Final Expense Insurance

Best Burial & Final Expense Insurance Companies

A burial insurance plan is a small no-exam life insurance policy that provides a quick cash payout to your beneficiary(s), so they have the necessary monies to pay for your funeral costs.

Considering the following:

  • What’s the fine print?
  • Who are the best companies?
  • How much will it cost?
  • Can you get coverage without a 2-year waiting period?

In this article, we will give you detailed answers to those questions and much more.

Topics Covered In This Article

 

What Is Burial Insurance, Final Expense & Funeral Insurance?

Burial insurance, also known as “final expense insurance” or “funeral insurance,” is generally a small whole life insurance policy with affordable premiums designed to pay all final expenses. No exams are required, serious health issues will not prevent acceptance, and coverage typically ranges from $2,000-$40,000 with most companies.

A whole life final expense policy has very minimal fine print. Here are the most important details:

  • Rates are locked in for life and cannot increase.
  • Coverage is guaranteed never to decrease.
  • Guaranteed never to expire or cancel
  • Builds cash value you may borrow from

Once you pass away, the insurance company will merely pay out the death benefit in the form of a tax-free check payable directly to the beneficiary(s). If you prefer, you can name a funeral home as the beneficiary rather than a person.

There are no restrictions on how the money is spent. Be it funeral-related expenses or other costs such as debts or medical bills; you can spend the money on anything. Any leftover money will remain with your beneficiary(s), not the funeral home.

Be sure not to get confused. The terms “burial insurance,” “funeral insurance,” and “final expense insurance” all mean the same thing. Be very leery of any website that suggests these labels have different meanings.

 

How Much Does Final Expense Insurance Cost?

Most companies charge roughly $30-$100 per month for a $10,000 final expense policy.

The exact cost of final expense insurance will vary from person to person because prices are determined by age, gender, health and how much coverage you purchase.

Below is a table showing some price estimates.

AgeFemale
$10,000
No Waiting Period
Female
$10,000
Guaranteed Acceptance
Male
$10,000
No Waiting Period
Male
$10,000
Guaranteed Acceptance
45$22$28$27$33
50$24$30$30$36
55$27$38$35$45
60$32$42$43$55
65$41$51$54$66
70$51$69$70$89
75$71$98$99$121
80$98$140$139$166
85$135$170$192$230
89$275N/A$358N/A

 

Who Are The Best Burial And Final Expense Life Insurance Companies?

These funeral insurance companies have the best plans. They offer unmatched value at the price and/or underwriting.

  1. Mutual of Omaha
  2. Aetna
  3. Royal Neighbors of America
  4. Foresters Financial
  5. Transamerica
  6. Prosperity Life
  7. AIG
  8. Americo
  9. Liberty Bankers Life
  10. Gerber Life
  11. American Amicable
  12. Baltimore Life

 

Top 12 Best Final Expense & Burial Insurance Companies In The USA

5 star rated companies

Below you will see a fairly detailed breakdown of all the best final expense insurance companies. From prices to product brochures, we leave little to the imagination. They are listed in no particular order.

 


 

1) Mutual Of Omahaspace img

  • First Year In Business: 1909
  • A.M. Best Rating: A+ (superior)
  • Better Business Bureau Rating: A+
  • Product Name: Living Promise Level Benefit
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except NY
  • Coverage Amount Range: $2,000-$40,000
  • New Applicant Age Range: 45-85 (policy lasts forever once issued)
  • Optional Riders: Accidental death (doubles the payout for accidental death)
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 61 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Mutual of Omaha products (it’s not sold direct)
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 10 minutes – 3 business days
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Seizure Conditions | Type 2 Diabetes | Life Insurance For Seniors Over 80 | Blood Thinners | Squamous Cell Skin Cancer | Sleep Apnea | Epilepsy | High Blood Pressure | Cholesterol | Arthritis | Fibromyalgia | Asthma | Blood Thinners | Crohn’s Disease | Depression/Anxiety | Diverticulitis | Graves’ Disease | Sleep Apnea | Smokers | Tumors (noncancerous)

Click Here To See A Product Brochure

Underwritten by one of the most well-respected life insurance companies globally, Mutual of Omaha’s “Living Promise” (that’s what they call this product) funeral expense policy might very well be the best on the market.

Their premiums are consistently among the lowest, they accept many common health issues, and most applicants can qualify for their immediate benefit plan. They also have the best life insurance for children too.

To get even more details, here is a link to our Mutual of Omaha Burial Expense Review.

