This Mutual Omaha burial insurance review was written to help you find the best final expense insurance company and pricing.
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.
|MUTUAL OF OMAHA FUNERAL FUNDS 5-STAR RATING|
|1st Day Coverage||★★★★★|
|Ease of Approval||★★★|
FOR EASIER NAVIGATION:
- Does Mutual of Omaha Offer First-day Coverage?
- Pros of Mutual of Omaha Burial Insurance
- Cons of Mutual of Omaha Burial Insurance
- Mutual of Omaha Burial Insurance Products
- Mutual of Omaha Burial Insurance Riders
- When Does Mutual of Omaha Burial Insurance Make the Most Sense?
- Mutual of Omaha Underwriting Guidelines
- Mutual of Omaha Pricing Examples
- Getting Approved for Mutual of Omaha Burial Insurance
- The Best Payment Option
- Mutual of Omaha Company Overview
- How Can Funeral Funds Help Me?
DOES MUTUAL OF OMAHA OFFER FIRST-DAY COVERAGE?
Yes, Mutual of Omaha has a burial insurance plan with first-day coverage for their “Level Death Benefit” plan. If you qualify, you will be fully covered from the first day.
Unfortunately, their “Graded Benefit” plan has a 2-year waiting period.
Their burial insurance plan is called the Living Promise plan. It has a level death benefit that can be used for burial, cremation, final expenses, or basic life insurance needs. They have fairly lenient underwriting, and you can even qualify for first-day coverage if you have some health issues.
PROS OF MUTUAL OF OMAHA BURIAL INSURANCE
First-day coverage – The Living Promise level benefit plan comes with first-day coverage and no waiting period.
Competitive pricing – their level benefit plan has low pricing.
Accelerated death benefit rider – available with level benefit plan.
Application process – In-person or digital online application completed by a licensed agent.
CONS OF MUTUAL OF OMAHA BURIAL INSURANCE
Has build chart – You may not qualify if you are on the heavy side (obese or morbidly obese).
Waiting period – The graded benefit plan comes with a 2-year waiting period.
Not all health issues will qualify – significant medical conditions can be denied even with the graded plan.
MUTUAL OF OMAHA BURIAL INSURANCE PRODUCTS
This section of the Mutual of Omaha review 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
- The Living Promise with GRADED death benefit (2-year waiting period plan)
Your health will determine which plan you will qualify for.
MUTUAL OF OMAHA BURIAL INSURANCE: THE LIVING PROMISE LEVEL DEATH BENEFIT
|LIVING PROMISE LEVEL BENEFIT PLAN FEATURES|
|Immediate Coverage||100% coverage from day one|
|Coverage Amount||$2,000 - $40,000|
|Level Premium||Price never increases|
|Level Benefit||Coverage never decreases|
|Lifetime Coverage||Lasts until age 121|
The Living Promise level death benefit plan requires you to answer some 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.
MUTUAL OF OMAHA BURIAL INSURANCE: LIVING PROMISE GRADED BENEFIT PLAN
|LIVING PROMISE GRADED BENEFIT PLAN FEATURES|
|Age Availability||45 and 80 years of age|
|Graded Benefit||2 year waiting period|
|Level Premium||Price never increase|
|Level Benefit||Coverage never decreases|
MUTUAL OF OMAHA BURIAL INSURANCE RIDERS
Living Promise Level Benefit Plan Only
Accelerated death benefit for terminal illness or nursing home confinement rider (not available in New York) can be access under these circumstances:
- If the insured is diagnosed with terminal illness that will result in death within 12 months or less.
- If the insured is confined to a nursing home for 90 consecutive days and expected to be confined their whole life.
- If the insured cannot perform at least two of the activities of daily living because of chronic illness.
Optional: Accidental Death Benefit Rider
This rider would double the death benefit value if the insured died from an accident.
WHEN DOES MUTUAL OF OMAHA BURIAL INSURANCE MAKES THE MOST SENSE?
Mutual of Omaha Living Promise level benefit plan can be one of your best burial insurance options if you can answer no to all the health questions.
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.
Their level benefit plan is competitively priced.
We do not recommend the GRADED plan for most people because we can often find better options with other companies.
A graded plan should be your last option. You should only apply for this type of policy if you have significant health issues. Other than that, let our agents at Funeral Funds review your health history to get a reasonable price and full first-day coverage!
MUTUAL OF OMAHA UNDERWRITING GUIDELINES
Mutual of Omaha will determine your eligibility through the following:
- Your answers to their health questions
- Medical Information Bureau (MIB) records
- Your height and weight
- 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. You will be approved for the graded benefit plan if you answer yes to any of these conditions.
