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Mutual of Omaha Burial Insurance [7 Critical Things To Know]

Rikin Shah | Licensed Life & Health Insurance Agent

The 60-Second Summary
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4.5/5
GetSure Rating
We highly recommend Mutual of Omaha for their burial insurance offerings; their guaranteed issue policy can be bought 100% online and they also offer a no waiting period policy by phone

Mutual of Omaha Pros

Mutual of Omaha Cons

Mutual of Omaha Burial Insurance Reviews (3rd-Party)

Full Review Below.

Who Is Mutual Of Omaha?

Founded in 1909, Mutual of Omaha Life Insurance Company is one of the largest burial insurance companies in the U.S.

Company 101
TypeLife Insurance Carrier
Websitehttps://www.mutualofomaha.com/life-insurance/policies/whole-life-insurance
EmailN/A
Phone(833) 970-1649
Address3300 Mutual of Omaha Plaza
Omaha, NE 68175
BBB RatingA+
A.M. Best RatingA+

The Company has two offerings that can help you pay for funeral expenses and other final expenses (or end-of-life expenses):

  • Guaranteed Whole Life Insurance: up to $25,000 of guaranteed coverage, with no medical exam or health questions; can be purchased 100% online
  • Living Promise Whole Life Insurance:  a simplified issue product offering up to $40,000 of coverage, with no medical exam, and potentially, no waiting period

Why You Need Burial Insurance

People buy life insurance for one primary reason: to make sure their loved ones are not burdened by their passing.

The biggest burden that people want to avoid passing down is the cost of their funeral service and burial.

According to LIMRA, an insurance research organization, this is the top reason that Americans purchase life insurance.

Average Funeral Costs In 2021

And there’s a good reason for this. Funerals these days are unbelievably expensive.

According to the Bureau of Labor Statistics (BLS), funeral expenses have risen each year since 1986.

In the past 30 years, funeral costs have risen twice as fast as overall consumer product prices. The average U.S. funeral and burial now costs $10,000+.

According to the National Funeral Directors Association, average funeral costs in the U.S. are approximately $8,200.  If the price of a burial plot is included, the total cost would be north of $10,000!

Note that funeral costs vary significantly by location.  For example, funeral costs (excluding the burial plot cost) in states such as Hawaii, California, and New York are over $11,000.  On the other hand, the same purchases in states like Oklahoma, Mississippi, and Arkansas would total less than $7,000.

Chart showing funeral cost CPI vs. economy-wide CPI

How Much Burial Insurance Do You Need?

Of the many final expense insurance companies we have reviewed, Mutual of Omaha Life Insurance Company has one of the best website user experiences.

Mutual Of Omaha Final Expense Estimator

A unique and helpful feature of their site is their Final Expense Estimator, which can help you estimate your insurance needs.

The calculator gives you choices for the funeral service, casket, cemetery fees, headstone, and miscellaneous expenses.

Mutual of Omaha Final Expense Estimator Tool MoO Final Expense Estimator -- Additional Expenses

Final Expense Calculator Results

Mutual Of Omaha Funeral Insurance Products

Mutual of Omaha sells two final expense insurance products.

1. 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:

  • Benefits are never reduced because of age or health
  • Rates never increase
  • 85% of claims paid within 24 hours
Mutual of Omaha Logo
Guaranteed Issue Whole Life

Two-Year Waiting Period

The Guaranteed Whole Life product has a two-year waiting period (also known as a “graded death benefit”).

If you die from natural causes during the policy’s first two years, your beneficiary gets a refund for all premiums you paid, plus 10% annual interest.

After this two-year period ends, your beneficiary receives the policy’s full death benefit for death of any cause (even suicide and drug overdose).

Here’s the “good” news.

If you die in any type of accidental death (a traffic accident or a fall, among many others), the waiting period does not apply.

Your beneficiary receives the full death benefit no matter when the death occurs (i.e., even if it occurs the day after you are issued the policy).

Mutual Of Omaha Burial Insurance Rates

The tables below show the monthly premium payments for:

  • Men and women
  • Ages 50-80
  • Coverage between $2,000 and $25,000

Note that these policies provide you with lifetime coverage, and your premium will not increase after you purchase your policy.