Mutual Of Omaha Premiums

* Rates always stay the same & the policy never expires *

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
45$22.61$27.11$42.01$51.01
50$24.31$30.68$45.41$58.15
55$27.71$35.95$52.21$68.69
60$32.87$43.76$62.53$84.32
65$41.01$56.48$78.82$109.75
70$53.24$74.61$103.28$146.01
75$72.41$99.97$141.62$196.74
80$98.43$139.73$193.66$276.26
85$135.90$192.74$268.60$382.27

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

2) Aetna space img

  • First Year In Business: 1853
  • A.M. Best Rating: A (excellent)
  • Better Business Bureau Rating: A+
  • Product Name: Final Expense Level Benefit
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • State Availability: All states except MA & NY
  • Coverage Amount Range: $2,00-$50,000 (varies by age)
  • New Applicant Age Range: 40-89 (policy lasts forever once issued)
  • Optional Riders: Accidental death (doubles the payout for accidental death)
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 45 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Aetna Life products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Applications: Click Here
  • Application Approval Time: 10 minutes – 3 business days
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Afib | Schizophrenia | Bi-Polar Disorder | Depression | Epilepsy | Seizures | Severely Overweight | Sleep Apnea | Tumors | Over 85 Life Insurance | Arthritis | Blood Thinners | Elevated Cholesterol | COPD | Crohn’s Disease | Diabetes (type 1 or 2) | Diverticulitis | Fibromyalgia | Graves’ Disease | Heart Attack > 1 Year Ago | HBP | Lupus | Multiple Sclerosis | Pacemaker | Defibrillator | Parkinson’s Disease | Sarcoidosis | Scleroderma | Stroke > 1 Year Ago

Click Here For Brochure

Aetna is on this list for a variety of reasons. Chief among them is because they offer coverage to folks up to age 89. It’s incredibly uncommon for any life insurance company to insure applicants over 85. Despite popular belief, Alex Trebek insurance doesn’t go above 85.

Their senior burial insurance will accept many severe health issues and still have no waiting period. Their lenient underwriting combined with competitive pricing makes them a great option for most people.

To get even more details, here is a link to our Aetna Burial Expense Review.

Aetna Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$15,000
Male
$15,000
45$25.55$29.92$36.57$43.14
50$27.30$34.39$39.20$49.83
55$34.39$44.10$49.83$64.40
60$40.51$51.10$59.02$74.90
65$47.60$58.19$69.65$85.53
70$58.19$73.15$85.53$107.97
75$75.86$101.41$112.04$150.37
80$101.41$140.26$150.37$208.64
85$136.67$195.82$203.26$291.99
86$171.32$236.25$255.24$352.62
87$205.97$276.67$307.21$413.26
88$240.62$317.10$359.19$473.90
89$275.27$357.52$411.16$534.54

The policy does not end once you turn 89.

It lasts forever once issued. 89 is just the max age for new applicants.

 

 


 

 

3) Royal Neighbors Of Americaroyal neighbors logo

  • First Year In Business: 1895
  • A.M. Best Rating: A (excellent)
  • Better Business Bureau Rating: A+
  • Product Name: Simplified Issue Whole Life
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except AK, AL, HI, LA, MA, NH, NY
  • Coverage Amount Range: $5,000-$25,000
  • New Applicant Age Range: 50-85 (policy lasts forever once issued)
  • Optional Riders: None
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 60 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Royal Neighbors of America products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 15-20 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Type 2 Diabetes | Diabetic Neuropathy | Schizophrenia | Bi-Polar Disorder | Depression | Blood Thinners | Severely Overweight | TIA Mini Strokes | Over 80 Life Insurance | Blood Clots | Tumors | Home Health Care | Retinopathy | Multiple Instances Of Cancer | Hypertension | Aneurysm | Arthritis | Asthma | Irregular Heart Beat | Blindness | Cholesterol | Crohn’s Disease | Diverticulitis | Fibromyalgia | Graves Disease | Scleroderma | Sleep Apnea

Click Here To See A Product Brochure

Although they are not a household name, Royal Neighbors has an outstanding track record that spans over 120 years. They were one of the first insurance companies to offer life insurance to women and children.

They are a nonprofit fraternal organization licensed to provide insurance, so they include (at no additional charge) many valuable member benefits to all their policyholders. You can see a list of their member benefits here.

Their burial expense life insurance probably has the most lenient underwriting out of all the top insurance companies. This is particularly true for people with diabetes. In fact, it wouldn’t be too bold to claim they are far and above the most diabetic-friendly final burial expense carrier in the nation.

They aren’t just for people with diabetes either. They can and do insure applicants of all health profiles.

Here is a link to our Royal Neighbors of America Burial Expense Review to get even more details.

