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Are you interested in learning more about Mutual of Omaha’s burial insurance program?
If so, you are at the right web page!
Today’s presentation is all about…
The Details On Mutual Of Omaha Burial Insurance
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the compete presentation on Mutual of Omaha burial insurance. Enjoy!
Here’s An Overview Of Our Discussion On Burial Insurance:
- About The Company
- About Mutual Of Omaha’s Burial Insurance Program
- Health Questions
- Mutual Of Omaha Burial Insurance Rates
- Why Buy Mutual Of Omaha Direct Through The Company?
- What Cases Are Better To Buy From A Broker?
- What To Do When You Can’t Qualify
- How To Apply For Coverage
- Next Steps
About Mutual Of Omaha
Let’s talk a little bit about Mutual of Omaha as a company.
Mutual of Omaha was first founded in 1909. They are a privately held insurance company, and they do provide a lot of other products besides burial insurance.
They offer a lot of life insurance products. They’re also a provider of disability insurance, annuities, long-term care insurance, and group insurance.
Most notable if you’re over 50, you’ve probably seen the Wild Kingdom shows back in the day where Mutual of Omaha was a big sponsor that really made a great name for them.
They are A+ rated by the AM Best Rating, which essentially means they’re very highly rated financially, and bottom line, I think Mutual of Omaha is a fantastic company.
They have a long history being in business, have been around for several wars, the Great Depression, throughout the seventies and the eighties.
That’s always a good sign you’re dealing with a good insurance company, and with AM Best giving an A+ rating, it’s a good extra little bump too. So regardless of what you do, Mutual of Omaha is definitely a company you can trust.
About Mutual Of Omaha’s Burial Insurance Program
Let’s drill down specifically on how the burial insurance product works.
There is a burial insurance product that’s designed to pay for final expenses.
Most people are interested in burial insurance because they don’t want to die and have family pay for their final expenses, whether that’s funeral, a cremation or any sort of final debts.
They start this process like you’re on where they investigate to see what the best product would be to cover those particular types of debts.
Mutual of Omaha, like many other companies, provides a solution in the form of a burial insurance product.
What’s interesting about the Mutual of Omaha burial insurance product is there are 2 different types of burial insurance products they offer. Each program is totally different from the other.
Let me explain.
One is sold directly from Mutual of Omaha. You’ll see these advertisements on TV or junk mail advertisements that sell a Mutual of Omaha-type of product.
The other is sold through independent agents, like myself, who work directly with Mutual of Omaha as an agent.
We get access to this burial insurance product. So you have to deal with an agent to get this particular type of product.
Direct-To-Consumer Burial Insurance
Let’s look at the direct-to-consumer product.
Have you ever gotten any “junk” mail from Mutual of Omaha? Or have you seen Mutual of Omaha’s burial insurance advertised on television?
This is what agents describe as the “direct-to-consumer” product because the company bypasses insurance agents and sells it directly to the consumer.
The direct to consumer product is very simple.
Mutual of Omaha’s direct-to-consumer product is a guaranteed acceptance product.
This means Mutual of Omaha does not ask you any health questions. Your acceptance is guaranteed.
This product is very similar to another life insurance product advertised on television frequently called Colonial Penn.
If you’re worried you’ll get declined when applying for life insurance, Mutual of Omaha will accept you. The catch? You have to be 50 to 80 years old.
Here’s the problem…
The major problem with the direct-to-consumer product is the forced 2-year waiting period for natural death.
You see, in order to guarantee your acceptance, they must limit natural death coverage for the first 2 years.
How does this work?
If you die within the first 2 years of the Mututal Of Omaha burial insurance policy, only the premiums you paid in plus a small amount of interest is paid to your beneficiary.
What happens if you die sooner than you expect? You may not have full coverage you may qualify for easily elsewhere.
And in reality, many people – even with health problems – have no business waiting 2 years for full natural death coverage.
In fact, many independent agents like us at Buy Life Insurance For Burial review your health history, the odds are we’ll find competitively-priced burial insurance with full comprehensive first-day full coverage for accidental AND natural death.
This is important to understand as a senior looking for a life insurance quote. You want to make sure you’re getting the best value for what you can afford.
What if you die within the first 2 years of a Mutual Of Omaha plan?
Let’s look mathematically at your death benefit payout due to natural death within the first 2 years of a Mutual Of Omaha direct-to-consumer final expense policy.
Let’s say you purchase $10,000 in guaranteed acceptance through Mutual of Omaha.
Your monthly premium is $50.
After twelve months in, you suffer a massive stroke and pass away.
You’ve paid $50 a month for 12 months.
$50 times 12 months is $600.
