2023 Mutual Of Omaha Burial Insurance Review

While most people qualify with Mutual of Omaha, they may not be your best option depending on your circumstances.

Learn the eligibility requirements, how much it costs, the pros and cons, and how to apply.

 

How Does Mutual of Omaha Final Expense Insurance Work?

United of Omaha burial insurance is a whole life insurance policy with coverage amounts from $2,000 up to $40,000.

The full death benefit is payable immediately if you’re approved for the level benefit plan.

That means you’re covered right away for natural causes or accidental death.

The policy pays out a tax-free cash payment to your loved ones or funeral home to pay for your funeral costs.

Your family can use the proceeds to pay for a burial, cremation, outstanding debts, or any other end-of-life expenses.

Any leftover money will remain with the beneficiaries.

Every United of Omaha final expense insurance policy (except the graded benefit plan) will come with the accelerated death benefit rider.

Either of the following scenarios triggers this rider:

• Terminal Illness: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit.
• Nursing Home Confinement: You can receive up to 50% of your death benefit if you are confined to a nursing home for 90 consecutive days.

You do not pay for those riders. They come bundled with the policy at no extra cost.

Because it’s a whole life policy, the fine print is very straightforward.

The table below thoroughly outlines the necessary details and product specifications. 

 

Coverage Details	Level	Graded
Policy Type	Whole Life Insurance
Policy Duration	Lifetime
Fixed Premiums	Yes
Builds Cash Value	Yes
State Availability	All states (except New York)	All states (except AR, MT, NC & NY)
New Applicant Age Range	45-85	45-80
Coverage Options	$2,000-$40,000	$2,000-$20,000
Free Built In Riders	Terminal illness or nursing home confinement	None
Optional Riders	Accidental Death (2X the payout for accidental death)	None
Where to Apply	Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them)
Phone Number to Apply	1-800-644-2926
Medical Exam Required	No
2-Year Waiting Period	No (subject to underwriting approval)	Yes
Application Approval Time	10 Minutes to 3 Business Days
Brochure	Mutual of Omaha Final Expense Brochure
Sample Application	Mutual of Omaha Final Expense Application
Sample Policy	Mutual of Omaha Final Expense Policy

 

The first-day coverage option

United of Omaha’s final expense policy for seniors offering full day-one coverage is called “Living Promise” (the name they gave).

Mutual of Omaha Living Promise has two health ratings. There is a level death benefit and a graded death benefit.

It does not have a waiting period if approved for the level benefit. You are fully insured from the very first day.

The level plan also allows you to purchase the Accidental Death Benefit Rider. It will generally only add a few dollars to your premium payments.

With this rider, Mutual of Omaha will payout double the death benefit if an accident is the cause of death.

Eligibility for the level plan depends upon your health.

To qualify for the level plan, you must say no to all these health questions and have a height-to-weight ratio within these guidelines.

If you want to find out if you’re eligible for this insurance coverage, call us at 1-800-644-2926.

Choice Mutual is authorized to sell Mutual of Omaha final expense life insurance.

We’ll answer all your questions, provide quotes, and assist you with the application process.

 

The graded plan (has a 2-year waiting period)

They also have a plan with a two-year waiting period. It’s called the “graded plan.”

With this option, if you die during the first two years, they will refund 110% of your premiums.

Accidental death is the only exception. Even during the waiting period, death from accidents would result in a complete full death benefit payout.

Here is a breakdown of the graded plan:

• Available in all states except for AR, MT, NC & NY
• Issue ages are 45-80
• Face amounts are $2,000-$20,000 ($5k minimum in WA)
• Only sold through licensed brokers such as Choice Mutual (you cannot buy it directly from them)
• 2-year waiting period for non-accidental death

To be approved for the graded plan, take a look at the health questions.

If you say yes to any of those health conditions, Mutual of Omaha will offer you their modified whole life insurance coverage.

 

How Much Does Mutual of Omaha Burial Insurance Cost?

Depending on your insurance needs, Mutual of Omaha burial insurance monthly premiums typically range from $20 to $200 for $10,000-$20,000 in coverage.

However, the exact price depends on your age, health, gender, and how much coverage you buy.

Tobacco usage also heavily influences the price. If you smoke, expect to pay about 30-40% more.

Below you will see a table showing some sample Mutual of Omaha final expense quotes. All prices are monthly premiums.

