Living Promise Whole Life Insurance Mutual of Omaha Review

Mutual of Omaha has a variety of life insurance products one of the best products they offer is their living promise whole life insurance product.

This product is available to consumers as young as age 45 and has face amounts as low as $1,000 to a maximum of $50,000. The product is used as burial insurance, cremation insurance, funeral insurance, and more, this policy is used to protect your loved ones from the financial burden of your final expenses.

According to spendmenot.com

52% of Americans have life insurance.

This means over half of Americans do not have a policy in place. This is why when we speak with our clients our highest recommendation is living promise whole life insurance to cover the costs of burial and any other end-of-life expenses.

This product does not require a medical exam or any kind of physical from a licensed professional sent to your home like term life insurance typically will do.

Related: Mutual of Omaha Burial Insurance

What is Living Promise with Mutual of Omaha?

Mutual of Omaha’s living promise product is a simplified issue whole life insurance policy with living benefits. This policy is designed to cover end of life expenses like funeral costs, medical bills and credit card bills that will have to be settled by the beneficiary.

Living promise has both a waiting period and no waiting period depending on the benefit level. The level death benefit plan has no waiting period. Now the graded death benefit plan has a two year waiting period. If an insured dies within the first two years of the graded plan the beneficiary receives the premiums paid plus 10% interest.

How Living Promise Whole Life Insurance Mutual of Omaha Works

The way Mutual of Omaha’s living promise policy works is that upon the death of the insured the policy if level coverage will pay the death benefit via a lump-sum. Your beneficiary on the policy then uses this lump-sum death benefit to pay funeral, cremation, burial and any other end of life expenses.

Whatever money is left over after these expenses are paid is for the beneficiary to keep to use for any reason.

Death benefits are 100% tax free to the beneficiary.

Now if it is Mutual of Omaha’s living promise graded policy and the insured dies within the 2 year waiting period for that policy the premiums are refunded plus 10% interest to the beneficiary.

The beneficiary would then use those refunded premiums plus the 10% interest to pay as much of the end of life expenses as possible if not all expenses.

Plan	Level Benefit Plan	Graded Benefit Plan
Age Range	45-85	45-80
Face Amount Range	$2,000-$50,000	$2,000-$20,000
Additional Benefits	Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Optional: Accidental Death Benefit Rider	Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Optional: Accidental Death Benefit Rider
Underwriting	Simplified Underwriting Based on Health Questions	Simplified Underwriting Based on Health Questions
Availability	Available	Not Available in AR, MT, NC
Exclusion	Suicide Exclusion within Two Years (One Year in ND)	N/A
Death Benefit Payout Structure	Pays 100% of Death Benefits from Day One with No Waiting Periods	Two Year Limited Benefit Waiting Period With Return of Premiums Plus 10% interest if Death Occurs Within The First Two Years

Living Promise Whole Life Insurance Mutual of Omaha Accidental Death Benefit Rider

Included with living promise whole life insurance is an accidental death rider.

This means that if you were to die from an accident your beneficiary can receive additional benefits. This rider works if you die in a car accident or other types of accidents that result in death.

This rider is optional and we highly recommend making sure you purchase your policy with this rider attached.

Furthermore, Accidental coverage is available for most insurance plans. This in addition to your insurance coverage makes for a full-protection policy.

Accelerated Death Benefit for Terminal Illness

This most notably is what implies the name of Mutual of Omaha’s product “Living Promise.”

This rider means that if you were to become terminally ill which is an illness expected to result in death in the next 12 months that benefits from your policy would be available to you now.

This rider allows you to withdraw from the face amount of your Mutual of Omaha Living Promise Whole Life Insurance policy early to pay for things you may need. You can use it for anything you may need.

We have had clients tell us their loved ones used their living benefits for experimental treatments health insurance would not cover. They used it to prepay for their funeral upfront and pre-plan to have everything taken care of, or pay any extra bills they were behind on.

Furthermore, we have seen clients use this to give their family extra money for things like an inheritance, extra cushion for other expenses, or anything their family needs.

This type of rider guarantee’s your family’s peace of mind when you pass away because they will know everything has already been taken care of when you were terminally ill.