Royal Neighbors Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$33.71$39.61$64.81$76.61
55$37.51$46.31$72.41$90.01
60$38.21$50.11$73.81$97.61
65$44.61$58.81$86.61$115.01
70$55.61$74.81$108.61$147.01
75$79.81$110.41$157.01$218.21
80$110.41$153.81$218.21$305.01
85$148.81$212.71$295.01$422.81

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

4) Foresters Financialforesters logo

  • First Year In Business: 1874
  • A.M. Best Rating: A (excellent)
  • Better Business Bureau Rating: A+
  • Product Name: PlanRight Level Benefit
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All 50 States
  • Coverage Amount Range: $5,000-$35,000 (varies by age)
  • New Applicant Age Range: 50-85 (policy lasts forever once issued)
  • Optional Riders: Accidental death (doubles the payout for accidental death)
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 70 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Foresters Financial products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 15-20 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Seizure Issues Such As Epilepsy | Type 2 Diabetes | Type 1 Diabetes | Blood Thinners | Atrial Fibrillation (Afib) | Bi-Polar Disorder | Schizophrenia | Depression | Multiple Sclerosis | Sleep Apnea | Wheelchair Usage

Click Here To See A Product Brochure

Foresters Financial is another company that is a fraternal organization. They provide high-quality life insurance burial policies and generous member benefits to all their customers at no additional charge.

As a company, they are heavily involved in charity throughout the USA. For example, they partner with both the Ronald McDonald House and the Red Cross as part of their philanthropic agenda.

Foresters PlanRight burial ins offers competitive premiums, quick approval times and can serve up unbeatable value for a wide variety of underwriting scenarios (as shown above).

Your best funeral insurance policy may be with Foresters Financial. It just depends on your health.

To get even more details, here is a link to our Foresters Financial Burial Expense Review.

Foresters Financial Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$26.05$32.00$48.95$60.85
55$31.16$36.86$59.17$70.58
60$35.41$45.19$67.67$87.22
65$42.80$55.75$82.44$108.34
70$53.42$72.91$103.69$142.66
75$75.08$102.69$147.00$202.23
80$111.08$146.74$219.01$290.33
85$165.92$200.75N/AN/A

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

5) Transamericatransamerica logo

  • First Year In Business: 1904
  • A.M. Best Rating: A+ (superior)
  • Better Business Bureau Rating: A-
  • Product Name: Immediate Solution Preferred
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All 50 States
  • Coverage Amount Range: $1,000-$50,000 (varies by age)
  • New Applicant Age Range: 45-85 (policy lasts forever once issued)
  • Optional Riders: Accidental death (doubles the payout for accidental death)
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 31 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Transamerica products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 2-5 business days
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: COPD or Emphysema | Diabetic Neuropathy | Blood Thinners | Bi-Polar Disorder | Schizophrenia | Depression | Parkinson’s Disease | Kidney Disease | Disability

Click Here To See A Product Brochure

Backed by an outstanding insurance company, Transamerica’s Immediate Solution funeral life insurance product is a marriage of competitive premiums and lax underwriting.

All around, anyone able to qualify for their immediate solution plan can feel comfortable knowing they are paying a fair price for a quality burial insurance plan.

To get even more details, here is a link to our Transamerica Burial Expense Review.

Transamerica Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$25.30$30.70$47.10$57.90
55$29.10$35.90$54.70$68.30
60$33.60$43.70$63.70$83.90
65$41.60$56.50$79.70$109.50
70$53.90$74.60$104.30$145.70
75$72.80$100.00$142.10$196.50
80$104.00$140.20$204.50$276.90
85$148.60$200.40$293.70$397.30

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

6) Prosperity Life Group burial insurance companies

  • First Year In Business: 1938
  • A.M. Best Rating: A- (excellent)
  • Better Business Bureau Rating: A+
  • Policy Type: Whole Life Insurance
  • Product Name: New Vista Level Benefit
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except CT, DE, DC, HI, MT, ND, & SD
  • Coverage Amount Range: $1,500-$35,000
  • New Applicant Age Range: 50-80 (policy lasts forever once issued)
  • Optional Riders: Accidental death (doubles the payout for accidental death)
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 53 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Prosperity Life Group products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 15-20 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Type 2 Diabetes | Diabetic Amputations | Depression | Atrial Fibrillation | Blood Thinners | Blood Clots | Multiple Sclerosis | Tumors (Non-Cancerous) | Wheelchair Usage (Not Because Of Disease) | Sleep Apnea | Cigar Smokers | Tobacco Chewers | Pipe Smokers | Pacemakers | Defibrillator | Fibromyalgia | Diverticulitis | Disability

Click Here To See A Product Brochure

Prosperity Life Group is likely not an insurance company that you know of by name. However, that does not mean they aren’t trustworthy or that their insurance isn’t worth considering.

The truth is 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 all get a non-tobacco rating. Prosperity will only apply a tobacco price to those who smoke cigarettes. That will save you a lot of money!

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

With them, you’ll know if you are accepted in about 15 minutes.

All around, they’ve done a good job creating a price-competitive product that offers many people immediate coverage, whereas elsewhere, they would get a two-year waiting period. They may just be the best company for you.

To get even more details, here is a link to our Prosperity Burial Expense Review.

Prosperity Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$29.15$34.52$54.70$65.43
55$29.93$37.62$56.27$71.64
60$35.88$49.99$68.17$87.95
65$44.42$58.10$85.25$112.59
70$59.13$79.58$114.66$155.56
75$80.19$113.68$156.78$223.76
80$98.30$147.96$193.00$292.32

The policy does not end once you turn 80.

