Mutual of Omaha burial insurance is designed to help seniors cover their final expenses. They will pay benefits directly to your beneficiary, and it can be used to pay different expenses including medical bills, other debts, and final expenses. There are three types of burial insurance offered by Mutual of Omaha.
- Living Promise Level Benefit
- Living Promise Graded Benefit
- Guaranteed Whole Life Insurance
Mutual of Omaha has popular burial insurance plans!
These Mutual of Omaha burial insurance plans have a wide range of options, which will allow you to choose how you allocate for your burial expenses. You can select plans with a face value ranging from $2,000 to $40,000. The application does not require a medical exam only a few simple health questions. One of these plans may be suitable to fit your needs.
When you’re looking to get insurance coverage, there are different factors that you should consider to ensure you are getting the best plan possible. Our Mutual of Omaha burial insurance review will help you decide if these plans are right for you.
FOR EASIER NAVIGATION:
ABOUT MUTUAL OF OMAHA LIFE INSURANCE
Mutual of Omaha Life Insurance Company was established back on March 5, 1909. It is a privately owned, full-service Fortune 500 company based in Omaha Nebraska. The company began as Mutual Benefit Health and Accident Association selling health and accident insurance.
In 1918, Mutual Benefit consolidated with Omaha Health and Accident Association. The company grew fast, and by 1920 they were selling policies in 15 states. By 1939 they were able to expand to all 48 states and 2 territories.
In 1950, the company shortened its name to Mutual of Omaha and adopted the Native American symbol.
Mutual of Omaha was among the first companies to provide disability insurance to non-professional workers. In 1966, it was among the first companies to provide supplementary coverage for people enrolled in Medicare.
Mutual of Omaha guarantee mutual life company has a number of subsidiaries known to provide a selection of insurance products, banking, and financial services to individuals and businesses located in the United States. These subsidiaries include the following:
- United of Omaha Life Insurance Company
- United World Life Insurance Company
- Omaha Insurance Company
- Mutual of Omaha Investor Services, Inc.
- Omaha Financial Holdings, Inc.
- East Campus Realty, LLC
Mutual of Omaha began by offering health and accident insurance, but it has continued to grow and expand throughout the years by increasing its product line and offerings to the public. Mutual of Omaha other products include:
- Medicare Supplement Insurance
- Long-Term Care Insurance
- Disability Income Insurance
- Critical Illness Insurance
- Dental Insurance
- Retirement Annuities
MUTUAL OF OMAHA FINANCIAL RATINGS
- A+ (Superior) – A.M. Best
- AA- (Very Strong) – Standard & Poor’s
- A1 (Good) – Moody’s
- 93 (out of 100) – Comdex
- A+ – Better Business Bureau
Mutual of Omaha ratings from different agencies proves the company’s stability and financial capacity to pay its financial obligation to its customers.
If you need to contact the Mutual of Omaha directly, the Mutual of Omaha agent support phone number is 1-800-676-7733
MUTUAL OF OMAHA BURIAL INSURANCE
In this section of Mutual of Omaha review, we will cover the different burial policies offered by Mutual of Omaha. There are two types of burial insurance offered by Mutual of Omaha.
- The Living Promise with level death benefit and graded death benefit which are sold through agencies.
- Mutual of Omaha whole life insurance which is a guaranteed issue life insurance sold directly to the consumer through the mail.
Let’s look at the Mutual of Omaha burial plans offered through agencies.
Mutual of Omaha has whole life insurance called the Living Promise. There are two Mutual of Omaha Living Promise plans available, the level death benefit and the graded death benefit. Your health will determine which plan you will qualify.
THE LIVING PROMISE LEVEL DEATH BENEFIT BURIAL PLAN
- Age availability: 45-85
- Amount of coverage: $2,000 to $40,000 (in Washington $5,000-$40,000)
- Immediate coverage – 100% coverage on day one
- Coverage will never expire due to age or health condition
- Fixed monthly premium amount for the life of the policy
- The death benefit will never decrease.
- Available in 50 states
The Living Promise level death benefit plan has health questions to determine if you are insurable. You are eligible for this plan if you say “no” to all the health questions. If you are eligible for this plan, you get first-day full coverage. Call us if you want to know the Mutual of Omaha burial insurance rates for this plan.
There is no mandatory waiting period for this type of plan.
They will determine your eligibility through the following:
- Your answers to the health questions
- Medical Information Bureau (MIB) records
- Your weight and height ratio
- Your prescription history
There are two sets of health questions with Omaha Mutual Life Insurance Company.
The “knockout” questions can be found in the first part of the application. A yes answer to the knockout questions will disqualify you to the level death benefit plan.
The second set of health questions are for the graded benefit plan. If you answer yes to any of these conditions, you will be approved for the graded benefit plan.
The Knockout Questions are:
Is the applicant currently:
(a) bedridden or confined to any hospital, nursing home, long-term care facility or skilled nursing facility; or receiving or been advised to receive care in a nursing home, hospice care, or home health care?
