- Very low prices compared to other companies.
- No waiting period coverage is available with an exam.
- Helpful account policyholders manage the coverage online.
- Options directly from the company are different (and inferior) to options available from licensed agents.
- You cannot mail in monthly payments or pay with a credit card.
- There are no options to buy online unless you want a policy with a two-year waiting period.
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).
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.
In addition to life insurance, they also sell health products such as Medigap, Medicare Advantage, disability, long-term care, and accidental death insurance.
How Much Does Mutual of Omaha Life Insurance For Seniors Cost?
Mutual of Omaha whole life final expense insurance life for seniors typically costs $25-$250 monthly for $10,000-$25,000 in coverage. However, prices vary depending on your precise age, gender, state of residence, health history, which product you choose, tobacco usage, and whether you take a medical exam or not.
Below is a Mutual of Omaha rate chart showing sample final expense insurance prices.
| 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. | |||
Mutual Of Omaha Final Expense Insurance For Seniors
Mutual of Omaha final expense insurance is whole life insurance with up to $50,000 in coverage and is available to seniors 45-85. It’s permanent insurance, so it lasts forever; the rate will never increase, and it will build cash value.
To qualify, you only need to answer some health questions. No medical exam is required, and most seniors with common pre-existing conditions (such as diabetes) will qualify.
When the insured dies, the company will pay out the death benefit as a cash payment (tax-free) directly to your loved ones.
Your beneficiaries can spend the money on anything, including end-of-life expenses, debts, or medical bills, and they keep any leftover funds.
Mutual Of Omaha Guaranteed Acceptance Insurance For Seniors
Mutual of Omaha guaranteed whole life insurance has no health questions or exams. Your approval is guaranteed.
Like all guaranteed acceptance life insurance coverage, there is a two-year waiting period.
Mutual of Omaha will only refund your premiums plus 10% interest if you die during the first 24 months.
Generally, Mutual of Omaha and AAA have the best guaranteed issue life insurance because they have the lowest insurance quotes for plans without health questions.
For example, Mutual of Omaha would charge $123.50. monthly for $25,000 of guaranteed coverage to a 65-year-old female and $169.75 to a 65-year-old male.
The AARP life insurance program would charge those same folks $177 (female) and $225 (male).
Mutual Of Omaha Term Life Insurance For Seniors
A term life insurance policy lasts a limited period of time. After the policy expires, you no longer have coverage. Term life insurance costs are unequivocally cheaper than permanent life insurance (whole or universal) because it expires, whereas permanent coverage does not.
Mutual of Omaha term life insurance can last either 10, 15, 20, or 30-year terms. They have two different options to choose from: Term Life Express or Term Life Answers.
| Coverage Details | Term Life Express | Term Life Answers |
|---|---|---|
| Term Lengths (Years) | 10, 15, 20, 30 | |
| Level Premiums | Yes | |
| Coverage Minimum | $25,000 | $100,000 |
| Coverage Maximum | Age 18-50: $300K Age 51-60: $250K Age 61-75: $150K | 65 Million |
| Medical Exam Required | No | Yes |
| Optional Riders (Costs Extra) | Accidental Death Benefit, Dependent Children's Coverage, & Disability Waiver of Premium | Accelerated Death Benefit, & Waiver of Premium for Unemployment |
| Included Riders (No Extra Cost) | Accelerated Death Benefit for Terminal Illness, Residential Damage Waiver of Premium, Waiver of Premium for Unemployment, Common Carrier Death Benefit, & Disability Income | Accelerated Death Benefit for Terminal Illness, & Waiver of Premium for Unemployment |
| Can Convert To Permanent Coverage | Yes | |
Mutual Of Omaha Universal Life Insurance For Seniors
Universal life policies are permanent life insurance plans with payment flexibility and cash value growth. In addition to the death benefit, the cash value build-up is tax-deferred, which can augment your retirement or be a source of funds when unexpected bills arise.
Mutual of Omaha offers four types of universal life insurance:
-
- Income Advantage: An indexed universal life insurance policy focusing on cash value accumulation. Ages 0-85 can apply for benefit amounts from $25,000 to over $1 million.
- Life Protection Advantage: An indexed universal life insurance policy that emphasizes lifetime coverage at an affordable rate. It still has payment flexibility but focuses on longevity rather than cash value growth. Ages 0-85 can apply with coverage amounts from $100,000 to over $1 million.
- AccumUL Answers: A traditional universal life policy with the most flexibility and will last forever as long as sufficient premiums are paid. A free chronic illness rider is included. Ages 0-85 can apply with benefit amounts from $100,000 to over $1 million.
- Indexed Universal Life Express: A no medical exam indexed UL policy that provides low-cost lifetime coverage for clients who don’t need large amounts of coverage and would rather skip the exam. Ages 18-75 can apply with coverage amounts from $25,000 to $300,000 (top end varies by age).
It’s worth noting that universal life policies are complicated and should not be purchased without working with a seasoned insurance agent adept at how these life insurance options work.
Working With A Licensed Mutual Of Omaha Agent Instead Of Buying Directly From The Company
Mutual of Omaha life insurance for seniors is sold directly by the company and through licensed agencies.
In short, if you call Mutual of Omaha directly, guaranteed acceptance whole life insurance is the only product they can offer you.
All their other products are sold exclusively through authorized Mutual of Omaha agencies such as Choice Mutual.
Frequently Asked Questions
Final expense whole life insurance is generally the best Mutual of Omaha policy for seniors. Most senior citizens only need life insurance to pay for funeral expenses. It’s guaranteed lifetime coverage with a quick cash payment directly to your beneficiaries or funeral home.
Mutual of Omaha offers burial insurance to seniors 45-85 in all states except New York. You can buy up to $50,000 without taking a medical exam. To qualify, you only need to answer some health-related questions. When you die, Mutual of Omaha will quickly pay your loved ones a tax-free cash payment so they can carry out your final wishes. Any money they don’t spend on your funeral costs or other bills is theirs to keep.
A Mutual of Omaha life insurance death claim can pay out in as little as 48 hours, or it can take months. How long it takes depends on the type of policy and how long it was in force at the time of death.
Mutual of Omaha guaranteed acceptance life insurance for seniors has a two-year waiting period. If you die during the waiting period, your beneficiaries will only receive a refund of your premiums plus 10% interest. All life insurance products with no health questions have a waiting period.
All Mutual of Omaha life insurance policies for seniors has a death benefit. A cash death benefit payable to your beneficiaries is the primary purpose of a life insurance policy, regardless of the type.
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.
- Mutual of Omaha guaranteed whole life insurance. https://www.mutualofomaha.com/life-insurance/whole-life-insurance
- Mutual of Omaha term life insurance. https://www.mutualofomaha.com/life-insurance/term-life-insurance
- Nerdwallet. https://www.nerdwallet.com/article/insurance/life-insurance-biggest-companies
- Universal life policies. https://www.investopedia.com/terms/u/universallife.asp
- A.M. Best. https://news.ambest.com/newscontent.aspx?refnum=248191&altsrc=23
- Moody's. https://www.mutualofomaha.com/about/financial-strength/ratings
- S&P Global. https://www.mutualofomaha.com/about/financial-strength/ratings
- BBB. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
- Trustpilot. https://www.trustpilot.com/review/mutualofomaha.com
- 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
- Yelp. https://www.yelp.com/biz/mutual-of-omaha-omaha-6
- Facebook. https://www.facebook.com/mutualofomaha
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=69868&REALM=PROD&COCODE=69868&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
