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Top 10 Final Expense Companies

author
Laura McCarthy
Last Updated:
  • 200
    Hours of Research
  • 33+
    Sources Used
  • 14
    Companies Vetted
  • 8
    Features Reviewed
  • 10
    Top Picks

A final expense plan provides your beneficiaries with the funds necessary to carry out your funeral and burial. In our ranking, we've considered cost, coverage, and waiting periods.

Providers

1.

Mutual of Omaha

  • Best for:

    Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement

    Mutual of Omaha

  • Best for convenience

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    • Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement

    • Accidental Death Benefit Rider

    • Graded and Level benefit plans

    Mutual of Omaha Life Insurance Company offers great rates on Whole Life Insurance products designed to help seniors with final expenses and more. Having a whole life insurance policy in place can be a very loving and considerate thing to do for you and your family. Among other benefits, Mutual of Omaha Whole Life insurance offers: Guaranteed cash value, guaranteed death benefit, and guaranteed interest to make sure the policy stays in force during the insured's lifetime. In addition, the cash value accumulated in the insurance policy is available to cover past due payments, or for emergencies. Furthermore, Mutual of Omaha Whole Life Insurance offers a feature called Reduced Paid-up insurance, which allows you to obtain a policy of less value paid up for life without paying any additional premiums.

    Completing and application with Mutual of Omaha is easy and very secure. You can either complete a traditional paper application with an agent face to face, or through an online electronic application. The process has been streamlined to allow an applicant to have an approval as fast as 48 hours! Specifically, the e-app, as we agents call it, is the fastest and most secure way to apply for Living Promise, and other Mutual of Omaha products. All you have to do is talk to one of our agents over the phone and apply online. It is simple and fast!

    If your health does not allow you to qualify for a regular Final Expense insurance plan, Mutual of Omaha Guaranteed Whole Life insurance maybe the right plan for you. In fact, you can obtain up to $25,000 of Whole Life insurance without health questions, and the policy guarantees your premiums will never increase and the death benefit will never decrease. Mutual of Omaha Guaranteed Whole Life insurance is available for individual between 45 and 85 years of age, and it's one of the most popular Life Insurance products among seniors.

    A Guaranteed Whole Life Insurance policy can provide great financial support for your family when they need to cover your funeral and final expenses. However, this type of insurance can be more expensive than most plans and we only recommend it if you do not have any other choice. Furthermore, you will have to pay premiums for 2 years before the full death benefit is available.

    Pros

    • Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement

    • Accidental Death Benefit

    • Rider Graded and Level benefit plans

    Cons

    • Pay premiums for 2 years before the full death benefit is available.

    Mutual of Omaha

    2.

    Transamerica

  • Best for:

    Immediate, 10-Pay, and Easy solutions

    Transamerica

  • Best for convenience

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    • Immediate, 10-Pay, and Easy solutions

    • No restrictions on how the money is used and no limit on beneficiaries

    • No medical exam required

    A highly regarded insurer and a likely familiar name, Transamerica is a popular destination for later life planning, offering a range of retirement solutions and annuities, and for investors searching for mutual funds. However, protection is at the core of its offerings too, with life insurance available in its many guises and variations.

    Transamerica offers three final expense insurance options: Immediate Solution, 10 Pay Solution and Easy Solution. The Immediate Solution is a whole life policy that can be purchased at any time before age 85 and is valid for the policyholder's life up to age 121. The 10 Pay Solution must also be purchased before age 85, but on this plan, premium payments are payable over a period of 10 years, either monthly or annually. The third option - the Easy Solution - can be purchased between the ages of 18 and 80, and is a graded death benefit policy, meaning it is an option for those who may have difficulty qualifying for other policies, due to their health.

    Potential buyers have the option to call and speak to a phone-based agent or enter their postcode to find an agent local to them with whom they can meet. Note that a medical examination is not required for any of Transamerica's final expense insurance policies, with an automated underwriting system making same-day approval possible.

    Transamerica has many of the hallmarks of an excellent final expense insurance company, including a number of plan options, clear information, a welcoming approach to applying, and the chance of same-day approval. There are the riders to consider as well and the undoubted financial strength of the company is in its favor too. Holding it back slightly are the negative customer reviews, but as an all round final expense insurance solution, Transamerica has both the pedigree and the products to make it worth a look.

    Pros

    • Immediate, 10-Pay, and Easy solutions

    • No medical exam required

    • No restrictions on how the money is used and no limit on beneficiaries

    Cons

    • Average to below average customer reviews

    Transamerica

    3.

