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Top 10 Best Burial Insurance & Final Expense Insurance Companies

When you pass away, you don’t want your family to worry about the final burden of paying for your funeral and any debts you’ve left behind. While you may already have some form of life insurance, without burial or final expense insurance, your family may struggle to cover the cost of your funeral and have enough left over for their basic needs.

In this post, you’ll learn more about the definition of burial and final expense insurance, what these policies cover, and the benefits of buying them. We’ll then discuss the main types of final expense insurance, and let you know the ten best burial and final expense whole life insurance companies.

Read on to ensure that you’ve done everything possible to prevent your family from being saddled by debt during an already difficult time.

What is burial insurance and final expense insurance?

Burial insurance, or final expense insurance, is a type of whole life insurance, otherwise known as permanent insurance.

These types of policies are often purchased by senior citizens between the ages of 50-85 years old that do not require a large amount of life insurance coverage. The amount of coverage that can purchased typically ranges from $2,000 to $50,000.

The main purpose of a burial and final expense life insurance coverage is to help provide your family with the funds to pay for either funeral costs, final debts, or both.

The Differences Between Burial Insurance and Standard Life Insurance

Let’s make sure you’re clear on some of the main differences between life insurance and final expense insurance.

While, as we mentioned above, burial insurance is a type of life insurance, they don’t work in exactly the same way.

Unlike with a traditional life insurance policy, you’ll face some fairly strict rules about the way the death benefit associated with final expense insurance can be spent.

Additionally, unlike certain term life insurance plans, your final expense insurance won’t expire (there are rare companies that offer term-based burial insurance.) This means that the policy won’t pay out until you’ve passed away.

Be aware that some burial insurance companies may have stricter rules than others about you cancelling your burial insurance policy or borrowing off of any cash value associated with the account.

This is why, especially if you don’t feel comfortable negotiating on your own behalf, you should consider working with an insurance professional who can help you to be certain you’ve chosen the right policy for your needs.

Is there a difference between burial insurance and final expense insurance?

The quick and simple answer is no.

There really is no difference other than the actual name.

This type of life insurance coverage is sometimes called burial insurance, final expense insurance, or even pre-need funeral insurance. All of these names are commonly used terms to describe what is really a whole life insurance policy for seniors.

Although burial and final expense insurance are the same type of life insurance coverage, experts agree that there is a slight difference in how the death benefit is intended to be used.

Burial Insurance is purchased to ensure that the funds required to pay for all funeral, burial, or cremation services are available to friends and family members the deceased has left behind.

Some funeral homes will even allow you to pre-pay for funeral expenses by assigning your life insurance policy to them. This allows for the death benefit funds to go directly to the funeral home to pay for the planed funeral and costs.

The funeral home will then either place this money in a trust fund that won’t pay out until you’ve passed away, or it will use the money to buy an insurance policy, declaring itself as your beneficiary.

If you pre-pay for your funeral, you’ll also be able to select the funeral home you’d like to work with your family. You can pay for your funeral in installments, or in an entire lump sum.

How much does the average funeral cost?  
The average funeral cost in 2019 can range from $6,000 to $10,000Source
Funeral Home Costs
Casket$2,300
Funeral Directors Fee$1,500
Embalming & Preparation$600
Ceremony & Viewing$1,000
Miscellaneous (Hearse, Death Certificates, Obituary, etc.)$600
Cemetery Costs
Grave Space$1,000
Digging Fee$1,000
Headstone or Gravemarker Costs
Headstone$2,000
Gravestone$1,000

Final Expense Insurance is often purchased with the purpose of having funds available to pay off any remaining debts or final expenses.

In other words?

It’s not just about covering the expenses of the funeral alone.

Final expenses may include medical bills; long term cares costs, credit card balances, loans, remaining mortgage balance and other financial debts. Investing in final expense insurance means that any debt you’ve accumulated over the course of your life, not limited to the cost of your funeral, won’t become your family’s responsibility to pay off.

Common Debts Left Behind After Death

Before we quickly review the main points of burial insurance and final life insurance, let’s make sure you understand the debts you’re most likely to leave behind when you pass away.

We’ve already dedicated a section of this post to the costs of your funeral.

However, you need to consider what some of the most common debts are, as well.

First of all, know that if you have a family member that’s named as a joint holder of an account with you, including a credit card account, they’ll be responsible for paying off that account after you pass away. This is the case even if you’re the one who made purchases on the account, not the person you share the account with.

Remember that your debt gets transferred to your estate once you pass away. The executor of your estate (whom you’ll name in your will) will be responsible for handling your assets and your debts.