(b) requiring assistance with activities of daily living such as taking medications, bathing, dressing, eating, toileting, getting in and out of a chair or bed, or control of bowel or bladder problems?
(c) requiring any of the following (other than for fractures, bone or joint surgery, including replacement): wheelchair, electric scooter, or oxygen equipment to assist breathing (excluding use for sleep apnea)?
Has the Proposed Insured ever been:
(a) diagnosed as having Acquired Immune Deficiency Syndrome (AIDS), AIDS-Related Complex (ARC), or Human Immunodeficiency Virus (HIV) Infection (symptomatic or asymptomatic) or been treated for AIDS, ARC, or HIV by a physician or healthcare provider?
(b) diagnosed with, been treated for or advised by a physician or health care provider to receive treatment for Alzheimer’s Disease, Dementia, Huntington’s Disease, Sickle Cell Anemia, Myelodysplastic Syndrome (MDS), Lou Gehrig’s Disease (ALS), Quadriplegia, Paraplegia, Down’s Syndrome, mental incapacity, congestive heart failure, Cirrhosis, Metastatic Cancer or recurrent Cancer of the same type?
(c) diagnosed with insulin shock, diabetic coma, or had an amputation due to diabetic complications or diagnosed with End Stage Renal Disease or requiring dialysis?
(d) advised to receive or have received an organ or bone marrow transplant?
(e) diagnosed by a physician or health care provider as having a terminal medical condition that is expected to result in death within the next twelve 12 months?
In the past 12 months, has the Proposed Insured been:
(a) advised by a physician to have a surgical operation, diagnostic testing other than for routine screening purposes or for those related to HIV/AIDS, treatment, hospitalization, or other procedure which has not been done or for which results are not known?
(b) diagnosed by a physician or health care provider as having heart disease or heart surgery of any kind?
In the past 2 years, has the Proposed Insured been diagnosed with, been treated for or advised by a physician or health care provider to receive treatment for any form of cancer (except basal or squamous cell skin cancer)
Your reply to these health questions will determine if you will qualify for the level death benefit plan.
Mutual of Omaha will also look into your prescription history and MIB records as part of their risk analysis.
This insurance plan can be one of your best burial insurance options if you answer no to all the health questions above.
If you have minor health issues like:
- High cholesterol
- High blood pressure
- Diabetes after age 50 with no complications
- Heart attack over 2 years ago
- Strokes over 2 years ago
Mutual of Omaha will still issue this level benefit plan!
LIVING PROMISE GRADED BENEFIT PLAN
Living Promise graded benefit plan is a whole life insurance policy available for people 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.
You will need to pass the United of Omaha underwriting guidelines section, and if you say yes to any of the graded questions, you will be approved for the graded benefit.
You also be put in the graded category if you have a prescription history for the treatment of these conditions.
This plan is available in every state except AR, MT, NC, and WA.
Graded Benefit Plan Health Questions:
Has the Proposed Insured ever (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:
(a) Diabetes before age 50 or diabetes at any age with complications of Retinopathy (eye), Nephropathy (kidney), Neuropathy (nerve) or Peripheral Vascular Disease (PVD or PAD)?
(b) Hepatitis C?
(c) Chronic Lung Disease, including Chronic Obstructive Pulmonary Disease (COPD), Chronic Bronchitis, Emphysema, or Sarcoidosis?
In the past 4 years, has the Proposed Insured: (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:
(a) Cancer, Leukemia, Melanoma or any other internal cancer (except basal or squamous cell skin cancer)?
(b) Chronic Kidney Disease, Systemic Lupus or Scleroderma?
(c) Bipolar Depression, Schizophrenia, Parkinson’s Disease or Multiple Sclerosis?
In the past 2 years, has the Proposed Insured: (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:
(a) Coronary Artery Disease, Heart Attack, Coronary Artery Bypass Surgery, Angioplasty, Cardiomyopathy, irregular heart rhythm, or Valvular Heart Disease with surgical repair or replacement?
(b) Stroke or Transient Ischemic Attack (TIA)?
In the past 2 years, has the Proposed Insured:
(a) been convicted of or currently awaiting trial for a felony?
(b) been treated for or advised to have treatment for alcohol or drug abuse or convicted more than once of reckless driving or driving under the influence of drugs or alcohol?
(c) used unlawful drugs in any form or abused or misused prescription drugs?
In the past 2 years, has the Proposed Insured been hospitalized by a physician or healthcare provider for any mental or nervous disorder?
In the past 12 months, has the Proposed Insured consulted a physician for a chronic cough, unexplained weight loss greater than 10 pounds, fatigue or unexplained gastrointestinal bleeding?
This policy provides a graded benefit, which means that if the insured dies of natural causes during the first 2 years of the policy, the beneficiary will only receive all the premiums paid plus 10% interest. After the two-year waiting period, the full amount of the death benefit will be paid to the beneficiary, regardless of the cause of death of the insured.
We do not recommend this plan for many people because you will find better options with other companies.
