12 Best Final Expense Life Insurance Companies In 2022

A burial insurance plan is a no-medical exam whole life insurance policy available in small coverage options.

The policy proceeds are intended to pay for funeral costs, medical bills, credit cards, or other end-of-life costs.

Upon your passing, it will provide a quick cash payout to your loved ones or a funeral home. That gives them the money to carry out your last wishes according to your desires.

If you want immediate peace of mind knowing that you won’t saddle your loved ones with the financial burden of unpaid end-of-life expenses, consider burial insurance.

What Is Final Expense Insurance & How Does It Work?

As the name implies, a burial insurance plan is a type of policy meant to pay for your burial costs or cremation.

It’s whole life insurance with an amount of coverage that is generally $50,000 or less.

Whole life is a form of permanent life insurance. 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 money. Also, they can keep any unused proceeds from the policy.

The Best Burial Life 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 BBB 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

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 funeral expense insurance. 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 life 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. As a company, Transamerica has strong financials.

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

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.

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 such as 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 their 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

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

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

Is There Funeral Insurance Without A Waiting Period?

Yes, final expense insurance with no waiting period does exist. In fact, dozens of companies offer it.

And you don’t need to be in good health. Many health issues are still eligible for immediate protection.

The only way for you to know if immediate coverage is possible is to speak with a licensed agent.

Carriers that allow you to sign up without an agent almost always have a waiting period. Nearly all immediate plans are sold via licensed agents.

Lastly, there are some health situations where a modified whole life policy is inevitable.

For example, if you’re on dialysis or have HIV, you will have a limited death benefit during the first two years.

How Much Does Final Expense Life Insurance Cost?

A $10,000 burial policy usually costs $50-$100 per month. However, the exact cost of final expense insurance will vary from person to person.

Your age, gender, health, and the amount of coverage you buy all determine the net premium payments.

A whole life insurance rates chart will give you a good sense of the cost.

Be mindful of misleading advertisements. Many companies proclaim that they offer free final expense insurance or coverage that starts at “pennies per day.”

It’s helpful to remember that prices appearing in paid advertisements are incredibly anecdotal.

While they can be true to a degree, they are not a reality for 99% of policyholders.

Tips For Finding The Best Burial 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?
• What is the average cost of the funeral you desire?
• 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 offers 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.

Here are some common examples of captive companies. If you deal with any of these businesses, they have only one insurance company they can offer you.

• Colonial Penn life insurance

• Lincoln Heritage life insurance

• TruStage life insurance

• AARP life insurance

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.

This type of life insurance 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.

How To Ensure You Don’t Get Scammed

Every industry has its share of bad apples. The insurance industry is no exception to that rule.

You can take some straightforward and practical steps to 100% ensure no company or agent scams you.

Follow these two steps, and you can enjoy peace of mind knowing that you are invincible when shopping for funeral insurance. Nobody will be able to take advantage of you.

Step 1: Ask these questions first

Before you sign on the dotted line with anyone, there are specific questions you must ask. The answers to these questions will reveal what type of policy you’re being offered.

• Do the premiums ever increase?
• Will the policy terminate at any age?
• Does the coverage ever decrease in value?
• Is there a waiting period for non-accidental death?

Also, it’s a huge red flag if you ever speak to an agent who has trouble answering those questions.

If the answers are satisfactory, you should submit a formal application to see if the carrier will approve you.

Step 2: Review the policy after you’ve been approved

For all types of insurance, no company will give you a policy before you’ve applied and been approved.

They have to determine if they’ll offer you their coverage. For that, you must formally apply.

But after you are approved, you will get the policy in the mail. Once you get it, it’s critical that you verify the details.

The goal of analyzing the policy is to confirm that you received what was promised.

Here are the elements of the policy that you need to verify:

• Price: Verify the premium and that it does not change over time.
• Coverage: Verify the amount of insurance coverage and whether it remains the same or decreases over time.
• Policy duration: Verify if it expires at a certain age or if it lasts forever.
• When coverage begins: Verify if there is or isn’t a death benefit for during years 1-3 or any amount less than what you were promised.

If the information in the policy does not exactly match what you were offered in the sales process, then something is very wrong.

But do not worry because there are fail-safes to protect you.

The department of insurance in each state mandates that each insurance policy comes with a free look provision.

This provision grants you the right to review your contract once you receive it. It typically lasts 10-30 days, depending on your state. During this time, you can refuse the policy for any reason and get a full refund of any premiums that you’ve paid (if any).

So, if you buy from a sleazy agent who tried to swindle you, have no fear because you’ll get your money back.

Types of Burial Insurance Plans

There are typically five different burial expense plans that you could qualify for.

The rate plan a company offers you and the monthly price is directly related to your health.

• Level/Preferred: This plan is when the company approves you for the lowest price they offer. Also, it would pay the full death benefit immediately. You will only qualify for this rating if you can honestly respond with “no” to all the health questions.

• Standard: This plan has no waiting period, but the price is somewhat higher than a level/preferred plan due to a health issue(s). The full benefit amount is payable the day you make your first payment.

• Partial: This plan is often called a “graded death benefit.” It will only pay out a portion of the death benefit during the first two years. It will usually payout 30%-40% during the first year and 50%-70% during the second year. Then after two years, the entire amount is payable.

• Modified: This plan will be the most expensive option possible. Generally, only people with severe recent health issues will qualify for this rating. Modified plans will always have a 2-3 year waiting period (varies by the insurance company).

• Guaranteed Issue: These plans have no health or lifestyle questions. Simply put, you are guaranteed to be approved. A policy like this (such as Alex Trebek’s life insurance) with no health questions will always (no exceptions) have a 2-3 year waiting period before you’re covered.

Alternatives To End Of Life 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 prefer to pursue other avenues.

Below are some alternatives to consider.

• Pre-paid funeral plan: Prepaid funerals are plans you set up directly with a local funeral home to design your preferred funeral. After making all your selections, they will tell you how much it costs. The first option is to pay it in total upfront. If you opt to make payments, the funeral home will set you up with a pre-need insurance policy where the funeral home is the beneficiary. Once you die, the policy proceeds will be paid to the funeral home so they can execute your funeral plan. Buying life insurance for a parent requires their consent. You can set up a prepaid plan for your parents even if they aren’t involved in the process.

• Savings account: A savings account could work too if you’re a diligent saver. The biggest drawback with this option is that it will take many years to save enough. If you religiously put away $100 per month, it would take you over eight years to save $10,000.

• Other forms of life insurance: You could rely on a term life insurance policy, universal life, or traditional whole life policy to pay for your final expenses. Granted, most other types of life insurance typically have adjustable rates, decreasing coverage. Or they can expire in your 70s or 80s.

• POD account: A payable-on-demand account (aka POD account) is a unique bank account. The funds will only be dispersed to beneficiaries upon the account holder’s passing. Be sure to put enough into this account to cover your final bills. Also, notify your beneficiaries so they know you have this account.

Frequently Asked Questions