Best Burial Insurance Companies: 17 Excellent Choices

Best Burial Insurance Companies
Best Burial Insurance Companies: 17 Excellent Choices

Countless insurance carriers claim they are the best funeral insurance company. However, this is not always the case. Each company and plan should be closely reviewed before applying and taking out a final expense insurance policy.

Our experts have compiled a detailed list of the best final expense insurance companies and policies to help you with your purchasing decision.

17 Best Burial Insurance Companies

The following list of the best burial life insurance companies considers several factors. The company’s reputation, price of premiums, and the plan’s structure carry the most weight.

#1 Mutual of OmahaMutual of Omaha New Logo

  • Plan Name: Living Promise Level
  • Age Eligibility: 45 – 85
  • Death Benefit Size: $2,000 – $40,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A+ (superior)
  • Full Mutual of Omaha Review

With low rates, immediate coverage, and a highly respected brand name, the Mutual of Omaha Living Promise Level plan is the best burial insurance for seniors who qualify.

This plan requires seniors to be in great health and answer a series of yes or no medical questions. Even with its fairly strict acceptance guidelines, there are many medical conditions that this carrier will approve for coverage.

Health Conditions Accepted

Aneurysm | Angina | Arthritis | Crohn’s Disease | Cystic Fibrosis | Depression | Diabetes | Diverticulitis | Epilepsy | Fibromyalgia | Grave’s Disease | Heart Attack | Heart Surgery | High Cholesterol | High Blood Pressure | Pacemaker | Sleep Apnea

Quotes

Non-smoking rates are displayed below.

Living Promise Level

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$25$29
55$28$35
60$33$43
65$41$56
70$53$74
75$72$100
80$98$133
85$136$183

#2 CVS/AetnaAetna CVS Logo

  • Plan Name: Accendo Level
  • Age Eligibility: 40 – 89
  • Death Benefit Size: $2,000 – $50,000 (depending on age)
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 48 states & DC (excluding MA, NY)
  • A.M. Best Company Rating: A (excellent)
  • Full CVS/Aetna Review

In 2018 CVS Health acquired Aetna and implemented a top-tier final expense plan called Accendo. There are two categories within Accendo’s level insurance policy; Preferred and Standard.

Both plans offer immediate coverage. However, the Preferred plan has a lower monthly premium and requires the applicant to be in more favorable health than the Standard plan. Both plans are great options for seniors applying for funeral insurance.

This plan also offers burial insurance for seniors over 85.

Health Conditions Accepted

A-Fib | Angioplasty | Asthma | Bipolar | Cirrhosis | Crohn’s Disease | Depression | Diabetes | Disability Benefits | Diverticulitis | Epilepsy | Fibromyalgia | Grave’s Disease | High Cholesterol | High Blood Pressure | Lupus | Obesity | Sarcoidosis | Schizophrenia | Scleroderma | Seizures | Sleep Apnea | Type 1 Diabetes

Quotes

Non-smoking rates are displayed below.

Aetna Accendo Level Preferred

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$27$34
55$34$44
60$41$51
65$48$58
70$58$73
75$76$101
80$101$140
85$137$196

#3 Foresters FinancialForesters Financial Logo black and white

  • Plan Name: PlanRight Preferred
  • Age Eligibility: 50 – 85
  • Death Benefit Size: $5,000 – $35,000 (depending on age)
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: All 50 & DC
  • A.M. Best Company Rating: A (excellent)
  • Full Foresters Review

PlanRight Level is divided into 2 categories, Preferred and Standard.

These both come with immediate coverage but are different in one major way, the price. Standard has slightly more lenient underwriting than the preferred plan, making the standard plan more expensive. Both plans are terrific final expense insurance options.

Foresters Financial also has great member benefits, including discounts on a wide range of medical and legal services.

Health Conditions Accepted

Atrial Fibrillation (A-Fib) | Angioplasty | Asthma | Bipolar | Cirrhosis | Crohn’s Disease | Cystic Fibrosis | Depression | Diabetes | Diabetic Coma | Epilepsy | Fibromyalgia | Grave’s Disease | Hepatitis | High Cholesterol | Insulin Shock | Kidney Disease | Multiple Sclerosis (MS) | Sarcoidosis | Schizophrenia | Scleroderma | Sickle Cell Anemia | Sleep Apnea

Quotes

Non-smoking rates are displayed below.

