Mutual Of Omaha Final Expense Review: 3 Products, 3 Opinions

Mutual of Omaha final expense review empty scale on table top

Mutual Of Omaha Final Expense Review: 3 Products, 3 Opinions

Mutual of Omaha final expense review logo with united of Omaha life insurance Company

Trying to decide what the best company is for Final Expense Insurance?

Looking to see if Mutual of Omaha is a viable option?

You’ve come to the right place!

In this Mutual of Omaha Final Expense review, we will cover in detail the different plans, rates, and how they compare to the competition.

Before we begin it is important to understand that United of Omaha is the life insurance subsidiary of Mutual of Omaha. We will mainly refer to them as Mutual of Omaha however we are talking about the same company. You can see this distinction in the above logo.

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Is Mutual of Omaha Final Expense Life Insurance a good option for Seniors?

Yes – if you qualify for their top product, Level. Do not get their Graded product, you would be better off getting Guaranteed Issue. But there are still other options out there if you cannot qualify for Level.

Let’s dive into the details of each plan!
Mutual of Omaha final expense review facts couple sitting on beach park bench

Mutual of Omaha Final Expense Review

They offer 3 different Final Expense products.

  1. Level
  2. Graded
  3. Guaranteed Issue

Mutual of Omaha calls 2 of these plans “Living Promise”. The third plan, Guaranteed Issue, is sold directly to consumers.

It is essential to know that ALL 3 of these plans are considered Whole Life and come with the following features:

  • No Medical Exam
  • Coverage Lock
  • Price Lock
  • Does Not Expire
  • Builds Cash Value

To get an idea of the monthly rates, below is a look at the 3 plans side by side for $10,000 of coverage.


$10,000 of Coverage

AgeLevelGradedGuaranteed Issue


$10,000 of Coverage

AgeLevelGradedGuaranteed Issue

*The rates shown are for non-tobacco users

Before going into all the details of each plan you can see that Level prices are the lowest, followed by Guaranteed Issue, and the most expensive are the Graded premiums.

Keep this in mind as you read about the coverage details of each product.

Mutual of Omaha final expense review Living Promise Level plan 1 graphic

Living Promise – Level

This plan is reserved for healthier applicants and is a top tier product within this industry niche.

Level Plan Details

  • Simplified Issue
  • Whole Life
  • For ages 45-85
  • Coverage $2,000 – $40,000 (WA $5,000 – $40,000)
  • Accelerated Death Benefit
  • Optional Accidental Death Benefit Rider
  • Only Available Through an Independent Agency

Level Plan Benefits

  • No waiting period
  • No exam
  • Coverage lock
  • Price lock
  • Does not expire
  • Builds cash value

While this is a top-notch plan in the industry, it can be difficult to qualify for if you are not in good to great health. This is why the premiums for this plan are priced so competitively low.

Harder to qualify for = less expensive

This is because they are insuring a group of people who are likely to live a long time, paying the premiums for a long time, and are at low risk of death in the near future.

These are the types of people who these companies WANT to insure. As you can see by the rates below.


Level Quotes


Level Quotes


*Non-tobacco rates are listed.

If you would like to see rates with tobacco usage (within the last 12 months) or your specific age use the instant quote machine on this page or out “get started” page on the main menu.

Medical complications that are not accepted for Level:mutual of omaha final expense review medical sign with heart and hand icon

  • AIDS or HIV
  • ALS (Lou Gehrig’s Disease)
  • Alzheimer’s/Dementia
  • Bedridden
  • Cancer treatment or diagnosis within 4 years or recurrent (excluding basal or squamous cell)
  • Chronic kidney disease
  • Chronic lung disease
  • Cirrhosis
  • Congestive heart failure
  • Diabetes diagnosis before age 50
  • Diabetic complications
  • Down’s Syndrome
  • Drug or alcohol abuse
  • Felony conviction
  • Heart attack
  • Heart disease
  • Hepatitis C
  • Hospital or nursing home confinement
  • Huntington’s Disease
  • MDS (Myelodysplastic Syndrome)
  • Mental disorders
  • MS (Multiple Sclerosis)
  • Organ or bone marrow transplant
  • Oxygen equipment to assist with breathing
  • Paraplegia
  • Parkinson’s disease
  • Quadriplegia
  • Sickle cell anemia
  • Stroke
  • Terminal diagnosis
  • Unexplained weight loss
  • Unknown diagnosis
  • Unlawful drug use
  • Wheelchair-bound

Some of these conditions have only a 2 or 4 year “look back” meaning that they only look back 2-4 years in your medical history depending on the condition.

