Transamerica vs Mutual of Omaha: Which Final Expense Policy Fits You?
Mutual of Omaha offers the lowest simplified-issue rates for healthy applicants who can pass its strict health questions. Transamerica accepts more conditions, including paired diagnoses like diabetes plus COPD, but costs 20-35% more at most ages. Both require no medical exam and both pay the full death benefit from day one for qualified applicants (source: Asurgo verified carrier rates, June 2026).
We sell both Transamerica and Mutual of Omaha every week, so this comparison is built from underwriting experience, not research. We cover the real rate differences, which health profiles fit which carrier, and when a third option is the better answer. Jump to the rate comparison, the underwriting breakdown, or the FAQ.
The Comparison
Two Carriers, Two Different Strengths
Transamerica and Mutual of Omaha are the two most commonly quoted simplified-issue carriers in the final expense market. Both offer whole life policies with no medical exam, day-one coverage for qualified applicants, and premiums that lock in for life. The difference is price versus flexibility.
Mutual of Omaha costs less. At every age, Living Promise premiums are lower than Transamerica Express Select for the same coverage amount. That makes Mutual of Omaha the obvious first choice for applicants who qualify.
Transamerica accepts more conditions. If Mutual of Omaha's strict health questions result in a decline, Transamerica's underwriting is often the next stop. It asks more health questions but evaluates conditions more leniently, especially paired diagnoses like diabetes alongside heart disease or COPD.
This page puts both carriers side by side with real rate data from Asurgo's carrier illustrations. I am a licensed insurance specialist (NPN #20817039) and I sell both products every week. This comparison is built from firsthand underwriting experience. For deeper single-carrier breakdowns, see our full Mutual of Omaha review. To see how Mutual of Omaha stacks up against a guaranteed-issue carrier, see our Mutual of Omaha vs Colonial Penn comparison. For broader context, start with final expense insurance.
The Bottom Line
Quick Answer: Which Is Better?
If you are in average health: Mutual of Omaha. Lower premiums at every age, day-one coverage, and the strongest AM Best rating in final expense (A+). A 65-year-old female non-smoker pays $41 per month for $10,000 of coverage.
If you have been declined by Mutual of Omaha or have complex health conditions: Transamerica. More lenient underwriting, especially for paired conditions like diabetes plus heart disease, but expect to pay roughly 20-25% more for the same coverage. The same 65-year-old pays $51 per month.
Your health determines which carrier offers the better deal. Read on for the full rate comparison and the decision framework.
Head to Head
Side-by-Side Comparison: Transamerica vs Mutual of Omaha
Feature Comparison
| Feature | Mutual of Omaha | Transamerica |
|---|---|---|
| Product name | Living Promise | Express Select |
| Underwriting type | Simplified issue (health questions, no exam) | Simplified issue (health questions, no exam) |
| Issue ages | 45-85 | 50-85 |
| Coverage range | $2,000-$40,000 | $2,000-$100,000 |
| Health questions | 5-7 (stricter) | 8 (more lenient) |
| Waiting period (Level) | None (day-one full coverage) | None (day-one full coverage) |
| Graded tier | Yes, 2-year waiting period | Yes, 2-year waiting period |
| AM Best rating | A+ (Superior) | A (Excellent) |
| Premiums | Level (locked, never increase) | Level (locked, never increase) |
| Medical exam | No | No |
The feature sets are similar because both are simplified-issue whole life. The real differences are in three areas: price, underwriting leniency, and maximum coverage. Mutual of Omaha wins on price and financial strength. Transamerica wins on underwriting flexibility and maximum face amount. Both lock your premium for life, neither requires a medical exam, and both pay the full Level benefit from day one.
The Numbers
Rate Comparison: What You Actually Pay
Mutual of Omaha is cheaper than Transamerica at every age for the same $10,000 of simplified-issue Level coverage. The gap runs from about $8 per month at younger ages to $36 per month at age 80. Both sets of figures come from current Asurgo carrier illustrations.
