Mutual of Omaha Living Promise Comprehensive Review 2021

Mutual of Omaha Living Promise

Mutual of Omaha is an insurance company that was established in 1909. Since then, it has been serving the community and has been ranked in the top five most affordable insurance companies in 2021.

Mutual of Omaha offers a wide range of services, from Medicare supplement insurance, disability income insurance, along with banking, financial planning services, mortgages, and investment products for businesses. 

Mutual of Omaha, make sure to assist their customers both in life and after their passing. The Mutual of Omaha Living Promise was designed to help support your loved ones in the event of their death so that they can be saved from additional distress. 

Mutual of Omaha background 

To say Mutual of Omaha is financially stable would be an understatement. They have the highest financial ratings an insurance company can get.

Here’s some:

A.M. Best Company Inc. (for overall financial strength and ability to meet ongoing obligations to policyholders) A+ (Superior) This rating is the second-highest of 16

Moody’s Investors Services (for current financial strength and ability to withstand financial stress in the future)  A1 (Good) This rating is the fifth-highest of 21

Standard & Poor’s (for financial strength to meet obligations to policyholders) AA- (Very Strong) This rating is the fourth highest of 21

You can count on the company being able to pay their claim when that time comes.

Mutual of Omaha as a company should never be in question. The only question to ask is whether or not their products are right for you.

Is there any plan for Omaha’s Mutual Living Promise? 

You should know that the insurance offers two plans: the LEVEL BENEFIT PLAN and the GRADED BENEFIT PLAN.


Below are the vital things you need to know about this plan.

-If you are approved for the level benefit, it does not have any waiting period. You would be fully insured from the very first day.

-This plan pays a full death benefit when an insured person dies in the first two years and for as long as the individual owns the policy.

-You must be between the ages of 45 to 85 to apply for this plan.

-You can buy between $2,000 to $40,000.

-What if you smoke? There are two different underwriting classes – Standard Non-Tobacco & Standard Tobacco.

-The options of paying bills are: Annual, Semi-Annual, Quarterly, Monthly (Auto Bank Draft) options are available. The initial payment can be made with a credit card.

-What are the extras?  Extra Riders – Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider included in policy at no cost.

Accidental Death Benefit Rider is optional and will cost extra.

-You don’t need to panic. The plan has a death benefit guarantee; the policy is guaranteed to last, as well as the premium, which does not increase as long as the premium is paid.


Below are the vital things you need to know about this plan.

-If you are approved for the graded benefit, that one has a two-year waiting period.

-This plan pays a premium with additional interest if the insured person dies in the first two years also full death benefit after year two & for as long as the individual owns the policy; On the graded plan, accidental death pays out 100% even during the waiting period.

-You must be within the age range of 45 to 80 to access this plan

-You can buy as much as $2,000 to $20,000.

-What if I smoke? There are standard health classes for all (No tobacco distinction).

– The options of paying bills are Annual, Semi-Annual, Quarterly, Monthly.  The initial payment can be made with a credit card.

– What are the extras?  Extra Riders – Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider included in the policy.

Accidental Death Benefit Rider is optional and will cost extra.

-The plan has lasting death benefit guarantees, the policy is guaranteed to last, NO PREMIUM INCREASES until age 100 as long as the premium is paid.

During the first two years of the graded plan, they would merely refund 110% of all premiums if the insured were to pass away for any non-accidental reason.

What Is The Mutual Of Omaha Living Promise?

Mutual of Omaha offers a plan called the Living Promise. Living promise, also often referred to as burial insurance, final expense insurance, or funeral insurance, is a smaller version of a whole life insurance policy.

This policy allows holders to pay affordable premiums throughout their life which are then paid as the final expenses. 

After the policyholder’s demise, The company will pay out the death benefit as a tax-free check payable directly to the beneficiary. If the proposed insured wants, they can even name a funeral home as the receiver.

Not only that, their loved ones can spend this money on anything from funeral costs to outstanding debts and even medical bills. The money leftover will remain with the beneficiary.

While there are long pages of fine print that come with buying such policies, the conclusion is simple; the proposed insured pay money in the form of monthly premiums while the proposed insured is alive, and after they die, the company will pay money to the family or anyone insured choose as the beneficiary, who can then use this money to cover costs have left behind.

