Mutual of Omaha vs Globe Life: Which Final Expense Policy Is Right for You? (2026)
Mutual of Omaha's Living Promise is permanent whole life with level premiums and day-one coverage for qualified applicants. Globe Life's most-advertised product is five-year renewable term with premiums that increase every 5 years and coverage that expires at age 80-90. Over 20 years, Globe Life costs more and provides less certainty (sources: carrier rate filings, AM Best). Jump to the rate comparison, the 20-year projection, or the FAQ.
The Core Difference
Whole Life vs Term: Two Different Products
Most comparison sites treat these two carriers as if they sell the same thing. They do not. Mutual of Omaha sells permanent whole life insurance. Globe Life's most-advertised product is five-year renewable term. Understanding this distinction is essential before comparing prices.
Whole Life (Mutual of Omaha)
Premiums locked forever. Coverage never expires. Builds cash value. Full benefit whenever you pass away, whether that is next year or 30 years from now.
Term (Globe Life)
Premiums increase every 5 years. Coverage expires at age 80-90. No cash value. If you outlive the term, you have nothing and all premiums paid are gone.
Globe Life also sells whole life, but only by phone and does not publish those rates. Most consumers who respond to Globe Life's TV ads and direct mail receive the term product. For the single-carrier deep dive, see our full Mutual of Omaha review and full Globe Life review. For the broader background, start with final expense insurance.
I am a licensed insurance specialist (NPN #20817039) and I place Mutual of Omaha Living Promise policies regularly through Asurgo. Asurgo does not sell Globe Life policies. This comparison uses Mutual of Omaha rates from current Asurgo carrier illustrations and Globe Life rates from the verified Globe Life rate card.
The Bottom Line
Quick Answer: Which Should You Choose?
If you can answer 5-7 health questions and qualify: Mutual of Omaha. Level premiums, day-one full coverage, permanent protection, A+ (Superior) AM Best rating. At age 65, $41/month for $10,000 locked for life.
If you want the lowest possible Year 1 premium: Globe Life's term starts at $20.49/month at age 65, roughly half the MoO rate. But that rate increases every 5 years and coverage can expire.
If you have been declined by simplified-issue carriers: Globe Life may still accept you through a different product tier. Mutual of Omaha can decline applicants based on health answers. If both decline you, guaranteed-issue carriers accept everyone.
Head to Head
Side-by-Side Comparison
| Feature | Mutual of Omaha | Globe Life |
|---|---|---|
| Product | Living Promise Whole Life | Term (advertised) + Whole Life (phone only) |
| Underwriting | Simplified issue (5-7 health questions) | Simplified issue (health questions, no exam) |
| Issue ages | Level: 45-85; Graded: 45-80 | Up to 75-80 (varies by state) |
| Coverage range | $2,000-$40,000 | Term: $5K-$100K; Whole: up to $50K |
| Waiting period | Level: None (day-1 full coverage); Graded: 2 years | None if approved (simplified issue) |
| Premium structure | Level, locked for life | Term: step-rate (increases every 5 years); Whole: level |
| Coverage permanent? | Yes | Term: No, expires age 80-90; Whole: Yes |
| AM Best rating | A+ (Superior) | A (Excellent) |
| NAIC complaint ratio | Below 1.0 (below average) | 2.74 (2.7x industry average) |
| Can you be denied? | Yes (SI underwriting) | Yes |
| How sold | Through licensed agents | Direct (TV ads, mail, phone, online) |
The side-by-side shows two carriers solving the same problem with fundamentally different product structures. Mutual of Omaha's whole life is built for permanence. Globe Life's term is built for low initial cost. The question is which trade-off matters more to you: a higher monthly rate that never changes, or a lower rate that rises every five years until coverage disappears.
The Numbers
Rate Comparison: Year 1 Premiums for $10,000
Globe Life's initial premiums are significantly lower than Mutual of Omaha's. That is the appeal. But Globe Life's rates shown below are Year 1 only. They increase every 5 years. Mutual of Omaha's rates are locked for life. See the 20-year projection for the full cost picture.
| Age | MoO Level (F) | MoO Level (M) | Globe Life Term (F) | Globe Life Term (M) |
|---|---|---|---|---|
| 50 | $24/mo | $31/mo | $9.82/mo | $12.49/mo |
| 55 | $28/mo | $36/mo | $11.51/mo | $14.75/mo |
| 60 | $33/mo | $43/mo | $15.49/mo | $19.93/mo |
| 65 | $41/mo | $56/mo | $20.49/mo | $27.34/mo |
| 70 | $53/mo | $74/mo | $26.99/mo | $35.19/mo |
| 75 | $72/mo | $100/mo | $36.99/mo | $49.12/mo |
| 80 | $98/mo | $139/mo | $52.99/mo | $79.49/mo |
At every age, Globe Life's Year 1 rate is roughly half of Mutual of Omaha's. If you only looked at this table, Globe Life would be the obvious choice. But Year 1 rates tell less than half the story. Globe Life's premium for a 65-year-old woman increases from $20.49 to $75.99 over 16 years, nearly quadrupling. Mutual of Omaha stays at $41 forever.