It lasts forever once issued. 80 is just the max age for new applicants.

 

 


 

 

7) AIGaig logo

  • First Year In Business: 1919
  • A.M. Best Rating: A+ (superior)
  • Better Business Bureau Rating: A-
  • Product Name: Guaranteed Issue Whole Life
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: Yes
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes (100% even during the waiting period)
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or any non-accidental death
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except ME, NY, & PA
  • Coverage Amount Range: $5,000-$25,000
  • New Applicant Age Range: 50-80 (policy lasts forever once issued)
  • Optional Riders: None
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 45 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell AIG products or via AIG Direct
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 3-5 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: Yes
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: HIV Or AIDS | Dialysis | Angina | Oxygen Use | Current Internal Cancer | CHF | Dementia Or Alzheimer’s | Wheelchair-Bound Due To Disease

Click Here To See A Product Brochure

AIG only offers what’s called guaranteed issue life insurance. This kind of policy has no health questionnaire or medical assessments. Your acceptance is guaranteed. As is the case with all guaranteed issue policies, there is a 24 month waiting period before the policy will pay out a death benefit. Should death occur during this time, AIG will merely refund 110% of premiums paid.

AIG has some of the lowest premiums for guaranteed issue life coverage relative to the other companies. Additionally, they are the only company that offers two free riders on every policy.

The first is a terminal illness rider. It will allow you to access some of the death benefits if you are ever diagnosed with a terminal illness and given a life expectancy of 24 months or less.

Also, they offer a Chronic Illness rider that will allow you to access some of your death benefits should you develop a chronic illness are unable to perform your daily living activities.

Guaranteed issue burial policies are generally a last resort, but they have their place when it comes to health issues that are such a high risk you cannot qualify for a plan with underwriting.

To get even more details, here is a link to our AIG Burial Insurance Review.

AIG Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$35.83$51.92$73.93$101.85
55$43.23$56.90$95.34$125.17
60$50.02$63.17$110.15$138.18
65$61.57$84.15$135.37$184.61
70$74.52$98.18$163.60$215.24
75$107.17$138.55$234.85$303.31
80$175.42$246.44$383.77$538.70
85$199.06$315.82$437.18$692.70

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

8) Americoamerico logo

  • First Year In Business: 1909
  • A.M. Best Rating: A (excellent)
  • Better Business Bureau Rating: B-
  • Product Name: Eagle Premier
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except NY & VT
  • Coverage Amount Range: $2,000-$30,000
  • New Applicant Age Range: 50-85 (policy lasts forever once issued)
  • Optional Riders: None
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 60 days
  • Sample Policy: N/A
  • How To Apply: Through agencies licensed to sell Americo products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 10-15 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Parkinson’s Disease | Systemic Lupus | Heart Attack | Stroke | Heart Surgery | Circulatory Surgery | Pipe Smokers | Chewing Tobacco | Home Health Care | Afib | Cigar Smokers | Type 2 Diabetes | Multiple Sclerosis | Seizures

Click Here To See A Product Brochure

Americo has two different burial life expense plans. Their Ultra Protector plan is useful for a wide variety of health conditions. This plan is one of the few on the market that comes with 100% day one coverage for folks with COPD or emphysema. The Ultra Protector plan also offers immediate coverage for some other high-risk conditions.

Their other plan goes by the name Eagle Premier. This particular plan is unique in various ways. One of the most significant benefits of this plan is that non-cigarette smoking tobacco users can qualify for non-tobacco rates.

Regardless of your particular health issue(s), there is a good chance that Americo can offer you a low-cost funeral insurance policy that has no waiting period.

To get even more details, here is a link to our Americo Burial Expense Review.

Americo Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$27.67
$36.30
$51.55
$68.80
55$31.32
$40.49
$58.84
$77.18
60$38.46
$49.67
$73.11
$95.53
65$48.65
$62.92
$93.50
$122.04
70$60.88
$83.31
$117.95
$162.81
75$83.31
$113.87
$162.81
$223.93
80$129.12
$166.93
$254.45
$330.07
85$190.69
$229.59
$377.59
$455.37

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

9) Liberty Bankers Lifeliberty bankers life logo

  • First Year In Business: 1958
  • A.M. Best Rating: B++ (good)
  • Better Business Bureau Rating: A+
  • Product Name: SIMPL Preferred
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except CT, MA, MN, NH, NY, RI
  • Coverage Amount Range: $3,000-$40,000
  • New Applicant Age Range: 18-80 (policy lasts forever once issued)
  • Optional Riders: Accidental Death & Dismemberment | Children Term | Grandchildren Term
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 60 days
  • Sample Policy: N/A
  • How To Apply: Through agencies licensed to sell Liberty Bankers Life products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 10-15 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: COPD or Emphysema | Parkinson’s Disease | Systemic Lupus | Liver Cirrhosis | Kidney Disease | Hepatitis | Chronic Bronchitis | Diabetes | Bi-Polar | Schizophrenia | Depression | Afib | Epilepsy | Fibromyalgia | Seizures

Click Here To See A Product Brochure

Without question, Liberty Bankers Life has one of the most unique burial policies in the country.