If you’ve co-signed a loan with anyone, then the co-signer will need to cover any part of the debt that you were unable to pay back over the course of your life. If you still have federal student loans, you’ll be released from the obligation of paying them back once you pass away. However, your family will need to send the loan provider a copy of your death certificate.

However, if you’ve taken out any private loans to pay for your education or for any other purpose, your family may be responsible for paying off that debt.

Your family will also be responsible for paying any sort of mortgage payments you need to make.

Burial Insurance and Final Expense Life Insurance Policies

Let’s quickly review the most important points regarding burial insurance and final life insurance policies.

These policies are:

  • Whole life insurance policies
  • Designed for senior citizens
  • Simplified issue (meaning no exam required)
  • Often approved quickly

These policies offer:

  • Guaranteed cash values
  • Fixed premium payments
  • Death benefits ranging from $2,000 – $100,000
  • An easy application process
  • Relatively affordable rates

Top 5 Reasons to Consider a Final Expense Life Insurance Policy

Here are 5 of the top reasons to consider a final expense insurance policy.

It Offers Permanent Protection – Final expense life insurance is permanent coverage. Its whole life insurance design provides a lifetime death benefit protection. A bonus feature is the guaranteed cash values the policy will earn over time.

Remember that, in some cases, burial insurance is also offered as a term policy. Make sure you speak with your insurance provider to understand which option you’re getting. You should, whenever possible, always opt for whole life insurance. You don’t want to run the risk of having the policy expire.

**Burial Insurance offered through Top Quote Life Insurance are all permanent whole life insurance policies.

It Covers Funeral or Final Expense Debts With the proper planning and enough life insurance coverage, a final expense life insurance policy can provide the funds needed for your family and loved ones to pay for your funeral and burial costs. In addition to funeral and burial costs, having the right amount of coverage can also help assist in the payoff of any extra final expense debts.

It’s Easy to Qualify for a Policy Level, graded and guaranteed issue coverage options provide a solution for just about everyone requiring life insurance coverage. Health conditions that may be considered high risk, or even a decline, with traditional underwriting may be approved with guaranteed issue policies.

No Exam Required to Apply – One of the many great features of final expense insurance is that it doesn’t require a medical exam to apply. That means, no appointment with an examiner, no needles and no urinalysis or blood pressure readings.

Quick Approval Times – Since final expense insurance does not require an exam, the application process consist of answering medical questions to determine what type of coverage you will qualify for. By eliminating the exam portion of the application process, approval times are made much faster allowing for you to quickly get a life insurance policy.

Things to Consider When Applying for Burial Insurance

Of course, when you’re deciding on a specific insurance provider, as well as the type of final life insurance that’s the best fit for you, there are still a few questions you need to consider.

First of all, make certain that you know exactly how your rate will be determined. In some cases, your age, your current health, and even the nature of your job could influence the amount of coverage you receive.

You also need to know if your policy will expire (for example, if you end up outliving the length of the policy.) Even if the policy doesn’t expire, you still need to ensure that your price won’t dramatically increase if things — especially the state of your health — change.

Check with the companies you’re considering working with, and understand what, if any, exclusions could arise that would prevent the policy from paying out.

The best thing that you can do is to work with an experienced professional who will help you to compare several policies. Collect quotes, examine the amount of coverage offered, and make sure you’ve done the calculations correctly when it comes to the costs of your funeral and any debts you might leave behind.

You should also make sure that you work with a company that offers level premium payments. You don’t want to have to pay more each month for your payments just because you’re getting older.

Finally, ensure that you’re working with a qualified, highly-rated insurance company. Look for an option that has, at minimum, an A- rating from A.M. best.

There are 3 Different Types of Final Expense Life Insurance

As we mentioned earlier, other than the name, there are no differences between a burial insurance policy and final expense insurance policy. However, there are differences in the types of coverage that you may qualify for.

Final expense insurance can come in three different types of coverage options known as level, modified and graded death benefit. What makes the coverage different from each other is how the death benefit will be paid out at the time of death. The type of coverage you will qualify for will depend on the insurance company and your answers to medical questions on the application.

Level Death Benefit

Level death benefit is the best final expense insurance coverage. If you qualify for level death benefit coverage, 100% of the death benefit is guaranteed to pay out at death starting from day one.

In most cases, you will still get the death benefit regardless of your manner of death — whether you’re killed in an accident or die of natural causes.

In order to qualify for this coverage option, you will need to be within height and weight guidelines and cannot have any major health conditions. The maximum amount of coverage that can be applied for is generally capped at $50,000 with a few companies offering up to $100,000.