THE KNOCKOUT QUESTIONS FOR MUTUAL OF OMAHA ARE:
Is the applicant currently:
- 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?
- 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?
- 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:
- 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?
- 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?
- Diagnosed with insulin shock, diabetic coma, or had an amputation due to diabetic complications or diagnosed with End-Stage Renal Disease or requiring dialysis?
- Advised to receive or have received an organ or bone marrow transplant?
- 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:
- 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?
- 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.
LIVING PROMISE 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:
- 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)?
- Hepatitis 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:
- Cancer, Leukemia, Melanoma, or any other internal cancer (except basal or squamous cell skin cancer)?
- Chronic Kidney Disease, Systemic Lupus or Scleroderma?
- 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:
- Coronary Artery Disease, Heart Attack, Coronary Artery Bypass Surgery, Angioplasty, Cardiomyopathy, irregular heart rhythm, or Valvular Heart Disease with surgical repair or replacement?
- Stroke or Transient Ischemic Attack (TIA)?
In the past 2 years, has the Proposed Insured:
- Been convicted of or currently awaiting trial for a felony?
- 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?
- 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. 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 insured’s cause of death.
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.
MUTUAL OF OMAHA LEVEL BENEFIT PRICING EXAMPLES
|FEMALE AGE||$5,000 ||$10,000 ||$15,000 ||$20,000 ||$25,000
|50|| $13.75 || $24.31 || $34.86 || $45.41 || $55.96
|55|| $15.45 || $27.71 || $39.96 || $52.21 || $64.46
|60|| $18.04 || $32.87 || $47.70 || $62.53 || $77.36
|65|| $22.11 || $41.01 || $59.91 || $78.82 || $97.72
|70|| $28.22 || $53.24 || $78.26 || $103.28 || $128.29
|75|| $37.81 || $72.41 || $107.01 || $141.62 || $176.22
|80|| $50.82 || $98.43 || $146.05 || $193.66 || $241.28
|MALE AGE||$5,000 ||$10,000 ||$15,000 ||$20,000 ||$25,000
|50|| $16.94 || $30.68 || $44.42 || $58.15 || $71.89
|55|| $19.58 || $35.95 || $52.32 || $68.69 || $85.06
|60|| $23.48 || $43.76 || $64.04 || $84.32 || $104.60
|65|| $29.84 || $56.48 || $83.12 || $109.75 || $136.39
|70|| $38.91 || $74.61 || $110.31 || $146.01 || $181.72
|75|| $51.59 || $99.97 || $148.36 || $196.74 || $245.13
|80|| $71.47 || $139.73 || $207.99 || $276.26 || $344.52
*Pricing for illustration purposes only and are subject to change without notice.
GETTING APPROVED FOR MUTUAL OF OMAHA BURIAL INSURANCE
Applying for burial insurance with Mutual of Omaha is straightforward. It can be done through the phone or via your computer with a licensed agent.
- Your independent agent will pre-qualify you over the phone and will assist you in filling out your e-application. Your agent will ask you basic information such date of birth and social security number.
- Your agent will ask your beneficiary information
- You will be required to submit your payment information
- You will need to provide a voice signature or email signature
- They will verify your payment options
- After you make your first premium payment, your policy is active
- You will receive your policy in the mail within 7-10 business days on average after you pay your first premium. Your agent can also provide your digital copy of your policy.
The entire application process can be completed electronically in several minutes. To make your application quicker, have your important information readily available such as social security number, beneficiary, and payment information.
THE BEST PAYMENT OPTION
|Savings Account||Best way to pay|
|Checking Account||Best way to pay|
|Money Order||Not recommended|
|Cashier's Check||Not recommended|
|Debit Card||Not recommended|
|Credit Card||Not recommended|
|Direct Express||Not recommended|
|PAYMENT FREQUENCY||RECOMMENDED||ACCEPTED BY|
|Quarterly||Not Recommended||Some Companies|
|Semi-annually||Not Recommended||Some Companies|
|Annually||Not Recommended||Some Companies|
MUTUAL OF OMAHA COMPANY OVERVIEW
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.
Mutual of Omaha guarantee mutual life company has several 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 FINANCIAL RATINGS
- A+ (Superior) – A.M. Best
- AA- (Very Strong) – Standard & Poor’s
- A1 (Good) – Moody’s
- A+ – Better Business Bureau
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 an affordable burial or final expense policy doesn’t have to cost an arm and a leg.
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 best fit you.
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.
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!