For example, people with COPD, emphysema, liver diseases, or kidney disease can qualify for a plan with a full day one benefit 😮. That is incredibly rare. Most carriers would absolutely impose a partial or full two-year waiting period for these conditions.

Liberty Bankers is also one of the few companies that will sell their coverage to people as young as 18. Most burial life insurance carriers start their products at age 50.

All around, Liberty Bankers life can be a great fit for folks with high-risk health issues and healthy individuals. Honestly, they are a great option for just about everyone.

To get even more details, here is a link to our Liberty Bankers Life Burial Expense Review.

Liberty Bankers Life Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$25.57$30.51$46.51$56.39
55$30.40$36.79$56.17$68.95
60$34.67$45.80$64.71$86.97
65$42.81 $55.94$80.99$107.26
70$54.79 $73.31$104.95$141.99
75$76.20$100.15$147.78$195.67
80$109.16$146.80$213.69$288.97

The policy does not end once you turn 80.

It lasts forever once issued. 80 is just the max age for new applicants.

 

 


 

 

10) Gerber Lifespace img

  • First Year In Business: 1967
  • A.M. Best Rating: A (excellent)
  • Better Business Bureau Rating: A+
  • Product Name: Guaranteed Life Insurance
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: Yes
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes (100% even during the waiting period)
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or any non-accidental death
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except MT
  • Coverage Amount Range: $5,000-$25,000
  • New Applicant Age Range: 50-80 (policy lasts forever once issued)
  • Optional Riders: None
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 31 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell Gerber Life products or direct from Gerber Life
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 5-10 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: Yes
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Oxygen Use | AIDS/HIV | Current Cancer | Congestive Heart Failure | Dementia | Angina | Wheelchair Usage |

Click Here To See A Product Brochure

Gerber Life’s final expense policy is a guaranteed issue whole life policy. There are no medical questions or any life/lifestyle underwriting.

Simply put, Gerber Life will know nothing about your health. Because there are no health questions, there is a two-year waiting period, as is the case with all guaranteed acceptance plans.

It’s a competitively priced guaranteed issue policy suitable for people with very high-risk conditions such as HIV, dialysis, cancer, etc.

Gerber is also infamous for their Gerber grow plan children’s insurance policy. It’s a good child policy, but not the best one available.

To get even more details, here is a link to our Gerber Life Burial Expense Review.

Gerber Life Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$34.47$44.09$68.02$87.27
55$44.28$57.93$87.63$114.95
60$51.06$63.89$101.20$126.87
65$62.61$85.16$124.30$169.40
70$75.53$99.18$150.15$197.45
75$108.17$139.52$215.42$278.12
80$176.37$247.32$351.82$493.72

The policy does not end once you turn 80.

It lasts forever once issued. 80 is just the max age for new applicants.

 


 

 

11) American Amicableamerican amicable logo

  • First Year In Business: 1910
  • A.M. Best Rating: A (excellent)
  • Better Business Bureau Rating: A
  • Product Name: Senior Choice Immediate Benefit
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • What If You Move To Another State/Country: Policy is still good & payable (nothing changes)
  • State Availability: All states except CT, ME, MT, NH, NY, VT
  • Coverage Amount Range: $2,500-$35,000 (varies by age)
  • New Applicant Age Range: 50-85 (policy lasts forever once issued)
  • Optional Riders: Grandchildren Term | Children Term | Nursing Home Waiver | Accidental Death
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 60 days
  • Sample Policy: Click Here
  • How To Apply: Through agencies licensed to sell American Amicable products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 8-10 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Cigarette Smokers | Pipe Smokers | Cigar Smokers | Afib | Schizophrenia | Bi-Polar Disorder | Depression | Blood Thinners | Wheelchair Usage

Click Here To See A Product Brochure

American Amicable is not a company that appeals to a broad audience. Their funeral expense policy is a great option for certain selection situations.

As one example, their tobacco user rates are quite competitive. They are typically a much cheaper option for cigarette smokers relative to other carriers.

Also, they are one of the few companies that will offer non-tobacco rates to folks who smoke an occasional cigar or pipe.

Another exciting aspect of their program is their rider selection. You can opt to add some interesting perks to your policy for a little bit extra each month. Some customers really like their riders.

At the end of the day, they aren’t a great fit for everyone, but they are an excellent choice for certain groups.

To get even more details, here is a link to our American Amicable Burial Expense Review.

American Amicable Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$20,000
Male
$20,000
50$26.67$31.65$50.69$60.65
55$33.69$40.04$64.74$77.43
60$38.27$47.06$73.89$91.47
65$47.06$59.75$91.47$116.85
70$60.38$78.79$118.12$154.94
75$81.73$108.02$160.82$213.39
80$113.68$155.83$224.72$309.01
85$166.03$221.32$329.41$439.99

The policy does not end once you turn 85.