The relevant features of Living Promise that you need to know about include the following:

  1. The rates of your Living Promise insurance are locked in for life and cannot increase.
  2. Coverage by the company is guaranteed with Mutuals of Omaha Living Promise.
  3. The Living Promise insurance cannot expire or cancel.
  4. Over time, Living Promise builds cash value. 

The Living Promise is a small no-exam insurance policy. Simply put, this policy provides quick payouts so your beneficiaries can easily afford funeral costs or any other bills. 

What Is The Maximum Face Amount of Mutual of Omaha Living Promise?

Mutual of Omaha has some of the best whole life insurance policies in the US. Whether it is a Guaranteed Issue or Living Promise, they strive to provide world-class service and a safety net for any mishaps.

When talking about the Living Promise, it is essential to note that the monthly premiums are incredibly affordable and offer a definite payout after the policyholder’s passing. 

The Living Promise policy starts at $2,000 ($5,000 in Washington state) and maxes out at $40,000. The company will either pay this money to the funeral home, which may have been put down as the beneficiary, to the deceased’s family, or to anyone else who was nominated as the beneficiary.

There are issue-age restrictions for the Living Promise policy, from ages 45 to 85 for the level-benefit plan and 45 to 80 for the graded-benefit plan. 

At Mutual of Omaha, these policies are fixed and have guaranteed-level premiums, featuring tax-deferred cash value that the policyholder can access during their lifetime.

Not only that, the amount and frequency of premium payments are fixed, which means they will not increase, and you won’t have to pay higher premiums due to any reason later on. 

Other features include a graded death benefit, no medical exams, no health questionnaire for the Guaranteed Issue policy, and simplified underwriting for the Living Promise policy.

Death benefits to Living Promise policyholders are generally paid in a lump sum by default. However, beneficiaries can use the money to purchase a single-premium immediate annuity providing installment payments with a variety of payout periods.

Living Benefits of Mutual Of Omaha Living Promise

The Living Promise life insurance policy has several living benefits. Mutual of Omaha has consistently kept the monthly premiums low, which is why this insurance policy is affordable for almost everyone.

Depending on whether the proposed insured chooses to opt for guaranteed acceptance or no waiting period, the monthly payments for $10,000, whether male or female range from approximately $22 to $90 for 45 to 70 years of age. 

Additional services, also known as riders, can also be purchased by customers and the Living Promise whole life insurance. Two such riders available are accelerated death benefit for terminal illness or nursing home confinement (available for the level-benefit plan) and accidental death benefit.

With the help of the accidental death benefit plan, the proposed insured can purchase the Accidental Death Rider by paying a few dollars extra every month. This plan ensures that Mutual of Omaha, payout double the death benefits in case the death was caused by an accident.

Keep in mind that you will still be entitled to the total amount for accidental death without the Accidental Death Rider. This rider just doubles the payout if and when you die from an accident. 

There are many benefits of Living Promise by Mutual of Omaha that can be claimed during a person’s lifetime.

As these policies are fixed and have guaranteed-level premiums, they also feature tax-deferred cash value that one can access at any point in the policyholder’s lifetime.

Not only that, loans are available based on the policy’s cash value, and some policies can even be surrendered for a percentage of the cash value. 

Mutual Of Omaha Guaranteed Issue

Mutual has probably the most price competitive guaranteed issue policy in the nation. There are very few situations where you can find a guaranteed acceptance plan at a lower rate.

Even other low-cost GI carriers such as AIG or Gerber have trouble matching their rates.

To be clear, a guaranteed issue policy is one where there is no medical or lifestyle underwriting. No health questions, exams, or any health information is required.

With the guaranteed issue, the insurer knows nothing about your health.

Now, the main thing you need to be aware of about guaranteed issue policies is that they ALL (no exceptions) have a minimum two-year waiting period.

During the waiting period, United of Omaha will not pay out the death benefit. Instead, they would give you back all your money and tack on 10% interest.

After two years, they’ll pay out the full amount for any reason.

Please note that they will pay 100% of the death benefit during the first two years if death is the result of an accident (car crash, lightning, fall off a roof, etc.)

