Mutual of Omaha Life Insurance Overview
By the Policy Help Desk Editorial Team · 3 min read
Updated September 30, 2026
Mutual of Omaha is the brand. The life insurance products described here are underwritten by United of Omaha Life Insurance Company, a Mutual of Omaha company licensed in all states except New York. The company's published lines include term life, whole life, guaranteed whole life, children's whole life and the Living Promise final expense product.
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(866) 673-3495Key Takeaways
- •The life insurance products described here are underwritten by United of Omaha Life Insurance Company, which is part of the Mutual of Omaha group.
- •Whole life remains in force as long as the required premiums are paid and the policy terms are met.
- •Guaranteed whole life is issued without health questions. Under the policy terms, a natural death in the first two years pays premiums paid plus 10%, while an accidental death pays the full benefit from the first day.
- •Living Promise is the final expense line: a small whole life policy generally underwritten with health questions rather than a medical exam.
- •Coverage lasts for the selected term; renewal or conversion options depend on the policy.
Life-Insurance Options to Compare
Term life insurance
Coverage for a set period. It pays a death benefit only if death occurs during the term and builds no cash value.
Whole life insurance
Permanent coverage with a level premium and cash value that grows over time. The policy remains in force as long as the required premiums are paid and the policy terms are met.
Guaranteed whole life insurance
Whole life coverage issued without health questions or a medical exam. The policy's early-years terms treat a natural death differently from an accidental death.
- —No health questions or medical exam on the application
- —A natural death during the first two years pays premiums paid plus 10%
- —An accidental death pays the full benefit from the first day
Final expense (Living Promise)
A small whole life policy intended to cover funeral costs and other final expenses. It is available as a level benefit plan or a graded benefit plan, depending on underwriting.
Children's whole life insurance
A small permanent policy on a child, often bought to lock in coverage that can be continued into adulthood.
These are the product lines the insurance carrier publishes. This is an overview, not an offer or a policy illustration — actual terms, availability and eligibility come from the issuing company and the policy itself.
What to Consider
Guaranteed whole life
Issued without health questions, and the policy's terms limit the benefit early on: for a natural death in the first two years, the beneficiary receives the premiums paid plus 10%, while an accidental death pays the full benefit from the first day. After the first two years, the full benefit applies as the policy provides, subject to the exclusions and limitations stated in the policy itself.
Final expense (Living Promise)
Living Promise is simplified issue: it asks health questions instead of requiring a medical exam. Those answers affect eligibility and which benefit plan may be available.
Term life insurance
The premium is level for the selected term. Coverage lasts for the selected term; renewal or conversion options depend on the policy.
Whole life insurance
The policy remains in force as long as the required premiums are paid and the policy terms are met. Cash value builds over time, and cancelling outside the free-look period means you would not receive a full return of the premiums paid.
Questions Before You Apply?
A licensed agent can walk through eligibility, timing and what a policy does and does not cover before you decide.
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(866) 673-3495Frequently Asked Questions
Does Mutual of Omaha offer coverage without a medical exam?
It publishes products designed for applicants who prefer to avoid a medical exam. Guaranteed whole life is issued without health questions, and Living Promise is based on answers to a few health questions rather than an exam. Whether a particular application qualifies depends on the product, your age and your state.
What is Living Promise?
Living Promise is the company's final expense product: a small whole life policy intended to cover funeral and other final costs. It has a level benefit plan and a graded benefit plan, and it is underwritten by United of Omaha Life Insurance Company.
How is term different from whole life?
Term covers a set number of years and builds no cash value; coverage lasts for the selected term, and renewal or conversion options depend on the policy. Whole life is permanent, carries a level premium, builds cash value, and remains in force while the required premiums are paid.
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(866) 673-3495Who You Are Calling
Policy Help Desk is operated by Greystone Insurance Group LLC, a licensed Florida insurance agency (License #L132255). Calls may be handled by Greystone Insurance Group LLC or by a licensed independent insurance agent who can discuss available coverage options.
The number on this page is Policy Help Desk's own contact number. Policy Help Desk is not Mutual of Omaha's customer-service department. Availability of that company's products through the agent handling your inquiry depends on that agent's appointments, the product and your state.
Being included in this overview is not an endorsement of the company or its products by Policy Help Desk. Facts come from the sources listed above and were last verified September 30, 2026; they can change. Nothing here is an offer of insurance, a quote, or a statement that any applicant will qualify for coverage.