How to sell Mutual of Omaha Final Expense with ABM
How Does Mutual of Omaha Final Expense Insurance Work?
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United of Omaha burial insurance is a whole life insurance policy with coverage amounts from $2,000 up to $40,000. The full death benefit is payable immediately if you’re approved for the level benefit plan. That means you’re covered right away for natural causes or accidental death. The policy pays out a tax-free cash payment to your loved ones or funeral home to pay for your funeral costs. Your family can use the proceeds to pay for a burial, cremation, outstanding debts, any other end-of-life expenses or money you want to leave for your loved ones.
Every United of Omaha final expense insurance policy (except the graded benefit plan) will come with the accelerated death benefit rider. Either of the following scenarios triggers this rider:
Terminal Illness: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit.
Nursing Home Confinement: You can receive up to 50% of your death benefit if you are confined to a nursing home for 90 consecutive days.
You do not pay for those riders. They come bundled with the policy at no extra cost.
It’s super easy to understand because it’s a whole life policy. Here are the relevant policy details you need to know. The premiums stay the same forever. It Builds cash value, optional accidental death benefit 2x.
Common Health Conditions for No Waiting Period Coverage.
Aneurysm
Arthritis
Asthma
Blindness
Blood clots > 2 years ago
Blood thinners
Cancer > 4 years ago
Circulatory surgery > 2 years ago
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis A or B
High blood pressure
High cholesterol
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 2 years ago
Tumors (non-cancerous)
The first-day coverage option “Level”
United of Omaha’s final expense policy for seniors offering full day-one coverage is called “Living Promise” (that’s just the name they gave it). Mutual of Omaha Living Promise has two health ratings. There is a level death benefit and a graded death benefit. If approved for the level benefit, it does not have a waiting period. You are fully insured from the very first day. The level plan also allows you to purchase the Accidental Death Benefit Rider. It will generally only add a few dollars to your premium payments. With this rider, Mutual of Omaha will payout double the death benefit if an accident is the cause of death. Eligibility for the level plan depends upon your health. To qualify for the level plan, you must say no to all these health questions and have a height to weight ratio within these guidelines.
If you would like to quote Mutual of Omaha for your clients. Just log into your Agent Boost portal on the left-hand side under Business Center Resources you will be able to use our quoting tool for all your final expense clients.
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