    Prosperity

  • Best for:

    No medical exam & an easy application process

    Prosperity

  • Best for convenience

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    • Build tax-deferred cash value

    • No medical exam & an easy application process

    • Death benefits cannot decrease

    Prosperity Life offers a final expense plan that is a whole life insurance policy with a cash accumulation account. Like most whole life insurance plans, it is designed to be an affordable option to provide cash for funeral and other final expenses, with coverage amounts ranging from $1,500 up to $35,000. This top end is not the highest we have seen for this type of policy but is a reasonably high maximum coverage.

    Issue age for the policy is between 50 and 80 years old for a level plans and up to 85 years old for some of the graded or modified benefit plans. The plans are sold under the name of either New Vista or Golden Promise.

    On the level plan, the full death benefit is available from the first day that the plan is in force.

    The graded plan provides 30% of the death benefit in the first year and 70% in the second year. After two years the full benefit is payable. There is no limit on accidental death, for which the full benefit is payable from day one.

    On the modified plan, the death benefit in the first year is equal to 110% of the annual premium. In the second year, the benefit is equal to 231% of the annual premium. Like the graded plan, the full death benefit is payable after the second year and is payable from the first day for accidental death.

    All of the plans include an accelerated death benefit that provides up to 50% of the face value in the event of a terminal illness.

    There is no medical exam required for any of the product options, but a health history will determine premium amounts and eligibility for the various plan options. That makes it a simplified issue although health history does have an impact.

    Prosperity has several options for final expense insurance that should meet the needs of any buyer and allow access to most seniors seeking coverage. We cannot compare them in terms of rates since there is no online quoting, but they are worth comparing to other options thanks to solid programs and good reputation.

    Pros

    • Robust products for term, final expense, and permanent products

    • Quick application process

    • Top-notch final expense products

    Cons

    • Does not underwrite their own life insurance

    • Lower brand recognition

    • Some health conditions will be modified, graded, or declined

    Prosperity

    4.

    Foresters Financial

  • Best for:

    Family Health Benefit Rider

    Foresters Financial

  • Best for convenience

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    • Your beneficiary will not owe taxes on the benefits

    • Guaranteed level premiums

    • Family Health Benefit Rider

    Foresters have one final expense insurance policy available, called PlanRight Whole Life.

    The plan provides guaranteed level premiums on a permanent policy, up to age 121. The site does not list issue ages, nor is there information on the death benefit amounts available.

    The plan automatically includes a Common Carrier Accidental Death Benefit, which will pay out additional benefits if the insured dies as the result of an accident on a bus, plane, or other common carriers. A full accidental death benefit can be added to the policy as an endorsement.

    Like all whole life insurance plans, PlanRight includes a cash accumulation account that can be withdrawn and used as needed.

    The details about this plan are not available on the website, which directs visitors to contact an agent for more information. That is not surprising given the nature of the company; as a membership-based society, those interested will need to consider all of the aspects of joining before selecting this company for life insurance.

    Foresters have a long history that appears to be stable and reputable. They might be a good choice for those that are interested in the benefits of a fraternal society. Without rates or detailed policy information, however, it is difficult to say how their final expense insurance stacks up.

    Pros

    • Wide range of cover options

    • Supportive application process

    • Excellent benefits for members

    Cons

    • Shortage of plan detail on website

    Foresters Financial

    5.

    AIG

  • Best for:

    AIG

  • Best for convenience

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    • Excellent benefits for members

    • Permanent protection for individuals 50-80

    • No medical exam

    • Great App system

    AIG's Guaranteed issue life insurance provides coverage for those who have a pre-existing, high-risk condition. The Guaranteed Issue Life Insurance policy from AIG was created to provide financial protection that is budget-friendly for your family when you have one of these conditions.

    With this policy, you will not have to undergo medical examinations or answer health questions on the application and there are no medical or credit reports pulled by the insurance carrier.

    As a form of whole life insurance, this product is guaranteed for life and cannot be canceled by AIG.

    The product also builds guaranteed cash value, which can be surrendered at any time or borrowed against to help pay for monthly premiums during tough financial times.

    PRO: IT'S AVAILABLE FOR MANY AGES & HAS GREAT COVERAGE OPTIONS This policy is available for ages 50 to 85, which is about five years longer than most other insurance carriers offer.

    This is great for seniors who waited too long to apply for a final expense policy and will now be declined by most other carriers. The rates are quite a bit higher for people in their 80's, but if you can afford it we believe some insurance is better than no insurance.

    Plans are available between $5,000 and $25,000 and are designed to help cover any final expenses, such as burial or cremation.

    Pros

    • Coverage can never decrease

    • The policy can't expire at any age

    • Premiums never increase

    Cons

    6.

    American-Amicable

  • Best for:

    American-Amicable

  • Best for convenience

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    • Benefits not subject to federal income tax

    • Rates will stay stable

    • Cash value you can use for emergencies

    American Amicable's final expense product offers a death benefit that is aimed at paying funeral and related expenses.

