Best Burial Insurance Companies
- No waiting period—If approved, you’re fully covered immediately for any natural or accidental death.
- No exam coverage up to $50,000—You can buy up to $50,000 in coverage without having to take a medical exam.
- Fast approvals—Most applications are approved within 24 hours.
- Agent phone call required—To buy the no waiting period policy, you must verbally speak with an agent to apply. If you buy Mutual of Omaha life insurance for seniors through the mail or on their website, there is a two-year waiting period and a maximum coverage amount of $25,000.
- Will not mail out duplicate policies—After you get the initial policy, they will not mail you a duplicate (they will only email it). However, at any time, they will send you a policy summary with all the pertinent information.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its prices are regularly on the lowest end of the spectrum. Also, you can qualify for up to $50,000 of no waiting period coverage even if you have common health issues such as diabetes.
Mutual of Omaha has best-in-class financial ratings and a lower-than-average number of complaints with the NAIC compared to most life insurance companies. After policies are in force, it’s remarkably simple to update your coverage, which can often be done verbally or by email. In contrast, most other companies require paper forms to be filled out, signed, and mailed back for any policy changes.
They also have the best life insurance for children if you need coverage for a minor.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- Up to age 89 can apply— Aetna will issue a new policy to seniors as old as 89.
- No exam & very lenient underwriting— You can get no waiting period coverage despite having a wide variety of chronic conditions such as COPD, Parkinson’s, Multiple Sclerosis, and much more.
- Discounts available— If you have certain Aetna senior products, you might qualify for a 10% discount.
- No NAIC complaints— Aetna Life Insurance Company’s subsidiary Accendo Life Insurance has no registered complaints with the National Association of Insurance Commissioners, which is incredibly rare and impressive.
- No guaranteed issue option— Aetna requires you to medically qualify for their coverage by answering health questions, which means you can be denied. They presently have no guaranteed issue life insurance options.
- Slow policy mailings— Customers often report that policies take around three weeks to arrive, which is slower than other providers.
- Long phone call hold times— Both agents who represent Aetna and their customers often complain that it can take over 15-25 minutes to speak with a representative.
Many companies offer life insurance for seniors over 80 but not over 85, which makes Aetna unique because they accept new applicants as old as 89.
Their senior burial insurance has competitive rates and will approve applicants for a no-waiting period policy despite high-risk health conditions. Also, Aetna has no weight limits, so they’re an excellent option if you’re severely overweight.
Aetna has no complaints with the NAIC, an A rating with AM Best, and an A rating with the Better Business Bureau. Over 98% of applications are approved or declined in less than 15 minutes.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- Excellent rates for young adults— Aflac often has some of the lowest prices for adults in their 50s. The prices are still competitive above 60.
- Strong financial strength— Aflac is a renowned, trusted brand-name company with high financial marks with all major rating agencies, such as AM Best.
- No exam and favorable underwriting— Adults with various health issues (even chronic conditions) can still obtain a policy with no waiting period.
- Low age cap— Only seniors up to age 80 are eligible.
- New to the market— Aflac has only been offering final expense insurance since 2022, which means there’s a higher chance (compared to other seasoned providers) of administrative hiccups if you need service on an existing policy.
Aflac’s funeral life insurance is a marriage of competitive premiums (particularly for younger adults) and lax underwriting. You can get no waiting period for high-risk chronic conditions like COPD, Parkinson’s disease, lupus, multiple sclerosis, and diabetes, to name a few. Like Aetna, Aflac has no build chart, so your height-to-weight ratio doesn’t influence your eligibility or cost.
Aflac has an A+ rating with AM Best and the Better Business Bureau. Additionally, they have incredibly high marks from all the major insurance company rating agencies, such as S&P and Moody’s. You can trust that they have the financial means to pay their claims.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- No health questions or exam— Approval is guaranteed, so you cannot be declined due to your medical history.
- Very low guaranteed acceptance prices— AAA is typically the cheapest or very close to it relative to other providers that offer coverage with no health questions.
- Highest interest— All guaranteed issue policies only refund premiums plus interest for the death during the first two years. AAA will refund 130%, whereas every other company is roughly 110%.
- Mandatory waiting period– You’re not covered for natural causes of death during the first two years.
