Mutual of Omaha Contracting [10 Reasons To Contract With Them]


Why Sell Mutual of Omaha Living Promise Final Expense Plans? 10 Reasons Explained

Reason #1- Easy and Fast E Application Process.

Mutual of Omaha currently uses the I GO E App platform for the Living Promise Product. It’s fast and easy for an agent to navigate. After selecting the product and coverage amounts, you can complete the entire app from beginning to electronic signatures in roughly 15 minutes.

Never needing to hang up the phone with your client/prospect while finishing the entire process is the best way to ensure the business stays on the books. In many circumstances, it’s the second step or callbacks collecting signatures or payment information that can cause cases to go-unpaid or never finish.

This process helps eliminate that issue.

Reason #2- Pricing Is Competitive.

The Living Promise typically will be one of the cheapest plans available to your client. That in conjunction with a Goliath name that most consumers know and trust makes this an easy product to recommend with little resistance from your client.

Simply mentioning that you “recommend” the living promise burial plan with Mutual of Omaha, won’t yield as much resistance as some other carriers may. People love the name Mutual of Omaha and United of Omaha. Well maybe not love but they surely know it.

Reasons #3- Easy Knock Out Medical Part 1 and Part 2.

Mutual of Omaha makes it easy to distinguish if your client will qualify for graded, level benefits or no benefits at all. When completing the E application, you will walk through step 1/part 1.

If during step 1 your prospect answers any of the health questions as “yes,” they will not qualify for any coverage with Mutual of Omaha and need to pivot to another option.

Once you ask these medical questions and they respond with “No” in phase 1, you will be prompted to “step 2” of the medical questions.

If your client answers no to those questions, they will qualify for level benefits day 1 coverage, and if they answer yes to any of these questions, they can still be eligible for the graded benefit plans.

Reason #4- High Commissions.

The commission level on the graded and level benefit plans with Mutual of Omaha is fantastic.

Reason 5- Only 12 Month Tobacco Lookback Period

This applies to all forms of tobacco including patches, nicotine gum, cigars, and cigarettes. Nonetheless, a 12-month lookback is a short time period compared to many other carriers.

Reason 6- Accelerated Benefits with Level Benefits

This can be an excellent selling point with your client. The level benefit plan with Mutual of Omaha currently offers accelerated benefits/living benefits.

If your client has the level benefit plan and is either

A.)    Diagnosed Terminally Ill with a Life Expectancy of 12 Months or Less

B.)    Confined to Nursing Home for 90 consecutive days or more or

C.)    Can’t perform 2 of the 6 daily living activities

They can opt to accelerate their death benefits while living. This is a feature that’s becoming more and more popular with term insurance as well. Having this as a strong selling point could increase your chances of closing the deal dramatically.

With closed deals= Your Bank Account and Business Grows

Reason 7- Fast Approvals- MIB, RX (Prescription Report) and Phone Interview (Random)

Something all agents need in the beginning is cash flow. Fast approvals and commissions paid is the best way to provide this. Mutual of Omaha has a quick decision process. If a phone interview is prompted after completion of the application, it will ask your client the following questions.

•    Verify Identification Information

•    Provide US Residency Status

•    Height and Weight

•    Confirm All Applications Were Signed and Provided to the Client

•    Authorize a Prescription Check (RX Report)

•    Answer the Same Health Questions You Have already asked.

Once this step is completed and the information lines up, your case can be approved and issued.

Often, this can be approved and final within the same business day. Fast turnarounds and payments to you are critical and this is the main reason we love using and offering Mutual of Omaha Final Expense Products.

Reason 8- Graded Plans Earn 10% Interest

This may not be completely unheard of in the final expense niche, but it’s still a benefit not to ignore. The policy acts just like AIG Guaranteed Issue in this respect. If your client passes away during the first two years on a graded plan, they will be afforded a return of premium plus 10% interest earned.

This helps add a selling point to the conversation and keep your prospect interested in what you are offering for longer while you continue to build rapport and inch closer to closing the sale.

Reason 9- 2 Year lookback on Major Medical Conditions

When completing steps 1 and 2 for the medical questions, the lookback period is 2 years for significant conditions such as heart problems, stroke or hospitalizations. If your client can answer no to these questions, you can proceed with level benefits.

Having only 2 years is excellent for individuals who have a lengthy medical history but as of late have not experienced other issues. This can help place more business and keep coverage options open to individuals ultimately placing more business for you.

Reason 10- Generous Weight Guidelines for Level Benefits

Currently, Mutual of Omaha offers very generous weight guidelines for level benefit approvals. Here’s a look at them.

Height                                           Weight Maximum (Male or Female)

•    5 Foot 4 Inches                                               252

•    5 Foot 5 Inches                                               259

•    5 Foot 6 Inches                                              268

•    5 Foot 7 Inches                                               275

•    5 Foot 8 Inches                                               283

•    5 Foot 9 Inches                                               291               

•    5 Foot 10 Inches                                            300

•    5 Foot 11 Inches                                            307

•    6 Foot 1 Inches                                              315

•    6 Foot 2 Inches                                              322

Product Overviews with Mutual of Omaha

Level Benefits Plan Specifications (1st Day Coverage)

·         Issue Ages 45-85

·         Face Amounts 2,000-40,000 (In Washington, $5,000-$40,000.00)

Graded Benefits Plan (Graded 24 Month Period)

·         Issue Ages 45-80 (Except New York 50-75)

·         Face Amounts 2,000-20,000.00 (Except Washington, 5,000-20,000)

Mutual of Omaha Contracting and What To Do Next

If you think Mutual of Omaha could be a great carrier option for you and are searching for one of the best street level commissions, you can contract with Mutual of Omaha by taking a look at our streamlined telesales platform for final expense agents.

The process is simple.

In addition to high street level commissions and a company consumers trust, you will have the Digital Senior Benefits Conservation Team calling on your client’s missed payments and pending lapses. This keeps you on the phone selling new business and removes some of the busy work for you.

At the end of the day, this is what gets you paid.

To experience quality leads, excellent back end support and a chance to place more business than you ever have before, be sure to submit contracting with us and to schedule a call if you have any questions about the technology, leads or how our systems really work.

If interested in a contract, please email and request our contracting link for Mutual of Omaha.  You’ll be able to contract 100% online.

We are happy to answer them.