Burial Insurance Companies
Burial Insurance Topics
Mutual of Omaha
Mutual of Omaha was founded in 1909 and is one of the largest insurance companies in the United States. It offers a life insurance package called Living Promise that may be used for final expense or burial costs. The company’s level benefit plan is available for individuals aged 45 to 85. It offers payouts ranging from $2,000 to $40,000. The firm’s graded benefit plan is available to individuals aged 45 to 80; it features death benefit payouts from $2,000 to $20,000. Mutual of Omaha guarantees that your premiums will never increase and your paid benefits will never decrease. There is no medical examination requirement.
Can I cancel a burial insurance policy?
Final expense insurance (also called burial insurance) normally cannot be cancelled. You may elect to stop paying your premiums, at which point the insurance company will void the contract and your credit rating may be affected. You will not be able to seek a refund on any premiums that were already paid. The only instance in which burial insurance policies may be cancelled is when there is fraudulent action on the part of the insurance company.
Will a funeral home accept payment with burial insurance?
Final expense and burial insurance policies typically offer cash payment of benefits upon the death of the policyholder. What the beneficiary chooses to do with this cash payment is completely up to the beneficiary. There are no restrictions, limitations, or rules on what you may do with the cash payout, and many beneficiaries do use it to pay for funeral home expenses.
Can I obtain burial insurance even though I have health issues?
You can most likely obtain some form of burial insurance even if you have health issues. Most burial insurance is intended to assist those with non-terminal illnesses. It is usually easier to purchase burial insurance than it is to purchase regular life insurance because of the shorter terms and lower payouts (and premiums) of burial insurance. Some terminal health issues may prevent you from obtaining burial insurance. You should consult with several insurance companies and answer their health-related questionnaires to determine which one will offer the best burial insurance policy for your particular needs. These questionnaires usually do not require medical exams or health screenings.
How to get started
If you are already a Mutual of Omaha insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can obtain a quote on its website, or you may call the company using the information below. You may also shop for policies using our comparison tool by clicking on the following link.
Financial Strength Ratings
AM Best – A+, Stable outlook
Moody’s – A1
Standard & Poor – AA-
Company contact info
Mutual of Omaha Insurance Company
3300 Mutual of Omaha Plaza
Omaha, Nebraska 68175