Mutual Of Omaha Burial Insurance Review 2022

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Many burial insurance companies over promise and underdeliver when it comes to price, coverage, and plan features. Fortunately, the Mutual of Omaha Living Promise life insurance plan over-delivers on all of these categories. This is why it ranks at the top of our best burial insurance companies list.

This Mutual Of Omaha burial insurance review details plan types, underwriting, and the price point of each coverage option.

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Does Mutual Of Omaha Have Burial Insurance?

Mutual of Omaha burial insurance offers two whole life plans that require the applicant to answer health questions. The Living Promise Level plan provides life insurance with no waiting period and has market-leading low prices. The Graded plan has a two-year waiting period before full coverage is active. Applicants 45 – 85 can apply for either plan.

Does Mutual of Omaha Life Insurance have a Waiting Period?

If you can answer no to all health questions, you should be approved for immediate coverage with the Level plan. If you do not qualify for the Level plan, you can apply for the Graded plan, which has two-year waiting period. Ultimately the underwriting process will determine if you need a waiting period with the Mutual of Omaha whole life insurance plan.

Is Mutual of Omaha Living Promise Guaranteed Issue?

Mutual of Omaha final expense insurance has a guaranteed issue policy, but it is not associated with the Living Promise plan series. Guaranteed acceptance plans ask no medical questions, and every applicant is approved. It comes with a two-year waiting period and has whole life benefits. Applicants 45 – 85 can apply and coverage amounts range from $2,000 – $25,000.

Mutual of Omaha Life Insurance for Seniors

Policy Name Level Graded Guaranteed Issue
Plan Type
Whole Life (Permanent)
Whole Life (Permanent)
(Permanent)
Coverage Amount
$2,000 - $40,000
$2,000 - $20,000
$2,000 - $25,000
Age Range
45 - 85
45 - 85
45 - 85
Price Increases
No
No
No
Waiting Period
No
No
Yes (2-Years)
Policy Expires
No
No
No
Medical Questions
No
No
Yes
Health Exam
No
No
No
How to Apply
Insurance Agency
Insurance Agency
Directly with Carrier

What is Mutual of Omaha Living Promise?

Mutual of Omaha Living Promise is whole life insurance that covers senior funeral costs. Living Promise offers permanent coverage and requires applicants to answer various health questions to qualify. Once approved, seniors will make a fixed monthly payment and be awarded lifelong coverage.

The Living Promise Level plan is the top option on the market, offering immediate coverage for low premiums. Qualifying for this Mutual of Omaha funeral insurance product can be difficult for some due to the strict medical questions.

Level Plan Details

  • Age Eligibility: 45 – 85
  • Coverage Amounts: $2,000 – $40,000 (WA $5,000 – $40,000)
  • State Availability: 49 states & DC (excluding NY)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Low Premiums and Immediate Coverage

This Mutual of Omaha final expense insurance plan has some of the lowest monthly premiums you can find. In addition to low cost, those who qualify will receive burial insurance with no waiting period, a feature every senior should attempt to get. This plan is the best option on the market for seniors who qualify.

Whole Life Benefits

Whole life benefits are included with every Living Promise Mutual of Omaha plan. The policy comes with coverage that does not expire, your premium will never increase, and a cash value will build over time. Whole life gives seniors the confidence that they will have lifelong coverage and a premium that can always be budgeted for.

Additional Benefit Options

The Mutual of Omaha Living Promise plan offers two additional riders, one is included with your plan, and the second is optional.

The first is an Accelerated Death Benefit that is built into your Level plan. This allows the policy owner to accelerate the full death benefit if they are either diagnosed with a terminal illness or are confined to a nursing home for 90 days or more and expected to remain there.

The second is the Accidental Death Benefit which can be added to the plan for a small additional monthly fee. This rider would double the payout amount if there was an accidental death.

Mutual of Omaha Living Promise Underwriting Guide

The underwriting process is detailed and will ask a wide range of medical questions. If you have any of the following conditions, your application will be denied, and the Graded Living Promise plan could be your next available option with Mutual of Omaha life insurance.

