12 Best Final Expense Life Insurance Companies In 2023

Burial insurance is small face value whole life insurance policy intended to pay for funeral costs, medical bills, credit cards, outstanding debts, or other end-of-life expenses.

It’s also commonly referred to as funeral insurance or final expense life insurance.

It can provide instant peace of mind knowing that your untimely death would not result in a financial burden for your family.

If you’re in the market for a burial insurance policy, compare offers from multiple providers before making any decisions.

Learn how these plans work, the 12 best final expense insurance companies, which companies to avoid, and tips for finding the best policy.

How Does Final Expense Insurance Work?

As the name implies, burial insurance is a type of policy meant to pay for the cost of your funeral, debts, legal bills, medical bills, or any other final expenses.

It’s a whole life insurance policy that doesn’t require a medical exam with an amount of coverage, usually $50,000 or less.

Whole life is a form of permanent life insurance that builds cash value. The monthly premium will never increase, nor will the policy expire or decrease in value.

Once you pass away, the life insurance company will disburse the death benefit as a tax-free check.

The money is payable directly to your family members, a funeral home, or anyone else you desire.

There are no restrictions on how your loved ones spend the payout. Also, they can keep any unused proceeds from the policy.

The Best Burial Insurance Companies

To select the top 12, we analyzed over 30 different life insurance products. We assessed multiple factors such as the insurance cost, application process, policy options & riders, and the insurer’s financial strength.

Also, we placed heavy weight on customer feedback ratings such as the National Association Of Insurance Commissioners, Better Business Bureau, and Consumer Affairs.

Lastly, we considered a recent JD Power study that gives insight into what attributes influence shoppers seeking life insurance.

Rank	Insurance Company	2-Year Waiting Period?	Detailed Product Information
1		No	Learn more about Mutual of Omaha
2		No	Learn more about Aetna
3		No	Learn more about Royal Neighbors
4		No	Learn more about Foresters Financial
5		No	Learn more about Transamerica
6		No	Learn more about Prosperity
7		Yes	Learn more about AIG
8		No	Learn more about Americo
9		No	Learn more about Liberty Bankers
10		Yes	Learn more about Gerber Life
11		No	Learn more about American Amicable
12		No	Learn more about Baltimore Life

1 ) Mutual of Omaha

Founding Year: 1909

A.M. Best

A+

Superior

BBB

A+

99-100

Brochure Sample Policy Sample Application

Mutual of Omaha (aka “United of Omaha”) has been in business since 1909 and maintains an A+ A.M. Best rating.

You can trust that they can and will pay your claim when the time comes.

“Living Promise” is the name of their burial policy. All around, it’s the best plan on the market.

Their funeral insurance quotes are consistently among the lowest, and they accept many common health issues.

Best of all, there is no waiting period if you’re approved.

For the elderly, they offer up to $40,000 in life insurance for seniors over 80.

United of Omaha also has the best life insurance for children if you need coverage for a minor.

Check out the full Mutual of Omaha burial insurance review for more details.

2) Aetna

Founding Year: 1853

A.M. Best

A

Excellent

BBB

A+

98-100

Aetna is on this list for multiple reasons. First, they’ve been in business since 1853 and currently have an A rating with A.M. Best.

Amazingly, they offer new coverage to seniors as old as 89. It’s incredibly uncommon for a life insurance company to issue a new policy to applicants over 85.

Their burial insurance for seniors has competitive rates and will approve applicants for a no-waiting period policy despite high-risk health conditions.

Check out the full Aetna burial insurance review for more details.

3) Royal Neighbors of America

Founding Year: 1895

A.M. Best

A

Excellent

BBB

A+

98-100

Royal Neighbors of America isn’t a household name, but don’t let that alarm you. They have been in business since 1895 and maintain an A rating with A.M. Best.

Also, they are a women-owned company with solid philanthropic roots.

Royal Neighbors has very lenient underwriting, allowing most seniors to qualify for final expense life insurance with no waiting period.

If you’re a person with diabetes, RNA is a carrier that will almost certainly approve you for an immediate death benefit.

In addition, their premiums are competitive in line with other carriers. Lastly, all their policyholders get access to many valuable member benefits at no extra cost.

Check out the full Royal Neighbors of America review for more details.

4) Foresters Financial

Founding Year: 1874

A.M. Best

A

Excellent

BBB

A-

90-100

Foresters Financial has been in business since 1874 and currently has an A rating with A.M. Best.

They are heavily involved in charity throughout the USA.

For example, they partner with Ronald McDonald House and the Red Cross as part of their philanthropic agenda.

Their life insurance coverage has competitive premiums and quick approval times.

They are very accepting of common health conditions present among seniors. Also, Foresters Financial grants every policyholder, at no extra cost, access to generous member benefits.

They also have a traditional whole life policy called Advantage Plus. It’s one of the best life insurance policies for seniors if you’re looking for high coverage amounts.

To get even more details, check out the full Foresters Financial review.

