Planning for the future is never an easy task, but it’s a necessary one, especially when it comes to your final expenses. One of the most thoughtful and responsible ways to ensure that your loved ones are not burdened with the cost of your burial and funeral services is through burial insurance. Burial insurance, also known as final expense insurance, is designed to cover the expenses associated with your death, including funeral costs, medical bills, and other end-of-life expenses.
Mutual of Omaha is a trusted name in the insurance industry, offering a range of burial insurance policies that provide peace of mind during an otherwise difficult time. In this blog post, we will explore why Mutual of Omaha stands out as one of the best providers for burial insurance, what their policies entail, and how you can secure the best coverage for you and your family.
What is Burial Insurance?
Before diving into why Mutual of Omaha’s burial insurance policies are an excellent choice, it’s important to understand what burial insurance is and how it works.
Burial insurance is a type of life insurance specifically designed to cover funeral and burial expenses. This type of policy is typically whole life insurance, meaning that it offers coverage for the policyholder’s entire life, as long as premiums are paid. The death benefit paid out to the beneficiaries is intended to cover costs such as:
- Funeral and burial services
- Medical bills and debts
- Cremation expenses
- Any outstanding financial obligations
Unlike traditional life insurance, which might require significant medical exams and evaluations, burial insurance is usually easier to qualify for, especially for individuals with certain health conditions. Many people over the age of 50 or 60 choose burial insurance for the simple reason that it offers an affordable solution to cover their final expenses.
Why Choose Mutual of Omaha for Burial Insurance?
Mutual of Omaha has been a staple in the insurance industry for over 100 years, making it a reputable and reliable provider for burial insurance. The company has built a strong reputation for offering a variety of affordable and comprehensive insurance policies. Here are a few reasons why Mutual of Omaha is an excellent choice for burial insurance:
1. Financial Stability
One of the key factors to consider when choosing an insurance provider is their financial stability. Mutual of Omaha has received high ratings from major rating agencies, including an “A+” rating from A.M. Best, indicating that the company is financially sound and capable of meeting its obligations to policyholders. This provides peace of mind, knowing that your burial insurance benefits will be paid out when needed.
2. Affordable Premiums
Mutual of Omaha offers affordable premiums for its burial insurance policies. Because burial insurance is typically whole life insurance with a smaller death benefit, it tends to be more affordable than traditional life insurance policies. This makes it an attractive option for seniors and individuals on a fixed income who want to ensure that their funeral expenses are covered without breaking the bank.
3. Flexible Coverage Options
Mutual of Omaha provides a variety of burial insurance options, allowing you to tailor your coverage to fit your needs. Whether you’re looking for a small policy to cover only basic funeral expenses or a larger policy to account for medical bills and other debts, Mutual of Omaha has a solution. Their policies typically offer coverage amounts ranging from $2,000 to $25,000, which can be customized based on your preferences and budget.
4. No Medical Exam Required
One of the most attractive aspects of Mutual of Omaha’s burial insurance is that it doesn’t require a medical exam for most applicants. Many burial insurance policies are simplified issue or guaranteed issue, meaning that as long as you meet certain age requirements (typically between 45 and 85 years old), you are eligible for coverage without having to undergo a medical exam.
For seniors who may have health concerns or pre-existing conditions, this is a huge advantage. It eliminates the need for in-depth medical evaluations, making the application process simple and straightforward.
5. Quick and Easy Application Process
Applying for burial insurance with Mutual of Omaha is quick and easy. The application process can often be completed online or over the phone, and in many cases, you will know whether you’re approved for coverage within minutes. This speed of approval is particularly important for seniors who may need coverage as soon as possible.
6. A Variety of Policy Types
Mutual of Omaha offers different types of burial insurance policies, including simplified issue and guaranteed issue options. Both types are ideal for people who are seeking burial insurance coverage without the need for extensive health assessments.
- Simplified Issue: This policy is typically available to people who are between the ages of 45 and 85 and have a generally good health record. While it doesn’t require a medical exam, the applicant will need to answer a few health-related questions.
- Guaranteed Issue: This policy is available to individuals regardless of their health status. There are no health questions asked, making it an ideal option for those with pre-existing conditions. However, the coverage may be limited in the first two years, with full benefits being paid only after the policy has been in effect for a set period.
Key Features of Mutual of Omaha’s Burial Insurance
Mutual of Omaha offers several key features that make their burial insurance policies stand out in the market:
1. Whole Life Coverage
Mutual of Omaha burial insurance policies are whole life policies, which means that they provide coverage for your entire life. This guarantees that no matter when you pass away, your beneficiaries will receive the death benefit. Whole life coverage also builds cash value over time, providing additional benefits in the long term.
2. Level Premiums
Mutual of Omaha offers level premiums, meaning that the amount you pay for your burial insurance remains the same throughout the life of the policy. This ensures that your premiums won’t increase as you age, making it easier to budget for your insurance needs.
3. No Waiting Period (for Most Applicants)
Many burial insurance policies have a waiting period, meaning that if the policyholder passes away within the first few years, the beneficiaries may not receive the full death benefit. However, with Mutual of Omaha’s simplified issue policies, there is often no waiting period, and your beneficiaries will receive the full death benefit upon your passing.
4. Guaranteed Acceptance (for Guaranteed Issue Policies)
If you opt for a guaranteed issue policy with Mutual of Omaha, you will be guaranteed acceptance regardless of your health status. This is particularly beneficial for individuals who may not qualify for traditional life insurance due to pre-existing health conditions.
5. Beneficiary Flexibility
You can name any beneficiary you wish for your burial insurance policy, whether it’s a spouse, child, friend, or charitable organization. This flexibility allows you to ensure that the money will be directed to those who need it most during a difficult time.
How to Apply for Burial Insurance with Mutual of Omaha
Applying for burial insurance with Mutual of Omaha is simple and can be done online or through a licensed agent. Here’s a step-by-step guide to applying:
- Determine Your Coverage Needs: Before you apply, assess your needs to determine how much coverage you require. Consider the costs of a funeral, burial, and any other final expenses you want covered.
- Choose Your Policy Type: Decide whether you want a simplified issue or guaranteed issue policy, based on your health and coverage preferences.
- Fill Out the Application: You can apply online or speak with a licensed agent. You’ll need to provide personal information, such as your age, health history (for simplified issue policies), and coverage amount.
- Review Your Offer: Once you submit your application, you’ll receive a policy offer. Review the terms and premiums to ensure it aligns with your needs.
- Accept Your Policy: If you’re satisfied with the offer, accept the policy and make your first premium payment. Your coverage will take effect, and you’ll have peace of mind knowing that your final expenses are covered.
Final Thoughts
When it comes to burial insurance, Mutual of Omaha offers one of the best options on the market. With its affordable premiums, financial stability, and variety of policy types, it provides an excellent solution for individuals who want to ensure that their final expenses are taken care of. Whether you’re looking for a simple policy or a more comprehensive plan, Mutual of Omaha has options to fit your needs.
Don’t wait until it’s too late to plan for your final expenses. By choosing burial insurance with Mutual of Omaha, you can have peace of mind knowing that your loved ones won’t have to bear the financial burden of your passing.