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In the insurance industry in the U.S., Mutual of Omaha is certainly one of the first names that will come to mind. A company founded in 1909 in Omaha, Nebraska, which is reflected in its name.

Mutual of Omaha life insurance has been known to provide a reasonable covering for seniors with their guaranteed whole life insurance as well as final expense insurance.

Mutual of Omaha Life Insurance

Although this is not our main area of discussion, it is still beneficial to have some knowledge of the whole life insurance offered by Mutual of Omaha.

This will help you understand the final expenses insurance better, under which the living promise can be classified. The whole essence of whole life insurance products to assist you with many expenses you might incur in your later years or after death.

The benefits associated with the buying the Mutual of Omaha whole life insurance offers a loving and touching gesture towards your loved ones. Some of these benefits include guaranteed interest to ensure the life insurance stays in effect when the policyholder is alive, guaranteed cash value, and assured death benefit.

Additionally, your policy can accumulate cash value, which can go towards the clearing of emergency bills or outstanding payments.

Also, you are provided with what is known as Reduced Paid-up insurance that enables you to get life insurance of lower value paid for life minus payment of extra premiums.

The Application Process

The whole process is organized in a way to make it easier and faster to get approval; we are talking about as quickly as 2 days. The online electronic application is especially fast and secure to get the living promise.

You can get the policy by completing the process below:

  • Pick a coverage based on your health status.
  • Select the amount of death benefit you want the policy to have.
  • Finally, fill and complete the application form either electronically or by paper.

Final Expense Products by Mutual of Omaha

  • Living Promise Graded Benefit Final Expense
  • Living Promise Level Final Expense
  • Guaranteed Whole Life Insurance

Living Promise Level Benefit Final Expense

The plan offers reasonable coverage that transfers the policy benefits straight to your beneficiaries. This will allow them to cover any leftover medical payments as well as pay for the burial and all expenses associated with it. It can also be used to settle any debt left behind.

Generally, if your age ranges between 45 to near or just above 85 years, you can be eligible for a sum in the range of $40,000 worth of life insurance policy without medical exams. All you need to do is to answer some medical questions.

Also, you eligible for an accelerated death benefit in the face of confirmed terminal illness that has a year or less of life expectancy.

Living Promise from Mutual of Omaha is designed to help you plan ahead concerning your loved ones. Specifically, the Living Promise plan has two categories, each with its premium and face value.

Living Promise Level Benefit Plan

It is meant for ages between 45 and 85 and it is accessible in all states except New York.

  • Face value ranges from $2,000 up to $40,000
  • There is an option of Accelerated Death Benefit for Terminal Illness Rider

Living Promise Graded Benefit Plan

It is meant for ages between 45 and 80 and it is accessible in all states except New York, North Carolina, Montana, and Arkansas.

  • Face value ranges from $2,000 up to $20,000
  • The graded benefit package holds that beneficiaries will get every premium and 10% if the death is because of natural reasons and not accidental during the first 2 years of the policy. Once the two years have passed, the benefit will be paid in full in relation to death due to any reasons. The death benefits will be paid in full any year should the death be due to bodily injury caused accidentally.

Besides all these, Mutual of Omaha is known to offer a competitive monthly premium that matches your resources. The underwriting process is made easy and simple with no medical exam, as approval will be granted depending on the answers you provide to some medical questions.

Extra Values

There is an option for Accelerated Death Benefit in the case of Terminal Illness

This enables the policy owner to access a one-time window for the issuance of Accelerated death benefit after been diagnosed with a terminal illness.

The illness will have a sensible degree of certainty that projects the insured death is within a year or before a year once the doctor signs the proof of terminal illness.

Policy Exclusion

In the case of the policyholder committing suicide regardless of whether the insured is insane or normal. The death benefit will not be disbursed, however, that will be within the two years from the contestability date. In its place, all the premiums payment made will be returned after removing any loan the insured might have taken against his or her policy.

