Mutual of Omaha Living Promise Whole Life Insurance Review
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
| PLAN OPTIONS: | LEVEL BENEFIT PLAN | GRADED BENEFIT PLAN |
| ISSUE AGES: | 45-85 | 45-80 |
| DEATH BENEFIT AMOUNTS: | $2,000-$40,000 | $2,000-$20,000 |
| HEALTH CLASSES: | Standard Non-Tobacco / Tobacco | Standard (No Tobacco Distinction) |
| RIDERS: | Accelerated Death Benefit (Included) Accidental Death Benefit (Optional) | None |
| COVERAGE DURATION: | Guaranteed to age 100 | Guaranteed to age 100 |
| ADDITIONAL FEATURES: | ||
| * No Medical Exam Required * Simple Application Process * Quick Approval * Highly Competitive Rates |
||
Life insurance offers peace of mind in knowing that you have your final expenses covered. However, choosing the right life insurance policy from a highly reputable company can be a stressful experience.
Mutual of Omaha Life Insurance Company helps remove the stress by offering affordable rates on a variety of insurance plans.
The Omaha Nebraska based insurance company works with subsidiaries throughout the country to provide insurance products, including the popular Living Promise Whole Life Insurance.
If you want an insurance plan to cover your burial needs or final expenses, take a moment to explore this coverage option that is offered from Mutual of Omaha.
The following review looks at the benefits and details pertaining to Mutual of Omaha Living Promise Whole Life Insurance.
Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.
Why Choose Mutual of Omaha Whole Life Insurance?
There is a good chance that you have heard of the company Mutual of Omaha. Maybe you even know of a friend or family member that currently has a form of insurance coverage with them.
Founded in 1909 in Omaha, Nebraska, the privately-owned company has a long history of offering quality insurance products and financial services.
Along with a strong reputation, the company provides a variety of benefits through their Living Promise Whole Life Insurance plans, including:
- Guaranteed fixed premiums for life as well as guaranteed cash value growth
- Multiple plan options that include both level and graded death benefits
- No medical exam required to sign up for a policy
- An overall efficient and quick application process
Mutual of Omaha whole life insurance is permanent life insurance protection that is guaranteed to last up to age 100 as long as premium payments are paid. The insurance coverage also offers a schedule of guaranteed cash value growth the build over the course of time. The premiums and the amount of insurance do not change during the life of your plan.
Mutual of Omaha offers two different plans which are referred to as level and graded death benefits. Death benefit amounts range from $2,000 up to a maximum of $40,000. With the Living Promise Level Benefit Plan, you may also add an accelerated death benefit for terminal illness rider.
You do not need to undergo any complicated medical examinations for any of these plans. The Living Promise plans include basic health questions to determine your eligibility.
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How Do You Apply for Mutual of Omaha Whole Life Insurance?
People often put off getting insurance, as they do not want to deal with a complicated application and review process. Mutual of Omaha simplifies the process, helping you obtain a policy without any hassle. You need to complete a few steps:
- Select a coverage option based on your health
- Choose a death benefit amount
- Complete a short application by paper or online
Once these steps have been completed, approval for coverage is often made in less than one week from the date of the application being submitted for underwriting. In some cases, those who wish to complete the online application may receive an approval within the same day of applying.
Who Should Apply for Mutual of Omaha Whole Life Insurance?
Those who are between the ages of 45-85 may be eligible for coverage as long as they meet the underwriting requirements for either a level or graded death benefit plan.
If your looking to add permanent protection to your overall life insurance planning, Living Promise Whole Life can be a great supplemental addition, especially to existing term life insurance plan.
This coverage is also ideal for seniors who need an affordable and permanent life insurance option in making sure that burial or other final expenses are covered.
Living Promise Level Benefit Plan
Living Promise Whole Life is available in two different plans known as Level Benefit Plan and Graded Benefit Plan. With the Level Benefit Plan, your death benefit is equal to the full amount applied for beginning day one. This means your beneficiary would receive 100% of the total death benefit amount regardless of the policy year. THERE IS NOT A TWO-YEAR WAIT ON FULL DEATH BENEFIT.
This plan is available to those who are between the ages of 45 and 85. You can select a death benefit amount from $2,000 up to $40,000. In order to be eligible for the level death benefit plan, all medical questions listed on the application must be answered “No”.
With the Level Benefit Plan, you may also include additional riders to your policy. These options include:
- Accelerated Death Benefit Rider
- Accidental Death Benefit Rider
The accelerated death benefit is a one-time election for those diagnosed with a terminal illness that will result in death within 12 months. It also applies to those confined to a nursing home for 90 consecutive days or more and expected to remain confined. This rider is optional and does not cost extra.
The accidental death benefit rider ensures 100% payout if the death results from an accident instead of sickness or natural causes. This rider is optional and is available at an additional cost.
Living Promise Whole Life Sample Rates (Level Benefit Plan)
Male Rates
| AGE | $5,000 | $7,000 | $10,000 | $20,000 | $40,000 |
| 45 | $14.32 | $18.77 | $25.45 | $47.69 | $92.17 |
| 50 | $16.18 | $21.37 | $29.16 | $55.11 | $107.01 |
| 55 | $19.15 | $25.53 | $35.09 | $66.98 | $130.76 |
| 60 | $22.98 | $30.89 | $42.76 | $82.31 | $161.41 |
| 65 | $29.48 | $39.99 | $55.76 | $108.31 | $213.42 |
| 70 | $38.45 | $52.55 | $73.70 | $144.20 | $285.19 |
| 75 | $51.37 | $70.63 | $99.53 | $195.85 | $388.50 |
| 80 | $67.93 | $93.82 | $132.65 | $262.11 | $521.01 |
| 85 | $93.18 | $129.17 | $183.15 | $363.10 | $723.00 |
Female Rates
| AGE | $5,000 | $7,000 | $10,000 | $20,000 | $40,000 |
| 45 | $12.91 | $16.79 | $22.61 | $42.01 | $80.81 |
| 50 | $13.94 | $18.23 | $24.67 | $46.14 | $89.07 |
| 55 | $15.80 | $20.84 | $28.40 | $53.60 | $103.99 |
| 60 | $18.04 | $23.97 | $32.87 | $62.53 | $121.86 |
| 65 | $22.11 | $29.67 | $41.01 | $78.82 | $154.43 |
| 70 | $28.22 | $38.23 | $53.24 | $103.28 | $203.35 |
| 75 | $37.81 | $51.65 | $72.41 | $141.62 | $280.03 |
| 80 | $50.82 | $69.87 | $98.43 | $193.66 | $384.12 |
| 85 | $69.55 | $96.09 | $135.90 | $268.60 | $534.00 |
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Living Promise Graded Benefit Plan
The Graded Benefit plan may be offered to applicants who do not meet the underwriting guidelines for the Level Benefit Plan. With the Graded Benefit Plan, there is a two-year limitation on how the death benefit is paid out.
Should death occur within the first two policy years, the death benefit that your beneficiaries will receive is 100% of all premiums paid plus 10% interest.
After policy year two beginning year three, your beneficiaries will receive the full policy death benefit for death due to all causes.
The Graded Benefit plan is available for those between the ages of 45 and 80. It offers face amounts between $2,000 and $20,000. Additionally, tobacco usage does not affect premiums. There are no available riders under the Graded Benefit Plan.
Living Promise Whole Life Sample Rates (Graded Benefit Plan)
Male Rates
| AGE | $5,000 | $7,000 | $10,000 | $15,000 | $20,000 |
| 45 | $22.61 | $30.37 | $42.02 | $61.42 | $80.83 |
| 50 | $24.68 | $33.26 | $46.15 | $67.62 | $89.09 |
| 55 | $31.57 | $42.92 | $59.94 | $88.31 | $116.68 |
| 60 | $38.92 | $53.20 | $74.63 | $110.34 | $146.05 |
| 65 | $49.04 | $67.37 | $94.87 | $140.71 | $186.54 |
| 70 | $61.50 | $84.82 | $119.79 | $178.09 | $236.38 |
| 75 | $86.64 | $120.02 | $170.08 | $253.52 | $336.95 |
| 80 | $128.69 | $178.89 | $254.18 | $379.67 | $505.16 |
Female Rates
| AGE | $5,000 | $7,000 | $10,000 | $15,000 | $20,000 |
| 45 | $19.09 | $25.45 | $34.99 | $50.88 | $66.77 |
| 50 | $20.78 | $27.81 | $38.36 | $55.94 | $73.51 |
| 55 | $24.79 | $33.42 | $46.37 | $67.95 | $89.53 |
| 60 | $28.35 | $38.40 | $53.49 | $78.63 | $103.77 |
| 65 | $34.13 | $46.50 | $65.06 | $95.99 | $126.91 |
| 70 | $44.48 | $60.99 | $85.75 | $127.03 | $168.30 |
| 75 | $64.95 | $89.65 | $126.69 | $188.44 | $250.18 |
| 80 | $93.54 | $129.67 | $183.87 | $274.21 | $364.54 |
Applying for Guaranteed Issue Whole Life Insurance
If you do not qualify for either of those two coverage options, you may apply for Guaranteed Plus Mutual of Omaha Whole Life Insurance. This plan is very similar to the Graded Benefit Plan is it also has a two-year wait before it will pay out 100% of the death benefit.
The biggest difference between the two plans boils down to cost. The Graded Benefit Plan will provide coverage at more affordable rates whereas the Guaranteed Plus plan will accept all applicants regardless of health but at a higher rate.
The guaranteed plan allow you to obtain up to $25,000 of coverage. Other highlights of the guaranteed plus whole life insurance plan include:
- Benefits never change based on health or age
- No medical exams or health questions
- Funeral planning services at no extra cost
Guaranteed whole life is available for those between the ages of 45 and 85. This plan does not offer any optional policy riders.
Summary – Which Mutual of Omaha Whole Life Insurance Plan Is Best for You?
Mutual of Omaha Whole Life Insurance plans ensure that everyone has access to affordable final expenses insurance. However, each plan has its own benefits.
The Living Promise Level Benefit plan pays 100% death benefits up to $40,000 for those between the ages of 45 and 85. With this plan, you may also add optional riders, including benefits for accelerated death for terminal illness or accidental death.
The Graded Benefit plan offers lower premiums, but with a lower maximum benefit. You can choose a face amount between $2,000 and $20,000. As mentioned, this plan includes graded benefits. During the first two years, the plan pays all premiums paid and 10% for death due to natural causes.
With both plans, you need to complete a basic medical questionnaire along with additional underwriting screening requirements. If you do not meet the health criteria, you may need to select a guaranteed whole life insurance plan. The guaranteed plans offer coverage up to $25,000 and still include fixed premiums.
The bottom line is that Mutual of Omaha has plans to accommodate any lifestyle or budget. If you need help selecting a plan, agents are available to walk you through the application process.
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Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.
Your one-stop online guide for life insurance quotes. Get free quotes now!
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.