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In this review of Mutual of Omaha life insurance for seniors, you’ll learn how their policies work, how to qualify, the cost, and how they compare to other insurance providers.
Additionally, we’ll explain the difference between working with a licensed agent authorized to sell Mutual of Omaha products versus calling the company directly (there’s a big difference).
Mutual of Omaha whole life final expense insurance life for seniors typically costs $20-$200 monthly for $10,000-$25,000 in coverage. Life insurance rates 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.
Mutual of Omaha calls their final expense insurance “Living Promise.” It’s a whole life insurance policy that doesn’t require a medical exam and has minimal underwriting, so seniors 45-85 with pre-existing conditions can still obtain coverage.
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.
To qualify, you only need to answer some health questions. There are two rate classifications that you can qualify for- level and graded. There is no waiting period if approved for the level benefit, and you can buy up to $50,000.
The graded benefit will be offered if you have any health conditions in part two of the application. It has a maximum face amount of $20,000, usually costs more, and has a two-year waiting period.
Be it level or the graded plan, the premiums and face amount will never change, and the coverage lasts forever. In addition, every level benefit policy includes an accelerated death benefit rider at no additional cost. It allows the policyholder to access up to 50% of the death benefit while alive if diagnosed with a terminal illness. That rider can also be triggered if you’re confined to a nursing home for 90 days or more and expected to remain there indefinitely.
Also, a Mutual of Omaha burial insurance policy has an optional accidental death benefit rider you can add on for a few dollars extra (level benefit only). With that rider, the death payout will double if the cause of death is from an accident.
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 waiting period.
You can buy $2,000-$25,000 in coverage, and it’s available in all states (including New York).
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 $206 (female) and $225 (male).
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|
|Coverage Maximum||Age 18-50: $300K|
Age 51-60: $250K
Age 61-75: $150K
|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|
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.
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.
For example, Mutual of Omaha usually has the best final expense insurance product in the USA. You cannot buy it directly from them. Only broker agencies can sell it.
So if you want to pay less and have a life insurance policy with no waiting period, work with an agency instead of calling them directly.
Mutual of Omaha began back in 1909. They are based out of Omaha, Nebraska, and offer life insurance products in all states, including D.C. Additionally, they offer various health-related policy types such as Medicare supplements, dental insurance, accidental death, critical advantage (pays money for heart attack, stroke or cancer), disability insurance (income advantage), and long term care insurance.
All Mutual of Omaha life insurance plans are issued under “United of Omaha.” For example, their children’s life insurance will show United of Omaha on the policy. All other non-life coverage products are issued under “Mutual of Omaha.” Regardless of the name, it’s the same company.
Below are some of their marks from notable rating agencies:
Regardless of the methodology, every Mutual of Omaha life insurance review will concede that due to their tenure, financial strength, and capital reserves, you can feel supremely confident they can and will pay their claims when called upon.
Below is their contact information:
- Website: mutualofomaha.com
- Phone number: 1-800-775-6000
- Corporate address: 3300 Mutual of Omaha Plaza, Omaha, NE 68175
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 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.