Can’t forget the interest. Mutual Of Omaha pays 20 percent on the premiums paid in.
Twenty percent multiplied by $600 in premiums is $120.
That means your beneficiaries are paid a total of $720… and NOT $10,000 you may have qualified through a broker like us at Buy Life Insurance For Burial.
You can see the problem, can’t you?
What happens if you die of natural causes within the first two years?
You’re not fully covered!
Despite the problems, there is one advantange with Mutual Of Omaha’s burial insurance product.
It’s competitively priced compared to other guaranteed acceptance life insurance coverage.
Normally, companies like Trustage offering guaranteed acceptance are fairly expensive.
If you’re in a position to qualify ONLY for guaranteed acceptance, Mututal of Omaha is worth consideration.
When all else fails, seek out a guaranteed acceptance product like what Mutual of Omaha provides.
If that’s the case, Mutual of Omaha’s direct-to-consumer product for burial insurance is great.
But for the rest of you in half-way decent shape, consider alternatives first before accepting ANY 2-year waiting period product.
Nobody knows when our final day is!
And since death is a permanent problem, you need a permanent solution, ideally that covers you full from the first day.
You’re probably wondering…
“How do I determine if this product is right for me, based on my current health?”
We’ll drill down in specifics later if you can hold tight for now.
But first, I’m going to show you the second burial insurance option Mutual of Omaha provides through insurance agents.
And it’s one I think you’ll like the sound of much better.
Burial Insurance Through A Broker
Let’s talk about the Mutual of Omaha burial insurance offered through brokers like us here at Buy Life Insurance For Burial.
Unlike the direct-to-consumer burial insurance, this version of Mutual Of Omaha’s offers many more advantages to the consumer.
First, you may qualify for first-day full natural death coverage. In exchange, you must answer several health questions to determine eligibility.
Bottom line, if you are approved for the preferred product, you are fully covered from the first day for natural and accidental death. Very nice!
Second, your premiums are guaranteed never to increase.
Third, the agent’s version of Mututal of Omaha’s burial insurance is competitively priced.
One of the great things I like as a broker selling Mutual of Omaha is the prices are very good.
Relative to a lot of other companies, they are much more competitive. I like getting my clients the best deal, so you can get more bang for your buck.
So far, so good, right?
You cannot be canceled because of age or health… Premiums are competitive… You’re rates never increase… And if approved, you’re fully covered from the first day.
So… what’s the catch?
Let’s actually jump into a sample application. I’m going to show you actual health question examples so you can what you might qualify for.
I will preface this with, if you find out there are some health question on here that disqualify you from coverage, don’t despair.
Stick with me to the end. There are alternatives that may still qualify you.
So what we’re looking at here are what we call the knockout health questions.
I’m going to quickly summarize what this says.
Essentially, the biggest knockouts here are:
- If you’re in a nursing home
- If you require help to move, dress, eat
- If you require a wheelchair
- If you need oxygen to assist in breathing
- If you have AIDS or HIV
- Congestive heart failure
- End-stage renal disease or dialysis
- If you’re terminally ill
- If you’ve had an event in the past year related to heart disease or heart surgery,
- if you’ve had cancer in the past two years
- if you had diabetes before the age of 50
- If you’ve had diabetes with complications of retinopathy or neuropathy at any age. If you were diagnosed with these issues before the age 50, then these would be a problem. If you’re diagnosed after the age of 50, it’s fine.
Knockout issues also include the following:
- hepatitis C
- chronic lung problems
- cancer in the past 4 years
- kidney disease in the past 4 years
- bipolar or schizophrenia in the past 4 years
- heart problems of any kind in the last 2 years
- felony or drug or alcohol problems in the last 2 years
- Admission to a facility by a physician for mental health disorder in the last 2 years, or
- Unexplained weight loss of 10 pounds or greater.
Mutual Of Omaha Burial Insurance Rates
Now that we’ve looked at health questions, let’s take a look at some burial insurance rates just to get an idea of what you may pay if you were to qualify for their first-day full coverage product.
It’s important to understand that we’re going to look at multiple companies and compare and contrast the Mutual of Omaha’s first-day full coverage rates with the other options that are out there.
What we’re going to look at is just $10,000 in coverage for 50, 60, 70 and 80-year-old males and then 50, 60, 70, and 80-year-old females.
Again, we just want to get an idea of where Mutual of Omaha fits in the spectrum and how price competitive it is.
First we’re looking here at a male, 50 years old. Mutual of Omaha us $29.16 for $10,000 in coverage. Fairly competitive. The most competitive that’s out there is around $25.
For a 60-year-old male, it’s $42.76.
For a 70-year-old male, it’s $73.70.
