2023 Mutual of Omaha Life Insurance For Seniors Review (inc/ Funeral & Burial Insurance)

Written by Kim Wilhelm

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Last Updated 01 Mar 2024

Life insurance requirements for seniors differ from those of younger individuals, often presenting more obstacles due to considerations of age, life expectancy, and health conditions.

As a senior exploring life insurance options, you may encounter certain hurdles in securing the coverage you require at a price that aligns with your budget. Traditional term life insurance often becomes less feasible, necessitating a coverage plan that can provide lifelong protection. In such scenarios, a policy specifically designed as life insurance for seniors might be the perfect solution for you.

At Final Expense Direct, we're committed to supporting seniors like yourself, providing affordable final expense life insurance policies through some of the top-rated life insurance companies available.

One such company is Mutual of Omaha. Established in 1909, Omaha offers excellent financial stability and strong customer satisfaction ratings. Why does that matter? Good financial strength ratings indicate that the company is well-equipped to fulfill policy payouts to your beneficiaries when the time comes.

Mirroring Final Expense Direct's mission, Mutual of Omaha, offers great life coverage options for seniors, specifically customized to their needs. These policies are straightforward to obtain and comprehend, and our team of agents is always on hand to guide you through the process, addressing all your questions in a single phone conversation.

Before proceeding with a phone call, it's important to confirm whether a policy from Mutual of Omaha aligns with your requirements and circumstances. In this article, we'll provide a thorough and impartial Mutual of Omaha life insurance review.


Mutual of Omaha Final Expense Insurance

Final expense insurance is a type of whole life insurance policy that remains in effect until your passing. The premium you're approved for will remain constant throughout the remainder of your life. Regardless of any changes in your health status, your coverage amount cannot be diminished.

Concerned about approval due to a pre-existing condition or poor health history? There's no need to worry about this life insurance company.

Mutual of Omaha can provide coverage without a health questionnaire or a medical exam. Moreover, if you're able to provide responses to a few health-related questions, you may even qualify for a more favorable rate.

Related: Can You Really Get Final Expense Insurance for $9.95 Per Month?

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Mutual of Omaha Burial Insurance

The majority of seniors seek life insurance to cover end-of-life expenses, which is why this particular insurance is often referred to as burial insurance. The desire to avoid imposing financial stress on your family is understandable, and a practical approach to alleviating this concern is to secure a final expense burial insurance policy.

Mutual of Omaha Guaranteed Life Insurance Quote - 10K Male/Female

2023 Sample Quote for life insurance rates for a health standard non-smoking individual. These are examples of Mutal of Omaha life insurance rates that may or may not be available to you, and you should not rely upon these numbers. 

Mutual of Omaha Life Insurance For Seniors

Mutual of Omaha provides two distinct life insurance options for seniors, the best fit for you being contingent upon your individual coverage requirements and present health condition.

Mutual of Omaha's Guaranteed Whole Life Insurance policy is accessible to seniors aged between 45 to 85 or 50 to 75 if they reside in New York. Whole life insurance is the most common type of permanent life insurance coverage for seniors. A whole life insurance policy's premiums and death benefits stay fixed during the entirety of the policy and have a guaranteed rate of return.

This policy offers coverage ranging from $2,000 to $25,000. An advantage of this policy is the absence of health questions or a medical exam.

Approval is guaranteed regardless of your health status, even if you're a smoker.

Alternatively, Mutual of Omaha's Living Promise Whole Life policy could be an option.

Although this policy does require responses to a few health-related questions, it offers coverage up to $40,000.

An additional perk is the inclusion of an accelerated death benefit rider at no extra charge. If you're diagnosed with a terminal illness or admitted to a nursing home, you have the option to access a portion of the death benefit while still alive to offset healthcare costs or any other expenses you choose.

Mutual of Omaha Senior Life Insurance

Acquiring senior life insurance coverage from Mutual of Omaha is straightforward, but we at Final Expense Direct strive to simplify the process even further. With a single phone call to us, you'll have a policy set up by the time we conclude our conversation!

Our mission is to provide you and your family with peace of mind and secure the coverage you require, enabling you to relish your retirement years.

Why should you spend valuable time sourcing quotes and completing applications while uncertainty about the suitability of the policy lingers?

We're here to assist! Contact us at 1-800-217-0014 and consult with one of our dedicated agents. We'll engage in a brief discussion to understand your requirements and help you determine which Mutual of Omaha plan is most suitable for you. Then, we'll facilitate your approval directly over the phone within minutes!

Also See:  $50,000 of coverage for $30/month from Globe Life: Fact or Fiction.

Mutual of Omaha Funeral Insurance

Certainly, purchasing funeral insurance or prepaying for your funeral could cover the expenses of your final wishes.

