Overview of Mutual of Omaha
Is Mutual of Omaha a good life insurance company? Let’s learn more about it.
Mutual of Omaha is a leading provider of insurance and financial services in the United States. Founded in 1909, the company has been helping individuals and families protect their financial futures for over a century.
Today, Mutual of Omaha offers a wide range of insurance products, including life insurance, health insurance, long-term care insurance, disability insurance, and Medicare supplement insurance. They also offer retirement planning services, investment products, and banking services.
One of the company’s most popular products is whole life insurance. Also known as Mutual of Omaha Living Promise Whole Life Insurance, this type of permanent life insurance covers the insured’s entire lifetime. It can cover final expenses, pay off debts or mortgages, provide an inheritance for loved ones, or create a legacy for future generations.
The company is committed to providing excellent customer service and support. Their underwriting team can help agents and clients with any questions about the Mutual of Omaha Living Promise application process or policy details. They also offer online account management tools that make it easy to view policy information and make payments.
Comparing Living Promise’s Level Benefit and Graded Benefit Plans
Mutual of Omaha offers two types of whole life insurance plans: Level Benefit and Graded Benefit. While both plans provide coverage for the insured’s entire lifetime, there are some key differences to consider when choosing between them.
Level Benefit Plan
The Level Benefit Plan is designed for individuals who are in good health and want to maximize their coverage. This plan provides full death benefits from day one, meaning that if the insured passes away after the policy is issued, their beneficiary will receive the full face amount of the policy.
In addition to full death benefits, the Level Benefit Plan includes an Accelerated Death Benefit Rider. This rider allows the insured to access a portion of their death benefit if they are diagnosed with a terminal illness or require nursing home care. The amount available depends on the severity of their condition and can be used to cover medical expenses or other costs associated with end-of-life care.
It’s important to note that not everyone will be approved for the Level Benefit Plan. Mutual of Omaha has a list of conditions that may lead to a decline from this plan, as outlined in the table above.
Graded Benefit Plan
The Graded Benefit Plan is designed for individuals with health issues that make qualifying for traditional life insurance policies difficult. This plan provides partial death benefits during the first two years after policy issuance, meaning that if the insured passes away due to natural causes (any cause other than accidental) during this time period, their beneficiary will receive all premiums paid plus 10 percent. After two years, the full death benefit is paid for death due to all causes.
Unlike the Level Benefit Plan, the Graded Benefit Plan does not include an Accelerated Death Benefit Rider or any other riders. This plan is intended to provide basic coverage for final expenses and other end-of-life costs.
Choosing Between Level Benefit and Graded Benefit Plans
When choosing between the Mutual of Omaha Graded Death Benefit and Level Benefit plans, it’s important to consider your health status and overall financial situation. If you are in good health and want maximum coverage, the Level Benefit Plan may be the right choice.
Application Process for Mutual of Omaha Whole Life Insurance
If you’re looking for a reliable way to protect your loved ones from financial hardship after you pass away, Mutual of Omaha whole life insurance may be the right choice. Also known as Living Promise Mutual of Omaha Whole Life Insurance, this type of permanent life insurance covers the insured’s entire lifetime.
The application process is straightforward. To apply, you’ll need to fill out an application and choose the precise plan, rider, and amount of insurance you want. The Level Benefit Product includes an Accelerated Death Benefit Rider and an optional Accidental Death Benefit Rider. The Graded Benefit Product does not have any riders available.
It’s important to note that not everyone will be approved for the Level Benefit Product. Mutual of Omaha has a list of conditions that may lead to a decline from this plan. Here is a table detailing those conditions:
|Terminal illness with a life expectancy of less than 12 months||Not eligible|
|Currently confined to a hospital, hospice, or long-term care facility||Not eligible|
|Receiving home health care or requiring assistance with activities of daily living||Not eligible|
|Currently receiving disability income benefits||Not eligible|
|Currently diagnosed with or treated for AIDS or HIV-related illness||Not eligible|
|Currently diagnosed with or treated continue for Alzheimer’s disease or dementia||Graded benefit only|
|Currently diagnosed with or treated for cancer (excluding basal cell carcinoma) within the past 24 months||Graded benefit only|
|Currently diagnosed with or treated for chronic obstructive pulmonary disease (COPD) requiring oxygen therapy within the past 12 months||Graded benefit only|
If you have questions about the application process, contact Mutual of Omaha’s underwriting team at 1-800-715-4376. Whether you’re looking for senior life insurance, burial insurance, or final expense insurance Mutual of Omaha whole life insurance can help provide peace of mind for you and your loved ones.
Living Promise Whole Life has underwriting requirements that must be met to qualify for coverage. The Mutual of Omaha underwriting process includes two parts. If the proposed insured answers “Yes” to any questions in Part One, they will not be eligible for coverage under this application. If they answer “Yes” to any questions in Part Two, they will be eligible for Graded Benefit coverage only.
Mutual Of Omaha Ratings & Customer Reviews
A critical factor in choosing an insurance policy is gauging the parent company’s financial strength, in this case, Mutual of Omaha Life Insurance’s rating.
Financial Strength Ratings
Mutual of Omaha holds an A+ financial strength rating from A.M. Best and an AA- credit rating from Standard & Poor’s.
Mutual of Omaha reviews indicate it’s a highly reputable company, currently ranked No. 300 on Fortune 500’s top firms as of 2020. The firm and its affiliates employ more than 5,000 people in addition to a network of sales agents.
Mutual Of Omaha Burial Insurance FAQs
Does Mutual Of Omaha Have Final Expense?
Mutual of Omaha has multiple policies to help ensure your final expenses are covered and will not burden your family. The easiest and fastest way to get coverage is to apply for the Mutual of Omaha guaranteed issue product, the only downside being the two-year waiting period before your beneficiary is eligible for full death benefits. If you want a no-waiting period product, then Mutual of Omaha’s Living Promise product will better suit you, as it offers level benefits with minimal health questions (“simplified underwriting”).
Does Mutual Of Omaha Have Burial Insurance?
Mutual of Omaha has two burial insurance offerings: a guaranteed issue offering that you can apply for 100% online as well as an underwritten product, which is actually a burial policy with no waiting period.
Can I Cash Out Mutual Of Omaha Burial Insurance?
Yes. Mutual of Omaha guaranteed whole life insurance policies can be cashed out at any time. Any policy withdrawals, loans, and loan interest, if not repaid at the time of death, will be deducted from the death benefit payout to your beneficiary.
Does Mutual of Omaha Have Living Benefits?
Yes, Mutual of Omaha provides accelerated death benefits (also known as Mutual of Omaha living benefits) for those who are diagnosed with a terminal illness or who become confined to a nursing home. This insurance rider allows you to access a portion of your policy’s death benefit before you die.
Does Mutual of Omaha Require Medical Exam?
Both of Mutual of Omaha’s permanent life insurance plans do NOT require a medical check. One of these policies is a guaranteed acceptance policy, which never requires a physical industry-wide, and the other uses simplified underwriting, which eliminates the need for a health check (and instead, uses detailed health questions to inform underwriting).
- National Funeral Directors Association. 2021 NFDA General Price List Study Shows Funeral Costs Not Rising as Fast as Rate of Inflation
- Better Business Bureau. Mutual of Omaha Companies
- Mutual of Omaha. Final Expense Estimator
- Mutual of Omaha. Whole Life Insurance
- Bureau of Labor Statistics. The Rising Cost of Dying