Life Insurance Mutual of Omaha in 2023
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At Final Expense Benefits, we work with only the top rated life insurance carriers and Mutual of Omaha isn’t one to be overlooked.
Mutual of Omaha has always been one of the most trusted names in the insurance industry. The company dates back to the early 1900’s, always striving to put their customers first. Mutual of Omaha offers a strong whole funeral insurance policy, designed to cover senior final expenses.
Is Life Insurance Mutual of Omaha actually the great examples they claim to be? Have they been outdone by newer insurance providers? Read on to find out.
Mutual of Omaha Insurance Origin
Mutual of Omaha was founded by a medical student and his wife in 1909 in an attempt to aid families with unforeseen circumstances or those frequently in and out of the hospital. The companies’ first president, Harry S. Weller acquired the necessary 250 applications to acquire a Certificate of Membership, which would certify the organization as an insurance provider.
Life Insurance Mutual of Omaha’s initial approach was a very affordable one, offering association fees of just $5 and annual membership for 20$/year. To give you some perspective, a one way ticket on the Union Pacific Train System from Omaha to LA was 25$.
The very next year the company would be eligible to sell insurance in Nebraska, where things would continue to develop until 1949 when the company was eligible to sell insurance in 48/50 states and was recognized nationwide in 1950 where it has remained a fortune 500 ever since. Shortly after, Wild Kingdom Mutual of Omaha was televised live where the snowball would continue.
Notable Developments
Mutual of Omaha files articles of incorporation.
They filed Articles of Incorporation with the Nebraska Insurance Department.
Mutual of Omaha is verified.
They would become a verified Insurance provider.
The organization unified.
the organization unified to become the Life Insurance Mutual of Omaha we know today.
Nebraska Wild Kingdom is born.
Mutual of Omaha would sponsor the Nebraska Wild Kingdom Mutual of Omaha, which was premiering on network television at the time.
100 year anniversary.
Mutual of Omaha celebrates its 100 year anniversary.
Your Coverage Options With Mutual of Omaha
Mutual of Omaha Term Life Insurance
Standard Coverage, or “pure” life insurance. Generally, you’re provided with a term, such as 20 years for example, wherein you’re guaranteed payment as stated by the death benefit if the policyholder dies within the stated term.
If alive at the end of term, one may renew for an additional term, or convert the existing coverage to permanent coverage. The perks of this coverage involve the introductory price point, which is generally the most budget-friendly option for the relative amount of coverage received.
Depending on if it’s simplified or guaranteed, This form of insurance usually requires a medical examination.
Mutual of Omaha Whole Life Insurance
On the other side of the same coin, Whole Life insurance is generally what Term Life Insurance leads into, providing an entire lifetime of coverage at a fixed rate decided at the time of purchase as long as premiums continue to be paid.
Whole Life is a great middle-ground for a large amount of coverage as well as a fixed premium that isn’t too high. Again, depending on coverage type, this option usually requires a medical examination.
Mutual of Omaha Burial Insurance
Otherwise known as Mutual of Omaha Final Expense Insurance, or Mutual of Omaha Funeral Insurance, this form of insurance offers to cover beneficiaries’ funeral expenses involving the policyholder. This insurance type excels in providing plan holders with a large payout relative to the length of coverage, usually providing beneficiaries with a surplus after all expenses are accounted for.
Mutual of Omaha Burial Insurance never requires a medical examination but may ask you general medical questions such as if you use tobacco, age, weight, etc.
Mutual of Omaha Medicare Supplements
Medicare Supplements, or Medigap, is essentially supplemental assistance meant to fill any gaps left by the original SSA death benefit, which end up being quite large gaps considering funeral costs in 2022.
Sometimes also called SSI Life insurance, this supplemental assistance is offered by private organizations and exists like a whole life insurance policy, wherein you’re guaranteed payout at the time of death benefit, and can be renewed/closed at any time. The two are usually paid out at similar time frames.
Medicare Supplement Mutual of Omaha is one of their specialties and a main selling point from the company.
Best $10,000 Final Expense Insurance Companies
| Company | 50 y/o Male | 50 y/o Female | 60 y/o Male | 60 y/o Female | 70 y/o Male | 70 y/o Female |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$51 |
$40 |
$73 |
$58 |
|
|
$39 |
$34 |
$52 |
$41 |
$86 |
$65 |
|
|
$30 |
$24 |
$43 |
$32 |
$74 |
$53 |
|
|
$36 |
$30 |
$47 |
$37 |
$81 |
$60 |
|
|
$55 |
$38 |
$68 |
$53 |
$106 |
$80 |
These figures were obtained from the NFDA and are estimates only. For a detailed quote, please contact an agent.
