When it comes to life insurance, seniors over the age of 50 often find themselves in a tricky situation. With traditional policies becoming cost-prohibitive, Mutual Of Omaha burial insurance might be an option to provide protection and peace of mind.
Should you buy a burial insurance policy from Mutual of Omaha?
In this Mutual of Omaha burial insurance review, we will cover eligibility requirements, as well as pros and cons associated with this policy – so you can make an informed decision about your future.
Table of Contents:
- Overview of Mutual Of Omaha Burial Insurance
- Eligibility Requirements
- Sample Rates
- Pros and Cons
- How to Buy
- Frequently Asked Questions
- Next Steps
Overview of Mutual Of Omaha Burial Insurance
Mutual of Omaha, a highly-rated life insurance company was founded in 1909 in Omaha, Nebraska. Since their inception, the carrier has grown to be one of the nation’s largest and most reputable issuers of life insurance.
Mutual of Omaha is a leading provider of burial insurance products, offering coverage to seniors over the age of 50.
Their burial plan, called Living Promise, aims to provide financial protection for final expenses, such as funeral costs and medical bills.
According to Mutual of Omaha, the goal of their burial insurance policy is:
Designed to provide protection for your family by locking in benefits that can help pay for end-of-life expenses, as well as cash value that can be accessed in an emergency.– Mutual of Omaha
Mutual of Omaha burial insurance can be an affordable and reliable way for seniors to ensure their final expenses are taken care of, providing peace of mind for themselves and their families.
Mutual of Omaha Burial Insurance Policy Details
- Issued to ages 45 – 85 (in NY 50 – 75 years).
- Coverage amounts between $2,000 – $40,000 (in WA $5,000 – $25,000).
- Benefits remain level – never lowered due to age or health.
- No medical exam.
- Rates remain level – never increase.
As with any life insurance product, you want to be familiar with the policy’s particulars before moving forward with an application.
Key Takeaway: Mutual of Omaha offers burial insurance policies that provide financial protection for final expenses and are available to U.S citizens or permanent residents who meet the age requirements.
There are specific eligibility requirements for Mutual of Omaha burial insurance that you need to be aware of.
Applicants must be between the ages of 45 – 85 (in NY, 50 – 75 years) in order to qualify.
Those who are younger than 45 years or older than 85 years do still have life insurance options through other carriers or life insurance products. If you are over the age of 80, be sure to evaluate all burial insurance options.
No Medical Exam
There are no medical exams required when applying for Mutual of Omaha burial insurance.
Plan to answer basic questions about your heath history:
- Major health diagnoses (e.g. cancer, heart attack).
- Prescribed medications.
- Physician-recommended major medical treatments.
Note – If you have been diagnosed with serious medical complications, and you do not qualify for traditional burial insurance from Mutual of Omaha, a guaranteed issue life insurance plan is always an option.
Guaranteed issue life insurance is designed for a specific segment of the population – those who can not qualify for any other forms of life insurance. Corebridge is a carrier to consider if you health is a major obstacle to securing life insurance coverage.
Be sure to work with an agent to evaluate whether your health prevents you from other policy options, before buying Mutual of Omaha’s burial insurance.
You must reside in one of the states where Mutual Of Omaha offers coverage in order to apply (currently their burial insurance is available nationwide).
If you live outside of the United States, other companies may offer similar products.
Note – there is not credit check with this form of coverage.
Sample Mutual of Omaha Burial Insurance Rates
Mutual of Omaha’s burial insurance polices are priced competitively. Remember, your specific rate will depend on three things:
- Health status and tobacco status
- Face amount (policy size)
Let’s consider a couple sample rates so that you can get a general idea of cost.
Generally speaking, burial policies are fairly affordable and likely worth it.
If you do not have money set aside for a memorial service, free burial places do exist, but they are very limited and often do not have the ability to include someone’s final wishes.
Factors Affecting Rates
Depending on the product and provider, rates can vary significantly. It’s important to understand what factors affect these rates so you can make an informed decision when selecting a plan that best fits your needs.
Generally speaking, female applicants tend to have lower premiums than male applicants due to longer life expectancies. However, some providers offer gender-neutral policies with equal premiums regardless of gender.
As expected, younger applicants typically pay less in premium costs than older applicants as they are considered “less risky” by insurers.
Age is also used to determine eligibility requirements; many plans only accept those aged 50 or above while others require even higher ages such as 65 or 70 years old before allowing enrollment into their programs.
Mutual of Omaha’s burial insurance plan requires you to be between the ages of 45 – 85. However, if you live in New York, you must be between 50 – 75 years old.
Related – Burial insurance for seniors over 80.
Health Status For Other Life Insurance Products
Be sure to evaluate your health status before buying Mutual of Omaha’s burial policy, or any burial insurance product.
Remember, health does not matter with guaranteed issue coverage, which is why only those who have serious ailments should buy this form of coverage.
Your health status plays a large role in determining your rate since those who are healthier tend to live longer and thus pose less risk for insurers.
If you have pre-existing conditions such as diabetes or heart disease then this could result in higher premiums depending on the severity of your condition(s).
Additionally, if you smoke cigarettes then this will likely increase your premium cost too since smoking has been linked with various health risks including cancer and stroke among other things.
Sample rates can vary significantly between different insurers, so it is important to compare them before making a final decision.
Key Takeaway: When selecting an insurance product for seniors, there are several factors that will affect the rate of premiums.
