Mutual of Omaha


Burial Insurance Pros Review of: Mutual of Omaha Burial Insurance

None of us wants to saddle our children with the escalating costs of a funeral which can easily amount to more than $15,000.  Fortunately, there are affordable plans available from Mutual of Omaha that can help make this difficult time bearable for our families.

Mutual of Omaha has one of the more well-known Burial Insurance Plans.  Our Burial Insurance Pros will help you decide if this plan is right for you.

Some of the important criteria that we should keep in mind when shopping for a suitable plan are included in the following checklist:

Mutual of Omaha Burial Insurance

Fortunately, Mutual of Omaha has made available several Burial Insurance plans with a wide range of options, which allow us to choose how we allocate for our burial expenses - you can select plans with a face value ranging from $2,000 to $100,000.  Many of them require only a short questionnaire and no extensive health checkups. Even with conditions that might preclude you from other policies, A Mutual of Omaha Burial Insurance Plan may be a suitable plan to fit your needs.  There is no medical underwriting, no health exam, and these plans can take effect very quickly.

The Living Promise Whole Life Insurance Plan provided by Mutual of Omaha will pay benefits directly to the person(s) of your choice, and can be used to pay a variety of expenses including medical bills or other debts.  Two different plans are available - a Level Benefit Plan and a Graduated Benefit Plan.


HOW do you qualify for a Mutual of OMAHA burial insurance plan?

Mutual of Omaha will use four ways to qualify you for the Burial Insurance plan.

 

  1. Your answers to the application
  2. Any records with the MIB (Medical Information Bureau)
  3. Your weight and height
  4. Prescription history

 

These categories are the standard for most burial insurance plans. It’s very rare to find any burial insurance plan that does not use these to determine your qualification.

There are some burial insurance companies that do not care about your height or weight. You could be more than 500 pounds, and only 4 ft. tall and they will view you the same as anyone else.


THE PHONE INTERVIEW

Mutual of Omaha has a practice of doing "random" phone interviews with most applicants. This is not normal for all burial insurance companies. Most burial insurance companies just require an application but some companies mandate a phone interview as part of their application process. This phone interview just confirms the information on the application.  The person that the life insurance will be for is the one that must do the interview. The Spouse, Kids, or Siblings, of the insured can’t do the interview for them.

If you are selected for the interview, you will have you to answer all health questions on a recorded line. Also, if they want more information regarding anything they find in your MIB or Prescription check, they will ask about that as well. Sometimes they ask follow up questions regarding information they find out during the interview process.

There is no rule about who gets chosen. However, our experience has shows that people over 60 are and people with different owners and insured on a policy are more likely to get interviewed. So if a 60 year old is the Insured and one their kids will be the owner, more likely than not a phone interview will be required. 


The Level Benefit Plan

The Level Benefit Burial Insurance Plan is offered to those who are between the ages of 45 and 85. The face amount or death benefit that may be chosen can range between $2,000 up to $40,000.  This is a great final expense option because you will be covered for the full burial insurance death benefit starting the very first day of the plan.   This burial insurance plan is one of the best priced plans in the industry and if you can qualify and don’t mind answering a few health questions you should jump on it.  The Mutual of Omaha burial insurance level plan is even more competitive for people ages 80-85.

Yes you can get a Burial Insurance plan over 80!   You can get a great price with a Mutual of Omaha Burial Insurance plan.


The Graded Benefit Plan

There is also the Mutual of Omaha Graded Benefit Burial Life Insurance Plan. This policy is offered to those between the ages of 45 and 80, with death benefits that are offered between $2,000 and $20,000 in burial insurance protection.  Their Graded burial insurance plan is not one you should take seriously you can easily find a cheaper option.  We would also more likely than not find you a burial insurance plan with day one coverage.  Meaning that your burial insurance plan would pay the full benefit on the first day the plan goes into effect.

This policy provides a graded benefit, which means that if death occurs during the first two years, the beneficiary will receive back all of the premiums paid, plus 10 percent interest, not the face amount of the burial insurance plan. Once two years have passed, the full amount of the burial insurance plan will pay out to the beneficiary, regardless of the cause of death of the insured. (This policy is not available in AR, MT, NC, or WA).


Mutual of Omaha Living Promise Whole Life

Mutual of Omaha offers burial insurance, also known as final expense life insurance, or whole life through its subsidiary United of Omaha. This policy is called the Living Promise Whole Life Insurance plan, and it is designed to pay for someone’s final expenses, and any other expenses that are associated with the end of an individual's life. If a family member could incur some kind of financial hardship this policy would be there for the insured's family and / or survivors.


