Mutual of Omaha Living Promise Comprehensive Review 2022

Mutual of Omaha Living Promise

Whole life insurance is a popular form of life insurance, particularly among seniors. If you are in the market for a permanent life insurance plan capable of covering your end-of-life expenses, your search is highly likely to produce Mutual of Omaha Living Promise as the leading option.

Mutual of Omaha is a trusted name in the insurance industry, and for good reasons. Since its inception, it has been offering top-notch coverage to seniors at very low prices — You almost certainly won’t find a better deal elsewhere.

The Mutual of Omaha Living Promise is designed to help cover your burial and final expenses in the event of your death, saving your loved ones from financial distress when mourning you.

This comprehensive review covers everything you need to decide whether this whole life insurance plan by Mutual of Omaha is right for you.

Mutual of Omaha background 

Established in 1909, Mutual of Omaha is a high-rated life insurance company headquartered in Omaha, Nebraska.

They offer an assortment of insurance products, including term life insurance, whole & universal life insurance, long-term care insurance, medicare insurance,

accidental death insurance, dental insurance, and financial planning services. All of the company’s financial service products are offered through its network of subsidiaries.

For seniors looking to purchase whole life insurance, it is worth noting that Mutual of Omaha issues all its life insurance policies under the name United of Omaha.

As you would expect, Mutual of Omaha is not just financially stable. It has the highest financial rating an insurance company can get. They hold:

  • A+ (Superior) rating from A.M. Best for overall financial strength and ability to meet ongoing obligations to policyholders. This rating is the second-highest of 16.
  • A1 (Good) rating from Moody’s Investors Services for current financial strength and ability to withstand financial stress in the future. This rating is the fifth highest out of 21.
  • AA- (Very Good) rating from Standard & Poor’s Global for financial strength to meet obligations to policyholders. This rating is the fourth-highest of 21.

Mutual of Omaha has represented itself as a high-integrity life insurance provider. You can trust them to pay the death benefit to your beneficiaries when that time comes.

With an A+ rating from BBB (Better Business Bureau), it means that Mutual of Omaha is operating in a trustworthy manner and will make a good faith effort to resolve any customer complaints.

Understanding the Mutual Of Omaha Living Promise

The most important thing when it comes to buying life insurance products is understanding the product you’re buying and how it works. Mutual of Omaha Living Promise Life is not an exception.

If you are to glance at a Mutual of Omaha Living Promise consumer brochure, you would most likely notice that it is a whole life insurance policy.

The Living Promise plan by Mutual of Omaha is a version of a whole life insurance policy designed to cover funeral costs and other end-of-life expenses.

The policy allows holders to pay affordable monthly premiums throughout their life with a promise that the company will pay out the death benefit to the designated beneficiary in the event of death. Once the insured dies, Mutual of Omaha pays out the death benefit as a tax-free check payable to the beneficiary.

Typically, the Living Promise policy payout is meant to help the policyholder’s family and loved ones cover funeral costs. However, the payout comes with no strings attached, meaning the beneficiaries can spend the money on anything, including medical bills, outstanding debts, mortgages, and college tuition.

For seniors looking to purchase a whole life insurance policy, Mutual of Omaha Living Promise offers two plans: the Level Benefit plan and the Graded Benefit Plan. Both plans provide a death benefit that never decreases, and there is a guarantee that your policy will build a cash value.

  1. Level Death Benefit plan

This is a burial insurance plan that provides coverage from the very first day you are approved. As the name suggests, the death benefit remains level throughout, provided you pay the premiums on time.