- Limited coverage choices– You must choose from $3K, $5K, $7K, $10K, $5K, $15K, $20K, or $25K. Most burial insurance companies allow you to choose any increment you desire.
In addition to the very low prices, AAA will also pay out double the death benefit if you die from an accident, which is something no other guaranteed policy will do.
If you want to buy funeral insurance online, AAA allows for that, or you can apply by calling them.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- No exam and no waiting period– Applicants with health conditions like COPD, kidney disease (even dialysis), heart disease, and many more can obtain immediate coverage. Keep in mind that you must still answer health questions.
- Low coverage options– Transamerica will allow you to buy a death benefit as low as $1,000. Most funeral insurance companies have a minimum of $2,000-$5,000.
- Complicated application– The application is unusually lengthy, and it’s very difficult to make any changes after submission.
- Long telephone hold times—Getting in touch with Transamerica via telephone can often take a long time (much longer than with other providers).
Transamerica is an A-rated company that has been in business for over 100 years. Their final expense insurance is typically one of the lowest-cost policies, especially for seniors over 70.
They accept applicants who have health issues that most companies would outright deny, and they are among the few companies that will allow you to pay with a Direct Express Mastercard from Social Security.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- Multiple paid-up policy options—Baltimore Life offers a 20-pay plan, where you pay only for 20 years, which makes the policy paid up for life. They also have a single-pay option, where you cut a check for a single amount, which gives you lifetime coverage with no additional premiums due.
- Excellent underwriting– Applicants with many high-risk conditions can obtain no waiting period coverage.
- Nearly all policy changes require a wet signature– Unfortunately, Baltimore Life is behind the times and requires a wet signature on paper forms for virtually all changes to an application or active policy. Most other providers allow policyholders to execute changes verbally or electronically.
- Lower ratings than other providers– Baltimore Life only has a B++ rating with AM Best, which is lower than most final expense insurance companies.
- Long telephone hold times– In our experience, you often have to wait over 15 minutes to speak with a customer service representative.
Baltimore Life doesn’t have the lowest rates compared to other providers. However, they made the list of the top companies because they approve clients for immediate coverage that most other companies decline. Applications are typically approved within 10 minutes, and they accept seniors as old as 89.
Some people may be turned off by Baltimore Life’s B++ AM Best rating, which is understandable. But consider that AM Best classifies B++ as “Good” and claims the insurer has “a good ability to meet their ongoing insurance obligations.” Also, Baltimore Life has been in business since 1882, which clearly indicates that it is a stable company that will be in business for the foreseeable future.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- Low prices for smokers– American Amicable is usually one of the lowest-cost providers for applicants who smoke cigarettes.
- Unique optional riders—For an additional cost, you can add multiple riders to your policy that would provide an enhanced level of protection.
- Understanding underwriters—American Amicable is one of the few companies that will allow you to explain why you were prescribed certain medications or provide details about your medical history. Most companies operate on a strict set of guidelines that determine your eligibility independent of any feedback you may provide.
- Not the lowest cost for healthy applicants– If you’re in moderate to good health, multiple other companies are about 5%-15% less expensive.
- Higher than average complaints—The number of complaints with the NAIC is higher than what’s expected for a life insurance company.
American Amicable made the list primarily due to the underwriting. For seniors with a challenging medical history (particularly if you have an extensive medication list), they are often the only path to coverage with no waiting period.
Their prices for smokers are typically the lowest, and they’ll allow you to apply at a non-tobacco price point if you occasionally smoke cigars or a pipe.
They have a convenient live chat service where you can typically communicate with a company representative within 60 seconds. Also, nearly all policy changes can be executed verbally or electronically.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
- Incredibly diabetic friendly– People with diabetes will typically qualify for coverage with no waiting period. That’s true even if you use insulin or are severely overweight (there’s no weight limit).
- Very few declines—It’s rare for applicants to be declined. Most who apply are approved for coverage with no waiting period. They are very accepting of most medical conditions seniors typically have.
- High prices for seniors in their 50s—Royal Neighbors rates are not competitive for seniors from age 50 to 60. If you’re below 60, look elsewhere unless you have health issues that would make Royal Neighbors your best option.
