Here's our list of the top final expense insurance companies

Top 10 Final Expense Insurance Companies

Final expense insurance, also known as burial or funeral insurance, is a small whole life policy with affordable premiums. It’s meant to pay for your funeral and other burial costs. Final expense insurance doesn’t require a medical exam, and most health problems are accepted. Benefits normally range from $5,000 to $40,000 with most companies. So, you may know how final expense insurance works, but where should you buy it? Which companies are the best?    

Below, we’ve identified the top 10 final expense insurance companies for 2020. We made our selections based on the plans’ cost, coverage amount, state availability, and speed of approval, as well as the company’s financial track record.  

Final Expense Direct represents all of these insurance companies.  

1) Mutual of Omaha

Plan Name: Living Promise

Eligible Ages: 45 to 85

Death Benefit Types: Level & Graded 

Coverage Amount: $2,000 – $40,000 

State Availability: All states except NY

Mutual of Omaha is often rated the best price for final expense insurance. In addition to low premiums, they can insure an array of health issues and most people can get approved for their immediate benefit plan. Mutual of Omaha also has outstanding life insurance for children. 

The Living Promise coverage offers two separate death benefit plans — level and graded.

  • Level pays out 100% beginning day one
  • Graded contributes 110% of all paid premiums if you pass within policy years one and two. 
  • 100% of the death benefit will pay out beginning year three. 

The level plan also offers a free policy rider that can advance a share of the death benefit for a qualifying chronic or terminal illness, or a permanent constraint to a nursing home facility. Overall, Living Promise Whole Life is our #1 choice for final expense/burial insurance cost and coverage.   

2) Royal Neighbors of America 

Plan Name: Simplified Issue WL 

Eligible Ages: 50 to 85

Death Benefit Types: Level & Graded 

Coverage Amount: $3,000 – $25,000

State Availability: All states except AK, AL, HI, LA, MA, NH, NY

Royal Neighbors has a proven track record in the life insurance industry. They were one of the first carriers to insure women and children. As a nonprofit fraternal organization that is licensed to provide insurance, Royal Neighbors includes many free benefits for all their policyholders. Their funeral expense policy has probably the most flexible underwriting among all the top insurance carriers. This is especially true for diabetics. 

The coverage offers two separate death benefit plans called level and graded. 

  • Level pays out 100% beginning day one. 
  • Graded pays out 30% of the death benefit if the policyholder passes away during the first year. 
  • If he/she dies in year two, the death benefit will be 70% of the set value. 
  • 100% of the death benefit will pay out beginning year three. 

If you’re looking for a company with a strong insurance background and lenient underwriting, go with Royal Neighbors of America.

3) Foresters Financial 

Plan Name: PlanRight

Eligible Ages: 50 to 85

Death Benefit Types: Level, Graded, & Modified

Coverage Amount: $2,000 – $35,000 

State Availability: All 50 states

Foresters Financial is another carrier that is a fraternal organization. They provide top-notch final expense policies and plenteous member benefits at no extra charge.

Their PlanRight burial insurance features competitive premiums, fast approval times, and excellent value for a wide array of underwriting scenarios (epilepsy, type 1 and 2 diabetes, multiple sclerosis, and much more). 

The coverage offers three separate death benefit plans called level, graded, and modified. 

  • Level pays out 100% beginning day one. 
  • Modified contributes 110% of all premiums paid if you pass away within policy years one or two.    
  • If you pass away within the first two years under the graded option, the amount will be the higher of either all paid premiums plus 4.5% interest or 30% of the actual death benefit.

Your best funeral insurance policy may be with Foresters Financial, depending on your health.

4) Transamerica

Plan Name: Final Expense Solutions

Eligible Ages: 0 to 85

Death Benefit Types: Level & Graded

Coverage Amount: $1,000 – $50,000 

State Availability: All 50 states

Transamerica’s Final Expense product is a blend of competitive premiums and lenient underwriting. They are one of the few companies that will offer a no waiting period policy for an individual with emphysema, COPD, or kidney disease. Anyone who qualifies for their immediate solution plan can be at ease because they’ll pay a fair price for a high-caliber policy. 

The coverage offers two separate death benefit plans — immediate solution and an easy solution. 

  • Immediate Solution is a level death benefit. It pays out 100% beginning day one.
  • Easy Solution is a graded death benefit. It pays out 110% of all paid premiums if you pass away within policy years one and two. 
  • 100% of the death benefit will pay out beginning year three.

Transamerica’s Immediate Solution plan offers a large assortment of policy riders. If you have some health issues, you still have a good chance of qualifying for a level benefit policy. 

5) Americo

Plan Name: Ultra Protector Series

Eligible Ages: 50 to 85

Death Benefit Types: Level, Graded, & ROP

Coverage Amount: $2,500 to $35,000

State Availability: All states except NY & VT

Americo has two different final expense insurance plans. Their Ultra Protector plan is helpful for a wide array of health conditions, offering 100% day one coverage for those with COPD or emphysema. 

The other plan, Eagle Premier, lets non-cigarette smoking tobacco users qualify for non-tobacco rates. It’s also very beneficial for many high-risk factors.  

Americo’s coverage offers three separate death benefit plans — Protector I, II, and III. 

  • Protector I pays out 100% beginning day one
  • Protector II pays out 100% beginning day one
  • Protector III pays out 100% of all paid premiums, plus 5% interest if you pass away in policy year one.
  • If you pass in policy year two, 100% of all premiums will be paid, plus 10% interest.
  • If you pass in policy year three, the death benefit will be 75% of the actual set value of the policy.
  • Beginning year four and onward, 100% of the death benefit will be paid out if you pass away.

No matter your health issue(s), you can likely get a low-cost policy from Americo that has no waiting period.