5) Transamerica

Founding Year: 1904

A.M. Best

A

Excellent

BBB

B

84-100

Transamerica’s Immediate Solution funeral life insurance product is a marriage of competitive premiums and lax underwriting.

They oftentimes have the cheapest life insurance for seniors over 70.

Transamerica has a unique plan with no waiting period for high-risk chronic conditions like COPD.

The main downside is with their application. It’s cumbersome and can take up to five business days to get approved.

As a company, Transamerica has strong financials.

They have been in business since 1904 and currently have an A rating with A.M. Best.

To get even more details, check out the full Transamerica review.

6) Prosperity Life Group

Founding Year: 1938

A.M. Best

A-

Excellent

BBB

A+

97-100

Prosperity Life Group has an A- rating with A.M. Best, so you can trust they are financially secure.

They have an excellent burial insurance plan that is a superior choice for many folks.

For example, non-cigarette smoking tobacco or nicotine users can get a non-tobacco rating. Prosperity will only apply a tobacco price to those who smoke cigarettes.

They accept many high-risk health issues, are available in nearly all states, and have a simple, instant decision application process (15 minutes).

To get even more details, check out the full Prosperity review.

7) AIG

Founding Year: 1919

A.M. Best

A

Excellent

BBB

A+

97-100

AIG is a renowned long-standing life insurance carrier. They have an A rating with A.M. Best and have been in business since 1919.

Their burial coverage is guaranteed issue life insurance. It’s a type of life insurance policy that has no health questions or medical assessments.

Your acceptance is guaranteed.

Because there are no health questions, benefits are limited during the first 24 months. Should death occur during this time, AIG will only refund 110% of the premiums paid.

The policy also includes (for free) two riders.

The chronic illness rider will return premiums if you cannot perform two of the six “activities of daily living” (dressing, continence, bathing, eating, toileting).

It will also be triggered if you are diagnosed with a severe cognitive impairment like dementia.

The other rider for terminal illness allows you to access up to 50% of your death benefit if a doctor tells you that you have less than 24 months to live.

It’s important to note that both riders are only in effect after the 24-month waiting period has passed.

To get even more details, check out the full AIG review.

8) Americo

Founding Year: 1909

A.M. Best

A-

Excellent

BBB

A

94-100

Americo has been in business since 1909 and has an A rating with A.M. Best.

Their burial life insurance coverage has limited health questions and no waiting period (if you’re approved).

Seniors with high-risk conditions such as Lupus, Multiple Sclerosis, diabetes, and many other conditions can all qualify for immediate coverage.

Their coverage always pays out double for accidental death. Most other carriers charge an extra fee for that benefit.

To get even more details, check out the full Americo review.

9) Liberty Bankers Life

Founding Year: 1958

A.M. Best

A-

Excellent

BBB

F

55-100

Liberty Bankers Life is one of the few burial insurance companies that will offer an immediate coverage plan to someone with COPD.

They have great prices and a fast application that takes less than 10 minutes. Eligibility depends on how you answer the health questions (no exam required) and your medication history.

They have been in business for over 60 years. Plus, they have an A- rating with A.M Best.

To get even more details, check out the full Liberty Bankers review.

10) Gerber Life

Founding Year: 1967

A.M. Best

A

Excellent

BBB

A+

97-100

Gerber Life only offers a guaranteed issue policy. It’s permanent life insurance with no health guaranteed approval.

Because there are no health questions, there is a two-year waiting period.

Gerber Life has been in business since 1967 and has an A rating with A.M. Best.

They are also infamous for the Gerber Grow-Up Plan children’s insurance policy.

To get even more details, check out the full Gerber review.

11) American Amicable

Founding Year: 1910

A.M. Best

A

Excellent

BBB

A+

97-100

American Amicable has a sleek application process to render approvals in less than 10 minutes.

If you smoke cigarettes, they will likely offer you a lower price than any other company.

Unlike other carriers, American Amicable offers non-tobacco rates to applicants who smoke an occasional cigar or pipe.

Another exciting aspect of their program is their rider selection. You can opt to add some exciting perks, such as double indemnity for accidental death.

American Amicable has been in business for over 100 years and has an A rating with A.M. Best.

To get even more details, check out the entire American Amicable review.

12) Baltimore Life

Founding Year: 1882

A.M. Best

A

Excellent

BBB

A+

97-100

Baltimore Life isn’t a commonly known name, but that isn’t a cause for concern. They have been operating since 1882. Also, they have a B++ rating with A.M. Best which is considered good.

Their application process is swift. Generally, approvals take less than 15 minutes.

To get even more details, check out the full Baltimore Life review.

Popular Final Expense Insurance Companies To Avoid

Just because you’ve heard of a company doesn’t mean they have the best burial insurance.

Massive advertising does not equal superior products, especially when it comes to cost.

Below is a list of popular funeral insurance companies that are well known but should be avoided, including the reasons why.

Colonial Penn

Choice Mutual Rating

1.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The primary problem with Colonial Penn life insurance is that it’s costly and has a two-year graded death benefit even if you’re in good health.