Pros & Cons of a Level Death Benefit Plan

Pros:

  • 100% of death benefit guaranteed to pay out without any wait
  • Permanent life insurance protection
  • Larger amounts of coverage offered
  • Cash value growth 
  • Most affordable of all three plans

Cons:

  • Generally have to have a very good history of health

Sample Pre-Qualifying Questions for Level Death Benefit Approval
(Answering yes may result in a decline for level death benefit coverage)

  • Currently hospitalized or bedridden
  • Receiving hospice, nursing home care or home healthcare
  • Upcoming inpatient surgery or have received an organ transplant
  • Diagnoses or been treated for Alzheimer’s, Dementia, Memory Loss, Organic Brain Disease, Mental Incapacity, Downs Syndrome, Lou Gehrig’s Disease (ALS), Sickle Cell Anemia, Huntington’s Disease, Cerebral Palsy, Cystic Fibrosis
  • Diagnosed with AIDS, ARC or tested positive for HIV
  • Have been in a diabetic coma
  • Advised or have had an amputation due to disease or disorder
  • Have been diagnosed by a medical professional with less than 1 year to live

*These are only a few of sample questions that often appear on most applications for level death benefit coverage.

 Modified or Graded Death Benefit

Have you ever heard of life insurance with a waiting period? Well, this is it.

Modified or graded death benefit is a second type of final expense insurance that has a waiting period before full death benefit will be paid. Depending on the life insurance company, a graded death benefit policy will only pay 100% of the death benefit after policy year 2.

If death occurs prior to policy year 2, the death benefit generally consists of a full return of the premium plus interest of usually 10%.

Qualifying for graded death benefit coverage is determined based on the answers to the medical questions on the application. Although the coverage is not guaranteed acceptance, it is designed to cover many high-risk health conditions that would often be a decline with traditional underwriting. The maximum amount of life insurance coverage that can be applied for is often capped at $25,000 with a few companies offering up to $50,000.

Pros & Cons of Modified or Graded Death Benefit Plan

Pros:

  • Covers higher-risk health conditions
  • Permanent life insurance coverage
  • Cash value growth
  • Still very affordable

Cons:

  • Requires waiting period of generally two years or longer before the full death benefit will be paid out
  • Certain health conditions can result in a decline for coverage
  • Could be limited on adding policy riders

Guaranteed Acceptance

Life insurance you cannot be turned down for. No matter what!

The third type of final expense insurance is guaranteed acceptance. Nearly identical to graded death benefit coverage, guaranteed acceptance approves all health conditions. This coverage has a 2-year wait on full payout the death benefit and the price for the insurance coverage is the most expensive.

After all, the insurance companies are taking on more risk with these policies than with the others on this list.

However, this policy is the best option for those that have serious health conditions that they may not wish to disclose to an insurance company due to privacy concerns or a fear of being denied coverage.

Just like graded death benefit coverage, guaranteed acceptance if death occurs prior to policy year two only a refund of premiums will be paid along with an interest rate of typically 10%. All accidental deaths will payout 100% of the death benefit regardless of the policy year.

Pros & Cons of Guaranteed Acceptance 

Pros:

  • Can not be denied coverage as long as you meet the age requirement
  • Covers accidental deaths regardless of the policy years
  • Two year wait on the full death benefit is over after policy year two
  • Cash value growth
  • Permanent life insurance

Cons:

  • Is the most costly option of all three plan types

2019 Top 10 Best Final Expense and Burial Whole Life Insurance Companies

When choosing the best burial insurance or final expense insurance policy, doing it on your own can be a difficult process. You probably have seen the television commercials or even received direct mail, advertising best burial insurance for seniors or final expense life insurance, as low as $1 per month. How do you know which burial insurance companies or final expense companies are the best when there are some many offering coverage?

In order to help aid you in your search we at Top Quote Life Insurance have put together a list of the top life insurance companies we feel that are currently offering the best in burial insurance and final expense whole life insurance policies. 

