Mutual of Omaha Whole Life Insurance Review

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.

Compare Mutual Of Omaha Whole Life

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.

  • Traditional Paper Application. In order to complete a paper application, you can meet with a qualified agent in person in the comfort of your home, and the agent will submit to united of Omaha via document upload or fax. You can also speak with an agent via phone, complete the paper application quickly,and the agent then will mail, email or fax the application to you to collect signatures, and then you can return it to the agent for processing. Please note that this method may take several days to complete, and it may take 7–14 days to get an approval.
  • Electronic Application Online. Completing an electronic application online is the fastest way to apply for Mutual of Omaha living promise. All you have to do is speak with one of our Mutual Of Omaha Insurance agents via phone, and He or She will help you complete the electronic online application with all your basic information, and you will only need to answer a few health questions. Once you authorize the application through e-signature or text signature, Mutual Omaha unique underwriting process will quickly determine if you qualify for living promise level benefit, or for the living promise graded plan.
  • Once you accept the offer, The insurance agent with complete the rest of the online application, and will submit it to the carrier for completion. Our experience has been phenomenal with mutual of Omaha Online applications, and it only takes 15- 20 minutes to complete on your phone, tablet or computer. In fact, you may get an instantaneous approval, or 2-3 business days at the latest.

    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?

      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 )

    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.

    Compare Mutual Of Omaha Whole Life

    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.
    In the event that you discover inaccuracies within your MIB file, it is possible to amend and correct them. To initiate this process, you can visit the MIB website and request your report. Upon receipt of the report, you can identify any errors and reach out to MIB directly to begin rectifying the information. However, it’s worth noting that not all insurance companies respond to MIB in the same way. If you find that your MIB file is inhibiting your ability to obtain final expense insurance, you can contact Mutual of Omaha at 1-800-644-2926. They have experience in assisting individuals in similar situations and might be able to identify an alternate carrier who is willing to approve your application, despite the information contained in your MIB file.

    What is the difference between calling Mutual of Omaha’s home office and talking with a licensed agency?

    When it comes to Mutual of Omaha life insurance for seniors, there are distinct differences between calling their home office directly and speaking with a licensed agency. If you come across an offer from Mutual of Omaha through mail or TV, it typically pertains to their guaranteed acceptance policy. However, the options available to you can vary significantly depending on the method through which you choose to purchase the insurance.

    If you decide to contact the home office of Mutual of Omaha, you will have the opportunity to speak directly with the company itself. They can provide you with detailed information about their various life insurance policies, including those specifically tailored to seniors. By reaching out to the home office, you can gather information about the coverage options available and get a comprehensive understanding of the terms and conditions.

    On the other hand, if you opt to connect with a licensed Mutual of Omaha agency, you will have the advantage of receiving personalized assistance from a knowledgeable agent. A licensed authorized agency has a thorough understanding of Mutual of Omaha’s life insurance products for seniors and can guide you through the process of selecting the right policy for your individual needs. They can clearly explain the benefits and features of each policy, answer any questions or concerns you may have, and provide expert advice tailored to your specific situation.

    What is the refund policy for the graded plan if death occurs during the waiting period?

    If death occurs during the waiting period of the graded plan, the refund policy states that under normal circumstances, 110% of the premiums will be refunded. However, it’s important to note that this refund policy does not apply in cases of accidental death, as accidental death during the waiting period would result in a complete payout of the full death benefit.

    What additional benefit can be purchased with the level plan?

    With the level plan, you have the option to enhance your coverage by purchasing the Accidental Death Benefit Rider. This beneficial add-on typically comes at a minimal cost, slightly increasing your premium payments. Should the unfortunate event of an accident be the cause of death, Mutual of Omaha will provide a double payout of the death benefit, offering added financial security to you and your loved ones.

    Does the level plan have a waiting period?

    Living promise burial insurance offered by Mutual of Omaha does not have a waiting period if you are approved for the immediate benefit. Once you meet the eligibility criteria, which includes saying NO to specific health questions and meeting the height-to-weight ratio guidelines, you will be fully insured from the very first day without any waiting period. This means that the level plan provides immediate coverage without any delays.

    What are the free built-in riders included in Mutual of Omaha burial insurance?

    Mutual of Omaha burial insurance comes with two valuable built-in riders at no additional cost. The first one is the accelerated death benefit rider, which allows you to access a portion of your death benefit if you find yourself diagnosed with a terminal illness and given a life expectancy of 12 months or less. This means you can receive up to 50% of your death benefit to cover medical costs or any other end-of-life expenses.

    The second built-in rider is the nursing home confinement rider. If you are confined to a nursing home for a continuous period of 90 days, you can access up to 50% of your death benefit to help cover the costs associated with your care.

    The best part is that neither of these riders requires any additional payment from you. They are automatically included in every Mutual of Omaha burial insurance policy, except for the graded benefit plan. So, with this policy, you can have peace of mind knowing that you have financial support in the face of a terminal illness or the need for nursing home care, without any extra cost.

    How does tobacco usage impact the price of Mutual of Omaha burial insurance?

    Tobacco usage heavily influences the price of Mutual of Omaha burial insurance. Smokers can expect to pay about 30-40% more in premiums. However, If you only qualified for living promise graded benefit, due to some health issues, the smoker criteria are no longer applicable, and you may still get a very affordable rate.

    Does mutual of Omaha burial insurance pays benefits in 24 hours?

    This promise some insurance companies make about paying the death claim quickly may be deceiving. In reality, the 24-hour claim processing statement is true for the most part, if all required documents have been received and processed, Additionally, the life insurance policy must be in force for at least 2 years before it becomes payable in 24 hours. In the case with Mutual of Omaha, they do process and pay claims in 24 hours, and a death certificate is not required. Instead, they verify with a hospital, or funeral home if the insured is diseased. In fact, Mutual of Omaha’s death claim process, is one of the fastest in the industry. We highly recommend mutual of Omaha burial insurance plans for seniors.


    In conclusion, Mutual of Omaha is committed to providing affordable burial insurance for parents, grandparents and even seniors over 80 who are concerned about end-of-life planning. Whether you’re looking for affordable burial insurance with no-waiting period, graded benefit funeral insurance, or guaranteed approval whole life insurance, Mutual of Omaha has a solution to meet your needs. With a history of excellence and a commitment to customer service, Mutual of Omaha is a name you can trust for all of your insurance needs.

    *The Guaranteed Whole Life Insurance product can only be obtained directly from Mutual of Omaha Life Insurance Company.

    This Post Has 6 Comments


      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.

    2. Donald

      Would you please contact me with information, We are looking for a quote on a Guaranteed whole life insurance policy for my mother.

    3. Emma chiasson

      PLEASE send me info on whole life

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