The Long-Term Math
20-Year Cost Projection: 65-Year-Old Female, $10,000
Year 1 premiums do not tell you what coverage actually costs. This table shows cumulative spending over 20 years for a 65-year-old woman holding $10,000 of coverage.
| Timeframe | MoO (level $41/mo) | Globe Life Term (step-rate) | Difference |
|---|---|---|---|
| Year 1 | $492 | $246 | GL saves $246 |
| Year 5 | $2,460 | $1,541 | GL saves $919 |
| Year 10 | $4,920 | $3,641 | GL saves $1,279 |
| Year 15 | $7,380 | $6,628 | GL saves $752 |
| Year 20 | $9,840 | $10,912 | MoO saves $1,072 |
What the Numbers Show
Globe Life is cumulatively cheaper for roughly the first 17 years. Then it crosses over. By year 20, a Globe Life policyholder has paid $1,072 more than a Mutual of Omaha policyholder. But cumulative cost is only part of the equation. Three structural problems make Globe Life the riskier choice for burial insurance:
- Premiums nearly quadruple. Globe Life's monthly rate goes from $20.49 at age 65 to $75.99 by age 81. Many seniors on fixed incomes cannot absorb that increase and drop coverage, losing everything they paid.
- Coverage can expire. Globe Life's term product terminates at age 80-90 depending on your state. A burial insurance policy that expires before you die defeats its purpose.
- MoO is permanent. Mutual of Omaha's $41/month stays the same at age 75, 85, and 95. Coverage never expires. There is no scenario where the policy disappears.
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We place Mutual of Omaha Living Promise policies directly. Most applicants qualify with no medical exam and day-one coverage.
Credit Where Due
What Globe Life Gets Right
Globe Life is a real company with real strengths. Being fair about those strengths makes the comparison more useful:
- Lower initial premiums. For the first 5-10 years, Globe Life costs roughly half what Mutual of Omaha costs per month. If affordability in years 1-5 is your primary concern, Globe Life delivers.
- Higher maximum coverage. Globe Life's term product offers up to $100,000, compared to Mutual of Omaha's $40,000 maximum. If you need $50,000+ in coverage for a specific period, Globe Life is one of the few options.
- Apply online without an agent. Globe Life's direct-response model lets you apply through their website or by phone without working with a broker.
- Whole life option exists. Globe Life does offer whole life with level premiums and permanent coverage, available by phone at 800-831-1200. If you specifically want Globe Life whole life, call and ask for it.
Globe Life's term fills a specific role: temporary coverage at the lowest initial cost. If you need short-term protection while paying off a debt or bridging to another policy, it can work. For permanent burial insurance that your family can count on regardless of when you pass away, it is not the right structure.
Best Fit
Who Should Choose Mutual of Omaha
- Seniors in average health who can answer 5-7 health questions
- Anyone who wants day-one full coverage with no waiting period
- Seniors who want premiums locked for life with no increases
- Anyone who wants permanent coverage that cannot expire
- Ages 45-85 (Level tier) or 45-80 (Graded tier)
Mutual of Omaha's Living Promise is our most-recommended final expense policy. As an independent broker, we work with 25+ carriers, and Mutual of Omaha consistently offers the best combination of price, underwriting flexibility, and financial strength for seniors in average health. Common conditions like diabetes (Type 1 and Type 2, including insulin), high blood pressure, and managed heart conditions are accepted. See our full Mutual of Omaha review for the complete product breakdown, or try our burial cost calculator to estimate how much coverage your family needs.
Ready to see your Mutual of Omaha rate?
Asurgo quotes Mutual of Omaha directly. Most applicants qualify with no medical exam and day-one coverage.
When Globe Life Fits
Who Should Choose Globe Life
- Seniors who specifically need temporary term coverage, not permanent whole life
- Anyone who wants to apply online without speaking to an agent
- Seniors who need more than $40,000 in coverage (Globe Life's term goes to $100K)
- Anyone who prefers Globe Life's brand familiarity from their advertising
Before choosing Globe Life's term product, understand that premiums increase every 5 years and coverage can expire. If you want permanent burial insurance, compare Globe Life's whole life (available by phone) or simplified-issue carriers like Mutual of Omaha. For how Globe Life stacks up against other advertised carriers, see our Colonial Penn vs Globe Life and Gerber Life vs Globe Life comparisons.
Not sure which product type you need?
We check your eligibility across 25+ carriers first, so you can see exactly where you qualify before you decide.
Public Record
Globe Life: Regulatory and Consumer Issues
Globe Life (formerly Torchmark Corporation) has faced scrutiny in recent years. In 2023, short-seller Fuzzy Panda Research published allegations of insurance fraud in Globe Life's American Income Life (AIL) subsidiary, which led to an SEC investigation and ongoing litigation. These are matters of public record documented in Globe Life's SEC filings.
Separately, Globe Life's NAIC complaint ratio of 2.74x the industry average reflects elevated consumer dissatisfaction. Common complaints involve confusion about the step-rate pricing structure, unexpected premium increases, and difficulty understanding when coverage terminates. By comparison, Mutual of Omaha's complaint ratio runs below the 1.0 industry median.