PlanRight Preferred

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$26$32
55$31$37
60$35$45
65$41$55
70$52$71
75$75$103
80$111$147
85$166$201

#4 Royal Neighbors of AmericaRoyal Neighbors Logo black and white

  • Plan Name: Simplified Issue Whole Life
  • Age Eligibility: 50 – 75
  • Death Benefit Size: $7,000 – $30,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 43 states & DC (excluding AL, AK, HI, LA, MA, NH, NY)
  • A.M. Best Company America Rating: A (excellent)
  • Full Royal Neighbors of America Review

The Level plan from Royal Neighbors is a great option for those who have specific pre-existing conditions, including diabetes-related complications.

With competitive pricing, this plan is a top choice depending on the applicant’s health history.

Health Conditions Accepted

Arthritis | Asthma | Bipolar | Crohn’s Disease | Cystic Fibrosis | Depression | Diabetes | Home Health Care | Nephropathy | Neuropathy | Obesity | Retinopathy | Sarcoidosis | Schizophrenia | Scleroderma | Sickle Cell Anemia | TIA

Quotes

Non-smoking rates are displayed below.

Simplified Issue Whole Life

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$34$40
55$38$46
60$38$50
65$45$59
70$56$75
75$80$110
80NANA
85NANA

#5 TransamericaTransamerica black and white logo

  • Plan Name: Immediate Solution
  • Age Eligibility: 0 – 85
  • Death Benefit Size: $1,000 – $50,000 (depending on age)
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: All 50 & DC
  • A.M. Best Company Rating: A (excellent)
  • Full Transamerica Review

Within Immediate Solution, there are two options, Preferred and Standard, and both offer immediate coverage. The main difference is that the Standard plan is more expensive than Preferred due to the easier underwriting guidelines.

This Transamerica plan is known for its leniency with lung disease. Seniors with COPD, chronic bronchitis, emphysema, and chronic asthma are all awarded day one coverage, while many other burial insurance providers will not allow this underwriting leniency.

Health Conditions Accepted

Anemia | Arrhythmia (A-Fib) | Asthma | Bipolar | Cardiomyopathy | COPD | Chronic Bronchitis | Depression | Emphysema | Lung Disease | Pancreatitis | Parkinson’s Disease | Sarcoidosis | Schizophrenia | Spina Bifida | Tuberculosis | Ulcerative Colitis | Vascular Disorder

Quotes

Non-smoking rates are displayed below.

Immediate Solution Preferred

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$26$32
55$30$36
60$34$44
65$42$57
70$55$76
75$74$101
80$105$142
85$165$223

#6 AIGBlack and white AIG logo

  • Plan Name: Guaranteed Issue
  • Age Eligibility: 50 – 80
  • Death Benefit Size: $5,000 – $25,000
  • Health Questions: No
  • Waiting Period for Benefits: 2-years
  • States Covered: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A (excellent)
  • Full AIG Review

This insurance policy from AIG asks no medical questions and approves all seniors who apply.

This plan offers some of the lowest guaranteed acceptance prices, and they include additional living benefits with the plan. This includes a temporary accidental death benefit, a chronic illness accelerated death benefit, and a terminal illness accelerated death benefit.

With no medical underwriting, a two-year waiting period is required with this plan. Also, smoking and tobacco use are not considered when signing up for this plan.