It lasts forever once issued. 85 is just the max age for new applicants.

 

 


 

 

12) Baltimore Lifebaltimore life logo

  • First Year In Business: 1882
  • A.M. Best Rating: B++ (good)
  • Better Business Bureau Rating: A+
  • Product Name: Silver Guard I
  • Policy Type: Whole Life Insurance
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Premiums Stay The Same Forever: Yes
  • Policy Duration: Forever (never expires)
  • What Does The Policy Cover: The net result is a tax-free cash payment (every funeral home accepts cash)
  • Does It Pay Out Due To Accident: Yes
  • Are The Proceeds Taxable: No
  • Who Receives The Money: Anyone you want (family member, funeral home, friend, etc.)
  • Can You Have More Than 1 Beneficiary: Yes (You can have as many as you’d like)
  • Restrictions How Money Is Used: None (The money can be spent on anything)
  • Do Health Issues After Policy Approval Cause The Policy To Cancel: No (health issues after approval don’t matter)
  • Payout Exclusions In First 2 Years: Suicide or health misrepresentation
  • Builds Cash Value: Yes (you can borrow from)
  • State Availability: All states except MA, MN, MO, NY, NC, SC, WA, WV
  • Coverage Amount Range: $2,500-$25,000
  • New Applicant Age Range: 50-80 (policy lasts forever once issued)
  • Optional Riders: Accidental death (doubles the payout for accidental death)
  • Can Children/Grandchildren Purchase Policy On Parents: Yes (their consent required)
  • Time Before Lapse After A Missed Payment: 65 days
  • Sample Policy: N/A
  • How To Apply: Through agencies licensed to sell Baltimore Life products
  • Phone Number To Apply: 1-800-644-2926
  • Sample Application: Click Here
  • Application Approval Time: 15-20 minutes
  • Medical Exam Required: No
  • Guaranteed Acceptance: No (there are health questions)
  • Down Payment/Application Fee: None
  • 1st Payment Required At Application: No (you choose when the first payment begins)
  • Common Health Issues They Accept: Cancer | Heart Attack | Circulatory Surgery | Heart Surgery | Congestive Heart Failure | Diabetic Coma | Amputation Due To Diabetes | Angina | Stroke | Home Health Care | Insulin Shock | Diabetic Nephropathy

Click Here To See A Product Brochure

Baltimore life has a unique product because they are the only carrier that will offer partial coverage to folks with some serious recent health issues. With virtually every other carrier, these health issues will result in a full two-year waiting period.

Their graded plan will payout 25% of the death benefit should death occur during year one and 50% during year two. Their graded plan accepts all sorts of high-risk conditions such as recent heart attacks, cancer, and congestive heart failure, to name a few.

If you are willing to pay a little extra to have some coverage that starts immediately and you’ve recently had a high-risk health event, Baltimore Life just might be your best option.

To get even more details, here is a link to our Baltimore Life Burial Expense Review.

Baltimore Life Premiums

*** Rates always stay the same & the policy never expires ***

AgeFemale
$10,000
Male
$10,000
Female
$15,000
Male
$15,000
50$27.90$33.30$39.15$47.25
55$32.40$39.60$45.90$56.70
60$38.70$48.60$55.35$70.20
65$47.70$60.30$68.85$87.75
70$61.20$78.30$89.10$114.75
75$81.00$104.40$118.80$153.90
80$117.90$147.60$174.15$218.70

The policy does not end once you turn 80.

It lasts forever once issued. 80 is just the max age for new applicants.

 

 


 

Here’s The Story With Waiting Periods

First of all, final expense insurance with no waiting period does exist. In fact, many companies offer it.

For example, of the 12 companies you see on this page, 10 of them offer immediate coverage with no waiting period.

The most important thing you must understand is that you must qualify for a policy with no waiting period in every circumstance.

To get immediate coverage, you have to apply with a company where you do answer health questions. You don’t have to take an exam, but you will have to answer health questions.

Thankfully, many companies have diverse and lenient underwriting, so getting no waiting period coverage is usually possible.

The only way for you to know if immediate coverage is possible is for you to speak with one of our agents. Basically, they’ll ask you some questions on your health so they can quickly determine if no waiting period coverage is possible.

Just know there are some situations where you 100% cannot get immediate coverage.

If any of the conditions below apply to the person you’re trying to insure, it will be a modified whole life policy with a two-year waiting period.

  • Dialysis
  • HIV or AIDS
  • Cancer or treatment for cancer within the last 12 months
  • Hospice
  • Currently in a hospital or nursing facility
  • Heart attack within the last 12 months
  • Full-blown stroke within the last 12 months (mini-strokes don’t count)
  • Diabetic coma or insulin shock within the last 24 months
  • Diabetic amputation within the last 24 months
  • Alzheimer’s or dementia
  • Terminal illness
  • Circulatory surgery within the last 12 months
  • Heart surgery within the last 12 months
  • Congestive heart failure

This is not an all-inclusive list, but these are the most common ones.