Best CompaniesIssue AgesDeath Benefit TypesCoverage Amounts
AIG
50 to 80Guaranteed Issue$5,000 – $25,000
American Continental (Aetna)
45 to 89Level, Graded & Modified$3,000 – $35,000
American Amicable
50 to 85Level, Graded & ROP$2,500 – $35,000
Americo
50 to 85Level & Graded$2,000 – $30,000
Foresters
Foresters Financial Final Expense
50 to 85Level, Graded & Modified$2,000 – $35,000
Gerber
50 to 80Guaranteed Issue$5,000 – $25,000
Mutual of Omaha
45 to 85Level & Graded$2,000 – $40,000
Royal Neighbors
50 to 85Level & Graded$5,000 – $25,000
Transamerica
0 to 85Level & Graded$1,000 – $50,000
United Home Life
20 to 80Level, Graded & GI$2,000 – $100,000

AIG Company Logo - Final Expense

Company: AIG
Established:
1919
A.M. Best Rating:

AIG Guaranteed Issue Whole Life Insurance

  • Issue Ages: 50 to 85
  • Type of Coverage: Guaranteed Acceptance
  • Coverage Amounts: $5,000 up to $25,000
  • Death Benefit Payout: If death occurs in policy years 1 or 2, the benefit amount is 110% of all premiums paid. At the start of year 3 and onward, 100% of the death benefit will be paid out.
  • Approval Time: Generally same day
  • Coverage Highlights: Offers both chronic and terminal illness riders at no additional cost. Simple one page application. No health questions and you cannot be turned down. Approval for coverage can be made in as fast as 15 minutes
AIG Guaranteed Issue Rating:
4.5/5
Aetna Company Logo - Final Expense

Company: Aetna
Established:
1850 
A.M. Best Rating:

Aetna Final Expense Whole Life Insurance

  • Issue Ages: 45 to 89
  • Type of Coverage: Level, Graded & Modified
  • Coverage Amounts: $3,000 up to $35,000
  • Death Benefit Payout: This coverage offers three different death benefit plans called level, graded and modified.
    • Level pays out 100% starting day one
    • Graded pays out 40% policy year one, 75% policy year two and 100% year three and on.
    • Modified pays out 110% of all premiums paid, if death occurs within policy years one and two.  
  • Approval Time: 
  • Coverage Highlights: Three different plans which are based on underwriting results. No height and weight guidelines. Offers level death benefit coverage up to age 89.
Aetna Final Expense Whole Life Insurance Rating:
4/5

Company: American-Amicable
Established:
1910 
A.M. Best Rating:

American Amicable Golden Solution Plans

  • Issue Ages: 50 to 85
  • Type of Coverage: Level, Graded & ROP
  • Coverage Amounts: $2,500 up to $35,000
  • Death Benefit Payout: This coverage offers three different death benefit plans called level, graded and return of premium.
    • Level pays out 100% starting day one
    • Graded pays out 30% policy year one, 70% policy year two and 100% year three and on.
    • Modified pays out 110% of all premiums paid, if death occurs within policy years one, two or three.  
  • Coverage Highlights: Three different plans which are based on underwriting results. Offers several optional policy riders such as grandchildren insurance, nursing home and accidental death.
American Amicable Golden Solution Plans Rating:
3/5
Americo Company Logo - Final Expense

Company: Americo
Established:
1946 
A.M. Best Rating:

Americo Ultra Protector Series

  • Issue Ages: 50 to 85
  • Type of Coverage: Level, Graded & ROP
  • Coverage Amounts: $2,500 up to $35,000
  • Death Benefit Payout: This coverage offers three different death benefit plans called Protector I, II & III.
    • Protector I pays out 100% starting day one
    • Protector II pays out 100% starting day one
    • Protector III pays out 100% of all premiums paid plus 5% interest if death occurs in policy year one.
    • If death occurs in policy year two 100% of all premiums will be paid plus 10% interest.
    • If death occurs in policy year three the death benefit will be 75% of the actual face amount of the policy.
    • Starting year four and onward, 100% of the death benefit will be paid out if death occurs.
  • Coverage Highlights: Offers two level death benefit plans allowing for applicants with riskier health conditions an opportunity to obtain a level death benefit without a two year wait. 
Americo Ultra Protector Series Rating:
3.5/5
Foresters Financial Final Expense

Company: Foresters
Established:
1874 
A.M. Best Rating: A+

Foresters PlanRight Final Expense

  • Issue Ages: 50 to 85
  • Type of Coverage: Level, Graded & Modified
  • Coverage Amounts: $2,000 up to $35,000
  • Death Benefit Payout: This coverage offers three different death benefit plans called level, graded and modified.
    • Level pays out 100% starting day one
    • If death occurs within the first two years under the graded death benefit option, the amount will be the greater of either all premiums paid plus 4.5% interest or 30% of the actual death benefit.
    • Modified pays out 110% of all premiums paid if death occurs within policy years one or two.  
  • Coverage Highlights: Foresters offers policyholders with several free membership benefits. Underwriting decisions can be made within the same day of the application being submitted. 
Foresters PlanRight Final Expense Rating:
4/5
Gerber Life Company Logo - Final Expense

