Mutual Of Omaha Living Promise whole life insurance is one of the best final expense plans on the market.
If you need a burial insurance policy, this plan is undoubtedly your best option if they’ll accept you.
This review will explain how the policy works, the cost, and how to buy it.
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How Does Mutual Of Omaha Living Promise Whole Life Insurance Work?
Mutual Of Omaha Living Promise is a simplified issue whole life insurance policy.
It’s “simplified issue” because you don’t have to take an exam to qualify. All you have to do is answer health questions.
Because it’s a whole life policy, the premiums will never increase, and the policy will never expire.
Also, the death benefit will never decrease in value, and it accrues cash value.
Most seniors buy Living Promise whole life insurance to ensure their funeral costs won’t burden their loved ones.
Many people often refer to Living Promise as “Mutual of Omaha final expense insurance.”
But you can purchase the policy for any reason.
It’s still life insurance. That means the insurance company will merely pay out tax-free cash to the beneficiaries of your choice.
Your beneficiaries can use the money any way they please.
Below is a detailed breakdown of all the features and policy limitations.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$40,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Terminal Illness Rider: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit. There is no cost for this rider. | |
| Nursing Home Confinement Rider: You can receive up to 50% of your death benefit if you are confined to a nursing home for 90 consecutive days. There is no cost for this rider. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes to 3 Business Days | |
Common health conditions still eligible for no waiting period coverage: Aneurysm Arthritis Asthma Blindness Blood clots > 2 years ago Blood thinners Cancer > 4 years ago Circulatory surgery > 2 years ago Crohn’s disease Depression Diabetes (type 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 2 years ago Heart surgery > 2 years ago Hepatitis A or B High blood pressure High cholesterol Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 2 years ago Tumors (non-cancerous) |
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The level death benefit (no waiting period)
Living Promise coverage has two different benefit plans.
The first and least expensive option is the “Level Death Benefit.”
If you’re approved for this option, you’ll have no waiting period.
That means you’d be 100% insured for natural or accidental death the day you make your first payment.
Eligibility for the level death benefit is based on your answers to the health questionnaire.
You must be able to respond with a no answer to all health questions (except the tobacco question) in the application.
For a nominal amount extra, you can add the accidental death rider.
With this rider, Mutual of Omaha will pay out 200% of the death benefit if you die from an accident.
The graded death benefit
Mutual of Omaha will offer you the “Graded Death Benefit” if you respond with a yes answer to questions 5-10 in the application.
The graded benefit has a two-year waiting period.
If you die during the first 24 months, Mutual of Omaha will refund 110% of your premiums.
However, if you die from an accident in the first two years, the full death benefit will pay out.
In addition to the waiting period, the graded plan is more expensive than the level plan.
Below are some sample prices comparing the two plans side by side.
| AGE | Level Benefit Female $10,000 | Graded Benefit Female $10,000 | Level Benefit Male $10,000 | Graded Benefit Male $10,000 |
|---|---|---|---|---|
| 45 | $22.61 | $27.77 | $27.11 | $36.31 |
| 50 | $24.31 | $30.22 | $30.68 | $40.09 |
| 55 | $27.71 | $37.29 | $35.95 | $45.35 |
| 60 | $32.87 | $42.51 | $43.76 | $56.87 |
| 65 | $41.01 | $49.93 | $56.48 | $68.44 |
| 70 | $53.24 | $63.87 | $74.61 | $86.69 |
| 75 | $72.41 | $88.47 | $99.97 | $113.21 |
| 80 | $98.43 | $125.67 | $139.73 | $156.82 |
How Much Does Mutual Of Omaha Living Promise Cost?
Living Promise from United of Omaha typically costs $20-$200 monthly, depending on your insurability factors.
The net price you’ll pay is based on your exact age, gender, resident state, tobacco usage (if any), health, and the amount of coverage you want.
The table below has some sample Living Promise final expense life insurance quotes.
The prices shown are for non-tobacco users applying for the level death benefit.
| AGE | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 45 | $22.61 | $27.11 | $42.01 | $51.01 |
| 50 | $24.31 | $30.68 | $45.41 | $58.15 |
| 55 | $27.71 | $35.95 | $52.21 | $68.69 |
| 60 | $32.87 | $43.76 | $62.53 | $84.32 |
| 65 | $41.01 | $56.48 | $78.82 | $109.75 |
| 70 | $53.24 | $74.61 | $103.28 | $146.01 |
| 75 | $72.41 | $99.97 | $141.62 | $196.74 |
| 80 | $98.43 | $139.73 | $193.66 | $276.26 |
| 85 | $135.90 | $192.74 | $268.60 | $382.27 |
Should You Buy This Policy?
Many companies offer death insurance for seniors.
Generally speaking, if you can qualify for the Living Promise level death benefit, it’s probably your best option.
There are three main reasons why we make this claim.
First, Mutual of Omaha premiums are usually the lowest relative to other insurance providers.
Second, their level plan has no waiting period.
Many insurance companies, such as the 9.95 plan from Colonial Penn, give everyone a two-year waiting period.
Lastly, they add on living benefits at no extra charge.
The accelerated death benefit rider allows you to access up to 50% of your coverage while alive.
This rider is triggered if you’re diagnosed with a terminal illness or are confined to a nursing home for 90 days.
This rider is free. You don’t pay extra for it.
In summary, Living Promise offers some of the lowest premiums, no waiting period, and living benefits.
How To Buy Living Promise Whole Life Insurance
Mutual of Omaha sells Living Promise whole life insurance through licensed agencies.
You cannot buy it through the mail, on their website, or by calling Mutual of Omaha.
For example, let’s if you call Mutual of Omaha’s customer service phone number (1-800-228-7104) and tell them you want to buy Living Promise coverage.
They will inform you that you must find a licensed Mutual of Omaha agent.
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.
Mutual Of Omaha Company Background
Mutual of Omaha has been in business since 1909.
They offer many types of insurance, including term life, whole life, universal life, long-term care, dental, accidental death, and Medicare supplements, to name a few.
It’s important to remember that all life insurance products offered by Mutual of Omaha will be issued under the name “United of Omaha.”
Mutual of Omaha has some of the highest financial ratings in the nation.
Below you can see how various rating agencies scored them:
- A.M. Best: A+ (Superior)
- Moody’s: A1 (Good)
- S&P Global: A+
- Better Business Bureau: A+
You can trust that Mutual of Omaha will be in business for a very long time and be capable of paying their claims as they come in.
Here is the contact information for Mutual of Omaha:
- Website: www.mutualofomaha.com
- Phone: 1-800-775-6000
- Corporate address: 3300 Mutual of Omaha Plaza, Omaha, NE 68175
Frequently Asked Questions
Living Promise is not guaranteed acceptance. No medical exam is required. However, eligibility is based on your answers to the health questionnaire, height and weight, and medication history.
Living Promise is a no-exam whole life final expense insurance policy from Mutual of Omaha. The policy pays a tax-free cash benefit to cover all final expenses. Although, the payout money can be used for any purpose. Coverage options range from $2,000-$40,000, and applicants 45-85 are eligible to apply.
To buy Living Promise from Mutual of Omaha, you must speak with a licensed agent. Your agent must provide the necessary disclosures and read you the health questions. Mutual of Omaha does not allow Living Promise to be sold entirely online or through the mail.