This plan has two problem areas: the health conditions covered and the look back time.
This graded plan has a 4 years look back time for cancer, it is longer than average. Most companies only have a 2-year look back time on cancer.
Also, you will qualify for immediate coverage with other insurance carriers even if you have these conditions:
- COPD or emphysema
- Diabetes before age 50
- Multiple Sclerosis
- Mini stroke
- Neuropathy or retinopathy
- Peripheral vascular disease
We are experts at finding you a burial or final expense plan with day one coverage.
MUTUAL OF OMAHA GUARANTEED BURIAL INSURANCE AND WHOLE LIFE INSURANCE
If your health precludes you to qualify for Living Promise level benefit plan or graded benefit plan, Mutual of Omaha Guaranteed whole life insurance plan might be your option. This type of plan is sold directly to customers through the mail and online.
This guaranteed whole life final expense insurance plan from United of Omaha Life Insurance Company is a guaranteed issue whole life insurance policy. It does not require a medical exam or health questions to qualify. Your approval is guaranteed regardless of health condition.
You can apply for this plan if you are between the ages of 45-85. You can buy as little as $2,000 up to $25,000 in coverage.
This policy is whole life insurance. The plan will never expire as long as premiums are paid. The monthly premiums are locked in and will never increase. The death benefit cannot decrease for any reason. This plan is available in all states except CT, MT, and NY states.
There are two drawbacks to a guaranteed issue policy:
First, is the mandatory waiting period. If you should pass away from natural causes during the first two years, Mutual of Omaha will only refund all your premiums to your beneficiary plus 10% interest.
Second, the price is more expensive since the company does not ask health questions to assess your risk.
Guaranteed issue policy should be your last option. You should only apply for this type of policy if you have very serious health issues like, cancer, HIV or end-stage renal failure that require you to have dialysis. Other than that, let out agents at Funeral Funds review your health history to get a reasonable price and full first-day coverage!
ALTERNATIVE WAYS TO GET BURIAL INSURANCE
Mutual of Omaha’s Living Promise burial insurance is excellent if you qualify for their level benefit plan!
The level benefit plan offers you quality coverage that is competitively priced compared to most burial insurance companies. If you can’t qualify for their level benefit, we will help you get the quality burial insurance you need.
Mutual of Omaha Life Insurance Company is just one company out of many. There are many other burial insurance companies where you can get first-day full coverage for natural death if you could not qualify for Mutual of Omaha’s level benefit plan.
There are other options. That’s the benefit of working with an independent agency like Funeral Funds. We can shop your case to see which insurance company will give you the best price and coverage. Call us at (888) 862-9456 if you have any questions about life insurance. We are here to help!
WHAT KIND OF BURIAL POLICIES AND FINAL EXPENSE POLICIES SHOULD I AVOID?
TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.
In reality, most of these policies rely on you having NO BRAIN to purchase them.
Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.
To make a long story short, it is better to shop for burial policies with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends ba-zillions of dollars each month advertising on television and in magazines.
Increasing Price Policies
Those TV and magazine final expense policies may increase in price every five years or have a two-year waiting period before your benefits kick in! What in tarnation!?!
These policies aren’t all they’re cracked up to be, and you often end up at the short end of the stick by purchasing burial insurance this way.
These tricky television magazine snake oil salesmen lure you in with an attractive rate, only to have the cost of your insurance increase every five years until you cannot afford the premiums, then you must cancel your policy.
What happens after you cancel the policy?
You’ll die and will have wasted all that money because you bought a policy that increases in price as you get older. These policies just don’t cut the mustard for most folks!
Avoid policies that increase in price every year or end at a certain age. You don’t want your family to get hung out to dry when they need this coverage the most.
Why choose Funeral Funds for my burial policy?
Most life insurance agents are fine, respectable people.
There are, however, the classic “snake oil” life insurance agents, who will sell you the easiest and most expensive policy possible.
The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait 2 years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.
Avoid these people at all costs!
For the rest of the life insurance agents, who are fine respectable people, they are most often generalists.
They deal with all kinds of life insurance policies.
They are Jack of all trades and Masters of none.
They are nice people, but they are not the logical choice if you want the best pricing and a burial insurance policy with no waiting period.
We work with 20+ final expense companies, so we can get you qualified for the best price plan with the intent of getting folks like you immediate coverage when possible.
We have to admit that, for the average burial insurance final expense insurance shopper, all the companies and options will often leave you more confused than a woodpecker in a concrete forest.
HOW CAN FUNERAL FUNDS HELP ME?
The reality is that inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial and final expense policies.
Getting on affordable burial or final expense policy doesn’t have to cost an arm and a leg.
Our job at Funeral Funds is to be the most knowledgeable burial insurance experts available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.
Once we know more about your age and health history, we can accurately give you a final expense rate and burial insurance quotes from the final expense companies that are the best fit for you.
It is always in your best interest to work with an independent brokerage, such as Funeral Funds.
With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.