Why should I be part of a mutual Omaha living promise?

Since it is life insurance, your beneficiaries will get a tax-free cashier check for whatever amount of coverage you purchased. Doing so gives them the necessary funds to pay for your end-of-life costs.

And there are no restrictions on how the money is used. This arrangement is great because every single funeral home in the nation will take cash.

If there happens to be money left over, which frequently is, that money will simply stay with your family.

The Underwriting guidelines

Underwriting Advantages:

-Arguably the most well-known insurance carrier our senior prospects recognize (branding makes it easier to sell).

-Very competitively-priced premiums help keep policies on the books better and fend off agents attempting to replace you on price.

-Diabetic-friendly: Takes a diabetes diagnosis using pills OR insulin use if started at age 50 or older as Level coverage.

-Cancer: a 4-year look back for Level coverage.

-Cardiac Conditions: a 2-year look back on most cardiac conditions, such as heart attacks, strokes, and stents, for Level coverage.

-Optional e-app eliminates frustrating go-backs to get missed pages signed, which increases issue rates and more time spent with more prospects.

-Optical point-of-sale interview determines insurability within 15 minutes of starting the phone call. Know your client’s underwriting decision BEFORE you leave the home.

Warfarin/Coumadin is viewed as maintenance after 12 months of a prescription and considered for Level coverage as long as non-CHF cardiac event exceeds 2 years.

-Anastrazole, tamoxifen, and other cancer-preventive medication are viewed as maintenance and considered for Level, as long as the client can answer no to the cancer diagnosis question.

Completing the application

As we said, getting United of Omaha funeral insurance with no waiting period is something you qualify for. You won’t need to take an exam or physical. Qualification is based on the following three factors:

  1. Answers to the health questions
  2. Prescription history analysis
  3. Information in your MIB file

By far, the health questionnaire is the most significant factor that determines if you’re eligible for the level benefit no waiting period plan. All their questions require a simple yes or no answer (shown a little further down below).

In addition, they will check your prescriptions to see if you’ve been treated for any of the health conditions that are asked about on the application.

Finally, they will also analyze your MIB file for any relevant records. FYI, MIB stands for Medical Information Bureau.

When you apply for life insurance, that insurance company will make a report about you to MIB. Their report will contain whatever information you revealed.

For example, if you said you have cancer right now, their report would contain your cancer diagnosis.

Insurance companies like Mutual of Omaha check MIB so they can ensure applicants are honest.

So let’s say you told Company ABC that you have cancer, but you attempt to tell Company XYZ that you do not.

Company XYZ would see that your MIB file indicated that you told Company ABC that you did have cancer. This situation would impact your application with Company XYZ.

Don’t worry too much about MIB, though. As long as you’ve been honest with other companies, you have nothing to worry about.

Now you’re probably wondering what health issues they do not accept?

The health questions are listed below.

Make sure you pay attention to the time frame for each section.

To qualify for their immediate coverage level benefit, you must be able to say no to all questions in part one and part two.

  1. Is the Proposed Insured currently:

(a) bedridden or confined to any hospital, nursing home, long-term care facility, or skilled nursing facility; or receiving or been advised to receive care in a nursing home, hospice care, or home health care?

(b) requiring assistance with activities of daily living such as taking medications, bathing, dressing, eating, toileting, getting in and out of a chair or bed, or control of bowel or bladder problems?

(c) requiring any of the following (other than for fractures, bone, or joint surgery, including replacement): wheelchair, electric scooter, or oxygen equipment to assist breathing (excluding use for sleep apnea)?

  1. Has the Proposed Insured ever been:

(a) diagnosed as having Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), or Human Immunodeficiency Virus (HIV) Infection (symptomatic or asymptomatic) or been treated for AIDS, ARC, or HIV by a physician or health care provider?

(b) diagnosed with, been treated for or advised by a physician or health care provider to receive treatment for Alzheimer’s Disease, Dementia, Huntington’s Disease, Sickle Cell Anemia, Myelodysplastic Syndrome (MDS), Lou Gehrig’s Disease (ALS), Quadriplegia, Paraplegia, Down’s Syndrome, mental incapacity, congestive heart failure, Cirrhosis, Metastatic Cancer or Recurrent Cancer of the same type?