Health Conditions Accepted

AIDS or HIV | Aneurysm | Angina | Angioplasty | Cancer | Cardiomyopathy | Circulatory Surgery | Cirrhosis | Congestive Heart Failure Defibrillator Implant | Dementia or Alzheimer’s | Diabetic Complications | Dialysis | Heart Attack | Heart Surgery | Hepatitis | Home Health Care | Kidney Disease | Lung Disease (COPD) | Lupus | Mental Health | Multiple Sclerosis (MS) | Obesity | Oxygen | Pacemaker | Stent | Stroke | TIA | Tumor | Type 1 Diabetes | Wheelchair Confinement

Quotes

AIG Guaranteed Issue

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$36$52
55$43$57
60$50$63
65$62$84
70$74$98
75$107$138
80$175$246
85NANA

#7 Oxford LifeOxford Insurance Company Logo

  • Plan Name: Assurance
  • Age Eligibility: 50 – 85
  • Death Benefit Size: $5,000 – $30,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 45 states & DC (excluding AL, MS, MT, NY, WV)
  • A.M. Best Company Rating: A (excellent)
  • Full Oxford Life Review

Oxford has some of the lowest burial insurance prices on the market. These low prices require a detailed and strict underwriting process.

Oxford is a financially stable company and is a premier choice for healthy seniors.

Health Conditions Accepted

Aneurysm | Arthritis | Asthma | Blood Clot | Crohn’s Disease | Depression | Diabetes | Diverticulitis | Epilepsy | Fibromyalgia | Grave’s Disease | Controlled High Blood Pressure | High Cholesterol | Nephropathy | Sarcoidosis | Scleroderma | Sickle Cell Anemia | Sleep Apnea

Quotes

Non-smoking rates are displayed below.

Oxford Assurance

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$24$29
55$28$34
60$34$41
65$43$55
70$54$71
75$74$96
80$107$140
85$157$193

#8 AmericoAmerico Logo icon

  • Plan Name: Eagle Premier
  • Age Eligibility: 50 – 85
  • Death Benefit Size: $2,000 – $30,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 48 states & DC (excluding NY & VT)
  • A.M. Best Company Rating: A (excellent)
  • Full Americo Review

This is a top funeral insurance company for seniors who use tobacco products. With the Eagle Premier, smokers can qualify for non-smoking rates. This is accomplished by giving smokers non-smoking rates for the first three years of the policy.

If the policyholder can prove that they have quit smoking for 12 consecutive months during the first three policy years, they will continue to receive non-smoking rates. This feature is unique and is a great benefit for smokers who intend to quit.

Health Conditions Accepted

Arthritis | Blood Clot | Chewing Tobacco | Cigar Smokers | Cigarette Smokers | Crohn’s Disease | Depression | Diabetics | Diverticulitis | Fibromyalgia | Grave’s Disease | High Blood Pressure | High Cholesterol | Mild Asthma | Pipe Smokers | Sleep Apnea

Quotes

Non-smoking rates are displayed below.

Eagle Premier

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$33$38
55$36$45
60$38$50
65$49$63
70$61$83
75$83$114
80$129$167
85$191$230

#9 GerberGerber logo

  • Plan Name: Guaranteed Acceptance
  • Age Eligibility: 50 – 80
  • Death Benefit Size: $5,000 – $25,000
  • Health Questions: No
  • Waiting Period for Benefits: 2-years
  • States Covered: 49 states & DC (excluding MT)
  • A.M. Best Company Rating: A (excellent)
  • Full Gerber Review

This plan from Gerber Life Insurance provides guaranteed coverage to all seniors that apply. There are no health restrictions since acceptance is guaranteed.

With no medical questions being asked, a two-year waiting period will be required prior to full coverage being implemented. Smoking and non-smoking rates are not considered with this plan.

Health Conditions Accepted

AIDS or HIV | Aneurysm | Angina | Angioplasty | Cancer | Cardiomyopathy | Circulatory Surgery | Cirrhosis | Congestive Heart Failure Defibrillator Implant | Dementia or Alzheimer’s | Diabetic Complications | Dialysis | Heart Attack | Heart Surgery | Hepatitis | Home Health Care | Kidney Disease | Lung Disease (COPD) | Lupus | Mental Health | Multiple Sclerosis (MS) | Obesity | Oxygen | Pacemaker | Stent | Stroke | TIA | Tumor | Type 1 Diabetes | Wheelchair Confinement

Quotes

Gerber Guaranteed Acceptance

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$34$44
55$44$58
60$51$64
65$63$85
70$76$99
75$108$139
80$176$247
85NANA

#10 Guarantee Trust LifeBlack and white GTL logo

  • Plan Name: The Heritage Plan
  • Age Eligibility: 40 – 90
  • Death Benefit Size: $2,500 – $20,000 (depending on age)
  • Health Questions: Yes
  • Waiting Period for Benefits: 2-years
  • States Covered: 48 states & DC (excluding CA & NY)
  • A.M. Best Company Rating: A (excellent)
  • Full Guarantee Trust Life Review

This plan is a great option for seniors with a complex medical history. Asking only five simple health questions, the Heritage Plan from Guarantee Trust Life will approve the majority of applicants. There is a two-year waiting period with a very favorable death benefit payout in the second year.