- Ownership transfers are difficult– The policy owner is the person in control of everything and owns any cash value that has accumulated. In contrast, the beneficiary receives the death benefit when the insured dies. Let’s say you want to transfer ownership of the policy, perhaps to comply with Medicaid eligibility. Royal Neighbors requires a form signed by a notary. Virtually no other company requires notarization for ownership change.
Royal Neighbor’s prices over age 60 are competitive with other companies, and their underwriting is incredibly forgiving, which leads to most applicants being approved for immediate coverage. That’s true even if you have conditions such as COPD, Hepatitis, multiple sclerosis, diabetes, and much more.
Royal Neighbors is a financially strong company with a rich philanthropic background. Every policy comes with a Charitable Giving Rider, which provides 1% of the death benefit immediately payable to the charity of your choice. Also, all policyholders can access various member benefits at no additional cost.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
Final Expense Insurance Companies Cost Comparison
Popular Final Expense Insurance Companies To Avoid
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
Colonial Penn has an exorbitant amount of consumer complaints with the National Association of Insurance Commissioners, which is a huge red flag. The complaints aside, the biggest problem with the Colonial Penn $9.95 life insurance plan is that it’s very costly and has a two-year graded death benefit even if you’re in good health.
The $9.95 plan sounds cheap, but when you look at a Colonial Penn rate chart, you quickly discover that $9.95 buys a tiny death benefit amount. For example, a 70-year-old male will only get $689 in life insurance coverage from one $9.95 unit.
Colonial Penn is an A-rated company with a strong balance sheet. If you have a policy with them, they can and will abide by their contractual obligations. Also, they offer insurance in New York, which is rare.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
Most AARP final expense policies have a price increase every five years and ultimately terminate on your 80th birthday. On the other hand, the AARP life insurance program does offer permanent life insurance. However, it usually has a two-year waiting period for people with pre-existing conditions and is extremely costly.
AARP life insurance rates for seniors 75-80 are usually very low relative to other companies. Also, New York Life underwrites the policies (not AARP), an A++ rated company known for excellent service and promptly paying claims. Finally, AARP allows you to quote and buy their coverage entirely online, through the mail, or by calling them.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
Globe Life insurance is a term life policy that expires at age 80 or 90 (varies by state), and the premium payments increase every five years. Globe’s prices are initially lower than whole life final expense policies, but that’s because A) the prices increase every five years and B) it expires on your 80th or 90th birthday.
But let’s assume you are okay with a policy that will likely end before you die. You probably won’t qualify unless you’re extremely healthy. Seniors who’ve had past heart attacks, strokes, diabetes, or other common ailments have an extremely high chance of being declined.
Globe Life is an A-rated company, so you can rest assured that they have the financial means to pay their claims. Also, they offer a variety of ways to apply, such as online or through the mail. Finally, they have a convenient mobile app that allows policyholders to manage their coverage and make payments.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
TruStage life insurance prices are competitive, but most of the time, many other burial life insurance companies have lower premiums.
For example, a 70-year-old female would pay $105.75 monthly for $15,000 in coverage with TruStage. The same policy with Mutual of Omaha would cost $78.26.
TruStage is convenient because you can buy online without completing a medical exam. They offer both term life insurance and whole life, and the company has an A rating with A.M Best.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
The primary problem with Lincoln Heritage life insurance is that their coverage 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, The Lincoln Heritage Funeral Advantage program would cost a 70-year-old female $183.75 monthly for $25,000 in coverage.
A company like Mutual of Omaha would only cost that same woman $128.29 monthly.
Lincoln Heritage is an A-rated company, which means it has the financial means to honor its claims. They are also known to pay death claims quickly if you die after the policy has been in force for two years or more.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
The biggest reason to avoid State Farm final expense insurance is because it’s a guaranteed acceptance policy that will only refund 110% of premiums if you die in the first 24 months. State Farm does not offer final expense insurance with no waiting period. Moreover, it’s tremendously expensive compared to other companies.
State Farm has impeccable financials and consistently ranks highly (typically #1) in customer satisfaction surveys from companies such as JD Power.
How To Find The Best Final Expense Life Insurance Policy
It’s beneficial to remember that life insurance companies compete with one another primarily via price and underwriting (which health issues they do and do not accept).
