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Mutual of Omaha Final Expense Insurance Review


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Mutual of Omaha is an insurance, banking, and financial services company that offers life insurance through its subsidiary, United of Omaha Life Insurance company. Here, customers can choose "Living Promise Whole Life insurance," a final expense insurance policy designed to help beneficiaries pay off debt, medical bills, and other expenses after death of the insured, such as funeral costs.
 
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How is Mutual of Omaha Final Expense Insurance rated?

Breakdown

4.5/5
Policy Features
4.5/5
Qualifications
4.5/5
Financial Strength
4.5/5
Customer Experience

Overall Rating: 4.5 / 5 (Excellent)

Mutual of Omaha offers final expense insurance through its subsidiary, United of Omaha, by which the insurance policy is called Living Promise Whole Life insurance. This insurance plan is designed for coverage of medical bills and other debt that may remain after the policyholder's passing. There are few customer service concerns online regarding miscommunication and difficulty in qualifying for coverage. Interested applicants are encouraged to inquire about pre-existing conditions before applying, as the company does not deny medical conditions as determining factor. Overall, the company has maintained strong financial and service ratings for majority of its years in business.

Mutual of Omaha Final Expense Insurance Policy Features

Policy Features - 4.5 / 5

Mutual of Omaha's final expense insurance is designed to help pay for expenses left behind after the passing of the policyholder, such as debt and medical bills. Benefits are paid directly to beneficiaries, which are then able to use at discretion. Policyholders should be aware, however, that this particular insurance plan is not specifically intended for funeral services and burial costs, and may not fully provide coverage for those particular services.

Policy Coverage Maximum

$40,000

Types of Insurance Products

  • Whole Life
Types of Premiums
Fixed
Restrictions on Benefit Usage
Yes
Accidental Death Coverage
Yes

Mutual of Omaha Final Expense Insurance Qualifications

Qualifications - 4.5 / 5

Mutual of Omaha permits interested applicants to apply for their final expense insurance starting at age 45, which is much earlier than the average age for other companies, age 50. Policyholders are able to choose from two plans, both of which do not require a medical exam and are paid directly to beneficiaries after the policyholder's passing. The plans available, however, have exceptions in certain states and do not specifically cover funeral services.
Age Range
45-85
Medical Exam Required
No
Disqualifying Factors
Pre-Existing Conditions

Mutual of Omaha Final Expense Insurance Financial Strength

Financial Strength - 4.5 / 5

Mutual of Omaha has maintained excellent ratings with three major U.S. rating agencies, one being an A+ financial strength rating (Superior) with A.M. Best. Their status confirms the company's credit stability and ability to meet ongoing obligations with policyholders.
Year Founded
1909
Standard & Poor's Financial Rating
AA-
Moody's Financial Rating
A1
A.M. Best Financial Rating
A+

Mutual of Omaha Final Expense Insurance Customer Experience

Customer Experience - 4.5 / 5

Mutual of Omaha does not have an account set up on Trustpilot's website and only has a few reviews posted on the Better Business Bureau. The majority of the negative reviews express difficulty in qualifying for coverage and in contacting a customer service representative. The company does, however, maintain a high rating as well as a strong following across its major social media accounts, including LinkedIn, Facebook, and Twitter.
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Negative Reviews
6
NAIC Complaint Ratio 2018
0.58
NAIC Total Complaints 2017
58
Date Collected
2018-07-27

Company Profile

Full Name
Mutual of Omaha Final Expense Insurance
Company Website
https://www.mutualofomaha.com/
Headquarters
3300 Mutual of Omaha Plaza, Omaha, NE, 68175

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Top Rated
Our Partner
  • Coverage between $2,000 and $25,000; Ages 45-85 Only
  • Guaranteed Issue Whole Life Insurance
  • No Medical Exam
  • Benefits Paid Directly to Beneficiary
  • Non-cancellation of Policy (with paid premiums)
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