    This American Amicable plan can be issued from birth up to age 85 and is a basic whole life policy. The death benefit amount varies based on the health history of the applicant - the website does not state the highest issue amount available. Most final expense plans have a relatively low death benefit amount since they are meant to pay a specific expense, and those taking out this type of coverage are usually seeking an affordable option.

    Medical exams are not required to apply for coverage, which makes it a simplified issue policy, and rates will stay the same for the duration of the policy.

    American Amicable offers accelerated benefits riders for critical illness and confined care. The plan, as a whole life policy, includes a cash accumulation account that can be borrowed against, surrendered, or made a part of the death benefit.

    American Amicable only provides rate quotes through agents and does not offer online quoting. While we see this a lot with this type of company and this particular type of product line, in this day and age we would prefer to see at least a basic online quote system.

    American Amicable has been around for a long time but is one of those companies for which there is not a whole lot of detailed information available. They are the type of company most people run into through agent solicitation and are not likely to be on the list of the online insurance shopper. We were unable to find anything of concern with their final expense plans or reputation, but recommend speaking with a trusted agent before you buy from this company.

    Pros

    • Affordable options

    • Accelerated benefits riders for critical illness and confined care

    Cons

    • Not a lot of information online

    • Can only get a rate through an agent

    American-Amicable

    7.

    The Baltimore Life Insurance Company

  • Best for:

    The Baltimore Life Insurance Company

  • Best for convenience

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    • Non-Cancelable Guaranteed

    • Cash Value Accumulation

    • Premiums never increase

    Baltimore Life's final expense product is called Silver Guard and is available in three forms, two of which are graded benefit policies.

    All of the Silver Guard products are simplified issue, meaning there are no medical exams, but they do require some health history. They are whole life insurance policies with a guaranteed level premium, cash accumulation account, and cannot be canceled as long as premiums are paid.

    Silver Guard I is the level death benefit plan, which pays out the entire death benefit from the first day of issue. This plan includes a $1,000 cash draft form that allows the beneficiary to draft up to $1,000 of the death benefit immediately as long as the policy is in force and before the claim has been processed. The remaining benefit amount will be paid out after the company completes the claims process.

    An accidental death rider can be added to Silver Guard I, which increases the death benefit in the event of accidental death.

    Silver Guard II and III are both graded death benefit plans available to those who do not qualify for Silver Guard I, usually due to medical history. These plans pay out 25% of the face value of the policy if death occurs in the first year, 50% in the second year, and 100% in the third year and thereafter. The policy pays out 100% of the face value from the day of issue for accidental death.

    Baltimore Life does not offer online quoting, which is common for agent-driven life insurance companies. Visitors to the site are directed to either use an agent locator to find assistance nearby or fill out a short form to have an agent contact them for more information.

    Final expense life is generally sold with a lower face value in order to make it more affordable since life insurance issued to seniors can be very costly. Rates are only really comparable to other similar policies, since a whole life policy issued at a younger age with a much higher death benefit may have a lower or similar rate.

    Baltimore Life has solid products with a few extra benefits, like the $1,000 cash draft option. Without rates, however, we are unable to compare them on value. With that said, we found nothing of concern and a generally, they seem to have a good reputation that makes them worth a closer look.

    Pros

    • Low number of complaints

    • They've existed for man than 135 years

    • Cannot be canceled as long as premiums are paid

    Cons

    • No online claims filing

    • No online quoting

    The Baltimore Life Insurance Company

    8.

    Gerber Life Insurance

  • Best for:

    Gerber Life Insurance

  • Best for convenience

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    • Tax Free Cash Payment

    • Acceptance Guaranteed

    • Cash value builds over time & can be borrowed

    Widely considered one of the most recognizable brands in America, Gerber is a pretty massive company.

    Most people are familiar with their whole life insurance for children. Here's a detailed Gerber Life Grow-Up Plan review if you want the details.

    Their life insurance division, Gerber Life, has a rich history of providing all sorts of life insurance products to children, adults and seniors. In particular, their burial insurance program is very straightforward and easy to understand.

    They only have one kind of policy. They offer nothing else other than guaranteed issue final expense. Basically, this is a final expense policy that has no health questions and does not require a medical verification of any kind. They issue the policy to everyone no matter what. The only real question is, should you go with a guaranteed issue policy or not? If yes, Gerber Life is probably the best company you can go with depending on who you buy from. Obviously, we highly recommend you let us help you get a Gerber policy if in fact a guaranteed issue plan is your best bet. With that, most applicants should not get a guaranteed acceptance life insurance policy. Please read the full review if you want to fully understand why we say this.

