Frequently Asked Questions

Q: What is guaranteed issue life insurance?

A: Guaranteed issue life insurance is a form of permanent life insurance for people with pre-existing medical conditions. These policies can provide money to your loved ones to help with burial expenses, unexpected medical bills, and funeral costs. With Mutual of Omaha, your policy and coverage are guaranteed until age 100 or later.

Q: Do I need a medical exam to qualify for coverage?

A: No. If you are purchasing guaranteed issue life insurance, no medical exam is required for an approval, and your acceptance is guaranteed. These policies are available to anyone between the ages of 45 and 85, regardless of any health conditions they may have.

Q: Will my rates ever increase in the future?

A: No, with Mutual of Omaha, your policy's rates are guaranteed not to change until the age of 100 or later. If you outlive your life insurance policy, the Mutual of Omaha company will stay pay your policy's "death benefit" to you as one-time, tax-free, lump-sum of cash.

Q: How much life insurance coverage can I buy?

A: Qualified applicants can purchase up to $25,000 of coverage regardless of their age, occupation, or pre-existing health conditions. If you need more than $25,000, you can purchase another policy from a different company, but most companies limit their final expense protection to $25,000 or less per individual.

Q: Can my life insurance policy be canceled for any reason?

A: No, the life insurance company you purchase your policy from cannot cancel your coverage for any reason if your premiums are paid on-time each month. However, you can cancel your policy at any time without fees or penalties if your needs change in the future.

Q: What do I need to know before buying a life insurance policy?

A: When shopping for life insurance, we always recommend reviewing your budget before applying. Guaranteed issue life insurance is purchased to provide for your final expenses, so don't you want to purchase a policy that won't be able to afford in the future. If you are unsure of how much coverage you need, our licensed agents can help.

Q: How much life insurance do I need?

A: Everyone’s need for life insurance is different and some people need more life insurance protection than others. In general, most people’s need for coverage is determined by their outstanding debts, income, age, and the age of their dependents.

Q: Who should I list as my beneficiary?

A: Most of our clients will list their spouse as their policy’s primary beneficiary. Other common beneficiaries include a trust, a business, a charity, or an estate. The beneficiary, or beneficiaries, listed on your life insurance policy will receive the full death benefit from your life insurance policy when you pass away.

Q: What's the fine print?

A: Unlike other forms of life insurance, guaranteed issue life insurance does not provide immediate coverage. If you pass away from a health-related issue or illness during the first 24 months of your policy, your loved one's will not receive your policy's full death benefit. Instead, they will be refunded all of the money you have paid plus 10%.