Mutual of Omaha “Living Promise Whole Life Insurance” has both LEVEL & GRADED BENEFIT plans.
Underwriting is simplified issued —that means No Medical Exam— BUT:
You do have to answer health questions on the application (both PART ONE and PART TWO).
Mutual of Omaha will also check any available databases. For example: prescription drug database, your motor vehicle report, the Medical Information Bureau (MIB), and any other public information (or private information, for which you give consent).
***REVIEW THE FINE PRINT BEFORE YOU SIGN!!***
Frequently Asked Questions – Level Benefit Plan
Level Benefit Plan – PAYS FULL DEATH BENEFIT IF YOU DIE IN THE FIRST TWO YEARS & for as long as you own the policy.
How old do I have to be?
Between the ages of 45 to 85.
How much can I buy?
Between $2,000 to $40,000.
What if I smoke?
There are two different underwriting classes – Standard Non Tobacco & Standard Tobacco.
What are my options to pay the bill?
Annual, Semi-Annual, Quarterly, Monthly (Auto Bank Draft) options are available. Initial payment can be made with a credit card.
What are the extras?
Extra Riders – Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider included in policy at no cost. Accidental Death Benefit Rider is optional and will cost extra.
What guarantees do I have that the policy will last?
Death Benefit Guarantee – Policy is guaranteed to last – NO PREMIUM INCREASES – until age 100 as long as premium is paid.
Sample Monthly Quotes – Level Benefit Plan
Male Non-Smoker*
| $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|
| Age 45 | $22.45 | $47.69 | $69.93 | $92.17 |
| Age 55 | $35.09 | $66.98 | $98.87 | $130.76 |
| Age 65 | $55.76 | $108.31 | $160.87 | $213.42 |
| Age 75 | $99.53 | $195.85 | $292.18 | $388.50 |
| Age 85 | $183.15 | $363.10 | $543.05 | $723.00 |
Sample Monthly Quotes – Level Benefit Plan
Female Non-Smoker*
| $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|
| Age 45 | $22.61 | $42.01 | $61.41 | $80.81 |
| Age 55 | $28.40 | $53.60 | $78.79 | $103.99 |
| Age 65 | $41.01 | $78.82 | $116.63 | $154.43 |
| Age 75 | $72.41 | $141.62 | $210.82 | $280.03 |
| Age 85 | $135.90 | $268.60 | $401.30 | $534.00 |
*Smokers – Call (888)681-4952 for a quote.
Frequently Asked Questions – Graded Benefit Plan
Graded Benefit Plan – PAYS PREMIUM + INTEREST IF YOU DIE IN THE FIRST TWO YEARS. Full death benefit after year two & for as long as you own the policy.
How old do I have to be?
Between the 45 to 80.
How much can I buy?
$2,000 to $20,000.
What if I smoke?
Standard health class for all (No tobacco distinction).
What are my options to pay the bill?
Annual , Semi-Annual, Quarterly, Monthly. Initial payment can be made with a credit card.
What are the extras?
Life Insurance Riders – Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider included in policy. Accidental Death Benefit Rider is optional and will cost extra.
What guarantees do I have that the policy will last?
Death Benefit Guarantee – Policy is guaranteed to last – NO PREMIUM INCREASES – until age 100 as long as premium is paid.
Sample Monthly Quotes – Graded Benefit Plan
Male
| $5,000 | $10,000 | $15,000 | $20,000 | |
|---|---|---|---|---|
| Age 45 | $22.61 | $42.02 | $61.42 | $80.83 |
| Age 55 | $31.57 | $59.94 | $88.51 | $116.68 |
| Age 65 | $49.04 | $94.87 | $140.71 | $186.54 |
| Age 75 | $86.64 | $170.08 | $253.52 | $336.95 |
| Age 80 | $128.69 | $254.18 | $379.67 | $505.16 |
Sample Monthly Quotes – Graded Benefit Plan
Female
| $5,000 | $10,000 | $15,000 | $20,000 | |
|---|---|---|---|---|
| Age 45 | $19.09 | $34.99 | $50.88 | $66.77 |
| Age 55 | $24.79 | $46.37 | $67.95 | $89.53 |
| Age 65 | $34.13 | $65.06 | $95.99 | $126.91 |
| Age 75 | $64.95 | $126.69 | $188.44 | $250.18 |
| Age 80 | $93.54 | $183.87 | $274.21 | $364.54 |
How do I know if I will qualify for the Level Death Benefit or the Graded Death Benefit?
You will have to answer health questions on both Application Part One and Part Two.
Application: Part One
If proposed insured answers “YES” to any questions in Part One, that person may not be eligible for ANY coverage due to their life expectancy.
