Mutual of Omaha Living Promise Review (2026): Level vs. Graded, and Who Qualifies

Living Promise is Mutual of Omaha’s final expense whole life plan: no medical exam, coverage from $2,000 up to $50,000, and two versions. The Level Benefit plan pays in full from day one. The Graded Benefit plan is for people with more health history. It’s best for seniors roughly 45 to 85 in reasonably stable health who want a household-name carrier, and for healthier applicants who want day-one coverage of up to $50,000.

We’re an independent agency in Troy, Michigan. We place Living Promise, but we aren’t Mutual of Omaha and we don’t get paid more to pick it. Here’s how it actually works, drawn from the carrier’s own underwriting guide and client materials. For the company itself — ratings, history, other products — see our Mutual of Omaha carrier review.

At a glance

	Level Benefit	Graded Benefit
Issue ages	45–85	45–80
Coverage	$2,000–$50,000	$2,000–$20,000
Natural-cause death, years 1–2	Full benefit	All premiums paid, plus 10%
Accidental death	Full benefit from day one	Full benefit from day one
Year 3 and after	Full benefit	Full benefit
How you qualify	”No” to every health question	”Yes” only to questions in the second section
Medical exam	None	None

Limits can vary by state (Washington’s minimum is $5,000), and Mutual of Omaha caps total graded coverage at $25,000 per person. United of Omaha, the company that issues the policy, isn’t licensed in New York.

The Level Benefit plan: who lands here

Level is the plan you want. Premiums never go up, the benefit never goes down, and your beneficiary receives the full amount whether you pass in month two or year twenty. The $50,000 ceiling matters if you want the policy to cover medical bills or leftover debts as well as the funeral.

You get Level by answering “no” to every health question on the application. In practice, that’s people whose health is stable: treated blood pressure, routine cholesterol medication, and the many managed conditions the application doesn’t ask about.

The Graded Benefit plan: who lands here

Graded is Living Promise’s safety net. Answer “yes” to any question in the application’s second section, and you’re eligible for Graded only. It’s available from ages 45 to 80, with coverage from $2,000 to $20,000.

During the first two years, if death is from natural causes, your beneficiary gets back every premium you paid plus 10%. Accidents are covered in full from day one. From the third year on, the full benefit is paid for any cause.

That two-year window is the trade-off. A graded plan isn’t a bad policy. It’s priced for health risk the carrier can’t fully judge yet, and the wait is how it manages that.

The health questions, in plain English

The Living Promise application has two parts, and the routing is simple:

• Part One asks about the most serious conditions. A “yes” here generally means no Living Promise coverage at all.
• Part Two asks about conditions Mutual of Omaha will still cover, but on the Graded plan only.
• All “no” answers mean you’re eligible for Level.

Mutual of Omaha also checks your prescription history, your MIB record (a shared database of past insurance applications) and medical data, and it uses a height-and-weight chart. Some applicants get a random phone interview.

The guide doesn’t reprint the questions themselves. Those are on your state’s application, and we go through them with you before you apply. The carrier’s prescription lists still show where common conditions tend to land:

• COPD on a maintenance inhaler such as Spiriva, Anoro Ellipta, Tudorza or Daliresp: Graded at best, never Level. (COPD)
• Heart-rhythm or chest-pain medications like amiodarone or Ranexa: Graded at best. (atrial fibrillation)
• Blood thinners and common heart medications — Eliquis, Xarelto, Plavix, warfarin, digoxin, carvedilol — don’t automatically disqualify you. The carrier asks why you take them, and your health answers decide the plan. (heart attack history, stroke or TIA)
• Active cancer treatment with chemotherapy or immunotherapy drugs makes you ineligible for both plans for as long as you’re on it. Some long-term breast cancer medications, such as tamoxifen and Arimidex, are on an information-only list instead. (cancer history)
• Metastatic or recurrent cancer, congestive heart failure, and stroke are on the carrier’s list of conditions that can mean a reduced benefit or a decline. (congestive heart failure)

If Part One rules you out, Mutual of Omaha’s separate Guaranteed Whole Life asks no health questions at all. Another carrier might also still offer you day-one coverage, so it’s worth comparing first.

Pros and cons

What we like

• Level coverage up to $50,000, above the $35,000–$40,000 caps at several competitors
• Available from age 45, while several competitors start at 50
• A simple two-plan structure that’s easy to explain to family
• Blood thinners and many heart medications aren’t automatic knockouts
• An accelerated death benefit rider: one early payout if you’re diagnosed with a terminal illness (12 months or less) or confined to a nursing home for 90+ days and expected to stay (not available in every state)
• Builds cash value you can borrow against

What to weigh

• Only two tiers. If you miss Level, you go straight to a two-year graded period
• A COPD maintenance inhaler by itself rules out Level
• Graded tops out at $20,000 and age 80
• Not available in New York

How it compares

• Transamerica FE Express: decides instantly from your prescription and medical records. Its guide puts COPD and even congestive heart failure in a day-one tier.
• American Amicable Senior Choice: three plans instead of two, including a return-of-premium plan, with published two- and three-year lookbacks.
• Royal Neighbors Ensured Legacy: has a guaranteed-issue tier in the same product family, for ages 50–80.

Frequently asked questions

Does Mutual of Omaha Living Promise require a medical exam?

No. Approval is based on your health answers plus checks of your prescription history, MIB record and medical data. Some applicants get a random phone interview, but nobody gets a paramedical exam.

What is the waiting period on Living Promise?

The Level plan has none: it pays the full benefit from day one. The Graded plan pays all premiums plus 10% for natural-cause deaths in the first two years, then the full benefit. Both plans cover accidental death in full from the start.

How much coverage can I get with Living Promise?

Level runs from $2,000 to $50,000 for ages 45–85. Graded runs from $2,000 to $20,000 for ages 45–80. Limits can vary by state.

Can I get Living Promise if I have COPD?

Often, but usually on the Graded plan. Mutual of Omaha’s guide lists common COPD maintenance inhalers as Graded-only. If day-one coverage matters to you, compare it against carriers that treat COPD more generously.

Is Living Promise a good final expense policy?

For healthy seniors who want a strong household name and up to $50,000 of coverage, it’s one of the better Level plans available. If your history would put you in Graded, compare it with other carriers first, because some offer day-one coverage for the same conditions. Mutual of Omaha always makes the final decision.

Compare it before you apply

The best plan is the one where your health history earns the best tier. We’ll check your conditions and medications against Living Promise and the rest of our carriers, then tell you honestly where you’re likely to qualify. Compare quotes or call 586-343-1505.

Sources: Mutual of Omaha, Simplified Issue Life Insurance Underwriting Guide, Term and Permanent Products (form 618352, updated April 2026; agent use); Mutual of Omaha, Living Promise Whole Life Insurance Plan Highlights (form 615060).

Verified October 2026. Guidelines change; carriers make final decisions.