6) AIG

Plan Name: Guaranteed Issue Whole Life (GIWL)

Eligible Ages: 50 to 85

Death Benefit Types: Guaranteed Issue 

Coverage Amount Range: $5,000 – $25,000 

State Availability: All states except ME, NY, & PA

American International Group (AIG) offers guaranteed issue life insurance, which is a policy with no medical exam or health questionnaire. Your acceptance is guaranteed and approval for coverage can be made in just minutes. All guaranteed issue policies have a 24 month waiting period before they will pay out a death benefit. If you pass away during this time, AIG will refund 110% of premiums paid.

AIG offers some of the lowest premiums for guaranteed issue coverage and they’re the only carrier that offers free terminal and chronic illness riders on each policy. Guaranteed issue policies are normally a last resort, but they do help high-risk applicants who can’t qualify for a plan that has underwriting.

7) Prosperity Life Group 

Plan Name: New Vista Level Benefit

Eligible Ages: 50 to 80

Death Benefit Types: Level, Graded, and Modified

Coverage Amount: $1,500 – $35,000

State Availability: All states except CT, DE, DC, HI, MT, ND, & SD

Prosperity Life Group may not have the brand recognition of some of the other companies. But they feature an excellent funeral insurance plan that is suitable for many people. Non-cigarette smoking tobacco or nicotine users can all obtain a non-tobacco rating. Prosperity will only apply a tobacco price to folks who smoke cigarettes, which can lead to massive savings for you. 

Coverage choices include level, graded, and modified benefit plans. Qualification is based on your health history. 

  • The level plan death benefit is the same as the full coverage amount beginning day one.
  • The graded plan offers a benefit that equals 30% of the total death benefit in year one, 70% in year two, and in year three, 100% of the actual death benefit.
  • The modified plan in year one features a benefit of 110% of the annual premium, 231% of the annual premium in year two, and beginning year three equals 100% of the actual death benefit.
  • There’s an optional accidental death benefit rider that can be added no matter what plan you qualify for. 

Prosperity Life has made a competitive product that gives many people instant coverage when they’d otherwise get a two year waiting period. They could be the best insurance company for you.  

8) Liberty Bankers Life

Plan Name: Life SIMPL Preferred

Eligible Ages: 18 to 80

Death Benefit Types: Level & Graded 

Coverage Amount Range: $3,000 – $30,000

State Availability: All states except CT, MA, MN, NH, NY, RI

Liberty is one of the few insurance carriers that allows people as young as 18 to buy their plan. Most final expense companies begin their products at age 50.

Life SIMPL offers level benefit coverage with two risk categories — preferred and standard. The maximum coverage is $30,000. Applicants with health conditions who don’t qualify for the level benefit plan might qualify for the graded plan, which has a maximum death benefit of $20,000. 

  • In year five of the policy, the death benefit equals 105% of the actual coverage amount.
  • In year six, it’s 110%. 

Whether you’re healthy or you’ve had a history of high-risk health problems, Liberty Bankers Life can be a prime fit for just about everyone. 

9) Baltimore Life

Plan Name: Silver Guard I and II

Eligible Ages: 50 to 80

Death Benefit Types: Level & Graded

Coverage Amount Range: $2,500 – $25,000

State Availability: All states except MA, MN, MO, NY, NC, SC, WA, WV

Baltimore Life is the only company that will offer partial coverage to people with severe recent health problems. These health issues would induce a full two-year waiting period with nearly every other carrier. 

Silver Guard I is the level of death benefit plan with a maximum death benefit amount of $25,000.

Silver Guard II is the graded death benefit plan, which allows many high-risk conditions like recent heart attacks and cancer. 

  • The death benefit in year one is 25% of the actual death benefit and 50% in year two.
  • The maximum death benefit is $15,000. 

If you don’t mind paying slightly more to get some immediate coverage and you’ve recently had a high-risk health incident, Baltimore Life Insurance might be your best choice. 

10) Oxford Life

Plan Name: Assurance

Eligible Ages: 50 to 85

Death Benefit Types: Level 

Coverage Amount: $5,000 – $30,000 

State Availability: All states except NY and VT 

Oxford Life’s Assurance is an efficient way to help cover funeral expenses. The plan has very competitive premiums, but there isn’t a graded or guaranteed approval option. If you have riskier health conditions that don’t qualify for the level plan, you’ll need to explore other insurance companies. 

Oxford’s application includes medical questions and offers same-day eligibility. Plus, they offer accelerated benefits, including a terminal illness rider and a common carrier rider that may pay out an extra death benefit — if you pass away in an accident while being a common carrier passenger. 

If you want to terminate future premium payments entirely, you’re in luck. They also offer a single-premium final expense option under their Assurance plan.  

Note: Rates always stay the same. The policies don’t expire once you turn 80 or 85 — this is just the maximum age for new applicants. Once issued, the policy lasts forever.

Call Final Expense Direct 

If you need additional help finding the best final expense insurance company, we’re here for you. Final Expense Direct is currently licensed in 49 states and the District of Columbia, aiding tens of thousands of customers with their final arrangements. We can shop and compare your coverage with multiple companies. Call 1 (877) 674-0236 to speak with a licensed insurance agent. 

COVID-19 RESPONSE

Final Expense Direct’s utmost concern is the safety of our clients, their families, and our employees and agents. Our hearts, thoughts, and prayers go out to all that the Coronavirus outbreak has touched and those whose lives have been disrupted. While 98% of our workforce is working remotely, we are here if you need assistance. If you are a client, please contact Customer Support at 800-538-3610, Ext 2, with any questions in regards to your policy. You may also contact us via email at customerservice@finalexpensedirect.com. We will continue to monitor this situation and keep you updated.