Mutual of Omaha Life Insurance Review In Florida

When people in Florida start looking for life insurance, one name that comes up again and again is Mutual of Omaha - and for good reason.

They’ve been around since 1909, they’re financially rock solid, and they’ve built a reputation as one of the most trusted companies in the business.

Whether you’re looking for a simple final expense plan with no medical exam, or a more traditional term policy to protect your family’s income, Mutual of Omaha has options that are straightforward, competitively priced, and built to last.

They’re especially popular among:

• Seniors who want guaranteed-issue policies or burial insurance
• Middle-aged families looking for term or permanent coverage from a brand they know
• People who’ve had a bad experience with TV-ad companies and want something more dependable

In this review, we’ll walk through the different life insurance products Mutual of Omaha offers in Florida, what they cost, who they’re best for - and where they might fall short.

If you’re comparing options and trying to make the right call, this guide will hopefully give you the clarity you need.

What Life Insurance Plans Does Mutual of Omaha Offer?

Mutual of Omaha keeps their lineup focused on the basics - and that’s not a bad thing.

They offer a handful of well-structured life insurance products that cover a full range of needs, from short-term income protection to lifelong burial coverage.

No gimmicks, no complicated hybrid products. Just straightforward options tailored to different stages of life and financial goals.

Here’s a quick look at their core offerings:

• Term Life Insurance – Affordable coverage for a set number of years. Great for families or anyone looking to protect income during their working years.
• Whole Life Insurance – Permanent coverage that builds cash value and never expires. Commonly used for final expenses or small legacy planning.
• Universal Life Insurance – A more flexible, long-term option that combines lifelong protection with the potential for cash value growth, tied to market performance.

Whether you’re just starting out in your 30s or reviewing your financial legacy in your 70s, Mutual of Omaha has plans built for both simplicity and stability - which is exactly what many Florida shoppers are looking for.

Let's walk through their offerings in a little more detail.

#1. Term Life Insurance

If you're looking for affordable life insurance that covers you during your most financially demanding years, term life is where most people start - and Mutual of Omaha’s version holds up well.

Term life insurance provides coverage for a set period - 10, 15, 20, or 30 years. During that time, your premium stays the same, and your policy pays out a fixed death benefit if you pass away.

After the term ends, the policy expires unless you choose to convert it or renew at a higher rate.

Why It Matters

Term life is ideal for:

• Young adults starting families
• Parents with kids at home
• Homeowners with a mortgage
• Business owners with debt or key-person risk

The whole point is to protect income during your highest responsibility years - when people depend on you the most.

If something happens to you unexpectedly, term life helps make sure your family doesn’t also lose the roof over their heads, tuition plans, or future goals.

How Mutual of Omaha Stacks Up

• Coverage starts at $100,000
• Issue ages go up to age 80, depending on the term length
• Medical underwriting required (typically a basic health exam or phone interview)
• Offers conversion to permanent insurance without another medical exam
• Must apply through an agent - no direct online application

Mutual’s term life isn’t always the cheapest on the market for younger applicants, but it’s built for people who don’t want surprises, and it comes with the support of a company that’s been paying claims for over a century.

If you want rock-bottom pricing with 100% online enrollment, you’ll probably find better deals elsewhere. But if you're looking for a stable term policy from a company with real staying power, Mutual of Omaha is a strong, low-drama option.

#2. Whole Life Insurance

Mutual of Omaha’s whole life insurance is exactly what most seniors are looking for when they want permanent, no-hassle coverage that stays in place for life.

It’s simple, affordable, and built to take care of final expenses without putting that burden on your family.

Unlike term insurance, whole life coverage never expires - as long as you keep paying your premiums. The monthly cost stays the same for life, and the policy builds cash value over time, which you can borrow against if needed.

A Good Fit for Seniors

This type of policy is best suited for:

• Floridians age 60+ looking for guaranteed lifetime protection
• Those who want to prepay funeral costs or leave behind a small legacy
• People pairing their Medicare Supplement or Advantage plan with burial coverage
• Anyone who wants to skip the medical exam and get approved quickly

Most policies fall in the $5,000 to $20,000 range - just enough to cover a funeral, final bills, or a small gift to a child or grandchild.

How Mutual of Omaha Stacks Up

• Ages 45–85 accepted in Florida
• No medical exam - just a few basic health questions
• Fixed premiums for life
• Can’t be canceled due to age or health changes
• Policies in Florida mature at age 120, not 100 - giving more long-term security

This is one of the products Mutual of Omaha is best known for. It’s trusted, fast to issue, and offers a no-surprise solution for seniors who want their affairs in order.

If you’re already working with an agent on Medicare coverage, there’s a good chance this policy will come up as part of your overall plan - and in most cases, it makes sense to have both under the same roof.

#3. Universal Life Insurance

If you’re looking for flexible lifetime coverage with the potential to build cash value over time, Mutual of Omaha’s Universal Life Insurance might be worth a look - especially if you’re focused on long-term planning.

Universal life policies offer permanent protection, but unlike whole life, they come with adjustable premiums and death benefit options.

