If you're shopping for final expense insurance, Mutual of Omaha and Transamerica are two of the most popular options you'll come across — and for good reason. Both are A-rated carriers with solid products, but there are some real differences that matter when it comes to your wallet and your coverage.
I've placed policies with both companies and I'll break down exactly how they compare so you can make the right call.
Side-by-Side Comparison
| Feature | Mutual of Omaha (Living Promise) | Transamerica (FE Solutions) |
|---|
| Level Plan Ages | 45 – 85 | 0 – 85 (Immediate) / 18 – 85 (Express) |
| Max Coverage | $40,000 | $50,000 |
| Min Coverage | $2,000 | $1,000 (Immediate) / $5,000 (Express) |
| Medical Exam | No | No |
| Day-One Coverage | Yes (Level plan) | Yes (Immediate & Express) |
| Graded Plan Ages | 45 – 80 | 18 – 80 (Easy Solution) |
| Graded Benefit (Years 1–2) | Premiums + 10% | Year 1: 30%, Year 2: 70% |
| 10-Pay Option | ❌ Not available | ✅ Available |
| Digital Application | iGo e-App | 100% digital (Express) |
| Approval Speed | 24–48 hours typically | As fast as 10 minutes (Express) |
| Children's Rider | ❌ Not available | ✅ Up to 9 kids/grandkids |
| Nursing Home Benefit | ✅ Free on Level plan | ✅ Free on Immediate & 10-Pay |
| Concierge Planning | ❌ | ✅ Free on Express |
| Policy Fee | $36/year | Built into premium |
| Pricing | Generally lower | Slightly higher |
| Company Rating | A+ (AM Best) | A (AM Best) |
| Expedited Claims | Standard process | Up to $25K expedited |
Where Mutual of Omaha Wins
- 💰 Lower premiums — Mutual of Omaha consistently comes in at or near the lowest rates in the market for final expense
- 🏛️ Longer track record — founded in 1909, over 115 years in business
- 🩺 More generous underwriting — they accept many conditions that other carriers won't, keeping more people on the preferred Level plan
- 💵 Better graded plan terms — Mutual of Omaha pays premiums + 10% during the waiting period; Transamerica's Easy Solution pays only 30% in year 1 and 70% in year 2
Where Transamerica Wins
- ⚡ Fastest approval — FE Express can get you a policy in 10 minutes
- 📅 10-Pay option — pay it off in 10 years and you're covered for life with no more premiums
- 👶 Children's/Grandchildren's Rider — cover up to 9 kids on the same policy
- 📋 Higher max coverage — $50,000 vs Mutual of Omaha's $40,000
- 🏥 Expedited claims up to $25,000 — faster access to funds for funeral expenses
- 🎯 Concierge Planning Rider — free help with funeral planning, legal documents, and estate planning
My Recommendation
For most people, Mutual of Omaha is the better value. The lower premiums add up to significant savings over the life of the policy, and their underwriting tends to be more forgiving. If you qualify for the Level plan, it's hard to beat Living Promise.
However, Transamerica is the better choice if:
- You want a 10-Pay option to own your policy outright
- You need more than $40,000 in coverage
- You want to add children/grandchildren to your policy
- Speed of approval is your top priority
The best approach? Let me compare both carriers side-by-side for your specific age and health. The "winner" can vary depending on your individual situation.
👉 Get Your Free Side-by-Side Comparison or call (919) 944-8443.
Michael Cubell
