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, and each company and plan should be closely looked at before taking out a final expense insurance policy.

Our experts have put together a comprehensive list of the best final expense insurance companies and plans 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 with company reputation, price, and plan structure carrying the most weight.

#1 Mutual of OmahaMutual Of Omaha 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

Mutual of Omaha Living Promise is the best burial & funeral insurance company on the market. The Living Promise Level Plan is a cut above the competition.

Seniors do have to medically qualify for this Mutual of Omaha plan by answering the application’s health questions favorably. The prices are some of the lowest available on the market due to the stricter underwriting guidelines this policy goes through.

With that said, there are still several health concerns that someone can have and still qualify 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

Age Female Male
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

There are two options for Accendo Level insurance policies, Preferred and Standard. Preferred is a lower price point but less accepting of certain health conditions. Standard is a bit more expensive with slightly higher rates.

In 2018 CVS Health acquired Aetna, a better-known company in the health insurance market.

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

Age Female Male
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 Preferred making standard more expensive.

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

Age Female Male
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

This is considered to be a Level plan since there is day one coverage.

Royal Neighbors of America does have another burial plan option available with partial coverage during its 2-year waiting period. Most people can qualify for level due to the very lenient underwriting.

However, the graded product is also a great option if you cannot qualify for immediate coverage from this or another insurer.

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

Age Female Male
50 $34 $40
55 $38 $46
60 $38 $50
65 $45 $59
70 $56 $75
75 $80 $110
80 NA NA
85 NA NA

#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.

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

Age Female Male
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 is guaranteed to all who apply. When selecting a plan that is guaranteed, it usually comes down to price as plans are, for the most part, all the same.

Not only does AIG offer some of the lowest prices for this type of plan, but they include additional benefits with the plan. This includes a temporary accidental death benefit, a chronic illness accelerated death benefit, and a terminal illness accelerated death benefit.

Smoking and tobacco use are not considered when signing up for this plan, and everyone is entitled to the same rates.

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

Age Female Male
50 $36 $52
55 $43 $57
60 $50 $63
65 $62 $84
70 $74 $98
75 $107 $138
80 $175 $246
85 NA NA

#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 is a lesser-known company when it comes to final expense insurance, but they have outstanding plan options.

As far as plans to cover burial expenses, it has some of the strictest qualifying guidelines but some of the lowest prices. Oxford is a financially stable company that 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

Age Female Male
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 applicants 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 policy years.

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 a great benefit for smokers who are planning on quitting.

Health Conditions Accepted

Arthritis | Blood Clot | 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 | Smokeless Tobacco

Quotes

Non-smoking rates are displayed below.

Eagle Premier

$10,000 of Coverage

Monthly Premiums

Age Female Male
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 that apply. Essentially all that seniors need for coverage to be issued is to be willing and have the money to pay for premiums. There are no health restrictions since acceptance is guaranteed.

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

Age Female Male
50 $34 $44
55 $44 $58
60 $51 $64
65 $63 $85
70 $76 $99
75 $108 $139
80 $176 $247
85 NA NA

#10 Guarantee Trust LifeBlack and white GTL logo

  • Plan Name: The Heritage Plan
  • Age Eligibility: 40 – 90
  • Death Benefit Size: $2,500 – $25,000
  • 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 family-owned business fills a much-needed space in the final expense insurance market. Consider this Graded policy one step up from Guaranteed Issue. There were several health concerns only accepted with Guaranteed Issue coverage before this plan hit the market.

This insurer is also one of the only providers that accept new applicants until the age of 90.

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

Age Female Male
50 $36 $51
55 $42 $55
60 $51 $67
65 $60 $80
70 $73 $102
75 $102 $139
80 $165 $232
85 $191 $301
90 $301 $386

#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 is consistently one of the top-rated final expense carriers by many insurance professionals 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. Both options come with the same features.

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

Age Female Male
50 $31 $37
55 $37 $47
60 $44 $59
65 $57 $81
70 $75 $107
75 $102 $147
80 $146 $214
85 NA NA

#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 has three plans to cover burial expenses, New Vantage I, New Vantage II, and New Vantage III.

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. 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

Age Female Male
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) has two great plans. One is Guaranteed Assurance which is guaranteed issue coverage. The second is Assurance Plus which asks a few health questions to qualify.

Neither funeral insurance plan has rates for smoking or non-smoking.

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

Age Female Male
50 $49 $59
55 $56 $64
60 $66 $75
65 $80 $92
70 $102 $119
75 $138 $158
80 $190 $227
85 NA NA

#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

American Amicable offers 3 funeral insurance plans, with the Immediate Death Benefit being the top tier option. You must medically qualify to gain this coverage.

This plan is usually a couple of dollars more per month than some of its competitors, so if the price is your biggest buying decision, you might want to consider an alternative.

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

Age Female Male
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

While Cigna is a household name for health insurance, that is not the case with its supplemental coverage for funerals. Regardless, they do have a great plan option for small whole life insurance.

This funeral insurance policy does have a unique feature that deserves mention. A spousal premium discount of 5% can be awarded if both parties apply and qualify for coverage simultaneously.

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

Age Female Male
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

Unlike many of the other companies on this list, United Home Life focuses exclusively on life insurance. For burial coverage, they offer 4 different plans, Express Issue Premier (level), Express Issue Deluxe (level), Express Issue Whole Life (modified), and Guaranteed Issue.

Express Issue Premier has the strictest underwriting but the lowest monthly premiums. If you can qualify, this is a fine option with competitive pricing.

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

Age Female Male
50 $29 $34
55 $33 $42
60 $40 $50
65 $47 $63
70 $57 $82
75 $79 $115
80 $120 $158
85 NA NA

#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 more flexible underwriting.

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

Age Female Male
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 their 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 paid initially gets hiked up 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 comparing this policy to its competition.

Rather than basing your monthly payment off of the amount of coverage you get (most companies do this), 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.

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 carriers. However, the Funeral Advantage plan is more expensive than other, similar options.

It also advertises their 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

This plan that offers guaranteed acceptance has the strong financial backing of a company that is over 100 years old. John Hancock offers other good life insurance policies, but their permanent plan to cover burial expenses is more costly than its competition.

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. The truth about its burial insurance coverage is that there are much better options on the market.

The coverage amount is not flexible, and $10,000 is the only option. 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 insurance company sets its own premiums. The best final expense insurance companies have very competitive pricing.

Policy Structure: Some policies offer full immediate coverage, and others institute 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 will want to work with. Ratings are given by third-party organizations based on the company’s financial stability and its ability to pay out claims. Moving forward with a high rating 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 insurance company will provide coverage to an individual. Simplified issue means that this process is done with less 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, other traditional policies begin at this price point and can go 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 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 you and your beneficiary know precisely how much money will be awarded when the time comes.

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 this type of 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 life insurance niche and representing multiple top burial insurance companies will save you time and money.

Leave a Reply

Your email address will not be published. Required fields are marked *