Furthermore, a rider like this helps you make sure your family is ahead of everything they need.

Mutual of Omaha Living Promise Product Video

The Mutual of Omaha Living Promise product can provide final expense life insurance for seniors at age 60, final expense insurance for seniors over 70, and whole life insurance for seniors over 80. Below you will see our video conducting a product review for Mutual of Omaha’s Living Promise whole life insurance product.

Living Promise Whole Life Insurance Health Questions & Underwriting

Above all, Mutual of Omaha does have medical underwriting to qualify for their policies.

	Age Eligibility	Policy Brochure
★★★★★	45-85	Brochure
Policy Features & Benefits	Type of Policy: Whole Life(Lifetime Coverage)	Waiting Period: Graded Plan(yes) Level Plan(no)
	Death Benefit Amounts: $2,000-$50,000	Level Death Benefit(Death Benefit Never Decreases)
	Available States: All Except NY	Level Premiums(Premiums Never Increase)
	Cash Value Builds in Policy	No Medical Exams Required
Accelerated Death Benefit Rider	Allows the insured to access a portion of the policy’s death benefit while alive for various needs such as medical bills, living expenses, and funeral expenses.
Eligibility	Applicable when the insured is diagnosed with a terminal illness (12 months to live) or has been confined to a nursing home for more than 90 days without the expectation of leaving.
Inclusion	Automatically included in the policy at no extra cost.
Accidental Death Benefit Rider	Provides an extra death benefit equal to the policy’s death benefit in case of death resulting from an accident.
Inclusion	Requires an additional charge to be added to the policy.

Furthermore, we mentioned earlier that there are no medical exams or blood tests required for living promise whole life. What Mutual of Omaha does at the time of the application is check your Medical Information Bureau Health Report and perform a prescription check.

They use you’re Social Security Number to perform these checks when you apply.

Medical Information Bureau

The Medical Information Bureau is where copies of your medical information such as past hospital visits, doctor’s visits, clinic visits, diagnosis’s and any other medical situations are recorded and stored. They look at this to make sure you are telling the truth about your health and therefore can qualify for coverage.

Furthermore, by working with this company Mutual of Omaha can have you approved for coverage within minutes right over the phone. This makes applying for coverage simple and easy.

Health Questions

Mutual of Omaha has a few health questions on its application. These questions would include.

Have you ever been diagnosed with:

• AIDS or HIV
• Alzheimer’s
• Dementia
• Mental Incapacity
• Huntington’s Disease
• Sickle Cell Anemia
• Lougerichs Disease
• Down Syndrome
• Congestive Heart Failure
• Stroke
• Cirrhosis
• Current Cancer
• Diabetes
• Insulin Shock
• Neuropathy
• Retinopathy
• Renal Disease
• Chronic Obstructive Pulmonary Disease
• Chronic Bronchitis
• Emphysema
• Melanoma
• Leukemia
• Chronic Kidney Disease
• Systemic Lupus
• Scleroderma
• Bipolar Disorder
• Schizophrenia
• Parkinson’s Disease
• Multiple Sclerosis
• Stroke
• Transient Ischemic Attack (TIA)

Furthermore, these questions have a time frame the carrier is looking for typically within the past 2 years this is something one of our agents will go over with you during the application.

If you are well outside 2 years for these conditions and are taking minimal medications your chances of qualifying for day one coverage are very high.

Graded Benefits

Mutual of Omaha’s living promise whole life does offer a graded benefit if you cannot qualify for the level benefit. The graded benefit is typically limited coverage for just the first 2 years our agent would go over this with you at the time of the application.

If you only qualify for graded coverage start your waiting period now so the sooner it is started the sooner your family gets the benefits.

Mutual of Omaha Life Insurance Company

Mutual of Omaha is one of the most highly recommended carriers from our team here at ParamountQuote.

They are a strong and very solid company. Founded in 1909 they have a long and solid reputation. They are best known for the TV show Wild Kingdom which aired back in 1968 and ran until around 1978.

The show was centered around wildlife and nature, this was a family-friendly show that I still remember to this day tuning in while eating dinner to enjoy with the family.

Furthermore, Mutual of Omaha has serviced many Americans by providing life insurance for them and their families. They are a household name that everyone knows or should know.

