- 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.
- 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.
If you can qualify for the no-waiting-period option with Mutual of Omaha (most applicants do despite many pre-existing conditions such as diabetes), you should buy it immediately. That’s because Mutual of Omaha regularly ranks among the lowest-cost providers and they allow you to buy a large amount of coverage (up to $50,000) relative to other insurers.
Also, Mutual of Omaha excels at servicing existing policyholders. You can make virtually any change to your policy (beneficiary, address, payment info) verbally or via an electronic signature. They pay approved claims quickly, and when you call them, you’re never on hold for more than 1-2 minutes. Mutual of Omaha ranked #6 in the most recent J.D. Power U.S. Individual Life Insurance Study for customer satisfaction.
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.
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 products (including Mutual Omaha burial insurance) or annuities 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.
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 costs, cremation, outstanding debts, or other end-of-life expenses. Also, your beneficiaries can keep any leftover money not spent on funeral costs.
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 whole life insurance 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.
At no extra cost, the policy automatically comes with an accelerated death benefit rider that allows you to access the full death benefit while you’re alive if you’re diagnosed with a terminal illness or confined to a nursing home for 90 days or more and expected to remain there. For a small additional fee, you can add an accidental death benefit rider that will result in a 200% payout of the death benefit if you die from an accident.
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 insurance 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 10/15/2024. | |||
Using A Licensed Agent Vs. Going Directly To Mutual Of Omaha
Mutual of Omaha Burial Insurance Vs. It’s Competitors
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.
- $10K Policy Cost $79.60/month*
- New Applicant Ages 50-85 (50-75 in NY)
- Death Benefit Options 1-25 Units
- 2-Year Waiting Period Yes
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.
- $10K Policy Cost $47.00/month*
- New Applicant Ages 50-80
- Death Benefit Options $5,000-$50,000
- 2-Year Waiting Period No
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.
- $10K Policy Cost $64.81/month*
- New Applicant Ages 45-80
- Death Benefit Options $10,000-$15,000
- 2-Year Waiting Period Yes
Tips To Finding The Best Burial Insurance
No single life insurance company has the best insurance options for everyone (including Mutual of Omaha).
When shopping for a burial insurance policy, it is essential to compare offers from multiple providers because each company has different prices and underwriting criteria.
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 afford the peace of mind of not enduring a two-year waiting period before you’re insured.
- 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. Its best to speak with an agent who can evaluate your insurance needs and give you professional feedback.
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 with a maximum face amount of $25,000. 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 whole life policy. Your eligibility is based on your current and past health conditions. 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.
- MIB website. https://www.mib.com/disclosuretransfer/disclosureservice/formrequest
- their website. https://www.mutualofomaha.com/life-insurance/whole-life-insurance/quote
- 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
- J.D. Power U.S. Individual Life Insurance Study. https://www.jdpower.com/business/press-releases/2024-us-individual-life-insurance-study