With that in mind, you must compare plans from multiple companies to find the best final expense policy. No company can be the best option for everyone.
Here is a theoretical case study to illustrate the importance of comparing multiple providers.
Let’s say you are a 65-year-old female diagnosed with diabetes at age 42 who does not use tobacco.
Below is a breakdown of what each of those companies would offer to this hypothetical client:
- Mutual of Omaha, $20,000: $98.79 monthly with a two-year waiting period
- Aflac, $20,000: $83.77 monthly with no waiting period
- Aetna, $20,000: $91.70 monthly with no waiting period
Clearly, Mutual of Omaha would not be the best option. Instead, Aetna or Aflac would be a superior choice.
This theoretical client is a prime example of why comparing several companies side by side is critical to finding the best burial insurance for seniors.
Helpful advice from an experienced final expense insurance agent
David Duford is one of the nation’s most prolific final expense insurance agents.
He’s been a licensed agent for over a decade and has helped thousands of people buy burial insurance.
Here’s the best advice he offers to anyone shopping for this type of life insurance.
When shopping for any form of life insurance, you should be open to companies you’re not familiar with. – David Duford
According to Statista, there were 727 life insurance companies in the USA in 2022.
At best, 1% of them advertise on a mass scale to become household names like State Farm or Farmers.
The other 99% of companies unfamiliar to you aren’t untrustworthy or financially unstable.
They are every bit as reliable as well-known funeral insurance companies.
Those “unknown” companies simply have a different business model that relies on agencies such as Choice Mutual to sell their products.
Being open to buying from these lesser-known companies will significantly expand your options, exponentially increasing your chances of paying the least and avoiding a waiting period.
Factors you should consider
There are many factors to consider when deciding which company has the best final expense plan for your needs. Simplified issue whole life final expense policies have the same basic features and benefits. They primarily differ in price, when you’re insured, and available riders.
You should also consider how much coverage you need to buy. According to the National Funeral Directors Association, the average cost of a funeral is close to $10,000, whereas the average cost of cremation is roughly $6,000.
You can use a funeral cost calculator to help determine how much your desired funeral will cost.
Other Funeral Insurance Companies We Reviewed
Frequently Asked Questions
Dozens of final expense life insurance companies offer no waiting period, including Mutual of Omaha, Transamerica, Aetna, and Alfac, to name a few. It’s important to remember that you must qualify for a no-waiting period policy. At a minimum, you must answer health questions (no medical exam required).
Burial insurance, which is also known as funeral insurance or final expense insurance, is a type of whole life insurance meant to cover end-of-life expenses. It provides peace of mind knowing your end-of-life expenses won’t cause a financial burden for your loved ones. The requirements for burial insurance are minimal. For example, you don’t have to take a medical exam, and most applications are approved in less than 24 hours. The coverage options are usually less than $50,000, and the underwriting is very lenient so that seniors with pre-existing conditions can qualify. The policy pays out a tax-free cash benefit to your loved ones, which they can spend on anything, such as medical bills, credit cards, outstanding debts, the memorial service, and other funeral service costs. The cash payout to your beneficiaries is not subject to taxes. Alternatively, you can elect to have the money paid directly to your preferred funeral home.
Generally, a burial insurance plan with a $10,000 death benefit will cost $50-$100 monthly. It’s important to understand that the cost of final expense insurance products depends on your exact age, gender, state of residence, tobacco habits, health, and the amount of coverage you select. A whole life rate chart is helpful to get an estimate, but remember that your rate may differ based on those factors. An insurance quotes tool is advised to get an accurate estimate of what your insurance premiums may be.
Filing a death claim for final expense insurance is exactly the same as a traditional life insurance policy. It starts with your family members making a phone call to the insurer, notifying them that the insured died. They will send the beneficiary claim forms that need to be signed and returned with a copy of the death certificate. Once they receive that paperwork, they have what’s required to process the claim and pay out the money.
A burial policy is a worthy investment if you have no other means to pay for your burial costs. A final expense policy provides instant peace of mind, knowing your family won’t go into debt trying to pay for your end-of-life expenses. Read more: Is burial insurance worth it?