FAQs – Living Promise Level Benefit Plan

Level Benefit Plan – this plan will pay the death benefit in full should the insured die within the first two years of the policy provided he or she still owns the policy.

  • What is the age range? That is from 45 to 85.
  • How much does the policy go for? That will be in the range of $2,000 and $40,000
  • How about smokers? The underwriting classes are split into two and they are the Standard Tobacco and the Standard Non Tobacco category.
  • What are the payment options available? You can pay monthly, quarterly, half-yearly, or yearly. A credit card is acceptable for the first payment.
  • Are there any extras? There are extra riders that come with the policy at no extra cost at all. These riders are the Nursing Home Confinement Rider or Accelerated Death benefit due to Terminal Illness. Another rider that can be included in the policy is Accidental Death Benefit Rider, which is optional. Besides, it will cost extra.
  • Are there any guarantees that the policy will last long? There is a Death Benefit guarantee, which means the life insurance is assured to last with no surprise increase in Premiums paid. That is up to 100 years of age provided that the monthly premium payment is not missed.

FAQs – Living Promise Graded Benefit Plan

Graded Benefit Plan – this plan will pay the premium paid and the interest should the insured dies within the first two years.  Furthermore, the full death benefit will be paid after the second year provided the insured still own the policy.

  • What is the age range? That is from 45 to 80.
  • How much does the policy go for? That will be in the range of $2,000 and $20,000.
  • How about smokers? There is no tobacco differentiation in this plan as it is a Standard health category for everyone.
  • What are the payment options available? You can pay monthly, quarterly, half-yearly, or yearly. A credit card is acceptable for the first payment.
  • Are there any extras? There are extra riders that come with the policy at no extra cost at all. These riders are the Nursing Home Confinement Rider or Accelerated Death benefit due to Terminal Illness. Another rider that can be included in the policy is Accidental Death Benefit Rider, which is optional. Besides, it will cost extra.
  • Are there any guarantees that the policy will last long? There is a Death Benefit guarantee, which means the life insurance is assured to last with no surprise increase in Premiums paid. That is up to 100 years of age provided that the monthly premium payment is not missed.

How to Determine if You are Eligible?

In any of the questions asked below, if the applicant answers YES to anyone then such an individual might not qualify for ANY policy.

Part One

1) Is the applicant presently:

  • confined to the bed or nursing home, skilled nursing home, long-term care facility or hospital; or has been advised to or currently receiving care in a home health care, hospice care, or nursing home?
  • needing help concerning day-to-day activities like bathing, toileting, taking medications, bladder problems or control bowel movement, dressing, eating, or getting out of bed or chair?
  • needing one of the listed equipment (excluding needing it for bone or joint surgery/replacement, fractures): electric scooter, wheelchair, or breathing equipment (other than needing it for sleep apnea)?

2) Has the applicant ever been:

  • diagnosed with any of the following: Aids Related Complex (ARC), AIDS, HIV (asymptomatic or symptomatic) or has received treatment for HIV, AIDS, or ARC by a doctor or hospital?
  • diagnosed or received treatment for or recommended for treatment by a doctor or hospital on diseases like Dementia, Sickle Cell Anemia, Alzheimer Disease, Myelodysplastic Syndrome (MDS), Huntington’s Disease, Metastatic Cancer or Recurrent Cancer of the same type, Paraplegia, congestive heart failure, Down’s Syndrome, Quadriplegia, Cirrhosis, mental incapacity, Lou Gehrig’s Disease (ALS)?
  • recommended to get or have done a bone marrow or organ transplant?
  • diagnosed by a doctor or medical center to have a terminal medical illness that is likely to end in death within a year?
  • diagnosed with having diabetic coma, insulin shock, or have been amputated because of diabetic complications or need to undergo dialysis or have End-Stage Renal Disease?