Here are the vital aspects of the Mutual of Omaha Level Death Benefit plan you need to know:

  • It does not have a waiting period. You are fully covered from the very first day of being approved, meaning your beneficiaries will get the full death benefit if you die even within the first two years of your policy.
  • You can only qualify if you are between 45 and 85 years old.
  • You can obtain $2,000 to $40,000 worth of coverage ($5,000 – $40,000 in WA).
  • It is available in all states except New York.
  • Tobacco users can qualify, but your eligibility depends on your overall health. You answer health questions.
  • It is guaranteed that the policy will build cash value.
  • Policies come with accelerated death benefits built into them. This means you can accelerate the full benefit if diagnosed with a terminal illness or confined in a nursing home for 90 days or more and are expected to remain there.
  • You can customize your policy with an accidental death benefit rider for a small additional monthly fee.

For seniors looking to defray their final expenses, this final expense insurance plan has some of the lowest monthly premiums you can find in the life insurance sector. Your policy offers coverage that doesn’t expire and rates that will never increase.

  1. Graded Death Benefit plan

The key distinguishing characteristic of the graded death benefit is that it places a hold on paying out the full death benefit if the policyholder dies within the first two years of the policy. Here is what you need to know about this plan:

  • The plan has a two-year waiting period, meaning you are not fully covered until after two years from the time you’re approved. When the policyholder dies within the first two years, this plan pays a premium with additional interest, typically 10%, which is merely a refund.
  • You must be 45 to 80 to access this plan.
  • The plan is available in all states except New York, North Carolina, Montana, and Arkansas.
  • Your policy offers an accelerated death benefit for terminal illness or nursing home confinement.
  • The plan has a lasting death benefit guarantee as long as your policy stays in force.
  • You can buy as much as $2,000 to $20,000 ($5,000 – $20,000 in Washington State).

Clearly, relative to the Level Death Benefit plan, the graded option has a lower benefit. Further, because Mutual of Omaha often approves coverage to applicants with health problems, which are considered high risk, it is also costlier.

The relevant features of Living Promise you need to know

The Living Promise is a small no-exam insurance policy. Its key features include:

  • Coverage is permanent and guaranteed:

When you apply for a policy and are approved, Mutual of Omaha guarantees that the coverage will never expire or fluctuate. However, this guarantee holds only if you pay the monthly premiums on time.

  • The rates of your Living Promise insurance policy are locked:

When you buy a policy, the rates you get remain unchanged throughout your lifetime. This is extremely important, especially for seniors with fixed income, as it allows easy budgeting.

  • Living Promise builds cash value:

As with most whole life insurance policies, Living Promise insurance policies accumulate cash value over time. Your cash value account will grow over time, and you can use the accumulated amount to pay premiums or as collateral when borrowing a loan.

Since Mutual of Omaha Living Promise is a form of life insurance, it provides a quick tax-free payout so your beneficiaries can easily afford funeral costs and other bills.

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

Mutual of Omaha is a reputable whole life insurance provider offering its range of products in the US. For all their products, whether Living Promise or Guarantee Issue policy, they strive to offer world-class services and a safety net for possible mishaps.

The Living Promise is one of the highly affordable whole life insurance options. Most interestingly, the policies offer a definite payout in the event of the policyholder’s death.

For seniors looking to defray their end-of-life expenses, Living Promise policies start at $2,000 ($5,000 in WA) and max out at $40,000.

When the policyholder passes away, the company will pay out the policy amount to the designated beneficiary — the beneficiary can be a member of the deceased’s family, a funeral home, or any identity nominated as the beneficiary.

When applying, it is important to keep in mind the age limit restrictions. The level-benefit plan is accessible to individuals between 45 and 85 years, whereas the graded-benefit plan is accessible to ages 45 to 80.

No matter the plan you qualify for, your policy will be fixed with guaranteed level premiums and a tax-deferred cash value that you can access while alive. The rates and frequency of premium payments are also fixed, and you won’t have to pay higher premiums due to any reason, including inflation.

Living Benefits of Mutual Of Omaha Living Promise

The Living Promise whole life insurance policies provide several living benefits to policyholders. First off, Mutual of Omaha has ensured its policies are affordable for everyone by consistently keeping the monthly premiums low.