However, obtaining funeral insurance directly from the funeral home is often not the most cost-effective option. Indeed, it could result in you paying more in premiums than the actual policy value!

Opting to prepay your funeral could be even more disadvantageous, as funeral costs typically escalate year after year in line with inflation. However, this is a fact that the funeral home might not disclose.

As a result, you might believe you've completely covered your funeral costs, only to discover years later that there's a surprise bill awaiting your family to address the increased costs at the time of your funeral.

Sadly, this scenario does happen! Don't let your family face such a predicament. Instead, consider getting a final expense policy through a reliable company like Mutual of Omaha.

By doing so, you retain control, not the funeral home. Plus, you can provide your family with detailed instructions about your funeral preferences, ensuring they are met regardless of when it's time for your heavenly departure.

Mutual of Omaha Life Insurance Costs

So, you might be wondering about the cost. You'll likely be pleasantly surprised at how budget-friendly Mutual of Omaha's senior life insurance policy can be.

For a 50-year-old male, a Mutual of Omaha policy could cost only $29.16 per month. A female of the same age might pay just $24.67. Even for those who are older, the policy remains reasonably priced. A 70-year-old man could expect to pay around $95, whereas a woman of the same age might pay approximately $53.

If you'd like to check out more rates, click here to view our rate comparison tool.

As promised, it's indeed affordable. If you still have any questions, don't hesitate to contact us at Final Expense Direct. We're here to provide all the answers you need.

Mutual of Omaha Plan Options Available

Mutual of Omaha has two plan options available under the Living Promise whole life insurance policy, level benefit and graded benefit.

Depending on your answers to the health questions in the application, you will see which one you qualify for.

Mutual of Omaha Living Promise with Level Death Benefit

The Mutual of Omaha Living Promise with level death benefit whole life policy offers eligible applicants a full benefit from the first day of coverage.

Adults aged 45 to 85 can apply for this policy through insurance agency brokers like Final Expense Direct. Coverage amounts range from $2,000 to $40,000. Premiums are payable until death or age 121, whichever comes first.

The level death benefit plan comes with an accelerated death benefit rider at no extra cost. There are two health scenarios that can trigger the rider:

Nursing home confinement rider: The insured is confined to a nursing home for at least 90 consecutive days.

Terminal illness rider: The insured is diagnosed with a terminal illness and given a year or less to live.

If either of these scenarios occurs, Mutual of Omaha will accelerate 50% of the death benefit to the insured. It can be used for any reason. For example, it would allow the insured to go to the funeral home themselves and plan and pay for their own funeral– saving their family the emotional and financial stress. 

Mutual of Omaha Living Promise with Graded Death Benefit

The Mutual of Omaha Living Promise with graded death benefit whole life policy is for any applicant that doesn't qualify for the level death benefit policy.

This plan is also for seniors aged 45 to 85 but caps coverage at $25,000. Premiums are payable until age 121, or death, whichever happens first.

Unlike the level death benefit plan, the graded plan doesn't come with an accelerated death benefit rider. If you are confined to a nursing home or receive a terminal illness diagnosis, your only option is to borrow against the cash value in the policy, if available.

If the insured dies within the first two years of the policy, the beneficiary will receive 110% of the premiums paid instead of the full death benefit. The only exception is an accidental death, which will pay out 100% of the death benefit, not just refund the premiums paid.

Health Conditions Available with No Waiting Period

Although some seniors will only qualify for Mutual of Omaha funeral insurance with a waiting period, many health conditions are accepted with no waiting period.

For instance, seniors with the following health conditions are eligible for Mutual of Omaha final expense insurance without a waiting period:

  • Aneurysm

  • Arthritis

  • Asthma

  • Basal cell skin cancer

  • Blindness

  • Blood clots (if less than two years ago)

  • Blood thinner medication

  • Cancer (if less than four years ago)

  • Circulatory surgery (if less than two years ago)

  • Crohn's disease

  • Depression

  • Diverticulitis

  • Epilepsy

  • Fibromyalgia

  • Grave's disease

  • Heart attack (if less than two years ago)

  • Heart surgery (if less than two years ago)

  • Hepatitis A or B

  • High blood pressure

  • High cholesterol

  • Non-cancerous tumors

  • Scleroderma

  • Seizures

  • Sleep apnea

  • Squamous cell skin cancer

  • Stroke/TIA (if less than two years ago)

  • Type 2 diabetes

If your health condition isn't listed, then you'll probably only qualify for Mutual of Omaha Living Promise whole life with a 2-year waiting period.

How Much Does Mutual of Omaha Life Insurance for Seniors Cost?