This insurer is also one of the only providers that accept new applicants until the age of 90. This policy does not have smoking or non-smoking rates.

Health Conditions Accepted

Amputation from Diabetes | Angina | Asthma | Cardiomyopathy | Chronic Bronchitis | Circulatory Surgery | Cirrhosis | Congestive Heart Failure | COPD | Diabetic Coma | Dialysis | Emphysema | Heart Attack | Heart Surgery | Hepatitis | Insulin Shock | Kidney Disease | Lupus | Multiple Sclerosis (MS) | Nephropathy | Neuropathy | Pacemaker | Parkinson’s Disease | Retinopathy | Schizophrenia | Sickle Cell Anemia | Stroke | TIA | Wheelchair Use

Quotes

GTL The Heritage Plan

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$38$55
55$47$60
60$54$69
65$65$87
70$79$104
75$114$147
80$179$246
85$221$316
90$337$387

#11 Liberty BankersLiberty Bankers Logo

  • Plan Name: SIMPL
  • Age Eligibility: 18 – 80
  • Death Benefit Size: $3,000 – $30,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 42 states & DC (excluding AK, CT, MA, MN, NH, NY, RI, VT)
  • A.M. Best Company Rating: B+ (good)
  • Full Liberty Bankers Review

Liberty Bankers SIMPL plan is consistently one of the top-rated final expense options due to its low-cost premiums and easy acceptance.

Similar to other companies, there are Preferred and Standard rates within the SIMPL plan. Preferred has tighter qualifying guidelines and is less expensive than the Standard plan.

Health Conditions Accepted

Angioplasty | Arthritis | Asthma | Bipolar | Blood Clot | Controlled Diabetes | Controlled Hypertension | Crohn’s Disease | Depression | Diverticulitis | Fibromyalgia | Grave’s Disease | High Cholesterol | Sarcoidosis | Scleroderma

Quotes

Non-smoking rates are displayed below.

Liberty Bankers SIMPL Preferred

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$31$37
55$37$47
60$44$59
65$57$81
70$75$107
75$102$147
80$146$214
85NANA

#12 Sentinel Security LifeSentinel Security Life logo black and white

  • Plan Name: New Vantage I
  • Age Eligibility: 0 – 85
  • Death Benefit Size: $1,000 – $35,000 (depending on age)
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 34 states & DC (excluding AK, CT, IL, MA, ME, MI, NH, NJ, NY, OR, TN, WA, WI, WV, VA, VT)
  • A.M. Best Company Rating: B+ (good)
  • Full Sentinel Security Life Review

Sentinel Security Life New Vantage I is the premier product offered by this company. With immediate coverage upon medically qualifying and competitively low prices, it is a fantastic option.

Most final expense insurance companies require anyone who smokes cigars or pipes on occasion to apply for smoker rates. However, unlike other providers, Sentinel Security awards these same applicants non-smoking rates.

Health Conditions Accepted

Arthritis (excluding rheumatoid) | Bipolar | Blood Clot | Cigar Smokers | Crohn’s Disease | Diverticulitis | Epilepsy | Fibromyalgia | Grave’s Disease | High Blood Pressure | High Cholesterol | Oxygen | Pipe Smokers | Sarcoidosis | Scleroderma | Seizures | Sleep Apnea

Quotes

Non-smoking rates are displayed below.