If a 50-year-old man purchases a policy for $36 per month, his premiums will remain $36 / month for the rest of his life.

As with all life insurance policies, the later in life you purchase your policy, the higher your monthly premiums will be.

Burial Insurance Premiums For Males

Price quotes for males 50-80 years old are shown below, for coverage amounts between $2,000 and $25,000.

Mutual of Omaha Burial Insurance Rates (Males 50-80 years old)

Burial Insurance Premium Payments For Females

Given that women have longer average life expectancies than men, women will be quoted a lower life insurance rate than men of the same age.

Mutual of Omaha Burial Insurance Rates (Females 50-80 years old)

You can see this by comparing the premium rates in the table above (rates for men) with the table below (rates for women).

The difference ranges from just $1 per month for 50-year olds seeking $2,000 of coverage to almost $70 per month for 80-year-old men and women who want $25,000 of burial insurance coverage.

Mutual Of Omaha Guaranteed Issue: Pros & Cons

green check
Guaranteed approval
Many seniors have health conditions that prevent them from getting any fully-underwritten life insurance policy; however, with a guaranteed issue policy, these individuals can get the coverage needed to cover their final expenses
green check
Online process
It’s incredibly easy to get a quote and apply for this policy online; the entire process took me less than ten minutes
red x
Value for money
Guaranteed acceptance policies will always be more expensive than underwritten policies, because burial insurance companies assume that clients applying for these policies are high-risk and price them accordingly
red x
Waiting Period
As with all guaranteed issue policies, this policy has a two-year graded benefit period, during which Mutual of Omaha will simply return your premiums paid (plus interest)

2. Living Promise Whole Life Insurance

The second Mutual of Omaha burial insurance product is their “Living Promise Whole Life Insurance” policy.  See below for a summary of the policy terms.

Mutual of Omaha Logo
Whole Life Insurance

While this policy is not “guaranteed issue”, it does employ 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
  • Riders: Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement

Graded Benefit Plan

  • Policy issue ages: 45 – 80
  • Benefit amounts: $2,000 – $20,000

Living Promise Whole Life Insurance: Pros & Cons

green check
No Waiting Period
Since this policy asks health questions, you can qualify for “level benefits,” which means the full death benefit would be paid out from day 1
green check
Coverage To $40K
While the guaranteed issue policy caps coverage at $20,000, you can get up to $40,000 of coverage with the Living Promise product. Between funeral expenses and end-of-life-costs like outstanding debt and medical bills, many will appreciate having this extra coverage
red x
Offline Process
Applying for this policy (and even receiving a premium quote!) has to be done over the phone with an agent; this is tedious and not on par with other top insurance carriers
red x
Value for money
If you believe you are healthier than the average person your age, you will likely get a better rate with insurance carriers who sell fully-underwritten burial insurance policies

Third-Party Ratings For Mutual Of Omaha

A critical factor in choosing a life insurance policy is gauging the parent company’s financial strength, in this case, Mutual of Omaha Life Insurance Company.

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 is 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

Mutual of Omaha has multiple policies that can 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 their Guaranteed Whole Life Insurance 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”).

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 gives you the possibility of having no waiting period with your coverage.

Yes. Mutual of Omaha’s 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.

Conclusion

We hope you found this Mutual of Omaha burial insurance review helpful.  If you have any additional questions, don’t hesitate to leave a comment or send us an email.

Warm Regards,
The GetSure Team

  1. National Funeral Directors Association. 

    (November 4, 2021). 

    2021 NFDA General Price List Study Shows Funeral Costs Not Rising as Fast as Rate of Inflation. 

  2. Better Business Bureau. 

    (n.d.). 

    Mutual of Omaha Companies. 

  3. Mutual of Omaha. 

    (n.d.). 

    Final Expense Estimator. 

  4. Mutual of Omaha. 

    (n.d.). 

    Whole Life Insurance. 

  5. Bureau of Labor Statistics. 

    (October 31, 2017). 

    The Rising Cost of Dying. 

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