For instance, depending on your gender and the plan you choose, the rates for a $10,000 policy range from about $20 to $90 for 45 to 70 years of age.

Besides the coverage offered by the policy, you can purchase riders to boost your policy’s overall coverage. For Living Promise by Mutual of Omaha, you can purchase an accidental death benefit rider.

Accelerated death benefit, which allows the policyholder to accelerate the policy payout when diagnosed with a terminal illness or confined in a nursing home, is offered as part of the level-benefit plan.

With the accidental death rider, which costs a few extra dollars each month, Mutual of Omaha will pay double the death benefit if the cause of the insured’s death is an accident. This rider can greatly benefit drivers and people who travel often.

Of significance, whether or not you customize your policy with an accelerated death rider, you are still entitled to the total amount for accidental death. The rider only doubles your policy’s payout when an accident claims your life.

Another significant living benefit of this whole life insurance policy by Mutual of Omaha is the tax-deferred cash value. Your policy accumulates cash value over time, which you can access in your lifetime. You can borrow against the cash value or redeem it to pay monthly premiums.

Mutual Of Omaha Guaranteed Issue

Guaranteed issue whole life insurance is a type of insurance that accepts pretty much every applicant. In other words, it guarantees to cover any issues the applicant might have. There is no medical or lifestyle underwriting — you don’t take any medical exams nor answer any questions related to your medical history.

Of significance, the fact that the insurer approves you for a policy without knowing your health means high risk. While the high risk often translates to higher rates, when it comes to price, Mutual of Omaha has probably the most competitive prices for its guaranteed issue policies in the US.

Even other established life insurance providers have an issue matching their rates.

For seniors considering Mutual of Omaha guaranteed issue whole life insurance policies, perhaps the most important aspect is to keep in mind that their policy will have a two-year waiting period.

If you die within the waiting period, Mutual of Omaha will refund all your premiums plus 10% interest. However, there is an exception. If the cause of the insured’s death is an accident, the insurer will pay out 10% of the death benefit.

Why should I be part of a mutual Omaha Living Promise?

Many people primarily purchase whole life insurance policies to save their loved ones from financial stress when grieving.

Since Living Promise is a form of whole life insurance policy, it pays a tax-free death benefit to your beneficiaries when you pass away. Ultimately, this gives your family and loved ones an easy time paying your end-of-life expenses.

As such, this arrangement is critical in ensuring that you are accorded a decent burial. Even without the aspect of a decent burial, every funeral home will take cash.

Living Promise underwriting guidelines

The low rates and high death benefits offered by Mutual of Omaha funeral policy with no waiting period don’t come for free. You must qualify! However, you won’t need to take an in-person medical exam. Instead, you will need to complete a medical history questionnaire.

Mutual of Omaha has a comprehensive underwriting process that asks a wide range of medical questions. Your qualification depends on:

The health questionnaire is the most influential factor in determining whether or not you will be approved for the level benefit plan. Thankfully, the questionnaire is super easy to complete, with most questions requiring a simple “Yes” or “No” answer.

Once you have completed the application questionnaire, Mutual of Omaha checks your prescription to see if you have received medication or treatment for any of the conditions asked in the questionnaire. Further, they will analyze your MIB file for any relevant possible records.

Checking your MIB file helps your life insurance providers check if you answered the questions honestly. As such, you don’t have to worry about MIB if you honestly answer all the questions posed by your proposed insurer.

So, what are these questions?

Health Questions for the level death benefit plan

Living Promise level-benefit plan is designed to provide simple solutions for those looking for quick coverage. It falls under simplified underwriting, so applicants only answer simple, direct, healthy questions.

For seniors considering Mutual of Omaha whole life policy with immediate coverage level benefits, you must be able to answer “No” to the following questions to qualify.


  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?