Sentinel Security Life New Vantage I

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$23$28
55$27$34
60$34$42
65$42$54
70$53$70
75$76$97
80$108$147
85$161$203

#13 Great WesternGreat western blue logo

  • Plan Name: Guaranteed Assurance
  • Age Eligibility: 40 – 80
  • Death Benefit Size: $1,000 – $40,000
  • Health Questions: No
  • Waiting Period for Benefits: 2-years
  • States Covered: 41 states & DC (excluding AK, CT, DE, HI, ME, NY, RI, VT, WA)
  • A.M. Best Company Rating: A (excellent)
  • Full Great Western Review

Great Western Insurance Company (GWIC) offers a guaranteed acceptance plan that has a two-year waiting period. This is a great option for seniors who do not want to answer any medical questions.

Smoker and non-smoker rates are not included with this plan.

Health Conditions Accepted

AIDS or HIV | Aneurysm | Angina | Angioplasty | Cancer | Cardiomyopathy | Circulatory Surgery | Cirrhosis | Congestive Heart Failure Defibrillator Implant | Dementia or Alzheimer’s | Diabetic Complications | Dialysis | Heart Attack | Heart Surgery | Hepatitis | Home Health Care | Kidney Disease | Lung Disease (COPD) | Lupus | Mental Health | Multiple Sclerosis (MS) | Obesity | Oxygen | Pacemaker | Stent | Stroke | TIA | Tumor | Type 1 Diabetes | Wheelchair Confinement

Quotes

GWIC Guaranteed Assurance

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$49$59
55$56$64
60$66$75
65$80$92
70$102$119
75$138$158
80$190$227
85NANA

#14 American AmicableAmerican Amicable Logo

  • Plan Name: Golden Solution Immediate Death Benefit
  • Age Eligibility: 50 – 85
  • Death Benefit Size: $2,500 – $35,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 41 states & DC (excluding IA, MA, MI, MT, NH, NJ, NY, RI, VT)
  • A.M. Best Company Rating: A (excellent)
  • Full American Amicable Review

With the American Amicable Immediate Death Benefit plan, you must medically qualify to get coverage. Offering competitive premiums and day one protection, this product is another viable coverage option.

Health Conditions Accepted

A-Fib Arthritis Asthma Crohn’s Disease | Cystic Fibrosis | Epilepsy | Fibromyalgia | Mental Health | Nephropathy | Neuropathy | Retinopathy | Sarcoidosis | Scleroderma | Sickle Cell Anemia | Wheelchair

Quotes

Non-smoking rates are displayed below.

Golden Solution Immediate Death Benefit

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$26$31
55$33$39
60$37$46
65$46$58
70$59$77
75$79$105
80$110$151
85$161$215

#15 CignaCigna Logo

  • Plan Name: Level Benefit Plan
  • Age Eligibility: 50 – 85
  • Death Benefit Size: $2,000 – $25,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 45 states (excluding CA, DE, FL, MT, NY)
  • A.M. Best Company Rating: A (excellent)
  • Full Cigna Review

The Level Benefit plan from Cigna offers immediate coverage and competitive monthly premiums. A unique feature of this plan is the Spousal Premium Discount. If both spouses apply for coverage at the same time, a 5% premium discount will be applied to the youngest spouse’s monthly premium.

Health Conditions Accepted

Amputation from Diabetes | Asthma | Blood Clot | Crohn’s Disease | Cystic Fibrosis | Diabetes | Epilepsy | Fibromyalgia | Hypertension | Lupus | Mental Health | Sarcoidosis | Scleroderma | Sickle Cell Anemia | Wheelchair Confinement

Quotes

Non-smoking rates are displayed below.

Cigna Level Benefit Plan

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$21$30
55$27$37
60$34$46
65$44$58
70$58$75
75$77$100
80$103$132
85$139$180

#16 United Home LifeUnited Home Life logo

  • Plan Name: Express Issue Premier
  • Age Eligibility: 20 – 80
  • Death Benefit Size: $5,000 – $100,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 48 states & DC (excluding MT, NY)
  • A.M. Best Company Rating: A (excellent)
  • Full United Home Life Review

The Express Issue Premier plan requires a series of medical questions and will award immediate coverage to the applicant. This plan has competitive pricing and comes with additional benefits, including accidental death and terminal illness benefit.