With over 100 years in business and a solid reputation, they are the perfect provider to consider when purchasing life insurance for your burial or cremation.

On our Life Insurance Review for Mutual of Omaha, we give them a 5 out of 5 scores.

Living Promise Whole Life Insurance The Importance of Burial Insurance

Burials in America are very expensive.

Nationally burials can average between $8,000 – $12,000 now these prices vary between states. With inflation included in the next 10 years, a burial can range upwards of 18,000!

Cremation’s range between $3,000 – $5,000 and with inflation can be upwards of $9,000 or more in the next 10 years!

With that being said this is why it is so critical to get the right coverage in place to make sure your family is protected from the financial burden of your final expenses when you die.

We have talked to hundreds of clients nationwide that have experienced this burden of their loved one’s final expenses and as a result, have gone into debt over it and taken out loans that they now have to pay back just to make sure their loved one gets treated with dignity.

Furthermore, this results in families having arguments between themselves and grudges that are held to this day. The only thing a family should worry about when you pass away is grieving your loss.

How Much Burial Insurance Should I Get?

Deciding how much coverage you need is very simple.

First, obtain a price list from a local funeral home you want to work with then select the type of service and any other additions to it you want. Once you have a total price for the service and everything included purchase a policy to match that price.

Furthermore, you should also take into account any other end-of-life expenses such as any extra debts, hospital bills, mortgage balances, loan balances, and any other expenses you do not want to leave behind.

The last thing you want to do is take inflation into account as well because you’re not going to die today or at least let’s pray you don’t! With inflation added in you would want to take a $13,000 funeral and add on between $5,000 to $10,000 extra.

So if your funeral is $13,000 you should settle with $23,000. This should cover everything factored into the total cost and be all you need in the years to come.

An Inheritance

Now if you want to leave your family extra money when you pass away that can be done too. What we would do for this is stack policies on top of each other so for example, you get a $40,000 Mutual of Omaha living promise whole life insurance policy and add it on with a $30,000 Royal Neighbors of America Policy.

This brings you to a grand total of $70,000 to leave behind for your family. It is perfectly acceptable to have multiple life insurance policies.

How the Living Promise Whole Life Insurance Application Process Works

The application is simple.

First, fill out the form to your right with some basic information at that point you will receive a call from one of our licensed agents. They will greet you and begin the field underwriting process by asking you the health questions on Mutual of Omaha’s application.

Once they determine your rate class they will confirm the amount of coverage being applied for and begin the enrollment. Enrolling only take’s about 30 minutes or less and approval is instant in most cases. The agent will begin by confirming your email address.

Once confirmed they fill out the application on their end for you and then send you an email.

The email will have a DocuSign link in it for you to electronically sign your application. All you have to do is sign the necessary forms in the document. Once signing is complete the agent will receive a notification and an instant decision is reached.

This results in either approval or denial. If you are approved your agent will email you all of your forms as well as a product brochure for living promise whole life. If a denial occurs our agent will help you find a different option.

Work with ParamountQuote

We are a national independent insurance broker.

This means that we have access to all of the top-rated carriers in the country which guarantees the best coverage at the best rate.

We also specialize in burial insurance, cremation insurance which are both whole life final expense insurance. We pride ourselves on our long-standing relationships with our clients and their families.

Our agents are highly trained in all the underwriting niches for the carriers in our portfolio which means that we can help 90% of our clients qualify for day one level coverage.

We have helped clients with COPD, CHF, Stroke, Aneurysm, Diabetes, Cancer, Neuropathy, Retinopathy, and much more qualify for day one level coverage. We are specialists when it comes to understanding what carriers will accept for health conditions.

Furthermore, we hold our client’s hands every step of the way from beginning to end we will be there for you to assist with anything you may need such as claims, policy service, beneficiary changes, and much more. We are passionate about helping our clients give their families the peace of mind they deserve.

Our agents become your personal agent for life they will assist you at any time you have any questions or need any help they are on call every day. They will educate you on all of the ins and outs of your policy so you can make a properly informed decision to get the right amount of coverage your family is going to need when you die.

Fill out the form to your right to get started after speaking with your agent you will be a client of ParamountQuote for life.