These issues do not mean Globe Life is a scam. Globe Life is a legitimate, AM Best A-rated company that pays claims. But they are part of the decision-making context for consumers choosing between carriers. For the full Globe Life review, see our dedicated analysis.
Common Questions
Frequently Asked Questions
Is Mutual of Omaha better than Globe Life for final expense?
For most seniors in average health, yes. Mutual of Omaha's Living Promise offers permanent whole life coverage with level premiums and day-one full coverage for qualified applicants. Globe Life's most-advertised product is five-year renewable term with premiums that increase every 5 years and coverage that can expire at age 80-90. Mutual of Omaha also holds a stronger AM Best rating (A+ vs A) and a lower NAIC complaint ratio. If you specifically need temporary coverage at the lowest initial cost, Globe Life's term starts cheaper.
Does Globe Life insurance increase in price?
Yes. Globe Life's term product uses a step-rate premium structure that increases every five years. A $10,000 policy for a 65-year-old woman starts at $20.49 per month but rises to $26.99 at age 66, $36.99 at age 71, $52.99 at age 76, and $75.99 at age 81. By contrast, Mutual of Omaha's whole life premium is locked at $41 per month for the same coverage and never increases.
Does Mutual of Omaha require a medical exam?
No. Mutual of Omaha's Living Promise is simplified issue, meaning you answer 5 to 7 yes-or-no health questions on the application. No medical exam, no blood work, no doctor visit. Most seniors in average health qualify for Level coverage with day-one full death benefit and no waiting period.
Is Globe Life a legitimate insurance company?
Yes. Globe Life (formerly Torchmark Corporation) is a legitimate, publicly traded insurance company that has been in business since 1900. They hold an A (Excellent) rating from AM Best and are listed on the New York Stock Exchange. Globe Life pays claims. The concern for seniors is not legitimacy but product structure: their most-advertised product is step-rate term that increases in price and can expire.
What is Globe Life's NAIC complaint ratio?
Globe Life's NAIC complaint ratio is approximately 2.74, meaning the company generates roughly 2.7 times the number of complaints expected for a company its size. Common complaints involve confusion about step-rate pricing, unexpected premium increases, and difficulty understanding coverage termination. Mutual of Omaha's complaint ratio runs below the 1.0 industry median.
Does Globe Life offer whole life or just term?
Globe Life offers both. However, their most heavily advertised product is a five-year renewable term policy. Globe Life does sell whole life with level premiums and permanent coverage, but it is primarily available by phone and is not the product most consumers receive through their TV and direct-mail advertising.
What is the cheapest final expense insurance for seniors?
For most seniors in average health, simplified-issue whole life from carriers like Mutual of Omaha offers the best long-term value. At age 65, Mutual of Omaha charges $41 per month for $10,000 with day-one coverage and locked premiums. Globe Life's term starts at $20.49 but increases over time and may cost more cumulatively after 17 to 18 years. An independent broker can compare rates across 25+ carriers to find the lowest rate for your health profile.
Does Mutual of Omaha have a waiting period?
It depends on your health. If you qualify for Mutual of Omaha's Level benefit tier (most applicants do), there is no waiting period and the full death benefit is paid from day one. If health conditions place you in the Graded tier, there is a 2-year graded period where beneficiaries receive a return of premiums paid rather than the full death benefit for natural-cause death. Accidental death is covered from day one on both tiers.
Can you be denied Mutual of Omaha?
Yes. Mutual of Omaha uses simplified-issue underwriting, which means applicants must answer health questions and can be declined. Conditions like active cancer treatment, dialysis, or oxygen-dependent COPD may result in a decline. However, common conditions like diabetes, high blood pressure, and managed heart conditions are typically accepted. If declined, guaranteed-issue carriers like Gerber Life accept all applicants with no health questions.
What is Mutual of Omaha's AM Best rating?
Mutual of Omaha holds an A+ (Superior) rating from AM Best, affirmed in April 2026. This is the second-highest possible rating and is stronger than Globe Life's A (Excellent). AM Best ratings measure an insurance company's financial strength and ability to pay claims. Mutual of Omaha is a mutual company owned by its policyholders and has been in business since 1909.
Related Reading
Permanent coverage. Level premiums. Day-one protection.
Mutual of Omaha's Living Promise is the final expense policy we recommend most. Asurgo places Mutual of Omaha policies directly and shops 25+ carriers to make sure you are getting the best rate for your health profile. 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 Mutual of Omaha Living Promise policies regularly and compares carrier products based on firsthand underwriting experience.
Sources
AM Best (financial strength ratings) · NAIC Consumer Insurance Search (complaint index data) · Better Business Bureau (BBB ratings). Mutual of Omaha rates from current Asurgo carrier illustrations for Living Promise Level coverage, 2026. Globe Life rates from the Globe Life standard-class term rate card, June 2026. Globe Life step-rate band progression from carrier rate filings. Globe Life SEC filings available via SEC EDGAR.