Health Conditions Accepted

Amputation from Diabetes | Aneurysm | Angina | Cardiomyopathy | Chronic Bronchitis | Cirrhosis | Controlled Epilepsy | Diabetic Coma | Insulin Shock | Mild Asthma | Multiple Sclerosis (MS)| Non-Insulin-Dependent Diabetics | Parkinson’s Disease | Retinopathy | Receiving Disability | Transient Ischemic Attack (TIA)

Quotes

Non-smoking rates are displayed below.

Express Issue Premier

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$29$34
55$33$42
60$40$50
65$47$63
70$57$82
75$79$115
80$120$158
85NANA

#17 Bankers FidelityBankers Fidelity logo

  • Plan Name: Level Benefit Plan
  • Age Eligibility: 45 – 85
  • Death Benefit Size: $3,000 – $35,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • A.M. Best Company Rating: A (excellent)
  • Full Bankers Fidelity Review

Within the Level Benefit Plan are Preferred and Standard rates, which are similar to other companies. The Preferred plan has the lowest prices and requires stricter underwriting. The Standard plan has slightly higher prices but offers more flexibility.

Health Conditions Accepted

Arthritis | Blood Clot | Cigar Smokers | Crohn’s Disease | Depression | Diabetics | Diverticulitis | Fibromyalgia | Grave’s Disease | High Blood Pressure | High Cholesterol | Mild Asthma | Sleep Apnea

Quotes

Non-smoking rates are displayed below.

Level Benefit Plan Preferred

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$29$35
55$35$40
60$43$49
65$56$60
70$74$83
75$100$110
80$133$156
85$183$223

Companies to avoid

Funeral Insurance Plans To Avoid

AARPAARP & New York Life Insurance Logo

  • Plan Name: Level Benefit Term
  • Age Eligibility: 50 – 74
  • Death Benefit Size: $10,000 – $100,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • State Availability: All 50 & DC
  • A.M. Best Company Rating: A+ (superior)
  • Full AARP Review

This plan is available through New York Life Insurance Company but is heavily promoted by AARP because of its partnership. You must be an AARP member to receive access to this plan.

Beware when considering this plan as it terminates upon your 80th birthday. This AARP final expense plan also increases in price every 5 years, so the low price you pay initially drastically increases throughout the years.

Colonial PennColonial Penn Logo

  • Plan Name: Guaranteed Acceptance
  • Age Eligibility: 50 – 85
  • Death Benefit Size: $418 – $24,996 (depending on age)
  • Health Questions: No
  • Waiting Period for Benefits: 2-years
  • State Availability: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A (excellent)
  • Full Colonial Penn Review

With this flagship product from Colonial Penn, you are guaranteed to be approved.

The plan structure is somewhat confusing when compared to its competition.

Rather than basing your monthly payment on the amount of coverage you get, Colonial Penn burial insurance keeps the price the same but adjusts the amount of coverage the beneficiary will receive. So, the maximum coverage available is extremely dependent on age at the time of policy issuance. There are much cheaper and less confusing options on the market.

Globe Life

Globe Life Logo

  • Plan Name: Term Life for Adults
  • Age Eligibility: 18 – 79
  • Death Benefit Size: $5,000 – $100,000
  • Health Questions: Yes
  • Waiting Period for Benefits: None
  • State Availability: All 50 & DC
  • A.M. Best Company Rating: A (excellent)
  • Full Globe Life Review

You may have heard of the “$1 for $100,000 of coverage” plan from Globe Life. This is how it advertises its term plan to draw people in. In reality, the first month will cost $1, but after that, every payment will be much higher.

Seniors must medically qualify and be accepted to receive this Globe Life burial coverage. Since this is a term policy, it expires upon turning 90, and it also has increasing premiums every five years if you choose to keep your coverage.

Just make sure you fully understand the details and read the fine print before moving forward with this enticing $1 plan.

Lincoln HeritageLincoln Heritage logo

  • Plan Name: Funeral Advantage
  • Age Eligibility: 40 – 85
  • Death Benefit Size: up to $20,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • State Availability: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A (excellent)
  • Full Lincoln Heritage Review

Lincoln Heritage only sells burial insurance, a feature they market heavily to set them apart from other life insurance companies. However, the Funeral Advantage plan is more expensive than similar options on the market.