$10,000 Policy, Female Non-Tobacco (Simplified Issue Level)
| Age | Mutual of Omaha | Transamerica | Difference |
|---|---|---|---|
| 50 | $24/mo | $33/mo | +$9 |
| 60 | $33/mo | $41/mo | +$8 |
| 65 | $41/mo | $51/mo | +$10 |
| 70 | $53/mo | $65/mo | +$12 |
| 75 | $72/mo | $85/mo | +$13 |
| 80 | $98/mo | $134/mo | +$36 |
$10,000 Policy, Male Non-Tobacco (Simplified Issue Level)
| Age | Mutual of Omaha | Transamerica | Difference |
|---|---|---|---|
| 50 | $31/mo | $39/mo | +$8 |
| 60 | $43/mo | $51/mo | +$8 |
| 65 | $56/mo | $64/mo | +$8 |
| 70 | $74/mo | $86/mo | +$12 |
| 75 | $100/mo | $117/mo | +$17 |
| 80 | $139/mo | $172/mo | +$33 |
What the Rates Show
Mutual of Omaha is cheaper at every age for both men and women. The gap is consistent in the middle age brackets, roughly $8 to $13 per month at ages 60 to 75, and widens at the extremes. At age 80, a female pays $36 more per month with Transamerica, and a male pays $33 more.
Here is a concrete example. A 65-year-old non-smoking woman seeking $10,000 in final expense coverage pays $41 per month with Mutual of Omaha or $51 per month with Transamerica. That is $10 per month, $120 per year, or roughly $1,200 over a decade for the same $10,000 benefit.
The price difference exists because Mutual of Omaha's health questions are stricter. Stricter questions filter out higher-risk applicants, which keeps the premium pool healthier and the rates lower. Transamerica accepts a broader range of conditions, which means their risk pool is wider and their rates reflect that. Neither approach is wrong. They serve different applicants.
See your exact rate from both carriers
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The Long-Term Math
The 10-Year Cost Comparison
Monthly differences are easy to underestimate. Over the life of a whole life policy, they add up. Here is the cumulative cost for a 65-year-old non-smoking woman holding $10,000 of coverage from each carrier.
| Timeframe | Mutual of Omaha | Transamerica | MoO Savings |
|---|---|---|---|
| Year 1 | $492 | $612 | $120 |
| Year 5 | $2,460 | $3,060 | $600 |
| Year 10 | $4,920 | $6,120 | $1,200 |
| Year 15 | $7,380 | $9,180 | $1,800 |
Over 15 years, a Mutual of Omaha policyholder saves $1,800 compared to Transamerica for identical coverage. That is real money, but here is the important context: this comparison only applies if you qualify for Mutual of Omaha's Level tier. If Mutual of Omaha declines you and Transamerica accepts you, the Transamerica premium is not "more expensive." It is the cost of getting covered at all. The cheapest rate for you depends on your health, not just your age.
To estimate how much coverage your family would actually need, use our burial cost calculator.
Day One vs Year Two
Both Carriers Pay from Day One
Both Transamerica and Mutual of Omaha pay the full death benefit from day one for applicants who qualify for the Level tier. This is a significant advantage over guaranteed-issue products like Colonial Penn, which carry a 2-year waiting period before full benefits apply.
Level Benefit (Both Carriers)
If you qualify for the Level tier at either carrier, the full death benefit is payable from day one. There is no waiting period. If the policyholder passes away one month after the policy starts, the full benefit is paid to the beneficiary. This applies to both Mutual of Omaha Living Promise Level and Transamerica Express Select Level.
Graded Benefit (Both Carriers)
Both carriers also offer a Graded tier for applicants whose health answers do not clear the Level bar. The Graded tier at both carriers carries a 2-year waiting period: if the policyholder passes from non-accidental causes within the first 2 years, beneficiaries receive a return of premiums paid plus interest rather than the full death benefit. Accidental death is covered from day one on both Graded products. After 2 years, the full benefit applies regardless of the cause of death.
The fact that both carriers offer day-one Level coverage means the comparison comes down to two questions: who qualifies for Level, and at what price. That is where the underwriting differences and the rate tables above matter most. If you want to avoid the 2-year wait entirely, our guide to burial insurance with no waiting period explains all the day-one options.
The Real Difference
Underwriting Flexibility: Where Transamerica Wins
The rate tables above tell half the story. The other half is who qualifies. Mutual of Omaha asks fewer health questions, but those questions are the strictest in the final expense market. Transamerica asks more questions but evaluates the answers more leniently. That distinction matters for anyone managing a health condition.