Their advertisements for the $9.95 guaranteed acceptance plan make it seem like they are very cheap.

The question to ask is- what do you get for $9.95?

When you look at a Colonial Penn rate chart, you quickly discover that $9.95 per month buys a tiny death benefit amount.

For example, a 70-year-old male will only get $689 in life insurance from one $9.95 unit.

When you break down the cost per thousand dollars of coverage, Colonial Penn is one of the most expensive companies in the life insurance industry.

AARP

Choice Mutual Rating

2.5

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

AARP life insurance via New York Life is typically a term life insurance policy that expires at age 80.

Yes, it’s less costly per month than a whole life burial policy.

But it’s only cheaper because the coverage terminates on your 80th birthday.

The AARP final expense program also has two different whole life policies you can buy.

One has no waiting period for natural causes of death, and the other is guaranteed acceptance which has a waiting period.

The issue with their no waiting period whole life coverage is that it’s more expensive than other providers, and it’s hard to qualify for if you have pre-existing conditions.

For example, a 65 year old female would pay $97.72 monthly for $25,000 in whole life burial insurance coverage.

AARP would charge $114.00 for the same coverage.

Lincoln Heritage

Choice Mutual Rating

1.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

Lincoln Heritage life insurance is roughly 25-300% more expensive than other final expense life insurance companies.

In addition, many health issues common among seniors are forced into buying their modified whole life policy which has a 2-3 year waiting period and a significantly higher premium.

For example, a 70-year-old female would pay $78.26 per month with Mutual of Omaha for $25,000 in coverage.

Lincoln Heritage would charge this same person $117.30 monthly for the same thing.

And if that 70-year-old female takes prescription blood thinners, Lincoln Heritage would charge her $190.65 with a two-year waiting period.

Globe Life

Choice Mutual Rating

2.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

Globe Life insurance is a term life policy that expires at age 90. In addition, the premium payments increase every five years.

Globe’s initial rates are lower than whole life final expense policies, but that’s because A) the prices increase every five years and B) it expires on your 90th birthday.

Also, their coverage is hard to qualify for.

Seniors who’ve had past heart attacks, strokes, diabetes, or other common ailments simply will not qualify for Globe’s coverage.

For those who take the risk on Globe’s term life insurance, the premium increases after age 75 are generally too expensive.

Most seniors are on a fixed income and lose their Globe Life coverage because they can no longer afford the payments.

TruStage

Choice Mutual Rating

2.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

TruStage life insurance is competitive for term life insurance but not for whole life.

Remember, term coverage is not advisable if you need life insurance to cover burial costs.

Their biggest downfall with TruStage is that the first product they offer customers is typically their guaranteed acceptance coverage.

That’s unfavorable because A) it has a two-year waiting period, and B) it is much more expensive than other companies that sell guaranteed issue coverage.

Their healthier customers would be better served by buying their whole life insurance with health questions. That would result in a lower price and immediate coverage for the full death benefit.

While TruStage prices are competitive, many other burial life insurance companies are less expensive.

For example, a 70-year-old female would pay $105.75 monthly for $15,000 in coverage with TruStage.

The same thing with Mutual of Omaha would cost $78.26.

Overall, TruStage is convenient. That is no question about that. But you pay for that convenience via higher prices.

Tips For Finding The Best Funeral Insurance Policy

When deciding which company has the best final expense plan for your needs, there are many factors to consider.

Consider the following as you do your due diligence:

• What will your monthly premium be?
• Is there a waiting period?
• Are you willing to work with an insurance agent?
• How much do you expect your funeral expenses will cost?
• Do you want a headstone, premium casket, vault, or any features?

According to the National Funeral Directors Association, the average cost of a funeral in 2021 was nearly $10,000.

The average cost of cremation is just shy of $7,000.

Be sure to consider those figures when choosing how much coverage you will buy.

Whole life final expense policies all have the same basic features and benefits.

They primarily differ in price, when you’re insured, and available riders.

Comparing life insurance quotes from multiple end-of-life insurance companies rather than just one is beneficial.

The best thing you can do to ensure you find the best burial insurance plan is to work with an independent insurance agent.

Also known as brokers, independent agents can investigate multiple insurance providers to ensure you get the best deal possible.

On the other hand, captive agents (State Farm is one such example) can only represent one company.

They have no freedom to compare multiple offers on your behalf.

Doing preliminary research online is very helpful and recommended.

Doing so should give you a good sense of what companies are available, the pros & cons, and cost estimates.

But in the end, you should speak with an agent representing ten or more insurance companies.

Let them assess your needs so they can recommend the carrier with the best burial insurance for you.

If you need a funeral life insurance policy, please give us a chance to earn your business.

Life insurance for seniors is our specialty. We have nearly 20 insurance carriers that we work with, so we can indeed find you the best price possible.

Check out what other actual Choice Mutual customers said after working with us. Our toll-free number is 1-800-644-2926.

Frequently Asked Questions