If the proposed insured answer “Yes” to any question in part two, that person is eligible ONLY for the graded benefit product:

  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?
  2. 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 For Finding The Best Insurance Policy

No single life insurance company, including Mutual of Omaha, can have the best product for everyone. That’s why comparing offers from multiple providers is extremely important when shopping for a final expense insurance policy.

If you are in the market for a final expense insurance policy, it is helpful to remember that nearly all funeral insurance policies are sold through licensed agents. That said, the best way to navigate the buying process is by finding a reputable independent broker that represents multiple companies.

Here are tips to help you get the best deal when purchasing burial insurance:

  • The least expensive plans with no waiting period are only sold through agencies.
  • Independent agencies exist solely to help proposed insureds compare offers from multiple carriers to find you the best deal.
  • There are many insurance companies that you don’t even know exist, and you want to access them.
  • You can’t determine on your own which companies will approve you. An independent agent helps you evaluate and choose a company that is likely to cover you, depending on your unique situation.

Conditional Receipt (Applies to United Express Products)

With conditional coverage, the proposed insured must submit a check for the full initial modal premiums with the application. For those considering conditional receipt insurance, it is worth noting that the initial draft through the applicant’s bank account is available only for monthly mode.

Note: No conditional coverage is provided:

  • If a completed conditional receipt is not submitted along the application
  • A receipt is furnished in relation to the application for insurance on the applicant on the same date as the receipt.

Insurance under the receipt will be in force on the defined date only if all the conditions have been met altogether;

  1. The amount paid by the proposed insured during application is enough to pay the initial premium of a fixed premium plan at the mode applied for and the first planned periodic premium plan.
  2. The applicant completes all necessary medical examinations within 60 days from the date of applying.
  3. As of the date of application, each applicant is eligible for the policy they are applying for under United of Omaha underwriting standards without modification of the plan, benefits, rates, class, and the coverage amount they are applying.
  4. All the information and answers in the application are true and complete to the best of the knowledge and belief of the signatories.
  5. All parts of the applications, including exams, supplements to the application, and questionnaires, are completed and received by the home office.

For individuals considering conditional coverage, the amount of coverage provided under the receipt should be not more than $100,000* and shall also not exceed the death benefit applied for. Moreover, if, for any reason, the application won’t be approved within 60 days of the effective date of the receipt, the coverage will cease. However, there is nothing to worry about.

When your application for conditional coverage is not approved, Mutual of Omaha returns the amount paid. The company also has the right to terminate the coverage anywhere within 60 days of the effective date of the receipt and mail you a refund of the premium.

Temporary Life Insurance Agreement (TIA) 

TIA solely applies to United Term & UL fully underwritten products. Here is the eligibility criterion:

  1. A cheque or electronic transaction authority for the full initial modal premiums needs to be submitted with the application.
  2. The applicant must answer “no” to all 6 TIA eligibility questions. Even so, the TIA doesn’t need to be submitted, but the electronic transaction authorization may still be submitted.
  3. The maximum face amount eligible for coverage is $1 million. The face amount of temporary coverage cannot exceed $1,000,000*.

Temporary insurance will not be provided:

  • If a completed TIA is not submitted with the applications
  • If any TIA eligibility question is answered, “Yes”.

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

  1. 90 days from the date of the agreement
  2. The date Mutual of Omaha delivers the policy applied for to the insured, and all the delivery requirements have been completed.
  3. The date Mutual of Omaha mails a letter to the policyholders notifying 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 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:

  • Disability; or
  • 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
  • The same loss under both this Agreement and any life policy issued from the application.

Testing of Proposed Insured

Telephone Interview

To know if you are eligible for a Living Promise whole life insurance policy, a licensed underwriter from Mutual of Omaha may contact you through the phone. The call is confidential and solely intended to complete the application. And on average, it should last about 30 minutes.

With telephone interviews, it is worth noting that the conversation will be recorded and used as part of risk analysis when evaluating your eligibility. To increase your chances of being approved, make sure to answer the questions the telephone representative asks accurately.