And for $10,000 in coverage for an 80-year-old male, it’s $132.65.
So for a female, 50 years old, for $10,000 in coverage, it’s $24.67.
For a 60-year-old female, it’s $32.87.
For a 70-year-old female, it’s $53.24.
For an 80-year-old female it’s $98.43.
So what’s nice about Mutual of Omaha is that it’s very competitively priced.
When you look at these other companies, you’ll notice some that are a lower premium for the same amount of coverage on the charts I showed you.
Understand that you may or may not qualify for those companies. Generally as the prices become less expensive, the qualification factors become more difficult.
While I’m happy to show you what those rates would be and your ability to qualify for those companies, the point I’m trying to make here is that Mutual of Omaha is very competitively priced.
It’s routinely in the top five most competitive pricing at each of those ages, whether you’re male or female.
If you can qualify, Mutual of Omaha is going to be a good, well-rounded company for their first-day full coverage product.
Why Should You Buy Mutual Of Omaha Burial Insurance Direct Through The Company?
Let’s talk about some cases where it’s a good idea to buy a Mutual of Omaha direct from the company.
First, take time to review the health questions mentioned above for the product us agents have access to.
If after reviewing the health questions, you determine that you may NOT qualify, the direct-to-consumer guaranteed acceptance life insurance product may make sense.
But don’t be too quick to purchase. Stick around because another burial insurance company may take your health issues without issue.
When Is Mutual of Omaha Burial Insurance Best Purchased From A Broker?
A good reason to buy Mutual of Omaha’s burial insurance from an agent like me is that you can health qualify.
There really is zero reason to buy the direct-to-consumer final expense product if you can medically-qualify for first-day coverage through a broker like us at Buy Life Insurance For Burial.
Alternative Ways To Get Quality Burial Insurance Coverage If You Can’t Qualify
You may be thinking…
“Dave, I like the idea of a first-day full coverage product, but based on the health questions I saw, I can’t qualify. What other options are there?”
I’m glad you asked… =)
The good news is that there are numerous burial insurance options available that may accept you fully from the first day.
This is why you work with a broker like me because we can shop your case around.
Many can qualify for first-day full coverage through other burial insurance companiesthat could not qualify for Mutual of Omaha’s life insurance product.
Alternatives to Mutual Of Omaha
Here’s a perfect example.
If you’ve had diabetes BEFORE 50 years old, Mututal of Omaha will NOT take you for first-day full natural death coverage.
However, PLENTY of final expense insurance companies will. In fact, it’s pretty easy to find a company that doesn’t even care when you were diagnosed with diabetes.
Here’s the deal with burial insurance companies. Each has their own individual underwriting standards.
This is why limited access to burial insurance companies is bad news to you, the consumer.
Less options = worse deal.
Other examples where I don’t use Mutual of Omaha is if somebody has lung problems like COPD.
There are several final expense carriers that provide first-day coverage, even with a chronic lung disease like COPD.
If you have bipolar or schizophrenia, Mutual of Omaha won’t take you for first-day full coverage.
However, many burial insurance companies will easily accept you with first-day full coverage.
If you’ve had cancer more than two years ago, there are companies that will give you first-day full coverage. Remember, Mutual of Omaha won’t because they have a 4-year look back on cancer.
Hopefully you get the point.
It’s important not to fall in love with one company. It may not provide you the best value of coverage.
There are many good burial insurance companies, but what ultimately matters is what they can do for you.
This is why working with a broker like us here at Buy Life Insurance For Burial is so important. Brokers not only shop for the best price, they also look to see which company gives you the best chance for the most comprehensive coverage.
How To Apply For Coverage
Ready to apply for Mutual Of Omaha’s burial insurance product?
The application process is simple.
Call us at 888-626-0439. We’ll ask you your goals in addition to the health questions, and determine ahead of time if we think we can qualify you for Mutual of Omaha.
If we can’t, we’ll tell you that, too, and suggest alternatives.
Once you like the price and coverage we show you, we’ll complete an electronic application.
It’s real easy. No paperwork required. All you do is point and click a few times and sign everything online.
Typically in a day or two we get back a decision from the company. No worries about waiting weeks or months on end.
If you like the idea of qualifying for Mutual of Omaha’s burial insurance program or any final expense life insurance program, there are two ways to do it.
You can request a free quote here, or you can click the message box to message me.
Or, just call me directly at 888-626-0439 and speak to me live.
My team or I tell you exactly what you or a loved one can qualify for in about five to 10 minutes. It’s a very simple process, very easy to do, and it’s no obligation either.
As you can tell, I’m pretty easygoing. I just want to help you if you want to be helped. You can do whatever you want to with the information. There’s no obligation to do business.