And please don’t assume you can’t get immediate coverage.

If you don’t have any of those conditions, we can probably get you immediate coverage.

Every day we secure coverage for folks with no waiting period when they were convinced it wasn’t possible.

 

Sample Applications & Policies

Want to see what the application looks like? What health questions they ask (if any)?

Below are some sample policies and applications from the top 12 final expense companies.

Please note, you cannot complete these applications and send them in all on your own. All but two of these companies require that you deal with an agency (such as Choice Mutual) to apply.

Only Gerber and AIG will allow you to apply directly with them without talking to an agent.

 

Types Of Funeral Insurance Plans

There are typically five different burial insurance plans you could qualify for (Level/Preferred, Standard, Graded, Modified & Guaranteed Issue). Which plan a company offers you and the monthly price is directly related to your health.

 

Level/Preferred

A level or preferred rating (these two words mean the same thing) is when the company is approving you for the lowest price they offer. In addition, the coverage has no waiting period. Asa general rule, you’re only going to be eligible for this rating if you can honestly respond with “no” to all the health questions (not including the tobacco question) on any given application.

 

Standard

A standard plan is one where you’re still covered with no waiting period, but the price somewhat higher than a level/preferred plan due to a health issue(s). For example, multiple funeral insurance companies will offer a standard rating to folks who have COPD.

 

Partial

Often referred to as “graded coverage” by most insurance companies, a partial coverage plan would pay out a portion of the death benefit if you died during the first two years. They usually payout 30%-40% during year one of the policy and 50-70% during the second year. After two years, the full amount is active. Also, keep in mind that a partial coverage plan will also cost more than a preferred/level plan.

 

Modified

A modified rating is the most expensive plan you could qualify for. Generally, only those with severe recent health issues will be approved for this rating. First, a modified plan will always have a 2-3 year waiting period (varies by the insurance company). Second, these plans typically cost at least 80% more than a level/preferred plan.

 

Guaranteed issue

Also commonly called “guaranteed acceptance,” these plans have literally no health or lifestyle questions. Simply put, you are guaranteed to be approved. The insurance company knows nothing about your health. A policy like this (such as Alex Trebek’s insurance) the  with no health questions will always (no exceptions) have a 2-3 year waiting period before you’re covered.

In addition, they typically cost much more per month because the insurance company takes on a lot of risk since they know nothing about your health. Generally speaking, guaranteed issue is the last resort if you have insurable conditions such as HIV, dialysis, transplants, wheelchair-bound, etc.

 

Finding The Best Burial Policy

Ultimately, the way you get the best end-of-life insurance is by comparing offers from multiple insurance companies to see which one is best.

But it would help if you accepted that this is not something you can do entirely on your own as a consumer.

Yes, you can do online research and get quotes just like you’re doing now on this website.

However, there is no way for you to determine if any particular company will accept you and what precisely the price will be.

Only a licensed agent can A) determine what you’re eligible for with each final expense company and B) what your exact price per month will be.

Know this:

At all costs, you must work with a qualified independent final expense life insurance agency that can compare offers from 10-20 different insurance companies to see which one is best for you.

And you may not believe this, but it’s true…

Over 90% of final expense companies do not sell their products directly. They rely on agencies to market their products for them.

Plus, there are dozens of funeral insurance companies that you’ve never heard of, and you need them.

In 2018, the USA had 773 life insurance companies. It’s important to remember that only a tiny fraction (less than 1%) of them advertise on TV, in magazines, online, or newspapers.

That means over 99% of the life insurance companies aren’t household names. These non-name brand companies are not bad or untrustworthy. They are equally as reputable and financially stable as the carriers that do advertise on TV.

We’re saying this because it might very well be that your best burial insurance plan is with a carrier that you’ve never heard of.

Be open to this concept and trust that just because it’s not a household name like Mutual of Omaha or State Farm that you can still feel supremely confident that your claim will be paid when your day comes.

So to gain access to the best companies, you must with an independent agency (which doesn’t cost you anything, by the way).

At the end of the day, the best funeral policy has the three following elements.

  1. Financial track record: An insurance policy is only as good as the issuing insurance company’s ability to pay its claims. It would be best to look for a company with a strong and reliable financial track record. A.M. Best is the most prestigious rating agency for insurance companies. Only consider companies that have a B rating or higher.
  2. When you are covered: At all costs, try to get a plan with no waiting period. Nobody knows what tomorrow holds, which is why you must get an immediate benefit plan if possible. If your health is such that you will have a partial or full waiting period, still get your policy now to start chipping away at that waiting period.
  1. Cost of the insurance: All things considered, look for a price on the lower end of the spectrum. Some final expense insurance companies have really high prices for no apparent reason. Compare rates from multiple providers and ensure you’re paying a fair price and not getting gouged.