Mutual of Omaha: Strictest Questions, Lowest Rates
Living Promise asks 5 to 7 yes-or-no health questions. If all your answers clear the Level tier, you get the lowest rate in the market with day-one coverage. If any answer triggers a flag, you may be moved to Graded (2-year waiting period) or declined entirely. Common reasons for a Living Promise decline include congestive heart failure, active cancer or recent treatment, stroke within the last two years, current dialysis, and diabetes that led to an amputation. Conditions like COPD, atrial fibrillation, or diabetic complications more often move an applicant to Graded rather than a full decline.
Transamerica: More Questions, More Flexibility
Express Select asks approximately 8 health questions, which is more than Mutual of Omaha. But the way Transamerica evaluates conditions is more lenient, particularly for paired diagnoses. Where Mutual of Omaha may decline an applicant who has diabetes alongside COPD, Transamerica often places that same applicant in its Level or Graded tier. Transamerica is also more lenient on insulin-dependent diabetes, COPD without home oxygen, and heart disease with stents. The trade-off is higher premiums, but for applicants who cannot clear Mutual of Omaha's questions, Transamerica is usually the next stop before guaranteed issue.
The Decision Framework
Here is how we approach it for every client: start with Mutual of Omaha first, because it offers the best rate. If the health questions result in a decline, check Transamerica next. If Transamerica also declines, that is when a true guaranteed-issue product becomes the right answer. This is the value of working with an independent broker who carries both carriers. We check Mutual of Omaha and Transamerica in the same appointment, with the same agent, at no extra cost. You do not have to choose one upfront.
For more on how specific conditions affect underwriting, see our guides on life insurance for diabetics, life insurance with COPD, and life insurance with heart disease.
Best Fit
Who Should Choose Mutual of Omaha
Mutual of Omaha Living Promise is the right starting point for most seniors shopping for final expense coverage. Choose Mutual of Omaha if:
- You are in average health and can answer a short set of health questions
- You have managed conditions like high blood pressure on medication, Type 2 diabetes controlled with oral medication, or a history of cancer three or more years in remission
- You want the lowest possible monthly premium for the coverage amount
- You want the security of the strongest AM Best rating in final expense (A+)
- You want day-one full coverage with no waiting period
- You are between ages 45 and 85
For most seniors, Mutual of Omaha is the first carrier we check. If you qualify, you are getting the best rate available. For the full product breakdown, see our Mutual of Omaha Living Promise review.
Check if you qualify for Mutual of Omaha's rates
We quote Mutual of Omaha directly. Most healthy seniors qualify with no medical exam and day-one coverage.
When Flexibility Wins
Who Should Choose Transamerica
Transamerica Express Select is the right choice when health conditions make Mutual of Omaha's underwriting a poor fit. Choose Transamerica if:
- You have been declined by Mutual of Omaha or expect to be declined based on your health history
- You have paired conditions that stricter carriers may not accommodate, such as diabetes alongside heart disease, or COPD alongside another condition
- You need more than $40,000 in coverage, because Transamerica's Express Select goes up to $100,000
- You are managing insulin-dependent diabetes, COPD without home oxygen, or heart disease with stents
- You are between ages 50 and 85
Transamerica's premiums are higher, but for applicants who cannot clear Mutual of Omaha's health questions, Transamerica often offers day-one Level coverage where the alternative would be a guaranteed-issue product with a 2-year waiting period and even higher premiums. That makes Transamerica the bridge between the cheapest carrier and the last-resort option.
Declined by another carrier?
Transamerica accepts conditions other carriers decline. We check your eligibility across both carriers in one call.
Beyond These Two
What About Other Carriers?
The right policy for you might come from a carrier neither of these two. Asurgo works with 25+ carriers, and the comparison does not stop at Transamerica and Mutual of Omaha.
- Aflac: Competitive simplified-issue rates that fall between Mutual of Omaha and Transamerica in price. A solid middle-ground option with moderate underwriting.
- Aetna (Accendo): Accepts some conditions Mutual of Omaha declines, with coverage available through age 89, the highest maximum issue age on our panel.
- AIG: Offers both a competitive simplified-issue product and a true guaranteed-issue option with no health questions for applicants who cannot qualify anywhere else.