You can also use the quoting tool on this page to see prices for any amount you’d like.

AGE	Female $10,000 (Non-Tobacco)	Male 10,000 (Non-Tobacco)	Female $20,000 (Non-Tobacco)	Male $20,000 (Non-Tobacco)
45	$22.61	$27.11	$42.01	$51.01
50	$24.31	$30.68	$45.41	$58.15
55	$27.71	$35.95	$52.21	$68.69
60	$32.87	$43.76	$62.53	$84.32
65	$41.01	$56.48	$78.82	$109.75
70	$53.24	$74.61	$103.28	$146.01
75	$72.41	$99.97	$141.62	$196.74
80	$98.43	$139.73	$193.66	$276.26
85	$135.90	$192.74	$268.60	$382.27

 

Using A Licensed Agent Vs. Dealing With Mutual of Omaha Directly

There is a big difference between calling Mutual of Omaha’s home office versus talking with one of their licensed agencies.

Please note that any offer you see from Mutual of Omaha through the mail or TV is an offer for their guaranteed acceptance policy.

As you can see from the table below, the options are quite different depending on how you buy.

Plan Details	Mutual Of Omaha Direct	Licensed Mutual Of Omaha Agencies
Coverage Options	$2,000- $25,000	$2,000- $40,000
2-Year Waiting Period	Yes	No
$10,000 Rate For 65 Year Old Female (Non-Tobacco)	$50.00	$41.01
Option For Double Death Benefit For Accidental Death	No	Yes

If you want to speak with a licensed Mutual of Omaha agency, call us at 1-800-644-2926.

 

Pros And Cons

Mutual of Omaha is one of the best burial insurance companies in the nation. 

However, even they have both pros and cons to their coverage.

 

Tips For Finding The Best Life Insurance Company

When shopping for a burial insurance policy, it’s essential that you compare offers from multiple providers.

No single life insurance company can have the best product for everyone.

That’s why it’s helpful to compare multiple companies side by side.

It’s also helpful to remember that nearly all funeral insurance policies are sold only via licensed agents.

Insurance carriers that allow you to buy their products directly typically offer guaranteed issue life insurance plans that make you wait two years before you’re covered.

Colonial Penn is one such example. You can see a Colonial Penn rate chart to see how little coverage you get when you buy coverage directly from them.

Life insurance products with no waiting period must be bought via agencies.

So to find the best permanent life insurance to cover funeral expenses, work with a reputable independent agency representing numerous companies.

Then let them assist you in finding the best policy.

We give you this advice because:

• Only independent agencies offer the least expensive plans that have no waiting period.

• An independent agency will compare offers from multiple carriers to see which has the best plan for you.

• You cannot determine on your own which companies will approve you.

• Many companies don’t advertise on TV. Just because you aren’t familiar with their names doesn’t mean they are untrustworthy. It would help if you considered these companies because they have low rates and excellent underwriting. Companies that don’t advertise via mass media only sell their coverage through licensed agencies.

If you try to “not deal with an agent,” be prepared to pay more and wait two to three years before you’re insured.

Independent agents are your advocates. They exist to find you the best plan possible regardless of which insurer issues the policy.

 

Mutual of Omaha Company Background

Based out of Omaha, Nebraska, Mutual of Omaha has been in business since 1909.

They are a big insurance company that offers many different types of insurance.

They offer term life insurance, whole & universal life, medicare insurance, long-term care insurance, dental insurance, accidental death insurance, and much more.

All life insurance (including Mutual Omaha burial insurance) issued from Mutual of Omaha will appear as “United of Omaha” on the paperwork.

United of Omaha and Mutual of Omaha are the same company.

They issue all their life products under the name United of Omaha.

To say they are financially stable would be an understatement. They have the highest financial ratings an insurance company can get.

Here are their scores with some notable rating agencies:

• A.M. Best: A+ (Superior)
• Moody’s: A1 (Good)
• S&P Global: A+
• Better Business Bureau: A+

You can count on them being able to pay their claim when that time comes.

Here is Mutual of Omaha’s contact info:

• Website: www.mutualofomaha.com
• Phone number: 1-800-775-6000
• Corporate address: 3300 Mutual of Omaha Plaza, Omaha, NE 68175

 

Colonial Penn earned 4.5 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.

Learn about our rating methodology.

 

Frequently Asked Questions