Mutual of Omaha Final Expense Insurance Guide
An independent, educational review of Mutual of Omaha's Living Promise Whole Life policy — plan types, underwriting, rates, and who it's best for.
AM Best Rating
A+
Founded
1909
Age Range
45–85
Coverage Range
$2,000–$25,000
Mutual of Omaha is one of the most recognized names in the final expense insurance market — and for good reason. Their Living Promise Whole Life policy consistently ranks among the most competitive options available for seniors ages 45–85. With an A+ AM Best rating, straightforward underwriting, and a strong track record of paying claims, Mutual of Omaha is often the first carrier I compare when working with a new client.
This is an independent educational guide. I am not employed by or affiliated with Mutual of Omaha. As an independent broker, I represent multiple carriers and will recommend the option that best fits your specific situation.
Plan Types
Mutual of Omaha offers two primary final expense plan types under their Living Promise Whole Life product:
Level Benefit Plan
The Level Benefit plan provides the full death benefit from day one. This is the most desirable option — your beneficiary receives the complete coverage amount regardless of when you pass away. To qualify, applicants must answer health questions and meet Mutual of Omaha's underwriting guidelines. Most applicants with common, well-controlled health conditions qualify for the Level Benefit plan.
Graded Benefit Plan
The Graded Benefit plan is available for applicants with certain health conditions that don't qualify for the Level Benefit. In the first two years, the death benefit is limited — typically a return of premiums paid plus interest. After the graded period, the full death benefit is in effect. This plan allows applicants with more complex health histories to still obtain coverage.
Underwriting Guidelines
Mutual of Omaha uses a simplified issue application — meaning you answer health questions, but there is no medical exam required. Here's what to generally expect:
Generally accepted
Most common, well-controlled conditions are accepted at standard rates, including controlled Type 2 diabetes, high blood pressure, high cholesterol, and mild COPD.
May result in graded benefit
Certain conditions may result in a Graded Benefit offer rather than Level Benefit, including more serious heart conditions, recent cancer treatment, or oxygen use.
May result in declination
Some conditions may result in a declination for this product. If that happens, I'll explore other options including guaranteed issue coverage.
Underwriting guidelines can change. The best way to know what you qualify for is to call me directly — I'll review your health history and tell you honestly what to expect before you apply.
Honest Assessment
Strengths
- A+ AM Best rating — one of the strongest financial strength ratings in the industry
- Competitive rates across most age brackets for healthy to moderately healthy applicants
- Straightforward application — typically 15–20 minutes by phone
- Immediate full coverage for qualifying Level Benefit applicants
- Strong, well-documented claims-paying history
- Widely recognized brand that beneficiaries will recognize
Limitations
- Not available in all states — coverage availability varies
- Graded benefit applies to applicants with certain health conditions
- Coverage maximum of $25,000 may not be sufficient for higher-cost areas
- Not always the most competitive rate for applicants with significant health conditions
Who Is Mutual of Omaha Best For?
Mutual of Omaha's Living Promise policy is an excellent fit for seniors in good to average health who want the best combination of financial strength, competitive pricing, and brand recognition. If you can qualify for the Level Benefit plan, Mutual of Omaha is frequently among the most competitive options available.
It's also a strong choice for applicants who value working with a well-known, established company — particularly if their beneficiaries are likely to recognize the Mutual of Omaha name when it comes time to file a claim.
If you have more complex health conditions, I'll compare Mutual of Omaha's Graded Benefit option against other carriers to determine which provides the best value for your specific situation.
Also compare our other preferred carriers:
Want to Know If You Qualify for Mutual of Omaha?
Call me directly and I'll review your health profile, tell you honestly what you're likely to qualify for, and compare Mutual of Omaha's rates against our other preferred carriers. No obligation — just the information you need.