That means you can increase, decrease, or even pause payments (within limits), as long as there’s enough cash value to keep the policy in effect.

Mutual’s version is an Indexed Universal Life (IUL), which ties the cash value growth to a stock market index like the S&P 500. It gives you the chance for higher returns than traditional whole life, but with built-in protections to prevent market losses from reducing your policy value.

Who It’s For

Universal life isn’t for everyone - but it’s a good fit for:

• Higher-income Floridians looking to leave behind a larger legacy
• People who want tax-deferred cash growth in addition to life insurance
• Adults in their 40s to 60s who want flexibility in how and when they pay premiums
• Those working with a financial advisor or agent to structure long-term protection

Why Mutual’s Version Works

• Offers downside protection - your cash value won’t go negative if the market drops
• Can be custom-built with riders for chronic illness, terminal illness, and more
• Flexible premiums give you breathing room during tight financial periods
• Backed by a company with over a century of experience in the life insurance space

It’s not a quick, plug-and-play policy - and it’s probably not right for someone just looking to cover burial costs. But if you’re thinking about wealth preservation, estate planning, or tax-free retirement income, it’s a strong option worth considering with professional guidance.

What Are the Most Popular Life Insurance Plans with Mutual of Omaha?

While Mutual of Omaha offers a variety of policies, two plans stand out as the most popular - term life and whole life.

One is designed for younger families looking to protect income, and the other is a go-to for seniors who want to leave things in order without jumping through hoops.

Term Life Insurance

This is Mutual’s most commonly recommended policy for working adults in their 30s to 50s. It’s simple, cost-effective, and designed to do one thing really well: protect your income during your most financially vulnerable years.

Whether it’s covering a mortgage, replacing lost income, or protecting your kids until they’re grown, Mutual’s term life fits the bill - and you can choose the time frame (10, 15, 20, or 30 years) based on your goals.

It’s especially popular with:

• Parents with young kids
• New homeowners
• Business owners with key-person risk
• Anyone needing a high face amount at a reasonable rate

Just keep in mind: you’ll need to go through an agent to apply, and most policies still require a basic medical exam.

Whole Life / Final Expense Insurance

This is where Mutual of Omaha has built its strongest reputation - and it’s why they’re one of the most trusted names for seniors.

Final expense whole life policies are:

• Easy to get (no medical exam required)
• Affordable for smaller face amounts
• Designed for one purpose: to cover end-of-life costs like funerals, medical bills, and unpaid debts

These policies are hugely popular with Floridians age 60 and older, especially those on fixed incomes or working through Medicare planning.

The peace of mind they offer - knowing your loved ones won’t be left scrambling for burial costs - is hard to overstate.

Mutual’s version is quick to issue, backed by decades of claims experience, and available up to age 85 in Florida.

How Much Does Mutual of Omaha Life Insurance Cost?

Let’s be honest - the first thing most people want to know is, “What’s this going to cost me?”.

Mutual of Omaha stays competitive across the board, especially for people in good health and for seniors shopping for final expense coverage.

Below are actual 2025 sample prices based on verified rates for non-smokers in excellent health.

These are estimates for Mutual of Omaha’s simplified issue whole life product, commonly used for final expense needs.

Policies are available in face amounts from $2,000 to $25,000, and coverage is typically issued without a medical exam.

For example, a 66-year-old female in Florida can expect to pay around $95 per month for a $15,000 policy. Rates increase with age and vary slightly based on state and payment frequency (monthly, quarterly, etc.).

These are ballpark figures derived from Mutual of Omaha’s quote engine and national averages. Most final expense policies are approved in 1–2 business days.

Whether you’re buying term life for income protection or a small whole life policy for funeral costs, Mutual of Omaha keeps pricing fair and transparent. You won’t always find the lowest teaser rate - but you’ll get a premium that reflects long-term value and strong underwriting stability.

Does Mutual of Omaha Have Waiting Periods?

It depends on the type of policy you choose. Here’s the breakdown:

Term Life Insurance

Mutual of Omaha’s term life insurance does not have a waiting period. Once your application is approved and your first premium is paid, coverage is in force.

Even if you’re rated higher due to health risks, the policy will still pay the full death benefit immediately - there’s no delay or probationary window.

This makes it a strong option for people who want immediate peace of mind - especially families protecting income, debt, or dependents.

Whole Life (Final Expense)

Most of Mutual’s final expense policies do come with graded death benefits, especially their guaranteed issue plans (those with no health questions).

Here’s how it works:

• If you pass away due to natural causes within the first two years, your beneficiary may receive a partial payout or return of premiums plus interest
• After two years, the full death benefit kicks in, no questions asked

This waiting period helps balance the risk for applicants who wouldn’t otherwise qualify due to health concerns.

Pro Tip: If you’re healthy enough to answer basic health questions, Mutual’s simplified issue whole life policies can often skip the waiting period entirely. But if you go the no-questions route, expect a standard 2-year delay on full natural cause benefits.

Let's talk a little more about the waiting periods that come with Mutual's whole life policies.

Does Whole Life Insurance Have Waiting Periods?