If you are applying for a level-benefit plan, you may get lower rates for not being a smoker or tobacco user. Precisely, you qualify for non-nicotine rates if you haven’t used tobacco or nicotine products in any form within at least one year before application.

Paramedical Appointment

In rare cases, when applying for a level-benefit policy, depending on the amount of coverage you apply for and your age, you may need to take a paramedical exam. Whether or not you take a medical exam, the good news is that the exam is free and can be taken from virtually anywhere, including your home or working place.

Oftentimes, the paramedical exam focuses on:

  • Weight and height
  • Pulse rate and blood pressure

Sometimes, urine and blood samples may be needed, and an electrocardiogram (EKG) and/or senior assessment evaluation might be required.

If you have to take a paramedical exam;

  • Get a good night’s sleep before the exam
  • Avoid drinking alcohol or alcoholic beverages for at least 8 hours before the appointment.
  • Do not smoke or drink coffee for at least 1 hour before the appointment
  • Drink water about 2 hours before the appointment
  • Avoid eating any food 2 hours before the exam. It is best if you can fast for 12 hours.
  • Discuss with the paramedic any medication you’re taking
  • Skip intense exercise on the examination day.
  • Dress in comfortable, loose-fitting clothes.

Attending Physician’s Statement (APS)

Attending Physician’s Statement is a crucial source of information when it comes to underwriting. In fact, an underwriter will likely order it.

If an APS has not been ordered and Mutual of Omaha is not notified on the same during application and, by chance, requests a duplicate, they will not reimburse the cost. Regarding the APS, if the company orders the statement, avoid sending the duplicate request to the doctor or hospital as it would further delay the process.

Mutual of Omaha reimburses the costs of APS as long as they receive an application corresponding with the APS order. Notably, if an APS was ordered and the applicant applied to multiple insurance providers, Mutual of Omaha will only reimburse the costs if the proposed insured applied for a policy with them.

APS Guidelines

  1. Attending Physician’s Statement is requested in all cases with significant medical histories like diabetes, CAD, cancer, other potentially rateable or uninsurable impairments, or major medical testing as defined below.
  2. These exceptions are often made to the age and amount criteria if the proposed insured did an exam as part of:
  • Routine GYN exam
  • Aviation exam
  • Work Physical
  • DOT exam
  • Eye exam, etc.
  1. For applicants over 65 years having no APS, applications are reviewed on a case-by-case basis, and coverage may be limited or unavailable, depending on the review outcome.
  2. Attending Physician’s Statement may not be ordered for proposed insureds treated for hypertension or cholesterol if they:
  • Quality for a preferred plus through standard risk class
  • Are below age 65
  • Has a face amount not exceeding $2,000,000.
  • The amount in force and applied for doesn’t exceed $2,000,000.

Health issues requiring an APS

There are many issues for which an APS will most likely be ordered. Here are some of the health issues that require an APS:

  • Abnormal heart rhythm
  • Alcohol or Drug treatment history
  • Amyotrophic Lateral Sclerosis (ALS, Lou Gehrig’s Disease)
  • Bipolar, schizophrenia, major depression
  • Cardiomyopathy
  • 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
  • Cancer
  • Collagen Vascular disease, including Lupus
  • Diabetes
  • 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
  • Parkinson’s disease
  • Paralysis
  • Organ transplants
  • 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

Besides this list, there are individual cases that may warrant an APS to determine the proper risk classification.

Underwriting Flexibility

Mutual of Omaha Living Promise underwriting process offers moderate flexibility compared to similar products from other carriers. This is especially true considering the conditions covered under level-benefit policies. Here are some factors that make level coverage a flexible option:

  • It is diabetic-friendly:

Proposed insureds using pills or insulin are often considered for level-benefit coverage provided they were diagnosed with diabetes at age 50 or older. Diabetic neuropathy is solely considered for graded benefit.

