Overall Score

Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

Factor Score Value
Price of Coverage
40%
No-Waiting-Period CoverageNo Waiting Period
20%
Financial Strength
20%
NAIC Complaint Index
20%
Overall Maximum
100%

Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

4.75 out of 5
5.0
Price of Coverage
Price of Coverage
40% of overall score

Using this quote calculator, we compare the price of the insurer’s coverage to competitors with equivalent products. The score they receive is based on how close their price is to those three least expensive providers:

  • 50-5% more expensive
  • 46-10% more expensive
  • 311-20% more expensive
  • 221-30% more expensive
  • 1≥ 40% more expensive
4.0
No-Waiting-Period CoverageNo Waiting Period
No-Waiting-Period Coverage
20% of overall score

This scoring factor assesses whether an insurer offers coverage with no waiting period and, if so, how difficult it is to qualify for it. If an insurer does not provide coverage with no waiting period, it gets an automatic 1. A score from 2 to 5 indicates that immediate coverage is possible, and the higher the rating, the easier it is for the average applicant to qualify for it.

  • 5Most applicants qualify
  • 4Fairly easy qualification
  • 3Somewhat difficult qualification
  • 2Very difficult qualification
  • 1No-waiting-period coverage unavailable
5.0
Financial Strength
Financial Strength
20% of overall score

Our financial strength scores are based on A.M. Best’s Financial Strength Ratings (FSR), which measure an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores they receive are based on the following scale:

  • 5Superior (A+ or A++)
  • 4Excellent (A- to A)
  • 3Fair/Good (B- to B++)
  • 2Weak/Marginal (C- to C++)
  • 1Poor (D or Not Rated)
5.0
NAIC Complaint Index
NAIC Complaint Index
20% of overall score

The NAIC (National Association of Insurance Commissioners) complaint index measures how frequently an insurer obtains consumer complaints relative to a median score across all insurers. Our scoring model is based on an insurer’s NAIC complaint index for the most recently available year and for ‘Individual Life’ products:

  • 50.0 - 1.0 (avg or below avg complaints)
  • 41.01 - 1.5 (slightly above avg complaints)
  • 31.51 - 2.0 (up to 2x avg complaints)
  • 22.01 - 3.0 (up to 3x avg complaints)
  • 1≥ 3.01 (more than 3x avg complaints)
If you need final expense insurance, Mutual of Omaha typically has the lowest prices compared to other providers. Most applicants can qualify for up to $50,000 in coverage with no waiting period.
Pros

  • Very low rates compared to other companies.
  • Most applicants are eligible for immediate coverage despite pre-existing conditions.
  • You can buy up to $50,000 in coverage, much higher than most providers.

Cons

  • To qualify for no waiting period coverage, you must speak with a licensed insurance agent.
  • They do not allow policyholders to mail in monthly payments or use a debit or credit card.
  • You cannot reduce your coverage if you need to lower your premium someday.

A+
Superior
A1
Stable
A+
Stable

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).

S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).

Customer Review Ratings
BBB
1.04/5
76 reviews
1.6/5
61 reviews
3.9/5
245 reviews
1.8/5
46 reviews
0/5
0 reviews
Consumer Protection Organization Scores

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

Policy Type
Whole Life
New Applicant Age Range
45-85
Death Benefit Options
$2,000-$50,000
States Where Available
All except New York
Builds Cash Value
Yes
Has Health Questions
Yes
2-Year Waiting Period
No
Medical Exam Required
No
Age When Policy Expires
Never
Prices Increase
Never
Terminall Illness Rider
Yes
Policy Type
Whole Life
New Applicant Age Range
45-80
Death Benefit Options
$2,000-$20,000
States Where Available
All except MT, NC & NY
Builds Cash Value
Yes
Has Health Questions
Yes
2-Year Waiting Period
Yes
Medical Exam Required
No
Age When Policy Expires
Never
Prices Increase
Never
Terminall Illness Rider
No
Policy Type
Whole Life
New Applicant Age Range
45-85 (50-75 in NY)
Death Benefit Options
$2,000-$25,000
States Where Available
All
Builds Cash Value
Yes
Has Health Questions
No
2-Year Waiting Period
Yes
Medical Exam Required
No
Age When Policy Expires
Never
Prices Increase
Never
Terminall Illness Rider
No
Mutual of Omaha, based in Omaha, Nebraska, has been in business since 1909, and they offer 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.

Founding Year
1909
Official Website
www.mutualofomaha.com
Headquarters
3300 Mutual of Omaha Plaza, Omaha, NE 68175
Phone Number
800-775-6000

 

How Does Mutual Of Omaha Final Expense Insurance Work?

Mutual of Omaha’s final expense insurance is a whole life insurance policy with coverage amounts from $2,000 up to $50,000. The policy pays out a tax-free cash payment to your loved ones or funeral home for burial, cremation, outstanding debts, or other end-of-life expenses. Also, your beneficiaries can keep any leftover money.

There are three plans you can qualify for depending on your health and how you apply:

  • Level benefit (no waiting period)
  • Graded benefit (2-year waiting period)
  • Guaranteed acceptance (2-year waiting period)

With all plans, no medical examination is required. Whole life insurance guarantees that it will last forever, the premium will remain the same, and the coverage will not decrease. Additionally, it builds cash value that the policy owner can withdraw at any time.

 

The first-day coverage option

United of Omaha’s final expense policy for seniors offering full day-one coverage for natural or accidental death is called “Living Promise.”

Mutual of Omaha Living Promise has two health ratings- the level death benefit and the graded death benefit.

The level benefit has no waiting period, meaning you’re fully insured for natural or accidental death on the day you make your first payment.

