Mutual of Omaha Final Expense Review: Living Promise (2026)

Mutual of Omaha sells final expense insurance through Living Promise, a whole life policy underwritten by United of Omaha Life Insurance Company. It fits adults 45 to 85 who can answer a short set of health questions in exchange for a chance at full coverage from day one. The main trade-off: it is not guaranteed issue, so some people will be declined or placed on a graded plan with a two-year limited benefit.

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Mutual of Omaha Living Promise at a glance

The table below summarizes the company's own plan highlights sheet, producer guide and ratings pages, as checked on September 30, 2026.

What does Mutual of Omaha's final expense policy cover?

Living Promise is permanent whole life insurance that pays a cash benefit to the person you name when you die. According to Mutual of Omaha's Living Promise plan highlights, the policy's main features are:

• No medical exam. Coverage is based on your answers to a few health questions.
• Premiums never increase and benefits never decrease.
• Cannot be canceled for any reason as long as you pay premiums.
• Builds cash value that you may borrow against.
• Benefits are generally paid income tax free to your beneficiary under current federal law.

Your beneficiary can use the money for any purpose. The company's disclosure notes that the policy does not specifically cover funeral goods or services and may not cover the entire cost of a funeral. If you want a rough target, our guide to how much a funeral costs walks through the numbers.

Level Benefit vs. Graded Benefit plans

Your health answers decide what you are offered. According to Mutual of Omaha's producer guide, a "yes" to any question in Part One of the health questions makes you ineligible for coverage on that application, a "yes" in Part Two limits you to the Graded Benefit plan, and "no" to every question qualifies you for the Level Benefit plan.

Mutual of Omaha's producer guide (form 461606) differs from the client highlights sheet in a few places: it lists a Level Benefit maximum of $40,000 rather than $50,000, and says the Graded Benefit plan is not available in Arkansas, Montana or North Carolina. We can't tell which document is more recent, so ask the agent to confirm the maximum face amount and plan availability in your state.

Riders and maturity

The policy matures at age 100 (120 in Florida), when the face amount is paid less any loans and loan interest. Where available, an accelerated death benefit rider lets you take part of the benefit early if you are terminally ill (death expected within 12 months) or confined to a nursing home for 90 consecutive days or more and expected to stay there. Florida and Connecticut use different versions, and the producer guide lists this rider for the Level Benefit plan only. An optional accidental death rider pays an extra amount equal to the face amount for accidental death, for an additional premium.

How does the Living Promise waiting period work?

There is no waiting period on the Level Benefit plan: the full face amount is payable from the start. The two-year limit applies only to the Graded Benefit plan.

On the graded plan, if you die of natural causes (anything other than an accident) in the first two years, your beneficiary receives all premiums paid plus 10 percent. If you die from an accidental bodily injury, the full face amount is paid in any year. Starting in year three, the full benefit is paid for death from any cause.

For example, a hypothetical applicant pays $1,000 in total premiums on a graded policy and dies of an illness 18 months later. Under the published terms, the beneficiary would receive about $1,100, not the face amount.

For a deeper explanation of how graded benefits compare across companies, see our guide to guaranteed issue and graded death benefits.

Is Mutual of Omaha financially strong?

Mutual of Omaha's companies carry A+ ratings from AM Best and S&P. On March 25, 2025, the company announced that AM Best affirmed the A+ (Superior) Financial Strength Rating of Mutual of Omaha Insurance Company and its subsidiaries, with a stable outlook. On September 4, 2026, it announced that S&P Global Ratings affirmed the A+ financial strength rating of Mutual of Omaha Insurance Company in an August 20 report, also with a stable outlook. For United of Omaha, the insurer on Living Promise, the company's financial strength page lists A+ from AM Best, A+ from S&P and A1 from Moody's, all stable.

A financial strength rating is an opinion about an insurer's ability to pay claims. It is not a rating of customer service or price.

What about complaints?

The NAIC's Consumer Insurance Search shows complaint counts and a complaint index for each insurance company. Search for "United of Omaha Life Insurance Company," since that is the legal insurer on Living Promise. An index of 1.00 means the company received the number of complaints you would expect for its size. Below 1.00 means fewer; above means more. Look at several years and the complaint reasons rather than one number.

Pros and cons of Mutual of Omaha Living Promise

Pros

• Level plan pays the full benefit from day one for people who qualify on health.
• Wide range of coverage: $2,000 to $50,000 on the level plan.
• Level plan accepts applicants up to age 85.
• United of Omaha is rated A+ by AM Best and S&P and A1 by Moody's, per the company's ratings page.
• Fixed premiums, benefits that don't shrink, and cash value you can borrow against.
• Accelerated benefit rider for terminal illness or nursing home confinement where available.

Cons

• Not available in New York.
• Health questions mean some applicants will be declined.
• Graded plan caps coverage at $20,000 and stops at age 80.
• Graded plan pays only premiums plus 10 percent for natural death in the first two years.
• Face amount limits and plan availability differ between the company's own documents, so you need to confirm them with the agent.

Who is Living Promise a good fit for?

Living Promise may fit you if you are 45 to 85, expect to answer "no" to the health questions, and want day-one coverage between a few thousand dollars and $50,000. It is also worth a look if a highly rated insurer matters to you.

You may want to look elsewhere if you live in New York, if you have health conditions that would make you ineligible, or if you are over 80 and don't qualify for the level plan. Mutual of Omaha also sells a separate guaranteed whole life policy directly on its website, with no health questions, for ages 45 to 85 and benefit amounts of $2,000 to $25,000 ($5,000 minimum in Washington); ask about its waiting-period terms before you buy. Our comparison of guaranteed issue vs. simplified issue explains the difference.

What are the alternatives to Mutual of Omaha?

If Living Promise isn't the right fit, these reviews cover other common final expense options:

• Colonial Penn review: guaranteed acceptance whole life for ages 50 to 85, sold in units.
• Gerber Life Guaranteed Life review: no health questions, with a graded benefit.
• Americo final expense review: another agent-sold simplified issue option.

You can also compare every company we cover on our best final expense insurance companies page, or start with the basics in what final expense insurance is.