Mutual of Omaha Life Insurance for Seniors Over 80 Review
Posted in Burial Insurance Carrier Reviews last updated on December 8, 2023Are you wondering if Mutual of Omaha life insurance for seniors Over 80 is a good option? Yes, it’s burial life insurance for seniors over 80 option is arguably the best policy on the market. You cannot get Mutual of Omaha term life insurance for seniors over 80 but you can get it if you just turned age 80.
Mutual of Omaha is on our list of the best life insurance companies for seniors.
That being said their term policy is only good for 10 years and requires a full medical exam, health questions, doctors record with health & prescription history checks.
This means the only type of life insurance option you have is Mutual of Omaha burial insurance(final expense, funeral, cremation insurance etc.). This plan is known as their Living Promise whole life policy.
Eligibility is simple you just answer health questions on the application along with consenting to health and prescription history checks.
In this article we will explain your options, costs, benefits, eligibility, ratings & reviews and how to apply.
Table of contents
Mutual of Omaha Life Insurance for Seniors Over 80 Options
Mutual of Omaha whole life insurance policy is the only option available to seniors over 80. Now if you just turned age 80 then Mutual of Omaha 10 year term coverage is available to you but not for over 80.
So if you are looking for a Mutual of Omaha policy in the ages of 81, 82, 83, 84, or 85 you cannot get their term coverage.
Mutual of Omaha Final Expense Insurance Only Option Available Over 80
Now if you are a senior over 80 or looking for someone over 80 Mutual of Omaha’s simplified issue whole life insurance(burial, funeral, final expense, cremation insurance etc.) plan is the best and only option for you.
The coverage provides a quick lump-sum death benefit payout to your beneficiary when you die.
That means they receive the money quickly from the burial insurance policy to pay your funeral, burial and any other end of life expenses.
Since it is whole life insurance that means it is permanent life insurance that never expires it is also called Living Promise because of its accelerated death benefit rider.
The rider allows the policyowner to draw funds from the death benefit of their policy if they are diagnosed with a terminal illness.
That means you can have extra money for doctors bills or living expenses if you are diagnosed terminally ill.
Policy Details
 | 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. | |
Mutual of Omaha 10 Year Term Life Insurance Policy Available at 80 But Not Over 80
There are no term life policies offered by Mutual of Omaha for seniors over 80. Now if you just turned age 80 you can apply for a 10 year term life plan with them.
That being said at age 80 your only real expenses to worry about would usually be making sure the funeral home is paid for your burial costs.
This spares your family from the financial burden of paying out of pocket for your end-of-life expenses or funeral costs.
In addition to this term policies should only be for younger individuals with mortgages, assets on a loan or income replacement for younger families.
Policy Details
- Coverage Amounts: $100,000 – $65,000,000
- New Applicant Age Range: 18 – 80
Benefits
- Level Premiums(premiums never increase for length of the term)
- Level Death Benefit(Death benefit never decreases for length of the term)
Cost of Mutual of Omaha Life Insurance for Seniors Over 80
Below we have included tables with life insurance rates for both Mutual of Omaha whole life insurance for seniors over 80 and term life at age 80.
This should give you a comprehensive idea of how much it will cost monthly.
Whole Life Rates
| Age | $10,000 Male Non Smoker | $10,000 Male Smoker | $10,000 Female Non Smoker | $10,000 Female Smoker |
|---|---|---|---|---|
| 80 | $129.52 | $171.23 | $93.41 | $125.01 |
| 81 | $139.73 | $181.75 | $98.43 | $135.14 |
| 82 | $149.95 | $192.98 | $106.21 | $147.04 |
| 83 | $160.16 | $204.65 | $113.96 | $160.56 |
| 84 | $171.02 | $219.19 | $121.31 | $170.76 |
| 85 | $181.88 | $237.28 | $128.55 | $179.58 |
| 86 | $192.74 | $257.57 | $135.90 | $192.35 |
| 87 | $236.25 | $337.32 | $171.33 | $237.32 |
| 88 | $276.68 | $353.99 | $205.98 | $253.99 |
| 89 | $317.10 | $370.65 | $240.63 | $278.99 |
Term Life Rates
| Age | $100,000 10 Yr Term Male Non Smoker | $65,000,000 10 Yr Term Male Non Smoker |
|---|---|---|
| 80 | $492.39 | $223,605.38 |
Eligibility for Mutual of Omaha Life Insurance
Understanding if you are eligible for Mutual of Omaha life insurance for seniors over 80 is simple.
Whole Life Insurance
Qualifying for Mutual of Omaha whole life over 80 requires answering health questions and consenting to medical & prescription history checks.
There are no medical exams required for their simplified issue whole life plan. If you can answer “no” to the health questions and your prescription and health history reflects your answers you will be approved.
Now if your health, prescription or some answers to the health questions do not line up they may deny the policy or issue the graded policy which has a waiting period.
Term Life Insurance
If you just turned age 80 and want to know if you are eligible for their term life plan there is a process involved.
You will need to answer health questions, take a full medical exam, consent to medical, prescription history and release of doctors records if required.
If everything checks out you will be approved for a “preferred rate” with their plan for the next 10 years. We strongly recommend against applying for their term policy if you just turned age 80.
The reason is if you do get approved the policy is only good until age 90.
At that point there will be only 1 option for you to get life insurance at 90 which is a graded final expense policy with Guarantee Trust Life.
It has an automatic waiting period built into it with 5 health questions.
You are better off getting a burial policy at age 80 that way you lock in your rate for the life of the coverage and it never expires.
Mutual of Omaha Positive Ratings Trusted Company
Mutual of Omaha has a long standing reputation of being an excellent life insurance provider. This is reflected in their financial ratings you can find online.
Each rating below is an extremely high rating for a life insurance company and proves how excellent Mutual of Omaha really is.
Financial Ratings
- S & P’s Global Rating – A+
- Moody’s Rating – A1
- BBB Rating – A+
- A.M. Best Rating – A+
Mutual of Omaha Compared to AARP for Over 80
When it comes to comparing AARP life insurance for seniors over 80 to Mutual of Omaha its no contest. This is because AARP does not offer life insurance over 80 but Mutual of Omaha does.
In addition to this Mutual of Omaha is easier to qualify for compared to AARP.
Mutual of Omaha is clearly the better choice compared to AARP’s life insurance.
How to Apply
In order to apply for Mutual of Omaha life insurance for seniors over 80 you must work with an independent life insurance agency.
You cannot apply for this plan directly with Mutual of Omaha you must have an agent write the application for you and apply.
Keep in mind you do not pay extra for working with our agency or any other agency there is no charge for our services. To get started fill out the quote form on this page.
Once the form is filled out our agents will reach out via phone call.
They will ask you about basic information, health conditions and other health related questions to make sure you qualify for this company.
After this the agent takes your application over the phone and you submit your electronic signature by e-mail.
Once you electronic signature is complete it is submitted to the carrier and within a few days the policy is issued. It is a very fast simple process and you can have coverage in minutes.