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

You cannot buy this policy directly from Mutual of Omaha Life Insurance Company. It’s only sold through licensed Mutual of Omaha agencies such as Choice Mutual.

 

The graded plan

The graded plan is modified whole life insurance coverage, so if you die during the first two years (except from an accident), Mutual of Omaha will refund 110% of your premiums. It’s also more costly than the level benefit option.

You will be offered the graded plan if you have any of these health conditions.

 

Guaranteed acceptance

The guaranteed acceptance option does not have health questions, and you can’t be denied for any pre-existing conditions. However, as is the case with all guaranteed issue life insurance, there is a mandatory two-year waiting period.

Any offer you see from Mutual of Omaha through the mail or directly from their website is the guaranteed acceptance policy.

 

How Much Does Mutual of Omaha Burial Insurance Cost?

Below is a Mutual of Omaha life insurance rate chart showing some sample final expense quotes.

Age & Gender$10,000$25,000$50,000
Female age 45$23$52$100
Male age 45$27$63$123
Female age 50$24$56$109
Male age 50$31$72$141
Female age 55$28$64$126
Male age 55$36$85$167
Female age 60$33$77$152
Male age 60$43$105$206
Female age 65$41$98$192
Male age 65$54$136$270
Female age 70$53$128$253
Male age 70$70$182$360
Female age 75$71$176$349
Male age 75$97$245$487
Female age 80$98$241$479
Male age 80$135$345$686
Female age 85$136$335$667
Male age 85$178$477$951
Source for monthly prices: Choice Mutual quote calculator. Rates are calculated at a non-tobacco rating, rounded to the nearest dollar, and are valid as of 07/25/2024.

 

Using A Licensed Agent Vs. Going Directly To Mutual Of Omaha

comparison chart of dealing with Mutual of Omaha directly vs using an agent

 

Should You Buy Mutual of Omaha Burial Insurance?

If your health is such that you can qualify for the no-waiting-period option with Mutual of Omaha, you should buy it immediately. That’s because Mutual of Omaha regularly ranks among the lowest-cost providers and allows you to buy a large amount of coverage relative to other insurers.

But remember that no single life insurance company has the best product for everyone (including Mutual of Omaha).

When shopping for a burial insurance policy, comparing offers from multiple providers is essential. No single life insurance company has the best product for everyone.

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

Insurance providers that allow you to buy their products directly from them (rather than via an agent) typically only offer guaranteed issue life insurance plans that make you wait two years before you’re covered. Colonial Penn, AAA, and USAA are three famous examples.

Those options can be bought online. However, they are all guaranteed acceptance plans with a two-year waiting period.

Consulting with a reputable independent agency representing numerous companies is the soundest way to find the best permanent life insurance to cover funeral expenses.

Independent agencies offer the following benefits:

  • Only independent agencies have the least expensive plans that have no waiting period.
  • An independent agency will compare offers from multiple insurance companies to see which has the best plan for you.

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 final expense policy regardless of which insurer issues the policy.

 

Frequently Asked Questions

Yes, Mutual of Omaha will check your MIB file when you apply for their no waiting period coverage. Mutual of Omaha qualifies people for their Living Promise plan by:

  • Asking the health questions
  • Checking your prescription history
  • Analyzing your MIB file

If your MIB file contains inaccurate information, you can correct it. Go to the MIB website to order your report. Once you get it and identify the errors, contact MIB to fix it.

United of Omaha only sells its immediate coverage policy via licensed agencies; it does not sell it directly to consumers. If you call Mutual of Omaha, their guaranteed acceptance plan is the only product they can offer. It has a two-year waiting period (and generally costs more).

Truthfully, you should let an agent diagnose whether you’ll qualify. The underwriting is simple, but there are nuances that only an agent will know. That said, look at these health questions. If you have any of those conditions, you will not qualify for the no waiting period option.

You can buy some Mutual Of Omaha life insurance for seniors online. However, understand that the only product they sell online is a guaranteed acceptance policy with a two-year waiting period. To secure a no waiting period policy, you must verbally speak with a licensed Mutual of Omaha agent.

Mutual of Omaha Living Promise is not a guaranteed acceptance policy. While there is no medical exam to qualify for a Living Promise policy, you must answer health questions. If approved, there is no waiting period.

Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.

  1. MIB website. https://www.mib.com/disclosuretransfer/disclosureservice/formrequest
  2. their website. https://www.mutualofomaha.com/life-insurance/whole-life-insurance/quote
  3. A.M. Best. https://news.ambest.com/newscontent.aspx?refnum=248191&altsrc=23
  4. Moody's. https://www.mutualofomaha.com/about/financial-strength/ratings
  5. S&P Global. https://www.mutualofomaha.com/about/financial-strength/ratings
  6. BBB. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
  7. Trustpilot. https://www.trustpilot.com/review/mutualofomaha.com
  8. Google. https://www.google.com/maps/place/United+of+Omaha+Life+Insurance+Co./@41.2919772,-96.3930632,11z/data=!4m10!1m2!2m1!1sMutual+of+Omaha!3m6!1s0x87938faddb631741:0x1c63fb3068a9098d!8m2!3d41.2585725!4d-95.9622597!15sCg9NdXR1YWwgb2YgT21haGEiA4gBAZIBEGluc3VyYW5jZV9hZ2VuY3ngAQA!16s%2Fg%2F1hc7zdp8w?entry=ttu
  9. Yelp. https://www.yelp.com/biz/mutual-of-omaha-omaha-6
  10. Facebook. https://www.facebook.com/mutualofomaha
  11. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=69868&REALM=PROD&COCODE=69868&REALM=PROD
  12. BBB Score & Accreditation. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434