Company: Gerber
Established:
1967 
A.M. Best Rating:

Gerber Guaranteed Acceptance

  • Issue Ages: 50 to 80
  • Type of Coverage: Guaranteed Acceptance
  • Coverage Amounts: $5,000 up to $25,000
  • Death Benefit Payout: If death occurs in policy years one or two, the benefit amount is 110% of all premiums paid. At the start of year three and onward, 100% of the death benefit will be paid. 
  • Coverage Highlights: Simple application. Allows for payments to be made by credit card. No health questions at all. Often number one for price when compared to other companies that offer guaranteed issue coverage.
Gerber Guaranteed Acceptance Rating:
4/5
Mutual of Omaha Company Logo - Final Expense

Company: Mutual of Omaha
Established:
1909 
A.M. Best Rating: A+

Mutual of Omaha Living Promise

  • Issue Ages: 45 to 85
  • Type of Coverage: Level & Graded
  • Coverage Amounts: $2,000 up to $40,000
  • Death Benefit Payout: This coverage offers two different death benefit plans called level and graded.
    • Level pays out 100% starting day one
    • Graded pays out 110% of all premiums paid if death occurs within policy years one and two. 100% of the death benefit will pay out starting year three. 
  • Coverage Highlights: Two different plans which are based on underwriting results. Level plan offers a free policy rider that can advance a portion of the death benefit for a qualifying chronic illness, terminal illness or permanent confinement to a nursing home facility. No tobacco distinction if approved at graded benefit coverage. Often ranked best price for final expense life insurance.    
Mutual of Omaha Living Promise Rating:
5/5
Royal Neighbors Company Logo - Final Expense

Company: Royal Neighbors
Established: 1895 
A.M. Best Rating: A-

Royal Neighbors Simplified & Graded Whole Life

  • Issue Ages: 50 to 85
  • Type of Coverage: Level & Graded
  • Coverage Amounts: $3,000 up to $25,000
  • Death Benefit Payout: This coverage offers two different death benefit plans called level and graded.
    • Level pays out 100% starting day one
    • Graded pays out 30% of of the death benefit if death has occurred in policy years one. If death has occurred in policy year two the death benefit will be 70% of the face amount. 100% of the death benefit will pay out starting year three. 
  • Coverage Highlights: Two different plans which are based on underwriting results. Immediate underwriting decisions. No height and weight requirements. Insulin dependent diabetics that have been taking insulin after the age of 30 may qualify for level benefit. Easy 9 question application.     
Royal Neighbors Final Expense Life Insurance Rating:
4/5
Transamerica Company Logo - Final Expense

Company: Transamerica
Established: 1904 
A.M. Best Rating: A+

Transamerica Final Expense Whole Life

  • Issue Ages: 0 to 85
  • Type of Coverage: Level & Graded
  • Coverage Amounts: $1,000 up to $50,000
  • Death Benefit Payout: This coverage offers two different death benefit plans called Immediate Solution and Easy Solution.
    • Immediate Solution is a level death benefit that pays out 100% starting day one.
    • Easy Solution is a graded death benefit that pays out 110% of all premiums paid if death occurs within policy years one and two. 100% of the death benefit will pay out starting year three. 
  • Coverage Highlights: Immediate Solution offers a large selection of policy riders such as an accelerated death benefit rider that can pay out a portion of the death benefit due to a qualifying terminal illness or confinement to a nursing home. Optional policy riders include a accidental death benefit rider, as well as a children and grandchildren’s rider that allows for guaranteed acceptance coverage on a child. For applicants with health issues there may be a good chance of still being able to qualify for a level benefit policy. Transamerica offers favorable underwriting to many health conditions that may be considered high risk. There is also no height or weight restrictions that are taken into consideration when applying. 
Transamerica Final Expense Whole Life Insurance Rating:
4.5/5
United Home Life Company Logo - Final Expense

