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 Living Promise’s whole life insurance is one of the best final expense policies on the market because of its low cost and immediate death benefit feature.
Pros

  • 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.

Cons

  • 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.

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
Mutual of Omaha sells many types of insurance, including term life, whole life, universal life, long-term care, dental, accidental death, and Medicare supplemental coverage.

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.

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

 

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.

Graphic that outlines the policy specifications for Mutual of Omaha Living Promise insurance

 

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 10/15/2024.

 

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.

Tip:
Mutual of Omaha does have an internal sales call center. However, their internal call center representatives can only offer you their guaranteed acceptance final expense coverage (not Living Promise). It’s a policy without health questions that comes with a two-year waiting period before you’re insured, and it’s more expensive than Living Promise coverage.

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.