(c) diagnosed with insulin shock, diabetic coma, or had an amputation due to diabetic complications or diagnosed with End-Stage Renal Disease or requiring dialysis?

(d) advised to receive or have received an organ or bone marrow transplant?

(e) diagnosed by a physician or health care provider as having a terminal medical condition that is expected to result in death within the next twelve 12 months?

  1. In the past 12 months, has the Proposed Insured been:

(a) advised by a physician to have a surgical operation, diagnostic testing other than for routine screening purposes or for those related to HIV/AIDS, treatment, hospitalization, or other procedure that has not been done or for which results are not known?

(b) diagnosed by a physician or health care provider as having heart disease or heart surgery of any kind?

  1. In the past two years, has the Proposed Insured been diagnosed with, been treated for, or advised by a physician or health care provider to receive treatment for any form of cancer (except basal or squamous cell skin cancer) in the past two years?

Part Two


  1. Has the Proposed Insured ever

(a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:

(a) Diabetes before age 50 or diabetes at any age with complications of Retinopathy (eye), Nephropathy (kidney), Neuropathy (nerve), or Peripheral Vascular Disease (PVD or PAD)?

(b) Hepatitis C?

(c) Chronic Lung Disease, including Chronic Obstructive Pulmonary Disease (COPD), Chronic Bronchitis, Emphysema, or Sarcoidosis?

  1. In the past four years, has the Proposed Insured: (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:

(a) Cancer, Leukemia, Melanoma, or any other internal cancer (except basal or squamous cell skin cancer)?

(b) Chronic Kidney Disease, Systemic Lupus or Scleroderma?

(c) Bipolar Depression, Schizophrenia, Parkinson’s Disease, or Multiple Sclerosis?

  1. In the past two years, has the Proposed Insured: (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:

(a) Coronary Artery Disease, Heart Attack, Coronary Artery Bypass Surgery, Angioplasty, Cardiomyopathy, irregular heart rhythm, or Valvular Heart Disease with surgical repair or replacement?

(b) Stroke or Transient Ischemic Attack (TIA)

  1. In the past 2 years, has the Proposed Insured:

(a) been convicted of or currently awaiting trial for a felony

(b) been treated for or advised to have treatment for alcohol or drug abuse or convicted more than once of reckless driving or driving under the influence of drugs or alcohol?

(c) used unlawful drugs in any form or abused or misused prescription drugs?

  1. Has the Proposed Insured been hospitalized by a physician or health care provider for any mental or nervous disorder in the past two years?
  1. In the past 12 months, has the Proposed Insured consulted a physician for chronic cough, unexplained weight loss greater than 10 pounds, fatigue, or unexplained gastrointestinal bleeding?

Tips To Finding The Best Insurance Policy

We are going to keep this short and sweet. You may think this is too simple, but it’s not. It’s the truth!

If you’re in the market for final expense insurance, all you have to do is find a reputable independent broker that represents lots of companies.

That’s it. We give you this advice because

  1. The least expensive plans that have no waiting period are only sold through agencies.
  2. You cannot determine on your own which companies will approve you
  3. There are many companies that you don’t even know exist, and you want access to them
  4. An independent agency exists solely to compare offers from multiple carriers to find you the best deal.

Conditional Receipt

(Applies to United Express Products)

The proposed insured must submit a check or electronic transaction authorization for the full initial modal premium with the application (Note: initial draft via the proposed insured bank account is available only for monthly mode)

No Conditional Coverage is provided:

If a completed Conditional Receipt is not submitted with the application.

A Receipt is furnished in connection with an application for insurance on the

proposed insured(s) bearing the same date as the Receipt. Insurance under the

The receipt will become effective on the Effective Date defined below, but only if all conditions below have been completely met:

(1) The amount received via check, credit card, or Bank Service Plan (BSP) with the application is sufficient to pay: (a) the first premium of a fixed premium plan at the mode applied for; or (b) the first planned periodic premium on a flexible premium plan; and

(2) The proposed insured  must complete all required medical examinations within 60 days from the date of the application; and

(3) Each person proposed for insurance is, as of the application date, eligible for the exact policy applied for, according to our underwriting standards of United of Omaha than in effect, without modification of the plan, premium rate, benefits, class, and amounts of coverage applied for; and

(4) To the best knowledge and belief of those signing the application, all the

statements and answers in the application are true and complete when made; and

(5) All parts of the application, and if required, exams, supplements to the application, questionnaires, and amendments to the application, are completed and received by the home office.

