Mutual of Omaha Living Promise Burial Insurance Review
If you are considering purchasing Mutual of Omaha Living Promise policies, you have landed in a good place. This review will briefly address the company’s history, financial ratings and offerings, underwriting niches, pricing, and alternatives.
Why Go For Mutual of Omaha Whole Life Insurance?
You may have noticed we only gave Mutual of Omaha 3.5 stars, yet we recommend them highly,. What gives?
Well, while mutual of Omaha is a fantastic carrier they have been slow to ad apt to technological changes. This results in no telephone application and no immediate approval- we see this as a negative.
Furthermore, Mutual of Omaha and it's sister company United of Omaha, have tighter underwriting standards than some of it's competition. This is the reason for the 3.5 stars.
Having said all of that, you are highly likely to have heard about Mutual of Omaha. It’s possible you even have a family member or a friend who has their insurance coverage provided by them. Set up in Nebraska in 1909, this privately-owned firm has a history of providing financial services and insurance products of the highest quality.
The firm provides various benefits via its Living Promise Whole Life Insurance policies, which include:
A quick and efficient application process
No medical examination is needed for signing up with a policy
There are multiple policy options, which include graded and level death benefits
Guaranteed lock-in premiums throughout your life along with guaranteed cash value growth
Mutual of Omaha Whole Life Insurance provides permanent insurance coverage, guaranteed to be valid till age 100, given premiums are paid. This insurance coverage offers guaranteed cash value growth schedules that build as time goes on. Insurance amounts and premiums are never modified during the policy’s lifespan.
Mutual of Omaha provides 2 plans, called graded and level death benefits. The death benefits released may range between $2000-$40000. With the Mutual of Omaha Living Promise Level Benefit Plan, you can add accelerated death benefits as well, as a rider for any terminal illness.
You don’t have to take any medical exams to qualify for these plans. These Living Promise policies only include rudimentary health questions for determining whether you are eligible or not.
How To Apply For Mutual of Omaha Whole Life Insurance?
Most people prefer to delay obtaining an insurance policy since they are in no mood to go through a complex application & review process. This firm completely simplifies the whole process, enabling you to obtain a plan without worry. Only the following steps have to be taken:
Pick your preferred coverage option
Select the required death benefits amount
Fill up an application online or by paper
Once you’ve taken these steps, coverage approval is made within a week of the day of submission of application for underwriting. Some who have gone through the online route for the application may gain approval on the very same day as submission of application.
Who Are Recommended To Select Mutual of Omaha Whole Life Insurance?
Those between 45-85 years of age are eligible to apply and obtain insurance coverage, provided they qualify underwriting requirements listed for either the graded or level death benefits plan. Those looking for adding permanent protection into their life insurance plans will find Mutual of Omaha Living Promise Whole Life to be a good supplement to their existing term insurance policy. This policy is recommended for those seniors who require permanent and affordable life insurance policies, ensuring that final expenses have ample coverage to take care of them.
Living Promise Level Benefits Plan
Obtainable in 2 variations called Graded Benefits and Level Benefits Plan, the latter includes complete listed death benefits, from Day 1. This means that your beneficiary is entitled to receive full death benefits amount, irrespective of which policy year it is. There isn’t a 2 year waiting period for availing death benefits.
Available to all between age 45-85, one can select the death benefits amount between $2000-$40000. To qualify for this level death benefits policy, every medical question listed on your application has to be answered with a ‘No’
Along with level benefits plan, you can also add additional riders into your plan. These include:
Accidental Death Benefit
Accelerated Death Benefit
Accelerated death benefits may be provided to those who are diagnosed with terminal illnesses, resulting in their deaths within twelve months. It applies to people living in nursing homes as well, provided they’ve lived there for 90+ straight days and are expected to stay confined. It is an optional rider, available at no extra charge.
This accidental death benefits rider ensure a 100% payout in case the death is due to an accident and not natural causes or sickness. It is optional, available on paying an additional price.
Living Promise Graded Benefits Plan
Offered to those who don’t meet underwriting requirements for level benefits plan, Graded benefits plan comes with a waiting period of 2 years before complete death benefits may be paid out.
If the policyholder passes away in the 1st two years of the policy, beneficiaries are entitled to receive 100% of premiums paid so far along with 10% interest. Once the initial 2 years are done, beneficiaries are eligible to receive complete death benefits, regardless of cause.
This Graded Benefits plan may be obtained by anyone between 45-80. It comes with a face value of $2000-$20000. Usage of tobacco doesn’t affect premiums either. There aren’t any riders available under this plan.
Guaranteed Issue Whole Life Insurance Application Procedure
Those who don’t possess the qualification for either insurance coverage options may send an application for Guaranteed Plus Mutual from Omaha Whole Life Insurance. Similar to Graded Benefits Plan, this policy has a 2-year waiting period before paying out 100% death benefits.
The difference between these 2 plans lies in their cost. While Graded Benefits Plan provides coverage at affordable rates, Guaranteed Plus policies accept everybody without any health restrictions, but at higher rates.
Guaranteed plans enable you to receive over $25000 in coverage. Other features of this guaranteed plus whole life insurance plan also include:
Funeral services without any extra cost
No medical examinations or any health questions
Benefits remain the same irrespective of age or health
Guaranteed whole life insurance is obtainable by those between 45-85. No policy riders are available with it.
In Conclusion - Which Mutual Of Omaha Whole Life Insurance Policy Should You Choose?
Mutual of Omaha Whole Life Insurance policies enable everyone to have affordable access to burial insurance. However, every plan comes with its own set of benefits.
The Mutual of Omaha Living Promise Level Benefit pays out 100% of death benefits to a maximum of $40000, for all those between 45-85. Via this policy, you can also include optional riders, which include accelerated death benefits for those with terminal illnesses or a rider for accidental death.
Graded Benefits policy provides lower premiums. However, they also come with a low maximum benefit. Selection of face amounts between $2000-$20000 is also possible. This plan comes with graded benefits. The policy pays out premiums paid so far along with a 10% interest component for death taking place in 1st two years when it is due to any natural causes.
You have to finish basic medical questionnaires with both these plans in addition to certain underwriting requirements. If unable to qualify this health criterion, you can select guaranteed whole life insurance plans. These plans offer over $25000 in coverage, including fixed premiums.
In conclusion, Mutual of Omaha provides plans that can accommodate any budget or lifestyle.
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