Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
In this Aetna funeral insurance review, learn how their policy works, see cost estimates, and the pros and cons.
Also, we’ll discuss when it’s a good idea to buy Aetna versus other providers.
Aetna final expense insurance is a simplified issue whole life policy that does not require a medical exam.
Qualification entails only answering some basic health questions. In addition to the health questions, Aetna will also analyze your medication history because that tells them a great deal about your health.
When you die, Aetna will pay your named beneficiaries a tax-free cash benefit. You can also elect to designate a funeral home as the beneficiary.
There are no restrictions on how your loved ones use the money from an Aetna life insurance policy. It doesn’t have to be spent only on funeral expenses. That means they can pay off medical bills, credit cards, or anything else.
Also, if money is left over after your final expenses are paid, they get to keep it.
Aetna burial insurance has three health ratings that could qualify for:
- Preferred: This is the lowest-cost option and has no waiting period. To qualify for the preferred rating, you must be able to honestly answer no to all the health questions.
- Standard: This option is more expensive than the preferred plan, and it also has no waiting period. The standard plan will be offered if you have any of the medical conditions in Part C of the application health questions.
- Modified: This option is the most expensive one they offer, and it has a full two-year waiting period. If you die during the waiting period, Aetna will only refund 110% of your premiums (unless the death is accidental). The modified plan will be offered if you have any health issues in Part B of the application health questions.
|Policy Type||Whole Life Insurance|
|Builds Cash Value||Yes|
|State Availability||All states except New York|
|New Applicant Age Range||40-89||40-75|
|Minimum Coverage Amount||$2,000|
|Maximum Coverage Amount||40-55: $50k|
|Free Built In Riders||Terminal illness|
|Optional Riders||Accidental Death (2X the payout for accidental death)|
|Where to Apply||Agencies licensed to sell Aetna Life products (you can't buy this plan directly from them)|
|Phone Number to Apply||1-800-644-2926|
|Medical Exam Required||No|
|2-Year Waiting Period||No|
(subject to underwriting approval)
|Application Approval Time||5 Minutes|
|Brochure||Aetna Final Expense Brochure|
|Sample Application||Aetna Final Expense Application|
The cost of Aetna final expense insurance is a function of your exact age, gender, health history, tobacco habits, resident state, and coverage amount.
- The preferred and standard plans have no waiting period
- Qualification only requires answering health questions (no exam)
- Approvals are generally rendered in less than five minutes
- Competitive prices in line with most other providers
- Available in nearly all states (just not New York)
- Permanent coverage that has a fixed premium
- The underwriting is well designed to approve most seniors even if they have very high-risk conditions like COPD, diabetes, and many more
- Applicants 55 and younger can purchase up to $50K in coverage which is higher than most other companies
- Some companies offer moderately lower prices
- The modified plan is very expensive
- No guaranteed acceptance options
- There are no multi-policy discounts unless you recently bought an Aetna Medicare Supplement
- Policy mail times are slower than most other providers
But even for younger ages, they have a well-priced final expense policy that is worth it if you can qualify for their preferred or standard plan.
That’s why they made the list of the best funeral insurance companies.
The modified plan isn’t worth buying due to its very high cost.
Yes, some companies like United of Omaha’s burial insurance does cost less (but not by much).
There are a ton of health issues that Aetna will accept (with no waiting period).
In the box below, you can see just how many health conditions they are okay with (there are more beyond this list).
Common conditions still eligible for no waiting period coverage:
Aneurysm (if surgically repaired)
Cancer > 2 years ago
Circulatory surgery > 2 years ago
Diabetes (type 1 or 2)
Diabetic coma > 2 years ago
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis > 2 years ago
High blood pressure
Insulin shock > 2 years ago
Over 85 life insurance
Pacemaker (installed > 1 year ago)
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Aetna has been operating since 1895 and maintains an A (Excellent) rating with A.M. Best.
They offer a suite of senior insurance products, including burial insurance, Medigap, Medicare Advantage, hospital indemnity, and many other health-related products.
They operate nationwide except for New York.
Their contact information is below:
- Website: www.aetnaseniorproducts.com
- Phone: 1-800-264-4000
- Mailing address: 151 Farmington Avenue, Hartford, CT 06156