    At the end of the day, Gerber Life offers an unbelievable value. Their guaranteed issue burial insurance is unquestionably the best on the market. However, you should only buy it once you know for certain that you can't qualify for a burial insurance plan that has health questions.

    Pros

    • No medical exams

    • Discounts for setting up automatic payments

    • Guaranteed level premiums

    Cons

    • Extremely expensive for small coverage

    Gerber Life Insurance

    9.

    Liberty Bankers

  • Best for:

    Liberty Bankers

  • Best for convenience

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    • Lump-Sum Payments

    • 24/7 support

    • Ability to travel without coverage disruptions

    Liberty Bankers operates throughout most of the USA and has been in business for quite some time. They offer a wide range of competitive insurance products. Their burial insurance program is particularly attractive. They have three different final expense plans you can qualify for. Which plan you qualify for, if any, is determined by your health.

    First of all, their Modified plan is not competitive in any way. Basically, it has a waiting period and it's over priced. There are many conditions in this section where you could acquire first day coverage and a cheaper price. All things considered, you can absolutely get yourself a much cheaper plan elsewhere. Just avoid this plan altogether.

    Much differently, their Standard plan is quite awesome. Probably the best feature with this plan is its lack of a waiting period. This plan will accept some very serious illnesses like COPD, Hepatitis, or kidney issues. Moreover, you will still have complete first day coverage. There is no waiting period whatsoever. This is incredibly unique since these kinds of conditions usually result in a waiting period with most final expense companies. The price is definitely right on this plan too. For the conditions they accept, it's a steal.

    Lastly, their Preferred plan is good too. It's more geared toward your healthier client. If you lack any recent major health issues, this plan could be good for you. However, if you are able to qualify for it, you can probably get a cheaper price elsewhere. With that, the price is still very competitive.

    Liberty Bankers is a solid company with a competitive burial insurance program. They could be your best bet for certain health conditions.

    Pros

    • Top burial and final expense company

    • No exam life insurance offered

    • Strong financing rating

    Cons

    • Expensive

    • Less well-known

    • Does not offer universal life policies

    Liberty Bankers

    10.

    Aetna

  • Best for:

    Aetna

  • Best for convenience

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    • Point of sale pre-approval

    • Personalized Customer Service

    • 30,000 licensed agents

    First of all, American Continental Insurance Company is the name of the insurance company that actually provides Aetna's burial insurance. Aetna owns American Continental Insurance Company. Aetna is a massive insurance company that is most well known for their health insurance product line. They are highly rated and very financially sound. You can certainly trust that they will pay your claim when that day comes.

    Another key point to remember about American Continental Insurance Company is they are one of the few that issue coverage up to age 89. In addition, they have no height and weight chart, and they do not check MIB as part of their application.

    Their modified plan is utterly terrible. You should never take it under circumstances. You can easily get a better plan much cheaper elsewhere.

    On the other hand, their graded plan is quite good in certain situations. It does have a limited payout of benefits. However, this is completely understandable given the health conditions their graded plan accepts. In most cases, other burial insurance companies would render a full two year waiting period for the same health conditions that Aetna covers with their graded plan.

    Lastly, their level death benefit plan is a very respectable well priced option for anyone who qualifies for it. If you are between 86 & 89 and your health is such that you will qualify for their level death benefit, Aetna will be one of the very few companies in the nation that will issue you a new policy.

    All around, they have a competitively priced program that could be a good option for you depending on your health. If you have a history of diabetes and heart issues, don't bother.

    Pros

    • Well priced

    • Highly rated and financially stable

    Cons

    • Not a good option if you have a history of diabetes or heart problems

    • Modified plan

    Aetna

    Compare Best Services 1. Mutual of OmahaMutual of Omaha Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement View Plans 2. TransamericaTransamerica Immediate, 10-Pay, and Easy solutions View Plans 3. ProsperityProsperity No medical exam & an easy application process View Plans 4. Foresters FinancialForesters Financial Family Health Benefit Rider View Plans 5. AIGAIG View Plans 6. American-AmicableAmerican-Amicable View Plans 7. The Baltimore Life Insurance CompanyThe Baltimore Life Insurance Company View Plans 8. Gerber Life InsuranceGerber Life Insurance View Plans 9. Liberty BankersLiberty Bankers View Plans 10. AetnaAetna View Plans
    Reviews 1426 reviews 1024 reviews 912 reviews 902 reviews 823 reviews 723 reviews 701 reviews 824 reviews 804 reviews 792 reviews
    Online Quote Process Easy Easy Easy Easy Medium Difficulty Medium Difficulty Difficult Difficult Difficult Difficult
    Customer Support Above Average Average Above Average Average Slightly Below Average Average Average Average Below Average Below Average

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