Any final expense insurance plan that satisfies all three of those requirements is a plan you want to secure as soon as possible.

Give us a call and we’ll give you great service and help you find which plan is best for you. Check out what other real customers have to say after working with us.

Alternatives To Burial Insurance

A final expense whole life insurance policy isn’t the only way to financially prepare for a funeral. For some folks, it’s easily their best option. However, some people don’t like the insurance option and would rather pursue other avenues.

Below are some alternatives to consider.

 

Pre-paid funeral

A prepaid funeral is a plan you set up directly with a local funeral home where you fully design your preferred funeral. After you have made all your selections, they will tell you how much it costs.

You can elect to pay cash upfront or make monthly payments for 1, 3, 5, or 10 years. After you’ve made all your payments, you’re done, and the funeral is paid off forever. Keep in mind that if you make payments, you’re going to pay in a total amount that exceeds the funeral cost. This is the price you pay for making payments instead of paying cash. If you’re making payments, expect to pay $125-$300 per month.

 

Other forms of life insurance

A whole life burial insurance policy isn’t the only type of life insurance that can be used to pay for final expenses. Technically, the proceeds from any form of life insurance can be used to cover end-of-life costs.

So if you have an existing life insurance policy, that could also be relied upon to pay for your burial expenses.

Keep in mind that many forms of life insurance expire after a certain number of years. It would be unwise to rely on a plan that ends at age 75 or 80. The chance that you’ll live longer than that is really high, and then you would have nothing to pay for your funeral bills.

 

POD account

A payable-on-demand account (aka POD) is a particular type of bank account where the funds in the account will be dispersed to beneficiaries upon the account holder’s passing.

If you set up and fund this account (make sure you put enough in to cover all your final expenses), notify the beneficiaries (otherwise, they wouldn’t know it exists).

Ultimately, upon your passing, the funds in this account will be paid to your beneficiary(s), and they could use that money for your funeral.

 

Retirement portfolio

You could rely on money from your retirement account to pay for your funeral costs.

This would be highly unadvisable because it takes so long for funds in a deceased person’s retirement account to be accessible.

The money in your retirement account would not be accessible until after probate is settled. Probate can take months to complete. Most families want a funeral carried out very soon after the death of a loved one.

Again, it would not be wise to go this route, but you could if you don’t like the other options.

 

Can You Buy Funeral Insurance For Someone Else?

Yes you can purchase burial insurance for another individual provided they consent to policy being issued. You cannot buy life insurance (in any form) on someone else without their knowledge and consent. Getting quotes and asking questions on your own is fine, but you’ll need them to apply.

People insuring other people is actually really common. In fact, one of the most common inquiries we get are from children seeking to insure their parents, or someone trying to cover their sibling.

If you have their blessing, you can buy final expense insurance on any of the following:

The best thing to do is start by having a conversation with an agent so you can get quotes and become totally familiar with the application process.

Then talk with the person you want to insure and make sure they are on board with participating in the process. At that point, it’s just a matter of coordinating with your agent so the three of you can submit the application.

Frequently Asked Questions

Is burial insurance worth buying?

If you cannot afford to pay for your funeral, a burial insurance policy is likely worth buying because it can provide immediate peace of mind knowing your funeral bills won’t become a financial burden for your loved ones.

 

What is covered by burial insurance?

Burial insurance does not cover anything but your life because it’s a life insurance policy. At the end of the day, the policy will simply pay out a tax-free cash benefit to your beneficiary(s). There are no restrictions on how the money is used.

 

Is burial insurance the same as life insurance?

Yes, burial insurance is life insurance. It’s generally a small whole life policy meant to provide a quick cash payment to your family so they can pay for your funeral expenses.

 

Does AARP offer burial insurance?

AARP does not provide insurance. They market insurance for New York Life. The AARP life insurance program has both permanent and term life insurance to cover burial expenses.

 

Is final expense insurance a good deal?

Final expense insurance is a good option because it can prevent your family from paying your funeral expenses which can easily exceed $10,000 for a traditional burial.

 

Who has the best burial insurance?

Top 5 burial insurance companies:

  • Best price: Mutual of Omaha
  • Best for people with diabetes: Royal Neighbors of America
  • Best for elderly: Aetna
  • Best guaranteed issue: AIG
  • Best for smokers: American Amicable

 

How do final expense policies work?

Final expense policies are generally small whole life insurance plans meant to cover your funeral bills. The rates don’t change; the coverage stays the same, and the policies never expire. Since they are meant for funeral bills, most companies pay out the benefits within 24-48 hours.

 

Can I buy cremation insurance?

Yes, you can buy insurance to cover cremation expenses. It’s generally a small whole life policy designed to cover the costs associated with a cremation funeral. These plans are easy to qualify for, and cost very little since they only insure you for a small amount.