Company: United Home Life
Established: 1948 
A.M. Best Rating: A-

United Home Life Express Issue WL

  • Issue Ages: 20 to 80
  • Type of Coverage: Level, Graded & Guaranteed Issue
  • Coverage Amounts: $1,000 up to $100,000
  • Death Benefit Payout: This coverage offers three different death benefit plans called level, graded and guaranteed issue.
    • Level pays out 100% starting day one
    • Graded pays out a full return of all premiums paid plus 12% interest if death has occurred in policy year one. If death has occurred in policy year two, the death benefit will be all premiums paid plus 24% interest. Starting year three and forward, 100% of the death benefit will be paid out.
    • Guaranteed issue pays out a full return of all premiums paid plus 6% interest if death has occurred in policy year one. If death has occurred in policy year two, the death benefit will be all premiums paid plus 12% interest. If death has occurred in policy year three, the death benefit will be all premiums paid plus 18% interest. Starting year four and forward, 100% of the death benefit will be paid out.
  • Coverage Highlights: Insulin-dependent diabetics, individuals receiving disability and individuals who may have been declined with other companies can potentially qualify for a level death benefit plan with United Home Life. The graded plan will consider applicants who may have been previously declined with other companies for significant health issues. There is a one year look back for applicants who have a history of cancer, heart attack, stroke and drug abuse for qualification on a graded plan. Guaranteed issue offers a maximum of $10,000 of coverage.  
United Home Life Express Issue WL Rating:
4/5

Full List of Reputable Burial & Final Expense Life Insurance Companies

There are literally dozens of excellent life insurance companies that offer great final expense life insurance coverage.

Below is a list some of the most reputably final expense life insurance companies along with detailed information to their final expense coverage.

If you have questions or would like a quote, please be sure to let us know and we will gladly help assist you.  

Is there a final expense company not on our list? Please let us know so we can add them and provide you with the information you are looking for.

AARP

Offers both a level benefit plan up to $50,000 as will as a guaranteed approval option up to $25,000. Level benefit plan is available to applicants between the ages of 50 to 80. Acceptance is based on the answers to the health questions and other information on the application. Guaranteed acceptance has a two year graded death benefit which consists of a benefit amount of 125% of all premiums paid should death occur within the first two policy years. A.M. Best Rating: A++

AARP Final Expense Whole Life Rating:
4/5

Baltimore Life

Silver Guard I and II offers final expense coverage to applicants between the ages of 50 to 80. Silver Guard I is the level death benefit plan and has a maximum death benefit amount of $25,000. The level benefit coverage offers a 10 pay option along with optional policy riders, such as accidental death and a $1,000 cash draft benefit. Silver Guard II is the graded death benefit plan and has a maximum death benefit of $15,000. The death benefit in year one is equal to 25% of the actual death benefit and in year two 50% of the actual death benefit. A.M. Best Rating: B++

Baltimore Life Final Expense Rating:
3.5/5

Bankers Fidelity

Offers both preferred and standard health classes under a level benefit plan. Coverage starts at a minimum of $3,000 up to $50,000 depending on the plan. The level benefit plan includes two accelerated benefit riders which can advance 50% of the death benefit for a qualifying terminal illness. The second benefit is the waiver of premium for confinement to a hospital or nursing home. There is also a 2 year graded benefit plan that pays out 25% of the death benefit in policy year one and 60% of the death benefit in year two, should death occur within those policy years. Policy riders are not available under the graded benefit plan, but can still provide valuable coverage for both funeral or burial costs. A.M. Best Rating: B++

Bankers Fidelity Final Expense Rating:
3.5/5

Cigna

Available to applicant ages 50 to 85 with a minimum coverage amount of $2,000 up to a maximum of $25,000. Level benefit plan offers a terminal illness benefit rider along with an optional accidental death benefit rider. The graded death benefit plan offers a return of premium of 110% of all premiums paid in both policy years one and two. Cigna also offers a 5% spousal premium discount if both husband and wife apply at the same time. The discount is applied to the younger spouse. A.M. Best Rating: A

Cigna Final Expense Rating:
4/5

Colonial Penn

Two different final expense life insurance plans are offered with Colonial Penn which are a level benefit as well as a guaranteed acceptance. The level benefit plan is available to applicants ages 40 to 75 and offers coverage starting at $10,000 up to $50,000. The guaranteed acceptance life insurance plan is available to applicants ages 50 to 85. Since it is guaranteed approval there is a two year wait on the death benefit. Should death occur within the first two policy years the benefit is 100% of all premiums paid plus 7% interest. A.M. Best Rating: A-

Colonial Penn Final Expense Rating:
3.5/5

Columbian Life

Dignified Choice final expense offers a level benefit plan, a graded benefit plan and even a guaranteed acceptance plan. Qualification for one of the level or graded death benefit plans are based primarily on the health questions on the life insurance application, along with a few other underwriting factors. The difference between each type of plan, outside of how the death benefit pays out, will be within the cost for the coverage and the maximum amount of coverage that can be applied for. For example, qualification under the graded plan will equal a death benefit of all premiums paid plus 6% interest if death occurs in the first two policy years. The maximum amount of coverage under the graded benefit plan is $15,000 whereas it is up to $25,000 on the level plan. The guaranteed issue plan offers the same coverage features as the graded benefit plan but will cost more as you cannot be denied coverage. A.M. Best Rating: B++