All forms of life insurance (whole life, universal life, and term life) pay out a tax-free cash benefit to your beneficiaries. Your beneficiaries can spend that money on anything, including funeral expenses such as a headstone, casket, or any other funeral cost.
The short answer is yes, but it’s a tiny amount. Per the SSA.gov website, a one-time lump-sum death benefit of $255 can be paid to the surviving spouse if they qualify.
Since burial insurance is a small whole life insurance policy, it will accrue cash value over time. As it builds up, you can withdraw it and spend the money in any way you desire.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- financial ratings. https://www.mutualofomaha.com/about/financial-strength
- since 2022. https://www.prnewswire.com/news-releases/aflac-expands-consumer-directed-portfolio-in-us-with-addition-of-final-expense-whole-life-and-medicare-supplement-insurance-301600070.html
- high marks. https://investors.aflac.com/ratings/default.aspx
- Direct Express Mastercard. https://www.usdirectexpress.com/
- AM Best classifies. https://www.ambest.com/ratings/guide.pdf?_gl=1*ip3xq*_ga*MTUwMDI1MDk3LjE2OTkxMTg0MjU.*_ga_VNWYD5N5NL*MTY5OTExODQyNC4xLjEuMTY5OTExODQyNi4wLjAuMA..&_ga=2.22352637.719567676.1699118425-150025097.1699118425
- since 1882. https://www.baltlife.com/about-us/corporate-our-history
- background. https://www.royalneighbors.org/about-us/
- member benefits. https://www.royalneighbors.org/membership/member-savings
- Statista. https://www.statista.com/statistics/194335/total-number-of-life-insurance-companies-in-the-us/
- SSA.gov website. https://www.ssa.gov/benefits/survivors/ifyou.html
- A.M. Best. https://news.ambest.com/newscontent.aspx?refnum=248191&altsrc=23
- Moody's. https://www.mutualofomaha.com/about/financial-strength/ratings
- S&P Global. https://www.mutualofomaha.com/about/financial-strength/ratings
- BBB. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
- Trustpilot. https://www.trustpilot.com/review/mutualofomaha.com
- Google. https://www.google.com/maps/place/United+of+Omaha+Life+Insurance+Co./@41.2919772,-96.3930632,11z/data=!4m10!1m2!2m1!1sMutual+of+Omaha!3m6!1s0x87938faddb631741:0x1c63fb3068a9098d!8m2!3d41.2585725!4d-95.9622597!15sCg9NdXR1YWwgb2YgT21haGEiA4gBAZIBEGluc3VyYW5jZV9hZ2VuY3ngAQA!16s%2Fg%2F1hc7zdp8w?entry=ttu
- Yelp. https://www.yelp.com/biz/mutual-of-omaha-omaha-6
- Facebook. https://www.facebook.com/mutualofomaha
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=69868&REALM=PROD&COCODE=69868&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-0714-104000434
- A.M. Best. https://news.ambest.com/pr/PressContent.aspx?altsrc=2&refnum=34492
- S&P Global. https://www.fitchratings.com/research/structured-finance/fitch-affirms-withdraws-aetna-ratings-21-09-2022
- BBB. https://www.bbb.org/us/ct/hartford/profile/insurance-companies/aetna-inc-0111-71
- Trustpilot. https://www.trustpilot.com/review/www.aetna.com
- Google. https://www.google.com/search?client=firefox-b-1-d&sca_esv=a835f771045fe61e&sca_upv=1&cs=0&output=search&q=Aetna&ludocid=12768792497492780119&lsig=AB86z5XiWP9fUyJdNgvGlhB7wfaC&kgs=2d2b6e0b4a02980f&shndl=-1&shem=lsde,lsp,vslce&source=sh/x/loc/act/m1/1#lrd=0x89c41601d3bbe7ad:0xb133dd1fdfbae457,1,,,,
- Yelp. https://www.yelp.com/biz/aetna-hartford-3
