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)
Mutual of Omaha life insurance rates range from $22-$200 monthly for a $10,000 whole life policy with no waiting period. Your price depends on the policy type, gender, age, health, tobacco usage (if any), and coverage amount.
Pros

  • Low rates relative to other insurance companies.
  • Seniors over 80 can apply.
  • Coverage with no waiting period is available without having to take a medical exam.

Cons

  • You must verbally speak with an agent to get the lowest price.
  • All forms of tobacco or nicotine (even vaping) will increase the cost.
  • There is no option to take an exam or provide medical records to potentially qualify for lower rates on the final expense insurance options.

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
1.05/5
81 reviews
1.5/5
72 reviews
3.9/5
245 reviews
1.7/5
51 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.

Ratings and scores valid as of 10/30/2024.
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
Based out of Omaha, Nebraska, Mutual of Omaha is a nationally licensed insurance company offering various life and health insurance types. Their life insurance products are filed under the legal name “United of Omaha.”

They’re an A+ rated company with A.M. Best and are known to be one of the largest and most financially secure insurers in the nation.

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

 

Final Expense Whole Life Insurance Rate Chart

Below is a whole life rate table for Mutual of Omaha Living Promise burial insurance with no waiting period.

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 10/15/2024.

 

Guaranteed Acceptance Whole Life Rate Chart

Below a rate chart for Mutual of Omaha’s guaranteed acceptance whole life insurance.

Age & Gender$10,000$20,000$25,000
Female age 45$28$55$68
Male age 45$36$72$90
Female age 50$30$60$75
Male age 50$40$79$99
Female age 55$38$74$92
Male age 55$45$90$112
Female age 60$43$84$105
Male age 60$57$113$141
Female age 65$50$99$124
Male age 65$69$136$170
Female age 70$64$127$158
Male age 70$87$172$215
Female age 75$89$176$220
Male age 75$113$226$282
Female age 80$127$253$316
Male age 80$157$313$391
Female age 85$158$314$393
Male age 85$193$384$480
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.

 

Is Mutual Of Omaha The Best For Seniors?

Mutual of Omaha final expense insurance is widely considered to be the best burial insurance for seniors. Their Living Promise product has no waiting period and is usually cheaper than most other burial insurance companies.

For example, Mutual of Omaha is less expensive than the AARP life insurance program, Colonial Penn, Trustage, and many others.

Remember that Mutual of Omaha life insurance for seniors differs depending on whether you call the company directly or work with one of their licensed agents.

Plan DetailsMutual Of Omaha
Direct
Licensed Mutual Of Omaha
Agencies
Coverage Options$2,000- $25,000$2,000- $50,000
$10,000 Rate For 65 Year Old Female (Non-Tobacco)$50.00$41.01
2-Year Waiting PeriodYesNo
Option For Double Death Benefit For Accidental DeathNoYes
Medical ExamNo
Guaranteed AcceptanceYesNo
Health QuestionsNoYes
States AvailableAll (Max age of 75 in New York)All except New York

 

Frequently Asked Questions

Some Mutual of Omaha life insurance products consider your health when determining the price, and some do not. The only product not affected by your health is their guaranteed acceptance of whole life insurance.

Most Mutual of Omaha life insurance products don’t require a medical exam. No medical exam is usually needed unless you want to buy over $500,000 in coverage.

Mutual of Omaha’s final expense insurance offers up to $50,000 in coverage when bought through an agent. If you opt to buy online or through the mail, you’re limited to $25,000.

Mutual of Omaha final expense insurance typically costs $20-$200 monthly for a $10,000-$20,000 policy. The cost of final expense insurance is based on your age, health, gender, tobacco habits, and how much coverage you want.