Pros and Cons
Here, we will cover the pros and cons of Mutual of Omaha burial insurance to help you decide whether burial insurance is worth it.
To begin, Mutual of Omaha is a highly-rated life insurance carrier. They have excellent customer reviews are have high standings with A.M. Best, an independent rating agency.
Another advantage to purchasing a Mutual of Omaha burial insurance policy is that it can provide affordable rates.
Premiums are priced competitively compared to other burial insurance carriers, making them an attractive option for seniors on a fixed income.
There is also a cash value component. If the need arises, you have the ability to access funds during an emergency.
Additionally, there are no medical exams required in order to qualify for coverage, so you won’t have to worry about an inconvenient medical exam.
Although burial insurance policies from Mutual Of Omaha are convenient compared to other types of life insurance policies, they also come with some limitations.
Because face amounts are modest, these plans typically only cover funeral expenses and don’t provide any additional financial support for your family after you pass away.
In other words, they have smaller death benefit amounts than traditional life insurance policies, which may not be enough if you want your loved ones taken care of financially after you die.
Overall, Mutual of Omaha burial insurance should be carefully considered when making a decision about purchasing this type of insurance product.
Key Takeaway: Mutual of Omaha burial insurance is an excellent option for those who do not qualify for other forms of life insurance. It does come with significant limitations.
How to Buy
The purchasing process if any burial insurance product is simple and straightforward.
What You Need to Know
Before you can purchase Mutual Of Omaha’s burial insurance policy, there are a few things you should know.
First, the policy is available for seniors over the age of 45 and is designed to help cover final expenses such as the cost of cremation, a memorial service and other end-of-life costs.
What are the Steps to Buy?
Purchasing Mutual Of Omaha’s burial insurance policy is easy.
First and foremost, collaborate with an independent life insurance agent.
You will want someone sitting on the same side of the table as you, so-to-speak, who has access to multiple carriers and rates.
- First, fill out an application form which can be found online.
- Once your application has been approved, payment can be made via credit card or check with no additional fees required.
- Your coverage will begin immediately upon approval so that you have peace of mind knowing that your loved ones won’t have any financial burden.
Frequently Asked Questions for Mutual of Omaha Burial Insurance
Here, we cover commonly asked questions and their important answers.
Is Mutual of Omaha insurance good?
Mutual of Omaha is a reputable insurance provider with over 100 years of experience in the industry. They offer a wide range of products, including burial insurance the for elderly , which is designed to meet the needs of our aging population.
Their customer service ratings are generally positive and they have received numerous awards for their commitment to providing quality coverage at competitive rates. Overall, Mutual of Omaha can be considered a good choice for seniors looking for reliable insurance protection.
Does Mutual of Omaha offer burial insurance?
Yes, Mutual of Omaha offers burial insurance. It is a type of life insurance policy designed to cover the costs associated with end-of-life expenses such as funeral and burial costs.
The coverage amount can range from $2,000 up to $40,000 depending on the individual’s needs and budget.
Is burial insurance a good deal?
Burial insurance can be a good deal for seniors over the age of 50. It provides them with peace of mind knowing that their funeral expenses are taken care of, even if they pass away unexpectedly.
They also offer flexible payment options and no medical exams required in most cases. Ultimately, burial insurance is an affordable way for seniors to ensure their final wishes are honored without leaving behind a financial burden on loved ones.
Is there a waiting period before my coverage begins?
Yes, in a sense.
Once your application has been approved, coverage begins immediately so that you don’t have any gaps in protection if something were to happen suddenly with an accidental death.
However, and this is important to note, as with most burial insurance policies, there is a contestability clause.
Typically, the insured will need to wait two years – after a policy is purchased – until full death benefits are paid out. Accidental deaths are excluded from the waiting period.
Why? Carriers implement a contestability period to safeguard their finances. If someone who is very ill buys life insurance and passes away the following week, it would not be monetarily feasible for the life insurance company.
Can I cancel my policy at any time?
If, at any point, you no longer need your Mutual of Omaha burial insurance policy, you can cancel it. The policy contract is in your hands, as the policyholder.
Mutual of Omaha, or any life insurance carrier for that matter, has no authority to keep the contract in-force if you no longer want it.
Which is better burial insurance or life insurance?
The answer to this question depends on the individual’s needs and preferences. Burial insurance is a type of life insurance that provides coverage for funeral expenses, while traditional life insurance policies provide financial protection in the event of death.
Burial insurance for seniors typically has lower premiums than traditional life insurance, but it also offers limited coverage amounts and may not be enough to cover all end-of-life costs.
On the other hand, traditional life insurance can provide larger payouts and more comprehensive coverage options, but usually comes with higher premiums.
Ultimately, seniors should consider their own unique circumstances when deciding between burial or life insurance products. It’s important to weigh both options carefully before making a decision that best fits their needs and budget.
Mutual of Omaha’s burial insurance plan’s eligibility requirements are simple, the sample rates are competitive, and there are both pros and cons that should be considered before making a purchase.
With all this in mind, it’s easy to see why Mutual of Omaha burial insurance has earned such positive reviews from customers.
If you’re interested in learning more about this product or purchasing coverage, be sure to work with an independent agent so you can make an informed decision.
Seniors deserve the best options for their insurance needs. Mutual of Omaha is one option to provide seniors with quality coverage at an affordable price.
With personalized advice and guidance from knowledgeable agents, it’s easy to find the right plan that fits your budget and lifestyle. Don’t wait any longer – contact iSeniorBenefits today to learn more about how they can help you secure your financial future.