Burial Insurance Companies: The 8 Best For 2022
Mutual Of Omaha
Mutual of Omaha is one of the largest mutual insurance companies in America.
It was founded nearly a century ago and has grown to become an industry leader, with over $12 billion in assets under management (as of 2016).
The Company’s primary focus is life insurance for individuals and groups; they also provide health care plans, annuities, mutual funds, and investment products.
Guaranteed Whole Life Insurance
Mutual of Omaha‘s first burial insurance product is its guaranteed issue version. You can apply online or by phone for this policy, and coverage is guaranteed.
Here are some highlights:
- Available for customers ages 45-85 (in NY, ages 50-75)
- Guaranteed coverage — no medical exam or health questions
- Benefit amounts: $2,000 – $25,000
- Benefits are never reduced because of age or health
- Rates never increase
- 85% of claims paid within 24 hours
Is There A Waiting Period?
Mutual of Omaha’s Guaranteed Whole Life policies do have a waiting period (graded death benefit).
If the insured dies from natural (not accidental) causes during the policy’s first two years, the beneficiary will receive all premiums paid plus 10%.
Only after this two-year period ends is the beneficiary eligible to receive the policy’s full death benefit.
In all cases (i.e., even during the first two years), the beneficiary will receive the full death benefit if the insured dies from an accidental injury.
Living Promise Whole Life Insurance
If you apply with an agent, you also have the option of Mutual of Omaha’s second burial insurance offering, Living Promise Whole Life Insurance.
While these policies are not guaranteed issue, they use simplified underwriting, which means they include only a limited number of health questions and no medical exam.
This policy has two different coverage options:
Level Benefit Plan
- Policy issue ages: 45 – 85
- Benefit amounts: $2,000 – $40,000
- Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement
Graded Benefit Plan
- Policy issue ages: 45 – 80
- Benefit amounts: $2,000 – $20,000
Liberty Bankers Life Insurance Company is a burial insurance company that specializes in providing affordable and flexible policies to those who need them most.
Founded over 100 years ago, Liberty works to fulfill the needs of families throughout America with their simple life coverage plans.
They help families afford the rising cost of funerals with both traditional life insurance benefits as well as simplified pre-need services for future costs.