000. 
  • There are health conditions that United of Omaha Guaranteed Issue policy will allow that other final expense insurance companies will not. These include:

Mutual of Omaha burial insurance sells the Living Promise product line through brokers. That reflects the confidence the company has with the quality of the insurance. Brokers will offer a comparison of policies for a prospective buyer to view. Mutual of Omaha believes that its Living Promise final expense insurance can stand up to comparison with anyone in the industry.

How to Find the Best Policy?

The only way to get the best burial insurance on the market is to find a dependable and licensed broker to help you. It’s essential as:

  • Plans without a waiting period are sold only through brokers.
  • You can’t estimate the chances of approval yourself.
  • Your broker will compare multiple carriers for the best deals.
  • You can access all the insurers in the market.

Frequently Asked Questions

1. Are United of Omaha and Mutual of Omaha Same?

Mutual of Omaha Insurance Company is the name used since 1981, and it owns all the shares of United of Omaha.

2. Do You Need a Medical Exam for Mutual of Omaha Burial Insurance?

You don’t need a medical test for Living Promise plans, where applications are approved in a few days.

3. What Is the Coverage Offered?

Whole life insurance with minimum underwriting, so your successors receive a lump sum tax-free amount to cover end-of-life expenses.

4. How Does the Application Process Work?

It is a simple process in which you complete the application through your broker via phone, mail, or email. It goes to the underwriting department for review, and your broker will keep you updated.

Gary P. Cubeta
(Serving Americans In All 50 States)