Mutual of Omaha Funeral Insurance
Mutual of Omaha’s Funeral Insurance, also known as the Living Promise Whole Life Insurance plan, is a whole life insurance plan meant to mitigate funeral expenses. Like a traditional Funeral Insurance plan, a beneficiary receives a lump sum that may be used at their discretion in the event of untimely circumstances. That amount does not have a financial value until the lump sum is administered.
These plans begin at age 45, and extend all the way to a person that is up to age 85. On top of this, the plans generally accept all applicants by the next day, although at an adjusted rate depending on your various qualifications. The Living Promise Whole Life plan, also Mutual of Omaha’s Living Promise plan, begins at $2,000 and caps out at $40,000, offering a wide range of coverage options.
Here at Final Expense Benefits, after our extensive market analysis, Mutual of Omaha’s Living Promise plan is very competitively priced and even maintains this competitive advantage well into a person’s 80s.
Mutual of Omaha Insurance Pros & Cons
Pros:
- Easy to use online functionality.
Mutual of Omaha’s website contains a widespread range of information, as well as an online quote tool.
- Competitive Pricing for the average person.
Overall, Mutual of Omaha offers very competitive pricing for otherwise normal individuals without an extreme amount of pre-existing conditions or that smoke.
- Lots of different insurance types.
From supplemental assistance, to final expense insurance, there’s a policy here for anyone.
- Very good Medicare Supplement Mutual of Omaha program.
Cons:
- No online application for some forms of insurance.
Specifically term policies do not have an online application, and you must contact a representative in this case.
- No traditional variable/whole life insurance.
Although they have a lot of different policies, they do not have a traditional whole life insurance plan.
Third-Party Ratings
Am's Best Rating
They utilize a rating, similar to the letter ratings placed on restaurants, meant to help you discern their overall quality. This letter ranking varies from A+ to F, similar to a scholastic grading system, and this organization is overseen by the chief insurance regulators regarding any US-affiliated territory. The rating itself is determined by a variety of different factors, such as performance, management, financial flexibility, shareholder safety, etc. Mutual of Omaha currently holds an A+ rating by A.M. Best, implying near perfect stability.
NAIC Rating
The NAIC, or The National Association of Insurance Commissioners, is a regulation standard support organization based in America meant to add credibility to insurance companies. Essentially, the goal of this organization is to protect consumers and to mandate that insurers deliver on their promises made. The rating used within the NAIC involves a numerical value usually ranging from 1 – 10. One implies average customer complaints, where anything above this is above average, and so on. Mutual of Omaha currently holds near a 1.0 score, implying average complaints across the board, which is impressive considering they are one of the largest insurance providers in the country.
JD Power Ranking
Mutual of Omaha was ranked number 5 out of 21 companies in J.D. Power’s 2021 U.S. Life Insurance Study for overall customer satisfaction.
Not only are they exceeding expectations in satisfaction, they offer industry leading benefits, including;
Level Benefits Plan
- Death Benefits Paid Out in as Little as 24 Hours
- Ages 45-85
- Premiums Never Increase
- High Face Amounts With Lowest Premiums
- No Waiting Periods
- No Medical Exams
Customer Reviews
Cancellation Policy
Insurance policies generally contain a 30-day refund introductory period, where you are able to receive a complete refund if canceled before the 31st day if dissatisfied. This is a two-way policy, allowing for insurers to cancel your policy for the same reasons. This may also be overridden by state law, if applicable. An example includes Florida, which bars insurers from cancellation up to 90 days after the policy start date. Exceptions include, if premiums are not paid, substantial change in risk to insure, etc.
Our Review
Overall, Mutual of Omaha is a great option for anyone looking for active health insurance. They have options for anybody and continue to remain a competitive option in the industry. As with anything, there a few drawbacks, but they are oddly specific and most likely don’t apply to you.
Mutual of Omaha is an industry leader in final expense life insurance. Being around for over a century and trusted by millions of Americans provides peace of mind.
For more information and help choosing the right final expense life insurance policy, fill out the form next to this article and we will connect you with a licensed professional, who is ready to assist!
Final Thoughts
Here at Final Expense Benefits, we pride ourselves in providing claimants with the best set of choices so that they may make the best informed decision for them. If you’re still unsure or wish to utilize a Mutual of Omaha policy, give us a call at (866) 311-4338, M-F, 9-5.
Frequently Asked Questions
What is Wild Kingdom Mutual of Omaha?
A documentary series following various animals hosted by Mutual of Omaha beginning in 1963.
Is Medicare Supplement Mutual of Omaha worth it?
The answer may be subjective, but to the vast majority the answer is yes.
Is Life Insurance Mutual of Omaha Legit?
yes.