- Colonial Penn: Guaranteed acceptance with no health questions at all, but premiums are roughly double the simplified-issue rate and the policy carries a 2-year waiting period. See our Mutual of Omaha vs Colonial Penn comparison for details.
As an independent broker, Asurgo checks your eligibility across all of these carriers. If neither Transamerica nor Mutual of Omaha is the right fit, we find the carrier that matches your specific health profile and budget. See our full carrier comparison for the wider field.
Common Questions
Frequently Asked Questions
Is Transamerica or Mutual of Omaha better for final expense?
For most healthy seniors, Mutual of Omaha is the better value. Living Promise costs 20-35% less than Transamerica Express Select at every age for female applicants who qualify. Transamerica is the better choice if your health profile includes conditions that Mutual of Omaha declines, because Transamerica's underwriting accepts more paired diagnoses and complex histories.
Does Transamerica require a medical exam?
No. Transamerica Express Select is a simplified-issue policy with no medical exam, no blood work, and no doctor visit. You answer health questions over the phone and can be approved in a single call. The entire process typically takes less than 30 minutes.
Does Mutual of Omaha require a medical exam?
No. Mutual of Omaha Living Promise is simplified issue. You answer 5 to 7 yes-or-no health questions with no medical exam required. Most seniors in average health qualify for day-one Level coverage with the lowest premiums in the final expense market.
Which is cheaper, Transamerica or Mutual of Omaha?
Mutual of Omaha is cheaper at every age. A 65-year-old female non-smoker pays $41 per month with Mutual of Omaha compared to $51 per month with Transamerica for the same $10,000 of coverage. That gap adds up to roughly $1,200 over 10 years.
Can I get Transamerica if I have diabetes?
In many cases, yes. Transamerica's underwriting is more lenient than Mutual of Omaha's on insulin-dependent diabetes and paired conditions like diabetes alongside heart disease. If Mutual of Omaha declines you due to a diabetes-related question, Transamerica is often the next carrier we check.
Can I get Mutual of Omaha if I have COPD?
It depends on the severity. Mutual of Omaha's health questions are stricter than Transamerica's, and COPD may move you to the Graded tier or result in a decline. Transamerica accepts COPD without home oxygen in many cases. Your licensed agent can check both carriers in the same call.
What is the difference between Living Promise and Express Select?
Living Promise is Mutual of Omaha's simplified-issue final expense product. Express Select is Transamerica's equivalent. Both are permanent whole life with no medical exam and level premiums. Living Promise costs less but has stricter health questions. Express Select costs more but accepts a wider range of health conditions.
Do Transamerica and Mutual of Omaha have a waiting period?
Neither carrier has a waiting period for their simplified-issue Level tier. Both pay the full death benefit from day one for qualified applicants. Both carriers also offer a Graded tier with a 2-year waiting period for applicants whose health answers place them in that category.
Can I switch from one carrier to the other?
Yes, you can apply for a new policy with either carrier at any time. Keep your existing policy active until the new policy is issued and past any contestability period. Never cancel existing coverage before new coverage is confirmed in writing.
What if I am declined by both carriers?
If both Transamerica and Mutual of Omaha decline your application, guaranteed-issue options are still available. Carriers like AIG offer guaranteed-issue whole life with no health questions. The trade-off is a 2-year waiting period and higher premiums. An independent broker like Asurgo checks all options in a single appointment.
Related Reading
Compare both carriers in one call.
Mutual of Omaha is the lower-cost choice for most healthy seniors. Transamerica is the flexibility play when strict underwriting says no. Asurgo sells both and shops 25+ carriers total, so you see exactly where you qualify before you decide. Getting a quote takes a few minutes and does not obligate you to buy.
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Nicholas Norminton, Licensed Insurance Specialist
Nicholas is a nationally licensed insurance specialist who has personally helped thousands of clients secure life insurance coverage. He built Asurgo into a trusted, tech-forward brokerage serving clients in all 50 states with access to 25+ carriers. He places both Transamerica and Mutual of Omaha policies regularly and compares carrier products based on firsthand underwriting experience.
Sources
AM Best (financial strength ratings) · NAIC Consumer Insurance Search (complaint index data). Mutual of Omaha and Transamerica rate figures are from current Asurgo carrier illustrations, 2026.