- Typically, it costs less than most other providers.
- The majority of applicants can qualify for coverage with no waiting period.
- Includes an accelerated death benefit (living benefits) rider at no additional cost.
- To apply, you must contact a Mutual of Omaha agent. It cannot be bought online or through the mail.
- No credit card payments are accepted.
- After the policy is issued, you cannot reduce the death benefit should you need to lower the premium.
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.
It’s important to remember that all life insurance products offered by Mutual of Omaha will be issued under the name “United of Omaha.”
Having been in business for over 100 years and having the highest financial ratings, you can trust that they can and will their claims.
How Does Mutual Of Omaha Living Promise Whole Life Insurance Work?
Most people buy Living Promise whole life insurance to ensure their funeral costs won’t burden their loved ones. However, it’s still life insurance, so the death benefit payout is a cash (tax-free) payment that can be spent on anything.
Level death benefit (no waiting period)
The level death benefit is the lowest cost plan, and there’s no waiting period. That means you’d be 100% insured for natural or accidental death the day you make your first payment.
To qualify for the level benefit, you must be able to say no to these health questions and be within their weight chart guidelines.
You have the option to add an accidental death rider (which costs a few dollars more) that would cause Mutual of Omaha to pay out 200% of the death benefit if you die from an accident.
Graded death benefit
Mutual of Omaha will offer you the graded death benefit if you have any health conditions mentioned in questions 5-10 in the application.
The graded plan has a two-year waiting period and typically (not always) costs more than the level death benefit.
The only exception to the waiting period is for accidental death. If you have the graded plan and die from an accident in the first two years, United of Omaha will pay the full coverage amount.
If you have health conditions warranting the graded plan, applying with another insurance company is likely better. Mutual of Omaha is one of the best final expense companies, but if you have any health issues in questions 5-10 of the application, they are probably not your best option.
How Much Does Mutual Of Omaha Living Promise Cost?
Living Promise insurance premiums are based on your age, health, state of residence, tobacco habits (if any), and how much coverage you buy.
Below is a Mutual of Omaha life insurance rate chart for their Living Promise policy (level death benefit).
| 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. | |||
Should You Buy Living Promise Coverage?
Many companies offer death insurance for seniors, but Living Promise is likely your best option if you qualify for the level death benefit.
Mutual of Omaha final expense insurance often has the lowest premiums, and there is no waiting period. Additionally, they offer up to $50,000 in coverage, far higher than many final expense insurance providers.
Many insurance companies, such as the 9.95 plan from Colonial Penn, give everyone a two-year waiting period and are expensive (relative to Mutual of Omaha).
Other companies like Transamerica or Aetna are also good options. However, Mutual of Omaha typically emerges as the superior option because of low prices, financial ratings, and immediate coverage benefits.
The primary drawback is that you must speak with a licensed agent, which many seniors would rather avoid.
How To Buy Living Promise Whole Life Insurance
Mutual of Omaha sells Living Promise whole life insurance through agencies. You must speak with a licensed Mutual of Omaha agent. Mutual of Omaha does not allow Living Promise to be sold entirely online or through the mail.
If you’re interested in getting quotes, asking questions, or buying Living Promise final expense insurance, call us at 1-800-644-2926.
Choice Mutual is a licensed Mutual of Omaha agency.
Frequently Asked Questions
Living Promise is not a guaranteed acceptance plan. There is no medical exam, but eligibility is based on your answers to the health questionnaire, height and weight ratio, and medication history.
If you buy Mutual of Omaha Living Promise coverage with a graded death benefit or their guaranteed acceptance coverage, there will be a two-year waiting period. Any nonaccidential death during the first two years will cause Mutual of Omaha to refund 110% of your premiums.
United of Omaha and Mutual of Omaha are the same company. Mutual of Omaha offers many types of coverage, including life, health, and disability insurance. All their life insurance products are filed with each department of insurance as United of Omaha. If you buy any life insurance from Mutual of Omaha, the policy will instead say “United of Omaha.” Furthermore, your bank statement will show a deduction from United of Omaha. The only exception to this rule is buying a Mutual of Omaha life insurance product in New York. In New York, Mutual of Omaha life products are filed under the name Companion Life Insurance Company.
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.
- same company. https://www.mutualofomaha.com/about/company-profile/affiliates
- 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