The full list of medical questions with look back periods is later in this post.

Mutual of Omaha final expense review Living Promise Graded plan 2 graphic

Living Promise – Graded

The Graded plan is intended for those individuals who do not qualify for the Level plan. It does not have the stringent health requirements of the level plan.

However, you do still have to qualify in order to be eligible for this plan.

Graded Plan Details

  • Simplified Issue
  • Whole Life
  • For ages 45-80
  • Coverage $2,000 – $20,000 (WA $5,000 – $20,000)
  • 2-year waiting period – If you die during this waiting period 110% of premiums paid will be given to your beneficiary
  • Only Available Through an Independent Agency

Graded Plan Benefits

  • No exam
  • No waiting period
  • Coverage lock
  • Price lock
  • Does not expire
  • Builds cash value

This group of people is at a slightly higher risk to insure than those who qualify for level. This being the reason there is a 2-year waiting period and higher premiums.

If you take into consideration the Guaranteed Issue plan, which we will discuss next, the Graded plan is inferior.

Remember I told you to keep in mind the price chart of the 3 plans? Well, this is why.

In looking at the price chart we pointed out that Guaranteed Issue is less expensive than Graded. Why is this?

It’s almost like you are being punished with higher rates for answering the health questions.

As you can see in the rate chart below.


Graded Quotes


Graded Quotes


If you do not qualify for Level, there is most certainly a better product out there for you besides this Graded plan.

As an independent agency, we have never and will never put a client into this Graded plan option, ever.
Gerber Life Insurance Review Stethoscope green and white

If you do not qualify for Level, there is still a possibility of getting day one coverage (no waiting period) from another carrier. Do not think that your only other option is Graded, there are plenty of companies that offer other (better) plans.

Not only do you not get immediate coverage, but you also get the same death benefit as Guaranteed Issue during that waiting period.

Let me explain.

If you pass away within the first 2 years after taking out a Graded or Guaranteed Issue plan they will return your paid premiums plus 10% to your beneficiary.

Graded premiums are more expensive than Guaranteed Issue.

Since the rate is locked in for life, you will be locked into paying the higher premium with the SAME coverage amount.

Medical complications that this plan does not accept:mutual of omaha final expense review green stethoscope making a heart

  • AIDS or HIV
  • ALS (Lou Gehrig’s Disease)
  • Alzheimer’s / Dementia
  • Assistance with activities of daily living
  • Bedridden
  • Bedridden
  • Cancer treatment or diagnosis within 2 years or recurrent (excluding basal or squamous cell)
  • Cirrhosis
  • Congestive heart failure
  • Diabetic complications
  • Dialysis
  • Down’s Syndrome
  • Heart Disease
  • Hospital confinement
  • Hospital or nursing home confinement
  • Huntington’s Disease
  • MDS (Myelodysplastic Syndrome)
  • Mental incapacity
  • Organ or bone marrow transplant
  • Oxygen equipment to assist with breathing
  • Oxygen Use
  • Paraplegia
  • Quadriplegia
  • Sickle cell anemia
  • Terminal diagnosis
  • Unknown diagnosis

As you can see, there are still several conditions in which you could be DENIED FOR THIS HIGHER PRICED PLAN.

Why would you pay more to get the SAME thing? I wouldn’t want to!

If your agent is trying to put you into this plan, I would suggest looking for someone else to represent you because they clearly do not have your best interest at heart.

The full list of medical questions is listed later in this post.

Mutual of Omaha final expense review Guaranteed issue plan 3 graphic

Guaranteed Issue

This plan will accept anyone and everyone.

There are no health questions and it is guaranteed to accept you.

This flexibility for the consumer comes at a higher monthly rate than Level due to the potentially high-risk nature of the people they are providing coverage for. I say potentially because since they do not ask any health questions there is no way of knowing the health of this group.

This, like graded, has a 2-year waiting period due to the uncertainty of the insured’s health status.

Compared to other Guaranteed Issue products on the market this one, more often than not, is much less expensive. I have heard multiple people in the industry speak about how amazed they are by the rate of this product in comparison to the competition.

You will be hard-pressed to find cheaper Guaranteed Issue pricing.