The amount of conditional insurance coverage provided under this Receipt, if any, shall not exceed $100,000* and shall also not exceed the death benefit applied for. If the application is not approved and accepted within 60 days of the Effective Date of this Receipt, the conditional insurance coverage will cease.

In that case, the company’s liability will be limited to the return of the premium paid. The company has the right to terminate conditional insurance coverage at any time before the expiration of 60 days of the Effective Date of this Receipt by mailing a refund of the premium paid.

*$40,000 for Living Promise

(This Section does not apply to CWL)

Temporary Life Insurance Agreement (TIA)

(Applies to United Term & UL Fully Underwritten Products)

TIA Eligibility Requirements:

A check, credit card, or Bank Service Plan (BSP) authorization for the full initial modal premium must be submitted with the application.

(Note: initial draft via the client’s bank account is available only for monthly premium mode)

All 6 TIA eligibility questions must be answered “no.” If an eligibility question is answered, do not collect a check from the client. The TIA does not need to be submitted, but the electronic transaction authorization may still be submitted

√ The maximum Face Amount eligible for coverage is $1,000,000. TIA’s are not allowed on any face amount over $1,000,000*

*Maximum Benefit Amount is $1,000,000

No Temporary Insurance. is provided:

If a completed TIA is not submitted with the application

If a TIA eligibility question is answered, “yes.”

Temporary life insurance and any coverage provided hereunder will END on the earliest of the following dates:

(1) 90 days from the date of this Agreement; or

(2) the date we deliver the policy applied for to the applicant/owner and all delivery requirements have been completed; or

(3) the date we mail you a letter notifying you that we: (a) are unable to approve the requested coverage at a standard risk class; or (b) have declined to issue you a policy; or (c) will not provide temporary insurance coverage; or

(4) the date the applicant/owner withdraws the insurance application.

– If the policy applied for is either

(a) under a conversion privilege in (an)existing United life policy(ies), or

(b) to replace (an) existing United life policy(ies) with another United life policy, then in the event of the death of the Proposed Insured before the termination of this Agreement, United will pay only the greater of:

(1) the benefits due under the terms of the existing policy(ies), which is/are being converted or replaced, or

(2) the benefits due under the terms of this Agreement. The Applicant acknowledges and agrees that benefits shall not be payable under both, C.(1) and C.(2) above.

The temporary life insurance provided by this Agreement is subject to the provisions of the policy form applied for; however, no benefits will be paid for:

(1) disability; or

(2) death from suicide while sane or insane (in Missouri, only if suicide was intended at the time of this application and we can prove it was intended); or

(3) the same loss under both this Agreement and any life policy issued from the application.

Testing of Proposed Insured

Telephone Interview

An underwriter from Mutual of Omaha may contact the proposed insured for a confidential telephone interview to complete the application process. This call should last approximately 30 minutes.

It is important to note that the telephone dialogue between the proposed insured and the phone representative will be tape-recorded and relied upon as part of our risk analysis.

As a result, the proposed insured must be prepared to answer questions as accurately as possible.

Non-Smoker/Non-Nicotine Qualifications

To qualify for non-nicotine rates, the proposed insured must not have used tobacco or nicotine products in any form (gum, patches, cigar, etc.) within one year before the application.

Paramedical Appointment

A paramedical exam may be required, depending on the face amount applied for and the age. There is no cost to the proposed insured for this examination, and it can take place in their home or place of employment. The Exam includes:

– Height and Weight

– Blood Pressure and Pulse

– Urine and blood samples may also be needed

– Depending on the client’s age and amount of life insurance applied for, an electrocardiogram (EKG), as well as a Senior Assessment evaluation, may be required.