Mutual of Omaha life insurance for seniors costs will depend on your age, gender, and coverage amount. If you qualify for an immediate death benefit, the rate will be cheaper than if you qualify for a 2-year waiting period death benefit.

Here are sample rates for $10,000 in life insurance coverage from Mutual of Omaha.

If you qualify for the immediate death benefit policy, you have the option to include an accidental death benefit rider. The accidental death benefit rider will typically only cost a few more dollars per month but will double the death benefit payout to your beneficiary if you die an accidental death.

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Choosing the Right Policy For You

If you're a little confused about the differences between term life insurance and whole life insurance, don't worry, you're not alone. Let's take a look at the options.

What Is a Term Life Insurance Policy?

Term life insurance policies are precisely what they sound like—a policy that provides coverage for a specific term or period, usually ranging from 10 to 30 years. It's often referred to as "pure life insurance" because it doesn't include a cash value component. Its primary purpose is to provide a payout to your beneficiaries if you pass away during the term.

When choosing a term policy, consider whether your family's life insurance needs will change before the term expires. Typically, this means your kids are grown up, the house is paid off, and there's some financial stability for your surviving spouse.

Mutual of Omaha offers two term life insurance policies: Term Life Answer and Term Life Express. Let's take a closer look at each of these policies:

Term Life Answer policy is not available for online application or quote. If you're interested in this plan, you'll need to speak with an agent or representative. However, it offers the advantage of being convertible without any conversion fee or medical exam. Coverage limits start at $100,000, and you can choose from term lengths of 10, 15, 20, or 30 years.

Age restrictions for this policy depend on the chosen term length and tobacco use. For non-tobacco users, the age range for a 10-year term is 18-80, while for tobacco users, it is 18-75. Optional riders are available, including features like the terminal illness waiver and accidental death benefit. The plan also guarantees a level premium and provides a tax-free death benefit.

Term Life Express policy, on the other hand, offers the convenience of accessing online quotes and applications. Similar to the Term Life Answers policy, there is no conversion fee or medical exam required if you decide to convert it to a permanent policy in the future.

Coverage limits for Omaha's Term Life Express vary based on the insured individual's age. For those aged 18-50, coverage can range from $25,000 to $300,000. Individuals aged 51-60 can get coverage from $25,000 to $250,000, and those aged 61-70 can obtain coverage from $25,000 to $150,000. The available term lengths are 10, 15, 20, or 30 years. Age restrictions also depend on the term length. For example, the 30-year term policy has an age restriction of 18-50 for non-tobacco users, while the 20-year term policy allows individuals aged 18-60 as non-tobacco users. This policy offers a wide range of optional riders to tailor the coverage to your specific needs.

What Is Whole Life Insurance?

Whole life insurance is the simplest form of permanent life insurance policy, as it offers coverage for your entire life as long as you keep paying the premiums. Unlike term insurance, it comes with a cash value component. This means that a portion of your premium dollars can grow over time on a tax-deferred basis, offering various benefits. It may take a few years to accumulate a significant cash value, but once it does, you can use it to borrow money, pay premiums, or even surrender it for cash during retirement.

While there are other types of permanent life insurance policies, whole life insurance is the most straightforward option. The premium remains the same throughout your life, the death benefit is guaranteed, and the cash value grows at a guaranteed rate.

Mutual of Omaha offers three options for whole life plans, providing a range of coverage limits and features. Let's delve into the details of these plans:

The cost of the whole life plan typically starts at around $2,000 to $5,000 for coverage limits, but for the Children's Whole Life policy, coverage can go up to $50,000. It's important to note that location restrictions for coverage limits apply, so careful attention needs to be paid. For instance, the Living Promise plan offers coverage limits ranging from $2,000 to $40,000. However, in the state of Washington, the limits are slightly different, ranging from $5,000 to $40,000. Age restrictions vary across each plan.

All the whole life plans come with additional options to customize the coverage through riders or waivers. Examples of these include accidental death riders or terminal illness riders, depending on the chosen plan. Additionally, all three plans offer a guaranteed level premium, ensuring that your premium amount remains the same throughout the life of the policy.

If you still aren't sure which policy is best for you, get in touch with Final Expense Direct. We can help you choose the best possible policy based on your budget, age, health, and any other factors you are worried about.

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Conclusion: Omaha Life Insurance Review

Mutual of Omaha is a great choice for senior life insurance. They've been in the business for over 100 years and have an outstanding track record of quality customer care, plus strong financials to pay out claims fast. If you need final expense insurance to pay for your funeral and end-of-life expenses, give us a call at Final Expense Direct today so we can get you covered in just one phone call.

If you enjoyed our Mutual of Omaha Life Insurance Review, please see our other Final Expense Company Reviews:


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