Guaranteed Issue Plan Details

  • Whole Life
  • For ages 45-85
  • Coverage $2,000 – $25,000 (WA $5,000 – $25,000)
  • 2-year waiting period – If you die during this waiting period 110% of premiums paid will be given to your beneficiary
  • Only Available Directly Through Mutual of Omaha

Guaranteed Issue Plan Benefits

  • Guaranteed coverage
  • No exam
  • No health questions
  • Coverage lock
  • Price lock
  • Does not expire
  • Builds cash value
  • 2-year waiting period


Guaranteed Issue Quotes



Guaranteed Issue Quotes


Remember, Living Promise (Level & Graded) can only be purchased through independent agencies while Guaranteed Issue can only be purchased directly through Mutual of Omaha.

STORYTIME: We have had clients who had initially contacted Mutual of Omaha directly and were sold the Guaranteed Issue product. In these cases, they decided to keep looking into coverage that had no waiting period, which is how they found us. We were able to get the majority of these people qualified for the Level plan at a better price with immediate coverage!

It’s not that the employees are trying to be tricky or anything, they just do not have access to Living Promise.

People don’t know what they don’t know. This is why we wrote this Mutual of Omaha Final Expense review, to let you know all these details and opportunities!

Living Promise Health Questions

The questions below are asked on the application for Living Promise coverage. Section 1 qualifies you for Graded, section 2 qualifies you for of omaha final expense review medical symbol green

If you answer “NO” to section 1 questions, continue on to section 2 to determine eligibility.

Section 1:

1. Are you currently:

a. bedridden or confined to any hospital, nursing home, long term care facility or been advised to receive hospice care or home health care?

b. requiring assistance with activities of daily living?

c. requiring any of the following (excluding fractures/surgery) wheelchair, electric scooter, or oxygen equipment to assist breathing (excluding use for sleep apnea)

2. Have you ever been:

a. Diagnosed with or treated for (AIDS) Acquired Immune Deficiency Syndrome, (ARC) Aids Related Complex, or (HIV) Human Immunodeficiency Virus (symptomatic or asymptomatic)

b. Diagnosed with or advised to seek treatment for Alzheimer’s, Dementia, Huntington’s Disease, Sickle Cell Anemia, (MDS) Myelodysplastic Syndrome, (ALS) Lou Gehrig’s Disease, Quadriplegia, Paraplegia, Down’s Syndrome, mental incapacity, congestive heart failure, Cirrhosis, Metastatic Cancer or recurrent Cancer of the same type?

c. Diagnosed with insulin shock, diabetic coma, or had an amputation- due to diabetic complications or diagnosed with End-Stage Renal Disease or requiring dialysis?

d. Advised to receive or received an organ or bone marrow transplant?

e. Diagnosed by a health care provider as having a terminal medical condition that is expected to result in death within the next twelve 12 months?

3. In the past 12 months, have you:

a. Been advised to have a surgical operation, diagnostic testing other than for routine screening purposes or for those related to HIV/AIDS, treatment, hospitalization, or other procedures for which results are not known?

b. Been diagnosed by a physician or health care provider as having heart disease or heart surgery of any kind?

4. In the past 2 years have you been diagnosed or advised to receive treatment for any form of cancer (except basal or squamous cell skin cancer)?

If you answered “NO” to all of the above questions, continue to section of omaha final expense review green yield sign

If you answered “YES” to any of the section 1 questions, you are not eligible for either Living Promise plan.

Don’t fret! We have other options for you! (Listed later in this post)

If you answer “NO” to all the questions below you qualify for Level. If you answer “YES” to any, you are eligible for Graded.

Section 2:

1. Have you ever:

a. Received treatment or advised to seek treatment for diabetes before age 50 or diabetes at any age with complications of eye, kidney, nerve or PVD or PAD (Peripheral Vascular Disease)

b. Been diagnosed with or advised to seek treatment for Hepatitis C, Chronic Lung Disease, including (COPD), Chronic Bronchitis, Emphysema, or Sarcoidosis?