Columbian Life Final Expense Rating:
3/5

Equitable Life & Casualty

Heritage Protector is final expense life insurance offered in both a level and graded death benefit plan. The level plan is available in both preferred and standard underwriting rates. Applicants who qualify for the graded death benefit plan will have a three year wait before being eligible to receive the full death benefit. In policy year one, the death benefit will consist of all premiums paid plus 5% interest. In policy year two, it will be a full return of premiums plus 10% interest. In policy year three the death benefit will equal 75% of the actual death benefit. Plans are available to applicants ages 50 to 85 who require $2,000 to $30,000 of burial insurance coverage. A.M. Best Rating: B

Equitable Life & Casualty Final Expense Rating:
3/5

Fidelity Life

Rapid Decision Final Expense from Fidelity is available to applicants ages 50-85. The minimum coverage amount is $5,000 with a maximum of $35,000. In addition to a level benefit plan there is also a graded plan, as well as a guaranteed issue option. The graded and guaranteed issue options have a three year wait on the full death benefit. If death should occur within the first three years the benefit amount is a full return of all premiums paid plus 5% interest. Approval is often determined within the same day of the application being submitted, with the actual policy being issued in as little as 24-48 hours from approval. A.M. Best Rating: A+

Fidelity Final Expense Rating:
3/5

Great Western Insurance Company (GWIC)

Offers two final expense plans called Guaranteed Assurance and Assurance Plus. Guaranteed Assurance is coverage that you cannot be turned down for. It is available to applicants ages 40 to 80 and has a minimum coverage of $1,000 and a maximum of $40,000. If death occurs within the first two policy years the death benefit will be equal to all premiums paid plus 10% interest. If you’re able to answer no to three health questions on the application, you may be eligible for the level benefit plan called Assurance Plus. This plan pays out a 25% bonus to the elected death benefit without any extra cost. There is also a built in spousal bonus rider that pay out an additional $1,000 to a surviving spouse should the other insured spouse pass away. In order to be eligible for the spousal bonus rider both spouses need to apply for coverage at the same time. A.M. Best Rating: A-

Great Western Final Expense Rating:
4/5

Illinois Mutual

Path Protector final expense life insurance offers both a level and modified death benefit option to applicants ages 60 to 85. The level benefit plan has a minimum coverage amount of $5,000 and a maximum of $50,000. Coverage under the modified plan has a two year graded death benefit. If death occurs within the first two policy years, the benefit amount will be equal to a full return of all premiums paid plus 5% interest. A.M. Best Rating: A-

Illinois Mutual Final Expense Rating:
3.5/5

Kemper

Senior Solutions Guaranteed Issue offer automatic final expense approval to applicants ages 40 to 80. Coverage ranges from a minimum of $5,000 up to a maximum of $25,000. Since this is a guaranteed issue life insurance policy there is a two year wait on the death benefit. Should death occur within the first two policy years, the benefit amount will be equal to a return of all premiums paid plus 20% interest. It is also worth mentioning that this is one of the only companies to offer a guaranteed issue life insurance policy to applicants below the age of 50. A.M. Best Rating: A-

Kemper Final Expense Life Insurance Rating:
4/5

Lafayette Life

Protector 15 is final expense life insurance coverage that is available to applicants between the ages of 40 and 85. This coverage is simplified issue. Although there is no medical exam, as with all final expense coverage, you will need to answer medical questions. There is not a graded benefit option, so in order to qualify for coverage you will need to meet the guidelines for the level benefit plan. Coverage amounts range from as little as $3,000 up to $50,000. If you’re willing to pay all your premiums up front which in referred to as a single pay, you may qualify for higher coverage amounts. A.M. Best Rating: A+

Lafayette Life Final Expense Rating:
3.5/5

Liberty Bankers Life

Life SIMPL offer level benefit coverage starting $3,000 up to a maximum of $30,000. The coverage offers two risk classifications of preferred and standard. You can also add an optional child or grandchild insurance rider to the coverage. For applicants with some riskier health conditions, that don’t qualify for the level benefit plan, may qualify for the graded plan. The graded plan offers a maximum death benefit of $20,000. Should death occur within the first three years the benefit amount is equal to a return of all premiums paid plus 10% interest. It is definitely worth noting that in policy year five the death benefit is equal to 105% of the actual coverage amount and then in year six 110% and thereafter. A.M. Best Rating: B++

