About Mutual of Omaha Life Insurance
Mutual of Omaha Life Insurance Company is a full-service, privately owned Fortune 500 company based in Omaha, Nebraska which was founded back in 1909. It has a number of subsidiaries that are known for providing a selection of banking, financial, and insurance products to individuals and businesses located in the United States. Mutual Omaha products offer many benefits and options for seniors looking for Whole life insurance to cover funeral expenses and other final expenses. In this article, We will take a look at the company’s whole life insurance plans, specifically, United of Omaha Final Expense insurance and Guaranteed Whole Life Insurance.
Mutual Of Omaha Whole Life Insurance Products
Mutual of Omaha Life Insurance Company offers great rates on Whole Life Insurance products designed to help seniors with final expenses and more. Having a whole life insurance policy in place can be a very loving and considerate thing to do for you and your family. Among other benefits, United of Omaha Whole Life insurance offers Guaranteed cash value, guaranteed death benefit, and guaranteed interest to make sure the policy stays in force during the insured’s lifetime. In addition, the cash value accumulated in the insurance policy is available to cover past due payments, or for emergencies. Furthermore, Mutual of Omaha Whole Life Insurance offers a feature called Reduced Paid-up insurance, which allows you to obtain a policy of less value paid up for life without paying any additional premiums. If you would like to compare prices for your specific age and insurance need, use our Insurance Rate Calculator and compare Whole Life Insurance Quotes.
How Do I Apply for Living Promise Final Expense Insurance?
Completing and application with Mutual of Omaha is easy and very secure. The process has been streamlined to allow an applicant to have an approval as fast as 48 hours! Specifically, There are two ways to apply: Traditional paper Application and Electronic application Online.How do I know if I’ll qualify?
To determine if you’ll qualify for the benefits, your insurance agent will notify you if you got immediately approved or if it will take a little longer to complete your case. Don’t worry. Our insurance agents are specialists, and they can accurately diagnose your eligibility, and advise you if Mutual Omaha is the right plan for you, and if the approval odds are good or not. While the underwriting process is generally straightforward, there are specific nuances that only an experienced agent would be familiar with. However, to get a general idea, your agent will go trough certain health-related questions on the application with you. If you have any of the conditions listed, it is likely that you may not qualify for certain of benefits being offered. Keep in mind that consulting an agent will provide a more thorough and accurate assessment of your qualifications.How many final expense products does Mutual Of Omaha Life Insurance offer?
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There are 3 Types of Final Expense Insurance Products:
- Living Promise Level Final Expense
- Living Promise Graded Benefit Final Expense
- Guaranteede Life Insurance
Living Promise Level Benefit Final Expense
Mutual of Omaha Final Expense Insurance is called Living Promise, and it can provide immediate protection that pays benefits directly to your family quickly, so they can take care of your outstanding medical bills, funeral expenses or debt that you leave behind. In fact, Living Promise level benefit can pay the death benefit to your beneficiary in as fast as 24 hours, after you have been having premiums for at least 2 years*. Specifically, If you are between 45-85 years of age, you may qualify for up to$50,000 of Life Insurance without having to undergo complicated medical exams. To be eligible for Living Promise final expense, you only have to answer a few medical questions on the application. Furthermore, you can access your death benefit (Accelerated Death Benefit for Terminal Illness), if your doctor has diagnosed you with a terminal illness with a life expectancy of 12 months or less. On the table below, you can see some sample rates.Living Promise Final Expense Rate Chart
(Mutual Of Omaha Rates for $10,000 for a Female Non Smoker )
Living Promise Graded Benefit Final Expense
Living Promise Graded Benefit is a Whole life insurance policy available for individuals between 45 and 80 years of age. The policyholder can obtain a minimum of $2,000 up to a maximum of $20,000 of coverage. If you answer YEs to some of the health questions on application, or take certain medications for specific illnesses, you may still qualify for Living Promise Graded Whole Insurance. These are some the following benefits and exclusions:- If the policyholder dies due to natural causes within the first 2 years of signing the plan, the beneficiary will be eligible to receive all the premiums paid during that time, plus 10% interest.
- If the insured’s cause of death is due to an accident, the beneficiary will be eligible to receive the full death benefit immediately.
- After they survived the first 2 years, the beneficiary will receive the full benefit due to death, which results from all causes, either natural or accidental.
Key Features
- The insurance company will not cancel your policy as long as you pay your premiums on time.
- No medical exam requirement to sign up for a policy.
- Premium rate and insurance amount will not change.
- Tobacco users do not pay extra for smoking.
- The beneficiary you chose will receive the Insurance benefit, usually tax-free.
Mutual Of Omaha Guaranteed Life insurance*
If your health does not allow you to qualify for a regular Final Expense insurance plan, Mutual of Omaha Guaranteed Whole Life insurance maybe the right plan for you. In fact, you can obtain up to $25,000 of Whole Life insurance without health questions, and the policy guarantees your premiums will never increase, and the death benefit will never decrease. Mutual of Omaha Guaranteed Whole Life insurance is available for an individual between 45 and 85 years of age, and it’s one of the most popular Life Insurance products among seniors.A Guaranteed Whole Life Insurance policy can provide great financial support for your family when they need to cover your funeral and final expenses. However, this type of insurance can be more expensive than most plans, and we only recommend it if you do not have any other choice. Furthermore, you will have to pay premiums for 2 years before the full death benefit is available. Speak with one of our Final Expense Specialists to help you find the right plan for you.
Why do I have to speak with an agent to get the no waiting period plan?
The reason why you need to speak with a licensed agent in order to obtain the immediate coverage policy from United of Omaha is because they exclusively sell this particular policy through licensed agencies. They do not offer it directly to customers. If you were to contact Mutual of Omaha directly, they would only be able to provide you with their guaranteed acceptance plan, which comes with a two-year waiting period and usually carries a higher cost. Therefore, in order to access the no waiting period plan, it is necessary to engage with a licensed agent who can guide you through the process and ensure you receive the immediate coverage policy from United of Omaha.Does Mutual of Omaha check your MIB records for their final expense insurance?
Yes, Mutual of Omaha does check your MIB records when determining eligibility for their final expense insurance, known as the Living Promise plan. To assess your qualification, Mutual of Omaha employs a multistep process which includes:- 1. Health Questions: They will ask you a series of health-related questions to gauge your overall insurability.
- 2. Prescription History: They will review your prescription records to attain a comprehensive understanding of your medical history and any ongoing treatments.
- 3. MIB File Analysis: Mutual of Omaha analyzes your MIB (Medical Information Bureau) file, which contains your medical information from previous insurance applications and claims. This assessment helps them determine your risk profile and ensure accurate underwriting.
I am interested in receiving information for the Whole Life Insurance plan 40k per year. Also, I would like to have cash value in case of another MAJOR life changing emergency. I will have available finances resulting any kind of hardship. Mutual of Omaha has extremely impressive reviews. The company has become a real household name.
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Guaranteed Whole Life
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