Mutual of Omaha (MoO) Financial is one of the most recognizable and popular brands and life insurance companies. MoO was founded in 1909 as Mutual Benefit Health & Accident Association in Omaha, Nebraska.
Mutual of Omaha is rated A+ by AM Best Ratings, one of the very few A+ rated companies which include; Transamerica, AARP, John Hancock, State Farm.
Mutual of Omaha policies is underwritten by United of Omaha Life Insurance company, which underwrites, guarantees and manages all Mutual of Omaha life insurance policies and business.
HOW they can help you and WHY their policies are some of the best in class?
First of all, Mutual of Omaha is one of the most trusted and recognized brands in the business. Trust, popularity and brand recognition speak for themselves.
Mutual of Omaha Final Expense and Burial Insurance rates are competitive for ALL HEALTH CLASSES, for both MEN and WOMEN and SMOKER AND NON-SMOKERS alike. MoO is typically in the lowest 1-5 rates for EVERY health class, gender, and smoking status. Simply put, if you are evaluating which final expense insurance company to purchase final expense or burial insurance, Mutual of Omaha MUST BE ON YOUR LIST to research.
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We absolutely love Mutual of Omaha, it is so important to us and our clients that one of our internal requirements is that all of our brokers and agents MUST be licensed and contracted to write policies for Mutual of 1Omaha.
Mutual of Omaha Living Promise Final Expense policies are highly competitive for all health classes, men and women and both smokers and non-smokers alike. After running thousands and thousands of quotes, we found that Mutual of Omaha is a sweet spot for men 50-59 years old and both men and women ages 60-69, simply meaning that Mutual of Omaha Living Promise will be one of the 3 lowest rates for each of the classes and in many cases will be the lowest rate.
Mutual of Omaha (United of Omaha) Living Promise Final Expense or Burial insurance is whole life insurance with lenient underwriting, so seniors with health issues can qualify. Policy amounts range from $2,000 up to $40,000.
These plans are primarily meant to pay for burial and other funeral expenses but do not let this fool you into thinking that the benefit MUST be use for funeral expenses or it's a pre-need program. Simply put, it's a life insurance policy and the beneficiary may spend the death benefit however he/she chooses or however the deceased wished the funds be spent.
MUTUAL OF OMAHA LIVING PROMISE, THINGS TO NOTE
"Final Expense Insurance" or "Burial Insurance” is simply marketing terms that have evolved. It’s common to also hear other terms such as; Funeral Insurance, Guaranteed Burial Insurance and many other variations.
All these terms mean the same thing;
Final expense is WHOLE (PERMANENT) LIFE insurance for people over the age of 50, although a few companies have policies for ages 45+ (i.e. Mutual of Omaha). Final expense whole life policies are also LOWER FACE VALUE (LOWER BENEFITS) designed to cover end-of-life expenses. Because these policies have lower benefits, final expense policies are designed to be affordable for any and all budgets.
Just don’t get confused if you see us or another website, agent or broker use these three terms interchangeably. Because it’s a whole life policy, it’s super easy to understand. So easy three sentences is all you need.
We mentioned that these policies are simple, and they are! Since it’s whole life insurance, your beneficiaries will get a tax-free cashier check for whatever amount of coverage you purchased. This gives them the necessary funds to pay for your end of life costs which may include funerals, cremations, wakes, services, debt or any other expenses.
And there are no restrictions on how the money is used. This is great because every funeral home in the nation will take cash.
If there happens to be money left over, which often there is, that money will simply stay with your family.
Mutual of Omaha also has a guaranteed issue immediate benefit plan or policy (Living Promise), please note that Guaranteed Issue has a 2-year waiting period.
Please remember, you are limited to just $20,000 benefit for the guaranteed issue policies.
If you want to see more rates for the Living Promise products vs. all the other companies and policies, please use our FREE FINAL EXPENSE AND BURIAL INSURANCE ONLINE QUOTER.
SUMMARY: (1) For all health classes, men and women and for both smokers and non-smokers alike between the ages of 45-85, Mutual of Omaha is price competitive and will always be in the top 3-5 companies for lowest rates. They may not be the lowest for any given category, however, because of public trust and brand popularity Mutual of Omaha should at least be discussed and researched for any final expense or burial insurance decisions.