When it comes to Mutual of Omaha’s whole life insurance, the answer is: not always - and in many cases, you can get immediate coverage with no waiting period at all.

It depends on your health and which version of the policy you qualify for.

Standard Whole Life (Immediate Benefit)

If you’re in reasonably good health and can answer a few basic health questions, you may qualify for a level benefit plan - also known as an immediate benefit. That means your full death benefit is available on day one. No waiting. No graded payout.

This is the ideal option - and many applicants over age 60 still qualify.

Graded Benefit Plan

If you have some moderate health issues, Mutual may still approve your policy - but with a graded benefit during the first two years.

• If you pass away due to natural causes in that period, the payout will usually be 110% of premiums paid
• After the two-year mark, the full benefit kicks in

This helps people who may not qualify for immediate coverage but still want guaranteed lifetime protection.

Modified Benefit Plan

For high-risk applicants who don’t qualify for the other two, Mutual offers a modified whole life plan.

• During the first two years, your beneficiary would receive a return of premiums plus interest, but not the full face amount
• After two years, the full benefit becomes available

This is often a last-chance option for people who’ve been declined elsewhere.

So, is there always a waiting period? No - not always. In fact, many applicants are pleasantly surprised to find they qualify for immediate, day-one coverage.

Your best bet? Talk to a licensed agent. They can help you determine which level of coverage you qualify for and how to avoid a waiting period if possible.

How Does Mutual of Omaha Compare to Colonial Penn Final Expense Insurance?

If you’ve watched daytime TV, you’ve probably seen a Colonial Penn commercial. They’re one of the most recognizable names in final expense insurance - but that doesn’t mean they offer the best deal.

Let’s break down how Mutual of Omaha stacks up against Colonial Penn, especially when it comes to guaranteed issue final expense policies.

Colonial Penn

• Known for guaranteed acceptance, no health questions
• Every policy comes with a mandatory 2-year waiting period
• If the insured passes away from natural causes in the first 2 years, only a return of premiums is paid
• Coverage amounts are based on “units”, not straightforward dollar amounts - making it hard to know exactly what you’re getting
• Often more expensive per $1,000 of coverage than other carriers

Mutual of Omaha

• Also offers a guaranteed issue policy, available up to age 85
• If you qualify for their immediate benefit plan, there’s no waiting period
• Offers clear, fixed coverage amounts like $5,000, $10,000, $15,000, etc.
• Often provides better value per dollar, especially for applicants in average or better health
• Faster underwriting and better customer service reputation

Bottom Line

Colonial Penn may be easy to apply for - but you’re paying for that simplicity with a 2-year waiting period and often lower benefit amounts.

If you qualify for Mutual of Omaha’s simplified issue plan, you’ll likely get:

• More coverage
• Immediate full protection
• Better overall value

That’s why many agents - especially those who work with Medicare clients - recommend Mutual of Omaha over Colonial Penn when it comes to final expense insurance.

How Do I Apply for Mutual of Omaha Life Insurance?

Applying for life insurance with Mutual of Omaha is a straightforward, no-pressure process.

In most cases, you’ll work directly with a licensed agent who will walk you through everything step by step.

There’s no confusing paperwork to figure out on your own. The goal is to find a plan that fits your needs, your health profile, and your budget - not just sell you something that sounds good on paper.

What the Process Looks Like

1. Fact-Finding Consultation: Your agent will start by asking about your age and health, life insurance goals (e.g., final expenses, income protection), current coverage or financial obligations, and your desired monthly budget.
2. Matching You to the Right Policy: From there, the agent will help recommend the right type of coverage (term, whole life, or guaranteed issue) and the amount of protection that makes the most sense based on your goals and eligibility.
3. Application Over the Phone: The entire application is completed by phone - typically in 15 to 30 minutes - with your agent guiding you through every step.

What You’ll Need to Apply

• Basic personal information: name, address, phone number, and date of birth
• Medical details: any prescriptions, health conditions, or recent treatments
• Banking information: most policies are paid via monthly bank draft

How Long Does Approval Take?

• Whole Life Insurance: Most applications are approved within 7 to 10 business days. If you’re applying for guaranteed issue coverage, approval may be even faster.
• Term Life Insurance: Expect a 30 to 60-day turnaround due to more detailed underwriting, which may include a medical exam or health records review.

If you’re working with an experienced agent, the process is quick, clear, and built around your timeline - not theirs. You’ll know exactly what’s happening and why at every step.

Bottom Line

Mutual of Omaha keeps life insurance simple and dependable - just the way people like it.

They offer a solid mix of plans that cover everything from short-term income protection to lifelong burial coverage, without any confusing extras.

Whether you're a young parent protecting your family's future or a retiree wanting to cover final expenses, they’ve got you covered. Their term life plans are great for affordable, time-based coverage, while their whole life policies are a go-to for seniors who want no-fuss, permanent protection.

And if you’re planning long-term with flexibility in mind, their universal life option adds cash value growth tied to the market.

Pricing is fair, the process is agent-guided (no DIY headaches), and many policies can even skip the waiting period.

Bottom line? Mutual of Omaha is a strong pick if you’re after straightforward coverage with lasting peace of mind.

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