Liberty Bankers Life Final Expense Rating:
4/5

Lincoln Heritage

Funeral Advantage final expense life insurance is available to applicants that are between the ages of 40 to 85. The plan offers a simple one page application with immediate level death benefit coverage, if the answers to the health questions meet the program guidelines. For some applicants with riskier health conditions, that are not necessarily severe enough to decline them for coverage, Funeral Advantage offers their modified benefit plan. Under the modified benefit plan there is a three year graded death benefit if you’re below the age of 50 and a two year graded death benefit if you’re older than 50. Should death occur during this time, the benefit amount will be equal to a full return of premiums paid plus 10% interest in year one, 20% in year two and 30% in year three, for applicants under age 50. It is worth mentioning that applicants have the option to purchase an additional $100,000 of accidental death benefit in addition to the life insurance coverage. A.M. Best Rating: A-

Lincoln Heritage Funeral Advantage Rating:
4/5

Lumico

Simplified issue final expense by Lumico offers both a level benefit, as well as two modified benefit plans. Qualification for the different plans are based around the answers to the health questions on the application, in addition to a few other underwriting factors. All three plans are available to applicants who are between the ages of 50 to 85. The minimum coverage amount is $3,000 and goes as high as $30,000. If you qualify for the graded benefit plan the maximum amount of coverage is reduced to $15,000. Applicant you qualify as preferred status can expect a level death benefit that will pay out starting from day one. Applicants who qualify under the standard classification will have a three year modified death benefit. For example if death occurs in policy year one the death benefit will equal 25% of the actual full death benefit, 50% in year two and 75% in year three. After year three and anytime thereafter it will equal 100% of the death benefit. The second graded death benefit option also has a modified death benefit that pays as followed: if death occurs in policy year one the death benefit will be 10% of the actual death benefit, year two will be 25% and year three 50%. After year three and anytime thereafter it will equal 100% of the death benefit. A.M. Best Rating: A

Lumico Final Expense Rating:
4/5

Motorists Life

Coverage is available in both a level benefit plan, as well as a graded benefit plan. The level benefit plan offers two rate classifications of either standard or preferred. The preferred classification will offer the lowest rates out of all the plans, but will require meeting the underwriting qualifications. The graded benefit plan has a two year wait on the full death benefit. Should death occur in policy year one, the benefit will equal 35% of the actual death benefit amount and in year two, 70% of the actual death benefit amount. Coverage includes a built in accelerated benefit option that can advance a portion of the death benefit due to a qualifying terminal illness. Policyholders will also receive a ScriptSave discount card which can provide savings on prescriptions, vision care, hearing care and daily living products. A.M. Best Rating: A

Motorists Final Expense Rating:
4/5

Oxford Life

The Assurance level premium final expense coverage is available to applicants ages 50 to 85. The minimum coverage amount starts at $3,000 and has a maximum coverage amount of $30,000. Premiums with Oxford Life are priced very competitively, but it is worth mentioning that there is not a graded or guaranteed approval option. Those with riskier health conditions that do not qualify for the level plan will have to look at other companies. The application consists of medical questions and offers same day eligibility. This coverage also offers a free terminal illness rider, as well as a common carrier rider that can pay out an extra death benefit, if death is a result of an accident while being a fare paying passenger on a common carrier. Oxford Life also offers a single premium final expense option under Assurance One for those who wish to eliminate future premium payments altogether. A.M. Best Rating: A-

Oxford Life Final Expense Rating:
3.5/5

Pekin Insurance

Offers both a level and graded death benefit option. Qualification for the two plans will be based on answers to the health questions on the application. Coverage on the level benefit plan is available to applicants between the ages of 18 through 85. Coverage amounts range from $2,000 up to $24,999. There are a variety of limited pay options that are available such as a single pay, 10-pay, 15-pay, 20-pay, 30-pay and paid up at age 65. The graded benefit plan offers the same limited pay options, but has a two year wait on the full death benefit. Should death occur in policy year one, the death benefit will equal a full return of all premiums paid. In policy year two the death benefit will be equal to one-half of the actual death benefit amount. In policy year three and on, the death benefit will payout at 100%. A.M. Best Rating: A

Pekin Insurance Final Expense Rating:
3.5/5

Phoenix Life

Remembrance Life is a level benefit plan that is available to applicants between the ages of 30 to 80. It is one of the few companies to offer up to $50,000 in final expense whole life insurance to applicants that are between the ages of 70 to 80. This coverage is also not available in a graded or guaranteed acceptance plan. