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Simply speaking, final expense insurance provides seniors with affordable funeral insurance. These insurance plans commonly offer much lower death benefits and typically will not require an insurance medical exam. But be mindful, they may ask a handful of health questions on the insurance application. Here we’ll discuss our final expense insurance review for Mutual of Omaha.

Final expense insurance for seniors is an ideal option for applicants who have had or currently have health issues and those applicants who cannot afford life insurance with a medical exam.

 The smaller life insurance death benefit can be used for the following purposes: 
  • To cover outstanding personal debts that are transferable to surviving loved ones or the estate
  • Pay outstanding nursing home bills or other medical bills not covered by health insurance
  • Provide a small financial legacy to surviving family members
  • Pay for funeral and burial expenses

Although there are many insurance companies that offer final expense insurance with no medical exam, some do it much better than others. What we mean by this is that there is more to final expense insurance than cheap monthly premiums. The insurance company you want to buy final expense insurance from must be focused on the senior market and understand the challenges that seniors deal with. Most importantly, the insurer should be able to offer the following services in an outstanding and customer-focused manner:


Ease of ApplicationThe insurance application is typically the insurers first point of contact with the applicant after the purchase decision has been made. The application should be easy to read and easy to understand. Health questions should be specific and also easy to understand. The application should be brief and designed with a quick issue in mind.


Customer ServiceAlthough agents typically refer to themselves as offering outstanding customer service, agents are focused selling insurance and not changing your beneficiary when you call. Also, agents come and go. Knowing this, an insurer who chooses to operate in the senior market should understand that seniors are necessarily thrilled with technology and expect a person to answer the phone to attend to their needs, even if it’s just to discuss payment.


Claims ServiceFinal expense insurance is pretty much useless if it takes 3 or 4 months to receive the death benefit. Funeral homes and cemeteries expect to get paid something in advance and the balance dealt with sooner rather than later. Final expense insurance companies should pay policy claims within a few days so the beneficiary can be comforted in knowing that family and friends are not going to be out-of-pocket when the arrange Uncle Joe’s funeral service. Underwriting should be done when the policy is issued, not at the time of a claim.


Introducing Mutual of Omaha

Mutual of Omaha Life Insurance Company has proven time and time again to be one of those companies which meets all the criteriamutual of omaha logo discussed above. As such, Mutual of Omaha is considered one of the premier insurers who offer final expense insurance in the senior marketplace.

Founded in 1909, Mutual of Omaha is a Fortune 500 company and is continually rated extremely high by all of the national insurance company rating services.

The company’s final expense insurance program is extremely popular since their product known as “Living Promise” offers two types of final expense policies to meet the needs of any applicant. Mutual of Omaha offers their Level Benefit Plan and Graded Benefit Plan using whole life insurance which offers the guarantees that senior applicants have come to rely on.

Level Benefit Final Expense Insurance

Mutual of Omaha’s Level Benefit Plan offers final expense insurance coverage for applicants between ages 45 and 85. It also offers a sufficient face value ranging from $2,000 to $40,000 depending on the state the applicant resides.

The Level Benefit policy also offers the Accelerated Death Benefit which can provide advanced payouts for a terminal illness or nursing home confinement. To qualify for this benefit, the policyholder must have been diagnosed by a physician to have a terminal illness that is expected to cause their death within twelve months. The policy will also allow the applicant to select the Accidental Death Benefit which will increase the death benefit if an insured’s death is the result of a covered accident.

Graded Benefit Final Expense Insurance

The Graded Benefit Plan is designed for applicants who do not qualify for the Level Benefit Plan due to health issues.  This plan is available to applicants between the ages of 45 and 80 but has a reduced maximum death benefit of $20,000.

The Graded Benefit Plan, although available no matter the applicant’s health conditions, has a two-year waiting period when the full death benefit will not be paid if the insured dies from natural causes. They will, however, pay the full death benefit from the first day if the insured dies as a result of an accident.

Rates from Mutual of Omaha

Below is a rate chart for actual final expense insurance rates from Mutual of Omaha. The rates are based on the following assumptions:

  • Level Benefit Plan with a $10,000 death benefit in the state of Ohio
  • Qualifying health conditions (current and historical)
  • Male or female non-smoker
AGE FEMALE NON TOBACCO MALE NON TOBACCO
45 $22.61 $25.45
50 $24.67 $29.16
55 $28.40 $35.09
60 $32.87 $42.76
65 $41.01 $55.76
70 $53.24 $73.70
75 $72.41 $99.53
80 $98.43 $132.65
85 $135.90 $183.15

To obtain a free and confidential quote for your actual age, please use our quote engine on the right.

 

 

We're Here to Help
For more information about Mutual of Omaha’s final expense insurance plans, or to discuss your individual situation with an insurance professional at The Lunsford Agency Direct, call us during normal business hours at (740) 779-0246, or you can contact us through our website at your convenience.