  • AIDS, HIV, or ARC
  • ALS (Lou Gehrig’s Disease)
  • Alzheimer’s/Dementia
  • Assistance with Activities of daily living
  • Bedridden
  • Cancer treatment or diagnosis within 4 years or recurrent (excluding basal or squamous cell)
  • Chronic kidney disease
  • Chronic lung disease
  • Cirrhosis
  • Congestive heart failure
  • Diabetes diagnosis before age 50
  • Diabetic complications
  • Dialysis
  • Down’s Syndrome
  • Drug or alcohol abuse
  • Felony conviction
  • Heart attack
  • Heart disease
  • Heart procedure
  • Hepatitis C
  • Hospice
  • Hospital or nursing home confinement
  • Huntington’s Disease
  • Lupus
  • MDS (Myelodysplastic Syndrome)
  • Mental disorders
  • MS (Multiple Sclerosis)
  • Organ or bone marrow transplant
  • Oxygen equipment to assist with breathing
  • Paraplegia
  • Parkinson’s Disease
  • Quadriplegia
  • Scleroderma
  • Sickle cell anemia
  • Stroke or TIA
  • Terminal diagnosis
  • Unexplained weight loss
  • Unknown diagnosis
  • Unlawful drug use
  • Wheelchair-bound
woman smiling on computer

Mutual of Omaha Living Promise Graded

The Mutual of Omaha funeral insurance Graded plan has whole life benefits. It has lenient health underwriting compared to the Level plan. This means you can obtain coverage with previous medical issues. However, the trade-off is higher monthly premiums and a two-year waiting period before full coverage is in effect.

Graded Plan Details

  • Age Eligibility: 45 – 80
  • Coverage Amounts: $2,000 – $20,000 (WA $5,000 – $20,000)
  • State Availability: 46 States & DC (excluding AR, MT, NC, NY)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: 2-years
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Two-Year Waiting Period

The Graded plan has a 2-year waiting period. If death were to occur in the first or second policy year, the beneficiary would receive all premiums paid plus 10 percent. If the plan has been in force for two full years, the beneficiary will be awarded the entire coverage amount.

Underwriting for the Living Promise Graded Plan

Living Promise Graded has fewer medical questions, making qualifying easier. However, there are still some conditions that will result in denial.

Coverage will be denied if you have any of the following medical concerns.

  • AIDS, HIV, or ARC
  • ALS (Lou Gehrig’s Disease)
  • Alzheimer’s/Dementia
  • Amputation due to diabetes
  • Assistance with Activities of daily living
  • Bedridden
  • Cancer treatment or diagnosis within 2 years or recurrent (excluding basal or squamous cell)
  • Cirrhosis
  • Congestive heart failure
  • Diabetic coma or Insulin shock
  • Dialysis
  • Down’s Syndrome
  • Hospice
  • Hospital or nursing home confinement
  • Huntington’s Disease
  • MDS (Myelodysplastic Syndrome)
  • Mental incapacity
  • Organ or bone marrow transplant
  • Oxygen equipment to assist with breathing
  • Paraplegia
  • Quadriplegia
  • Sickle cell anemia
  • Terminal diagnosis
  • Unknown diagnosis
  • Wheelchair-bound

Mutual of Omaha Guaranteed Issue Life Insurance

Mutual of Omaha guaranteed issue life insurance, asks no health questions, and has very competitive prices. This plan is designed for anyone with a chronic or terminal illness.

Guaranteed Issue Plan Details

  • Age Eligibility: 45 – 85 (NY 50 – 75)
  • Coverage Amounts: $2,000 – $25,000 (WA $5,000 – $25,000)
  • State Availability: All 50 & DC
  • Medical Exam: No
  • Health Questions: No
  • Waiting Period: 2-years
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

No Health Questions

This plan has no health questions and is suitable for seniors with the following medical conditions:

  • AIDS, HIV, or ARC
  • Alzheimer’s or Dementia
  • Bedridden or Nursing home confinement
  • Current invasive cancer
  • Recent kidney dialysis
  • Recent defibrillator implant
  • Recent organ transplant
  • Terminal illness or Hospice
  • 24-hour oxygen use

Two-Year Waiting Period

With all guaranteed acceptance policies on the market, there will be a waiting period. Mutual of Omaha guaranteed issue life insurance has a two-year waiting period, which is standard for these plans. This policy is designed for those with chronic or recent serious medical conditions because no health questions are asked, and every applicant is approved.