ELIGIBILITY

How do they determine if you qualify for the day one coverage level plan, or the Graded plan?  On burial insurance plan applications, you will be the primary source of information. Your answers to the application will be the most important part of the application for the Mutual of Omaha burial insurance policy.

Mutual of Omaha has two sets of health questions on the application. The 1st set of health questions are what’s known as knockout questions. Any yes answer to these questions will automatically disqualify you from this particular burial insurance plan. You would not be eligible for any policy form Mutual of Omaha if you have any of the knockout health conditions.

  • Remember to never self-disqualify yourself. Always talk to a Burial Insurance specialist to confirm your qualification. Often time’s people are just confused on the wording of the questions.  Most of the questions have a specific time line involved ex 3 years or 5 years.  Always read the question very carefully. 

The second part of the application questions are for the graded plan. If you answer any of these conditions yes, you will be approved, but only for the Graded Benefit Burial Insurance Plan.

DO NOT BE discouraged IF YOU answer YES TO ANY OF The QUESTIONS on the application. 

Mutual of Omaha is one company of many. There are many great burial insurance plans out there that have totally different qualifications than Mutual of Omaha. Every Burial insurance company has different application questions.  Some have no questions at all.

There is usually a burial insurance plan that will accept you for who you are and how you are. In fact, most almost all of our clients are able to get great rates with day one coverage. We are your Number One source for Burial Insurance or Final Expense Plans.

Mutual of Omaha’s Burial Insurance Plan is great:

 When you can qualify for the level day one coverage plan.

 If not, we can definitely find you a better burial insurance plan elsewhere.

If you don’t qualify for day one coverage take a look at Gerber Life they have a Burial Insurance plan with no medical questions.

The Level Benefit Burial Insurance Plan is very competitive in price to most final expense life insurance companies. If you are healthy, and have no major health related issues this is the burial insurance plan for you!

Mutual of Omaha Financial strength

Mutual of Omaha offer financial security and will be there when your family needs them.  After more than a century in the insurance business, Mutual of Omaha has assets and reserves totaling billions of dollars and receives "A" (superior) ratings from major insurance rating services.

Burial Insurance is EASY TO UNDERSTAND

One of the best parts about final expense insurance is how easy it is to understand. There is no fine print you will need to be aware of. Once you get a Burial Insurance policy it will remain the inforce as long as you live. If you consistently make you monthly payments, you will have peace of mind knowing that it will always be there for you and your family.

How Mutual of Omaha Burial Insurance Works

Because most burial insurance plans are whole life policies, they do not limit how your survivors may spend the funds, and they cannot be revoked for reasons other than non-payment.  The premiums for these plans never increase and the benefits do not decrease.  These plans build cash value which you may borrow against, and the benefits are paid to your beneficiary "tax free" under current tax laws.

What is a CONTESTABILITY PERIOD?

First of all the contestability period is a common insurance provision that allows the life insurance company to examine a death claim in the first two years of a new policy. However, an insurance company may only do so during this two year window. After the two year period has passed, the department of insurance will prohibit any insurance company from contesting the death claim.

What happens if someone dies during the Contestability time frame?  A request will be made for the medical records. The objective of the insurance company is to find out if an applicant was honest about their health at the time the person filled out the application. Therefore it does not matter what has happened to the person’s health since they filled out and signed the application. The insurance company’s goal is not to find a reason to deny a claim but because fraud happens they must do this to protect themselves from people trying to take advantage of the Insurance Company.  This also helps keep rates low for burial insurance policies.  They are not required to pay the death benefit claim on a fraudulent application for Burial Insurance.

The contestability period takes effect on the first date of the policy. It could also begin the first day of a policy reinstatement. In most cases, you have nothing to fear as long we respond honestly when filling out an application.   Most of the time if you are working with a knowledgeable burial insurance specialist they will be able to find another company that might not ask about a specific health issue.  So being honest and working with a Burial Insurance Specialist is always the best idea.

Burial Insurance Specialist

A Burial Insurance specialist will be able to further assist you in choosing the plan that works best for you and your loved ones.  They will be able to explain the costs and the available plans and assist you in achieving peace of mind.  Should you discover that you have any questions at all regarding the burial insurance policies from Mutual of Omaha - or if you have questions about life insurance at all - please contact us. Our experts are here to assist you with obtaining quotes, as well as with other needs, such as determining how much burial insurance you will need, what type of coverage will fit your needs the best, and which of the many life insurance carriers will be the best for you.

Call us today, toll-free, by calling 888-888-8888.

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