It also advertises its Funeral Insurance Guardian Society that claims to help you plan and save money on funeral services. There are plenty of free options that help plan for a funeral that does not require paying for overpriced funeral insurance.

John HancockJohn Hancock logo

  • Plan Name: Guaranteed Acceptance
  • Age Eligibility: 55 – 80
  • Death Benefit Size: $2,000 – $20,000
  • Health Questions: No
  • Waiting Period for Benefits: 2-years
  • A.M. Best Company Rating: A+ (superior)
  • Full John Hancock Review

John Hancock offers other good life insurance policies, but their permanent plan to cover burial expenses is more costly than the competition. This is a guaranteed acceptance plan that asks no medical questions.

State FarmState Farm Logo

  • Plan Name: Final Expense Whole Life
  • Age Eligibility: 50 – 80
  • Death Benefit Size: $10,000 only
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • State Availability: 49 states & DC (excluding MA)
  • A.M. Best Company Rating: A+ (superior)
  • Full State Farm Review

State Farm has a large presence in the insurance market. However, you can find much better burial insurance coverage elsewhere. The coverage amount is not flexible, and $10,000 is the only option. Also, the prices are higher than what other companies offer.

methodology ipad and desk

Methodology: Determining Who Has The Best Final Expense Insurance

Three factors determine the best burial & funeral insurance companies.

Price: Every company sets its own burial insurance prices. The best final expense insurance companies have very competitive pricing.

Policy Structure: Some policies offer full immediate coverage, and others require waiting periods before coverage is available. Obtaining burial insurance with immediate coverage should be a top priority whenever possible.

Company’s Financial Stability: Companies with a strong financial rating are the ones you want to work with. Ratings are given by third-party organizations based on their financial stability and ability to pay out claims. Moving forward with a highly rated company will ensure that the claim is paid to the beneficiary when due.

Funeral Insurance Basics

Burial insurance is a type of whole life insurance that goes through a simplified issue underwriting process. This means that policies are easy to obtain and last for the entire life of the insured.

Simplified Issue Underwriting: Underwriting is the process an application goes through to determine if the burial insurance company will provide coverage to an individual. Simplified issue means that this process is done with less underwriting analysis than other larger insurance policies receive, including no medical exam.

Affordable Coverage: These policies are offered with relatively small death benefits up to $40,000. In comparison, traditional policies begin at this price point and can extend into the millions. The more coverage a policy has, the more expensive the premiums are. People usually spend somewhere between $40 – $90 a month on burial insurance.

Benefits of Whole Life Insurance

All whole life policies come with the following benefits regardless of who they are purchased through. Since final expense for seniors is a type of whole life insurance, it also comes with these advantages.

Price Lock: Once a policy has been issued, the premiums never change. This is not the case with other types of life insurance. When budgeting and looking into the future, you’ll want to make sure that the premiums are affordable to avoid a lapse in coverage. With a whole life burial policy, you can rest assured that there will not be a rate increase for any reason.

Coverage Lock: The amount of coverage that you sign up for initially will never fluctuate. It is possible to take out additional coverage later, but the initial amount will never change. This is important for planning purposes, so your beneficiary knows precisely how much money will be awarded when the time comes to pay for funeral costs and other expenses.

Builds Cash Value: One of the great benefits of whole life coverage is that it builds a cash value that you can draw from. This is done automatically by taking a portion of each monthly payment and adding it to the cash value account. Over time this value grows, and you can take a loan out against the policy, up to the amount of the accumulated cash value.

Final Thoughts chalk board

Final Thoughts About The Best Funeral Insurance Companies

a. When looking into the best burial insurance companies, it is essential to understand the company that is the best for you might not be the best for someone else. This is because every insurance provider sets its own underwriting standards.

b. Many great permanent benefits come with whole life burial insurance coverage, including coverage lock, price lock, cash value, and affordable monthly premiums.

c. Since there are clearly so many great policies to select from, working with an independent agent specializing in this type of life insurance and representing multiple top burial insurance companies will save you time and money.

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