Mutual of Omaha Living Promise: Is It Right for You?

Individuals looking for final expense insurance should look into Mutual of Omaha Living Promise life insurance quotes. Applicants do not need to take a medical exam but will be asked questions regarding their medical history. Mutual of Omaha Living Promise life insurance rates will vary depending upon the type of death benefit.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: May 12, 2022

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Quick Facts

  • You can apply for a Mutual of Omaha Living Promise policy online
  • No medical exam is required
  • Individuals with pre-existing health conditions may be denied coverage

You can buy life insurance that won’t expire until you do. A policy like that is what’s known as whole life insurance. Such policies are quite popular as whole life insurance can offer unexpected advantages.

Of course, no two policies are the same. So, if you’re an older individual looking for final expense coverage, how can discerning shoppers like you find policies that are right for them? Individuals interested in finding the best life insurance policy can shop online to find policies to meet their needs.

Fortunately, you can make use of other free online resources and read our free Mutual of Omaha life insurance review to be sure it’s the right life insurance company for you.

If you’re someone who needs reliable and affordable life insurance, Mutual of Omaha Living Promise may be the best choice. Mutual of Omaha insurance is a trusted name in the insurance industry as it has been in business for decades.

You can compare Mutual of Omaha Living Promise life insurance quotes to the competition when you shop online. Enter your ZIP code to get free quotes and discover if Mutual of Omaha Living Promise is the right choice for you.

What is the Mutual of Omaha Living Promise?

Before you run off to buy Mutual of Omaha Living Promise life insurance, you should learn what is and how it can help you.

If you were to glance at a Mutual of Omaha Living Promise brochure, you would most likely note that it is a whole life insurance policy with rates that will never rise. There is also a guarantee that cash value will grow within the policy.

When you fill out a Mutual of Omaha Living Promise application, you’ll discover that the policy:

  • Provides a death benefit that never decreases
  • Offers insurance free of medical exam
  • Designates applicants as being eligible for a level or graded death benefit
  • Assists with final expenses

Now, you may be wondering what differences there are between a level and graded death benefit. Let’s examine the two and what each one has to offer you.

Level Death Benefit

Individuals deemed eligible for a level death benefit, live in any state but New York, and are between the ages of 45 and 85 could purchase as little as $2,000 in coverage or as much as $40,000. The policy is guaranteed until the age of 100, and you can add both accelerated death benefit and accidental death benefit riders to the policy.

While these riders shouldn’t be viewed as a Mutual of Omaha medicare supplement, they can certainly be used. Most importantly, the death benefit will be paid to the named beneficiaries if you pass away within two years of purchasing the policy.

Graded Death Benefit

Individuals eligible for a graded death benefit and who live outside of Arkansas, Montana, New York, or North Carolina can purchase anywhere from $2,000 to $20,000 in coverage if they are between the ages of 45 and 80. The Mutual of Omaha Living Promise life insurance rates for a graded death benefit also tend to be more expensive for applicants.

Now, if you were to die within two years of owning this policy, there would be a hold on the death benefit. Instead of the full death benefit, your beneficiaries would only receive the premiums you paid plus the 10% interest earned on those paid premiums. However, if you were to die after owning the policy for two years, your beneficiaries would receive the full death benefit that you had purchased.

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How can individuals apply for a Mutual of Omaha Living Promise policy?

Applying for a Mutual of Omaha Living Promise policy is incredibly simple. If you were to apply online, you could be approved in a matter of minutes. But if you prefer to apply for something as personal as life insurance the old-fashioned way, you can choose to send in a paper application.

This may result in a longer wait time, but typically you shouldn’t have to wait more than a few days for the underwriter to finish processing your paperwork.

The Mutual of Omaha Living Promise Underwriting Guide

While you will not need to give blood or your weight to purchase a Living Promise whole life plan, you will need to answer a few health questions about your medical history. These questions will determine if you are eligible for a level death benefit or a graded death benefit.

For example, if you take medication for diabetes or have had cancer or COPD, you would most likely be offered a graded benefit plan. Individuals who are healthy and don’t have any pre-existing conditions have a better chance of qualifying for a level death benefit.

It is possible to be rejected for coverage altogether, especially if you’re currently being treated for cancer or HIV. If that is the case, looking for a company that offers guaranteed coverage might be a better option for you.

Is Mutual of Omaha life insurance financially strong?

Mutual of Omaha has many financial institutions, like Mutual of Omaha Bank, that have been financially strong for years.

For example, Mutual of Omaha Insurance has an A+ rating from A.M. Best, which is a great sign if you are looking for a reliable company to invest in.

Is Mutual of Omaha customer service well regarded?

It’s always important to study how well a company treats its clients before you decide to do business with it. According to the NAIC, Mutual of Omaha did receive a high number of complaints from clients.

Thankfully, reaching out to a customer service representative can be done by calling Mutual of Omaha’s customer service line, or you can reach out to your local insurance representative directly.

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Mutual of Omaha Living Promise: What You Need to Know

With the Mutual of Omaha Living Promise policy, you can prepare for the expenses that come with the end of life. While there isn’t a traditional medical exam, questions about your medical history will be asked. How you answer will determine if you are eligible for a level or graded death benefit.

The Mutual of Omaha Living Promise can relieve a financial burden from your loved ones’ shoulders during a very trying time. However, you can always shop online to find the best life insurance policy for you.

Compare a Mutual of Omaha Living Promise policy to the competition today. Enter your ZIP code below to receive free life insurance quotes today.

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