- Facebook. https://www.facebook.com/aetna/reviews
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&Cocode=63444&REALM=PROD&Cocode=63444&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/ct/hartford/profile/insurance-companies/aetna-inc-0111-71
- A.M. Best. https://news.ambest.com/PR/PressContent.aspx?refnum=33600&altsrc=9
- BBB. https://www.bbb.org/us/ga/columbus/profile/insurance-companies/aflac-0743-101327
- Trustpilot. https://www.trustpilot.com/review/www.aflac.com
- Google. https://www.google.com/search?sca_esv=70a0dbe43b331d7c&q=Aflac&ludocid=7796698309424998947&lsig=AB86z5VO04U9bwePMJxK7ARTYKLl&sa=X&ved=2ahUKEwj4z8L29LWHAxVRAjQIHaIWD1gQoAJ6BAgfEAY&biw=1920&bih=911&dpr=1#lrd=0x8848d05090ff680d:0x6c336fcdc22a6a23,1,,,,
- Facebook. https://www.facebook.com/Aflac/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=60380&REALM=PROD&COCODE=60380&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/ga/columbus/profile/insurance-companies/aflac-0743-101327
- A.M. Best. https://ratings.ambest.com/CompanyProfile.aspx?BL=0&ambnum=7424&AltNum=21727424&AltSrc=3
- BBB. https://www.bbb.org/us/mi/livonia/profile/life-insurance/aaa-life-insurance-company-0332-32019419
- Trustpilot. https://www.trustpilot.com/review/aaalife.com
- Google. https://www.google.com/search?client=firefox-b-1-d&q=aaa+life+Michigan#lrd=0x8824b27041bac465:0x353ccf886df6c7a5,1,,,,
- Yelp. https://www.yelp.com/biz/aaa-life-insurance-livonia
- Facebook. https://www.facebook.com/AAALifeInsuranceCompany/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=71854&REALM=PROD&COCODE=71854&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/mi/livonia/profile/life-insurance/aaa-life-insurance-company-0332-32019419
- A.M. Best. https://www.transamerica.com/why-transamerica/financial-strength
- Moody's. https://www.transamerica.com/why-transamerica/financial-strength
- S&P Global. https://www.transamerica.com/why-transamerica/financial-strength
- BBB. https://www.bbb.org/us/ia/cedar-rapids/profile/insurance-companies/transamerica-life-insurance-company-0664-100119
- Trustpilot. https://www.trustpilot.com/review/transamerica.com
- Google. https://www.google.com/search?sca_esv=6fc9685705fbb62e&sca_upv=1&q=Transamerica&ludocid=6251987757479653013&lsig=AB86z5VhxDLEqzwlMoUwISwEGWJD&sa=X&ved=2ahUKEwi_q5eznZaIAxWn5ckDHRC5ITAQoAJ6BAgkEAc&biw=1920&bih=911&dpr=1#lrd=0x87e4fa577d762105:0x56c385bdb0aa6e95,1,,,,
- Facebook. https://www.facebook.com/Transamerica/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&Cocode=86231&REALM=PROD&Cocode=86231&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/ia/cedar-rapids/profile/insurance-companies/transamerica-life-insurance-company-0664-100119
- A.M. Best. https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=6143
- BBB. https://www.bbb.org/us/md/owings-mills/profile/insurance-companies/the-baltimore-life-insurance-company-0011-789
- Google. https://www.google.com/search?q=baltimore+life+Owings+Mills%2C+MD&sca_esv=6fc9685705fbb62e&sca_upv=1&source=hp&ei=V2LOZpKXGI7ckPIPlIyKqQc&iflsig=AL9hbdgAAAAAZs5wZ0dcFYdTsc9ev9U67QTt7NArYsdi&ved=0ahUKEwjSnsjgqpaIAxUOLkQIHRSGInUQ4dUDCA8&uact=5&oq=baltimore+life+Owings+Mills%2C+MD&gs_lp=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_QHCAgsQLhiABBjRAxjHAZgDAJIHBDE1LjGgB9qzAQ&sclient=gws-wiz#lrd=0x89c8179d2bfc632d:0x3fc1087e83dea145,1,,,,