1. Is the proposed insured currently:
(a) bedridden or confined to any hospital, nursing home, long term care facility or skilled nursing facility; or receiving or been advised to receive care or in a nursing home, hospice care, or home health care?
(b) requiring assistance with activities of daily living such as taking medications, bathing, dressing, eating, toileting, getting in and out of a chair or bed, or control of bowel or bladder problems?
(c) requiring any of the following (other than for fractures, bone or joint surgery, including replacement): wheelchair, electric scooter, or oxygen equipment to assist breathing (excluding use for sleep apnea)?
2. Has the proposed insured ever been:
(a) diagnosed as having Acquired Immune Deficiency Syndrome (AIDS), Aids Related Complex (ARC), or Human Immunodeficiency Virus (HIV) Infection (symptomatic or asymptomatic) or been treated for AIDS, ARC, or HIV by a physician or health care provider?
(b) diagnosed with, been treated for or been advised by a physician or health care provider to receive treatment for Alzheimer Disease, Dementia, Huntington’s Disease, Sickle Cell Anemia, Myelodysplastic Syndrome (MDS), Lou Gehrig’s Disease (ALS), 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 received or have received an organ or bone marrow transplant?
(e) diagnosed by a physician or health care provider as having a terminal medical condition that is expected to result in death in the next twelve (12) months?
3. In the last 12 months, has the Proposed Insured been:
(a) advised by a physician to have a surgical operation, diagnostic testing other than for routine screening purposes or for those related to HIV/AIDS, treatment, hospitalization, or other procedure which has not been done or for which results are not known?
(b) diagnosed by a physician or health care provider as having heart disease or heart surgery or any kind?
4. In the past 2 years, has the Proposed Insured been diagnosed with, been treated for or advised by a physican or health care provider to receive treatment for any form of cancer (except basal or squamous cell skin cancer)?
If proposed insured answers “YES” to any questions in Part Two, that person is eligible only for the Graded Benefit Product.
Application: Part Two
5. Has the Proposed Insured ever (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:
(a) Diabetes before the age of 50 or diabetes at any age with complications or Retinopathy (eye), Nephropathy (kidney), Neuropathy (nerve), or Peripheral Vascular Disease (PVD or PAD)?
(b) Hepatitis C?
(c) Chronic Lung Disease, including Chronic Obstructive Pulmonary Disease (COPD), Chronic Bronchitis, Emphysema, or Sarcoidosis?
6. In the last 4 years, has the Proposed Insurance: (a) received care or treatment for, or (b) been advised by a physician or health care provider 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 Multiple Sclerosis?
7. In the past 2 years, has the Proposed Insured: (a) received care or treatment for, or (b) been advised by a physician or health care provider to seek treatment for:
(a) Coronary Artery Disease, Heart Attack, Coronary Artery Bypass Surgery, Angioplasty, Cardiomyopathy, irregular heart rhythm, or Valvular Heart Disease with surgical repair or replacement?
(b) Stroke or Transient Ischemic Attack (TIA)?
8. In the past 2 years, has the Proposed Insured:
(a) been convicted of or currently awaiting trial for a felony?
(b) been treated for or been advised to be treated for alcohol or drug abuse or convicted more than once of reckless driving or driving under the influence of drugs and alcohol?
(c) used unlawful drugs in any form or abused or misused prescription drugs?
9. In the past 2 years, has the Proposed Insured been hospitalized by a physician or health care provider for any mental or nervous disorder?
10. In the past 12 months, has the Proposed Insurance consulted a physician for a chronic cough, unexplained weight loss of greater than 10 pounds, fatigue or unexplained gastrointestinal bleeding?
If the proposed insured answers all underwriting questions “NO”, that person is eligible for the Level Benefit Product.
Do These Policies Have Cash Value?
Yes. Unlike term life insurance, or some types of universal life insurance, one of the key advantages of a whole life insurance policy is that these policies grow cash value. This means that if at some point you want to draw cash from that policy, you could do so. Keep in mind that drawing on your cash value or using it for any expenses will reduce the policy’s benefit.
Is Mutual of Omaha a Good Company?
Mutual of Omaha has been around since 1909 & is highly rated…
- A.M. Best Company, Inc. (for overall financial strength and ability to meet ongoing obligations to policyholders) A+ (Superior) This rating is second highest of 16
- Moody’s Investors Services (for current financial strength and ability to withstand financial stress in the future) A1 (Good) This rating is fifth highest of 21
- Standard & Poor’s (for financial strength to meet obligations to policyholders) AA- (Very Strong) This rating is fourth highest of 21
The Bottom Line
Let’s discuss your interest in —and eligibility for— Whole Life Insurance.
We can help determine the best fit for you— based on your goals, your individual circumstances, and your budget.
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