  • Cancer preventive medications:

If you’re using any cancer preventive medication like tamoxifen or anastrozole, you will likely be approved for level coverage as long as the cancer removal was some four or more years ago.

  • Heart and cardiac event history:

You get a 2-year look back for level coverage on a variety of heart history events, including open-heart surgery, heart attacks, stroke, and stents.

Mutual of Omaha Living Promise rates

Mutual of Omaha offers some of the lowest rates you can find in the market. Depending on your insurance needs, the monthly premiums typically range from $20 to $200. Expect relatively higher rates if you smoke or use tobacco, typically by 40%.

How much you will pay for your policy depends on your age, health, gender, geographical location, and how much coverage you buy.

Here are sample prices for a $10,000 policy:


Age                 Level               Graded          

45                    $22.61             $26.49

50                    $24.31             $28.89

55                    $27.71             $35.98

60                    $32.87             $44.48

65                    $41.01             $52.48

70                    $53.24             $68.08

75                    $72.41             $94.16

80                    $98.43             $118.75

85                    $135.90           NA


Age                 Level               Graded

45                    $27.11             $34.79

50                    $31.68             $39.78

55                    $35.95             $46.89

60                    $43.76             $53.98

65                    $56.48             $64.77

70                    $74.61             $83.86

75                    $99.97             $108.86

80                    $139.73           $143.04

85                    $192.74           NA

Pros of buying Mutual of Omaha Living Promise policy

Mutual of Omaha is undoubtedly one of the best whole life insurance policy providers in the US. Here are some of the reasons you might want to consider this product:

  • Incredibly low prices
  • Lenient underwriting process that covers many common health problems
  • It is diabetic-friendly
  • The company is very financially stable (A+ rating from A.M. Best)
  • Simple application
  • Level benefit doesn’t have a waiting period
  • Accepts news applicants as old as 85 years
  • Policyholders can manage their policies online
  • Allows you to choose unlimited and contingent beneficiaries.
  • Fast underwriting

Cons of Living Promise whole life insurance

  • Not available in New York
  • Doesn’t accept Direct Express cards
  • You must qualify
  • There’s a 2-year waiting period for people with health issues


  1. Is the Mutual of Omaha Living promise guaranteed issue?

No. Living Promise is not a guaranteed issue policy, meaning you will be denied a policy if you cannot meet the underwriting guidelines.

However, you don’t need to be in perfect health to qualify for coverage.

  1. Does Mutual of Omaha Living Promise build cash value?

Mutual of Omaha guarantees that Living Promise whole life insurance policies will build cash value over time.

  1. What is living promise insurance?

Living Promise insurance is a form of permanent coverage designed to help provide affordable protection to seniors looking to defray their end-of-life expenses. The policy pays out benefits directly to the designated beneficiary, saving your loved ones from financial stress when you pass away.

  1. What is Living Promise with Mutual of Omaha?

Living Promise with Mutual of Omaha is a policy that pays benefits directly to the person you choose as your beneficiary, providing money to cover your funeral costs and other associated expenses.

  1. What is the max face amount of the Mutual of Omaha Living Promise?

Living Promise has two distinct plans: the level benefit plan and the graded benefit plan. The level plan has a maximum face amount of $40,000, while the graded plan is capped at $20,000.

  1. What is United of Omaha Living Promise whole life insurance?

This is a form of life insurance that offers coverage for a lifetime. Notably, United of Omaha is a subsidiary of Mutual of Omaha that provides all of the company’s life insurance products.

  1. What are the benefits of having life insurance like Living Promise?

There are many reasons anyone would want to buy a final expense insurance policy like Living Promise by Mutual of Omaha.

The primary reason for buying such policies is to help offset the cost of your funeral and other end-of-life expenses, relieving your loved ones of the burden of having to pay for your final expenses.

The payouts of your policy can also replace your income when you pass away, ensuring your family doesn’t get into trouble after you pass away.

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