- Yelp. https://www.yelp.com/biz/the-baltimore-life-insurance-company-owings-mills
- Facebook. https://www.facebook.com/BaltimoreLifeBaltimoreAgency/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&Cocode=61212&REALM=PROD&Cocode=61212&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/md/owings-mills/profile/insurance-companies/the-baltimore-life-insurance-company-0011-789
- A.M. Best. https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=9122
- BBB. https://www.bbb.org/us/tx/waco/profile/life-insurance/american-amicable-life-insurance-company-of-texas-0825-35073
- Google. https://www.google.com/search?q=american+amicable+life+insurance+waco+tx+google&sca_esv=17afe526102f7a29&sca_upv=1&ei=q0rPZsi3FuLO0PEP2721CQ&ved=0ahUKEwiIufWoiJiIAxViJzQIHdteLQEQ4dUDCBE&uact=5&oq=american+amicable+life+insurance+waco+tx+google&gs_lp=Egxnd3Mtd2l6LXNlcnAiL2FtZXJpY2FuIGFtaWNhYmxlIGxpZmUgaW5zdXJhbmNlIHdhY28gdHggZ29vZ2xlMgUQIRigAUimE1CKDlinEnACeAGQAQCYAWqgAfkDqgEDNS4xuAEDyAEA-AEBmAIIoAKJBMICChAAGLADGNYEGEeYAwCIBgGQBgiSBwM3LjGgB88Y&sclient=gws-wiz-serp#lrd=0x864f8252464ea1bd:0x4853f2900b507382,1,,,,
- Facebook. https://www.facebook.com/pages/American-Amicable-Life-Insurance/116892825037180
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&Cocode=68594&REALM=PROD&Cocode=68594&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/tx/waco/profile/life-insurance/american-amicable-life-insurance-company-of-texas-0825-35073
- A.M. Best. https://www.royalneighbors.org/about-us
- BBB. https://www.bbb.org/us/il/rock-island/profile/life-insurance/royal-neighbors-of-america-0664-102650
- Trustpilot. https://www.trustpilot.com/review/royalneighbors.org
- Google. https://www.google.com/search?q=royal+neighbors+of+america+rock+island+il&sca_esv=a2b652855d7b65ae&sca_upv=1&ei=mazPZuKfB5_O0PEPhqbF-Aw&gs_ssp=eJwFwUEOQDAQAMC48om9ODhZaruNJ_hFdYtGadI68HszddPv_fBIYd4Eq7nF17AfldIaB6TJ0DrjS8JanFdaRiYWWrqcPhvh9mE_1pQLpA3s5XNwFnJyJ4QS7S0Q4g8WtB14&oq=Royal+Neighbors+of+America+rock+&gs_lp=Egxnd3Mtd2l6LXNlcnAiIFJveWFsIE5laWdoYm9ycyBvZiBBbWVyaWNhIHJvY2sgKgIICTILEC4YgAQYxwEYrwEyCxAAGIAEGIYDGIoFMgsQABiABBiGAxiKBTILEAAYgAQYhgMYigUyCxAAGIAEGIYDGIoFMgsQABiABBiGAxiKBTIIEAAYgAQYogQyCBAAGIAEGKIEMggQABiABBiiBDIaEC4YgAQYxwEYrwEYlwUY3AQY3gQY4ATYAQFIxjJQ8QdYzh1wAngAkAEAmAFVoAGYBKoBATe4AQHIAQD4AQGYAgigAoIEwgIKEAAYsAMY1gQYR8ICCxAAGIAEGJECGIoFwgIFEAAYgATCAgYQABgWGB6YAwDiAwQYASBOiAYBkAYIugYGCAEQARgUkgcBOKAHj0I&sclient=gws-wiz-serp#lrd=0x87e233660105485b:0x5d76dce36d2757d5,1,,,,
- Yelp. https://www.yelp.com/biz/royal-neighbors-of-america-rock-island
- Facebook. https://www.facebook.com/RoyalNeighborsofAmerica/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=57657&REALM=PROD&COCODE=57657&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/il/rock-island/profile/life-insurance/royal-neighbors-of-america-0664-102650
- mobile app. https://www.globelifeinsurance.com/globe-life-mobile-app
- JD Power. https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
- David Duford. https://www.amazon.com/stores/author/B01E1OD69M/about?ingress=0&visitId=773be5af-6987-4afc-add1-abac05f42e84
- National Funeral Directors Association. https://nfda.org/news/media-center/nfda-news-releases/id/8134/2023-nfda-general-price-list-study-shows-inflation-increasing-faster-than-the-cost-of-a-funeral