2. In the past 4 years, have you received treatment for or advised to seek treatment for:

a. Cancer, Leukemia, Melanoma or any other internal cancer? (except basal or squamous cell skin cancer)

b. Chronic Kidney Disease, Systemic Lupus or Scleroderma?

c. Bipolar Depression, Schizophrenia, Parkinson’s Disease or (MS)? Multiple Sclerosis

3. In the past 2 years, have you received treatment or been advised to seek treatment for:

a. Coronary Artery Disease or Bypass Surgery, Heart Attack, Angioplasty, Cardiomyopathy, irregular heart rhythm, or Valvular Heart Disease with surgical repair or replacement?

b. Stroke or TIA (Transient Ischemic Attack)?

4. In the past 2 years have you:

a. Been convicted of or currently awaiting trial for a felony?

b. Been treated for or advised to seek treatment for alcohol or drug abuse or convicted more than once of reckless driving or driving under the influence of drugs or alcohol?

c. Used unlawful drugs in any form or abused or misused prescription drugs?

d. Been hospitalized by a health care provider for any mental or nervous disorder?

5. In the past 12 months have you consulted a physician for chronic cough, unexplained weight loss greater than 10 pounds, fatigue or unexplained gastrointestinal bleeding?

So, What Does This Mean?mutual of omaha final expense review green stop sign

If you answered “YES” to ANY of the above questions, you will not qualify for the Level Living Promise plan.

If you answered “NO” to section 1 questions but “YES” to a question in section 2, you are eligible for the Graded plan.

As previously noted, if you do not qualify for Level there are better options out there!

Graded is not your best fall-back option.

In addition to these questions, you will have to have a BMI (Body Mass Index) within their build chart, displayed below.

Generally speaking, you cannot be severely under or overweight to qualify for Living Promise coverage. Both policies have different maximum weight restrictions for acceptance.

HeightMinimum WeightLevel Benefit Maximum WeightGraded Benefit Maximum Weight
4 Feet
5 Feet85226244
6 Feet122315333

Once your agent pre-qualifies you for Living Promise you will be asked to sign a HIPPA authorization allowing the company access to your medical and prescription history in order to verify the accuracy of your answers.

There is nothing to worry about with this as long as you answer the questions honestly and accurately.

Steps to Get Coverage with Mutual of Omaha

We conduct most of our business over the phone, especially after the global pandemic as we do not want to risk anyone’s well-being. These are the steps that will be done over the phone.

  1. Contact an Independent Agency
  2. Determine Eligibility
  3. Once eligible you will be sent the HIPPA authorization email to sign electronically
  4. A second email will be sent for the final signature, this is authorizing the submission of your application
  5. Within a few days, your policy will be underwritten and you will have immediate coverage upon this final approval

As you can see, this is a very simple way to go about obtaining coverage for your end-of-life expenses.

Other Options

There are several options if you do not qualify for Level. The companies listed below all have less stringent underwriting requirements and immediate coverage options.

  • Royal Neighbors of America
  • Foresters Financial
  • Transamerica
  • Guaranteed Trust Life (GTL)

We encourage you to read reviews on these carriers as well! Or if you have a specific condition you can comment below or call us to see what your best plan is! 833-518-0080

Below are comparisons of highly advertised Guaranteed Issue plans that you might be familiar with. As you can see, Mutual of Omaha offers this plan to a wider age range and beats the price of the competition most of the time.


$10,000 of Coverage

AgeMutual of OmahaAARP (NY Life)John Hancock


$10,000 of Coverage

AgeLEVEL $10,000AARP (NYLife)John Hancock

Independent vs Captive

There are two types of agencies you can buy policies from.

Captive– Only allowed to sell products for one company.

Independent– Can compare and shop around to get clients the best price for their specific circumstances and health.

There is not a one size fits all company to get coverage with. Every carrier has a different risk tolerance when it comes to accepting niche health conditions. This is why it is crucial to use an independent agent who can look at multiple policies and find a product tailored to you.

Independent is the way to go!

Why Willamette Life

We specialize in this type of coverage and can compare multiple companies on your behalf.

We are family-owned and operated, believe in taking care of each other, and want to help YOU take care of your family.
Mutual of Omaha final expense review captive and independent agency man on phone

Final Thoughts

a. If you qualify for the Living Promise Level plan – This is the best option on the market.

b. Do not apply for Living Promise Graded – there are better options available!

c. Guaranteed Issue is very similar carrier to carrier, so the important thing to look for is the monthly cost. Mutual of Omaha has the best pricing in the Guaranteed Issue market!

d. Going with an independent agency will save you time and money.

Jake Irving

Jake Irving
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.

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