3) In the year before has the applicant been:

  • recommended to consult a doctor for a surgical procedure, medical examination apart from the periodic screening test or for issues associated with HIV/AIDS, hospitalization, treatment, or any other process that has not been conducted before or for which results are not yet out?
  • diagnosed by a doctor or medical center with heart disease or heart operation or any type?
  • over the last two years, has the applicant been diagnosed with, received treatment or recommended by a doctor or medical center to get treated for any type of cancer (with the exception of squamous cell skin or basal cancer)?

In any of the questions asked below, if the applicant answers YES to anyone then such an individual can only qualify for the Graded Benefit policy.

Part Two

4) Has the applicant ever been treated for, or directed by a doctor or medical center to be treated for:

  • Diabetes before the onset of 50 years of age or at any age accompanied by Peripheral Vascular Disease (PVD or PAD), Retinopathy (eye), Neuropathy (nerve), Nephropathy (kidney), or other complications?
  • HBC-Hepatitis C?
  • or any of the following Chronic Lung Disease such as Sarcoidosis, Chronic Obstructive Pulmonary Disease (COPD), Emphysema, or Chronic Bronchitis?

5) Over the past four years, has the applicant (a) been treated for, or (b) directed by a doctor or medical center to be treated for:

6) Over the last two years, has the applicant: (a) been treated for, or (b) directed by a doctor or medical center to be treated for:

  • Coronary Artery Bypass Surgery, Valvular Heart Disease with surgical repair or replacement, Coronary Artery Disease, irregular heart rhythm, Heart Attack, Cardiomyopathy, or Angioplasty?
  • Transient Ischemic Attack (TIA) or Stroke?

7) Over the last two years has the applicant:

  • Gotten imprisoned or presently awaiting a court hearing for a crime?
  • received treatment of directed to get treatment for alcoholism or substance abuse or sentenced twice or more for reckless driving or drunk driving or driving when high?
  • utilized banned substances of any kind or misused or drug abuse of prescription drugs?

8) Over the last two years, has the applicant been admitted by a doctor or a medical center for any nervous or mental breakdown or disorder?

9) Over the last 12 months, has the applicant consulted a doctor for unexplained weight loss of greater than 10 pounds, fatigue or unexplained gastrointestinal bleeding, or chronic cough?

Should the applicant answer NO to all the questions above then such an individual qualifies for the Level Benefit Plan.

Is There a Cash Value to Policies?

Of course, there is, it is one of the main benefits of having life insurance like Living Promise. The policies have cash value, which grows with time. As a result, you can withdraw cash from the policy when you need to. However, doing so will lower the policy’s death benefit.

Elaborating on the Living Promise Policy Riders

As we discussed earlier there are riders included in the Living Promise policy, which is accessible across all covered states. Mutual of Omaha’s final expense policy has one optional rider and one free in-built rider.

Firstly, the riders that come included in the Living Promise policy at no additional cost are the Nursing Home Confinement and the Terminal Illness rider.

  • Nursing Home Confinement Rider: This rider allows you to speed your death benefit by 50 percent provided you are kept in a nursing home facility for 90 days consecutively or is likely to be for a long time.
  • Terminal Illness Rider: This rider is available once you are diagnosed with a terminal disease and have nothing more than 12 months to live, you can speed up your death benefit by 50 percent while still breathing and kicking. The amount you accelerate will lower your death benefit in the same proportion.

Now the Accidental Death Rider is the only optional rider that will cost additional money. The payout is two times the normal rate if the insured dies due to accidental body injury.

Nevertheless, you should bear in mind that it is not possible to add this rider to your Living Promise graded benefit life insurance policy. It is only accessible to the Living Promise Level benefit life insurance policy.

To avoid confusion, Mutual of Omaha issues its life insurance plan under the name United of Omaha. It more or less the same company as it is operated by Mutual of Omaha.

Conclusion

As a company of a good reputation, Mutual of Omaha has been an appealing choice for consumers. That is evident in its product on offer, which includes the living promise Life Insurance.

Arguably one of its best and popular products in the U.S. Even thou we can’t call a single Insurance company the best for people out there. Nevertheless, Mutual of Omaha will be among the standouts in the industry, which is why it is a choice destination for insurance products.