Competitive Guaranteed Issue Premiums

The Mutual of Omaha guaranteed issue plan offers extremely competitive monthly premiums compared to other plans with no health underwriting. This is a great option for seniors wanting to skip medical questions.

Mutual of Omaha Living Promise Rates

Mutual of Omaha Living Promise rates are low compared to the Aetna (CVS Health) plan, which is also a top burial insurance option. The Mutual of Omaha guaranteed issue life insurance plan is very competitive in price against other plans that ask no medical questions.

Female

$10,000 of Coverage

Age Level Graded Guaranteed Issue
45
$23
$26
$27
50
$24
$29
$30
55
$28
$36
$38
60
$33
$44
$42
65
$41
$52
$51
70
$53
$68
$69
75
$72
$94
$98
80
$98
$119
$140
85
$136
NA
$140

Male

$10,000 of Coverage

Age Level Graded Guaranteed Issue
45
$27
$35
$33
50
$31
$40
$36
55
$36
$47
$45
60
$44
$54
$55
65
$56
$65
$66
70
$75
$84
$89
75
$100
$109
$121
80
$140
$143
$166
85
$193
NA
$166

Mutual Of Omaha Final Expense Life Insurance FAQs

Seniors and their family members frequently ask the following questions about Mutual of Omaha life insurance for seniors.

Is Mutual of Omaha Life Insurance for Seniors Over 70 Possible?

Mutual of Omaha whole life insurance plans provide initial coverage for seniors up to the age of 85. The Living Promise plan has medical underwriting, while the guaranteed issue whole life plan asks no health questions. Both plans are permanent, and the rates will not increase, though you must qualify for the Living Promise plan coverage.

Is Mutual of Omaha a Good Insurance Company?

Mutual of Omaha is a superior insurance company that has been in business for over 110 years. They hold A+ financial ratings from companies like AM Best. Mutual of Omaha has represented itself as a high-integrity organization. With top-tier products and excellent customer service, this is a company you can trust with your financial interests.

The company currently offers a wide range of financial service products and has a network of subsidiaries, including the following companies:

  • United of Omaha Life Insurance Company
  • United World Life Insurance Company
  • Mutual of Omaha Investor Services Inc.
  • East Campus Realty LLC

Is Mutual of Omaha and United of Omaha the Same Company?

Mutual of Omaha is the parent company of a group of subsidiaries, and United of Omaha is one of these companies. When you take out a life insurance policy with United of Omaha, it has the full financial support and backing of Mutual of Omaha Insurance.

How to Buy

You can purchase Mutual of Omaha guaranteed issue life insurance directly from the company website. This plan asks no medical questions and is best for seniors with severe health conditions.

The lowest price coverage with no waiting period is the Living Promise plan. To obtain this policy, you must purchase from an insurance agency representing Mutual of Omaha life insurance for seniors.

When applying for the Living Promise plan, your application can be completed over the phone in 30 minutes or less. A series of health questions will need to be answered, and applicants will be required to sign electronically through email.

Access to your email will be needed during the Mutual of Omaha Living Promise application process.

Final Thoughts About The Mutual Of Omaha Burial Insurance Reviews

a. Overall, Living Promise Mutual of Omaha life insurance is the best coverage option on the market. The Level plan offers immediate coverage and low premiums. The Mutual of Omaha guaranteed issue plan is an excellent option for applicants with severe medical conditions.

b. The health questions with the Living Promise plans are very detailed, and some seniors may find it challenging to be approved for coverage.

c. You can apply for the guaranteed issue plan directly through the Mutual of Omaha website. To apply for the no waiting period Living Promise policy, start by getting a quote on this page.