Before the Paramedical Appointment has your Client:

– Get a good night’s sleep

– Avoid drinking alcoholic beverages for at least 8 hours

– Do not smoke or drink coffee for a least 1 hour before the appointment

– Drink a glass of water 2 hours prior

– Try not to eat any food 2 hours prior. If at all possible, fast for 12 hours

– Advise the paramedic of any medication(s) being taken

– Skip heavy exercise on the day of the exam

– Wear comfortable, loose-fitting clothes

Attending Physician’s Statement

The Attending Physician’s Statement (APS) is a vital source of information on which to base underwriting decisions.

If an APS has not been ordered, an underwriter will order the APS. If the company is not notified on the application that an APS has been ordered and requests a duplicate, they will not reimburse the cost.

In addition, if Mutual of Omaha has ordered the APS, please do not send a duplicate request to the doctor or hospital as it will delay the process.

Mutual of Omaha will reimburse the usual and customary cost of the APS provided they received an application to correspond with the APS order. If an APS was ordered and the proposed insured has applied to multiple carriers, they will only give reimbursement if the proposed insured applied for coverage with Mutual of Omaha.

APS Guidelines

  1. An APS will be ordered for a cause in all cases with significant medical histories such as Cancer, CAD, Diabetes, other potentially rateable or uninsurable impairments, or major medical testing as outlined below.
  2. The following exceptions can generally be made to the age and amount criteria if an exam was done as part of a:

(a) Work Physical

(b) Routine GYN Exam

(c) Aviation Exam

(d) DOT Exam, etc.

(e), Eye Exam

  1. If an APS is not available on someone over age 65, the application file will be reviewed on a case by case basis, and coverage may be limited or unavailable.
  1. An APS may not be needed for a health history of treated hypertension or treated cholesterol if the insured:
  • Qualifies for a Preferred Plus through Standard risk class
  • Is age 65 and under
  • Has a face amount of $2,000,000 or less
  • The amount in force and applied for does not exceed $2,000,000

Some of the more common impairments that always require an APS are listed below:

Abnormal heart rhythm

Alcohol or Drug treatment history

Amyotrophic Lateral Sclerosis (ALS, Lou Gehrig’s Disease)

Bipolar, schizophrenia, major depression


Cerebral Palsy

Congestive heart failure (CHF)

Crohn’s disease/Ulcerative Colitis

Coronary disease, including heart attack or heart surgery

COPD including Chronic Bronchitis or Emphysema

Cystic Fibrosis


Collagen Vascular disease including Lupus


Heart valve disease or surgery

Hepatitis B or C

Hodgkin’s or Non-Hodgkin’s Lymphoma

Liver disease including Cirrhosis

Mental Incapacity

Neurological disorders including Muscular Dystrophy, Multiple Sclerosis and

Parkinson’s disease


Organ transport, lants

Peripheral vascular disease (PVD or PAD)

Polycystic kidney disease

Renal Insufficiency/failure

Rheumatoid disorders, including rheumatoid arthritis

Seizure disorders

Sleep Apnea

Stroke or mini-stroke (TIA)

Suicide attempt

Note: This is a guide and not an all-inclusive list. The specifics of an individual case may warrant an APS to determine the appropriate risk classification.

Underwriting Flexibility

The more health conditions your core carrier can accept, the easier it is to send more business it is the way.

Mutual Of Omaha’s Living Promise product offers moderate underwriting flexibility compared to other carriers. Specifically, the following health conditions are considered for Level coverage:

Diabetic-friendly: Diabetics using pills *OR* insulin considered for Level coverage AS LONG AS diabetes diagnosed at age 50 or older. Diabetic neuropathy is ONLY considered for Graded coverage.

Cancer Preventative Medications: If you take a cancer preventative medication like anastrozole or tamoxifen, it is considered for Level coverage as long as the cancer removal/remission occurred 4 years ago or longer.

Heart And Cardiac Event History: You get a 2-year look back for Level coverage on many heart history events like stents, open-heart surgery, heart attacks, and strokes.


My recommendation is to think of Mutual Of Omaha’s Living Promise product as your go-to carrier for your final expense.

Mutual Of Omaha final expense insurance offers strong brand name recognition among our prospects, great rates for those who qualify for Level coverage, and a simple-to-use application and approval process.

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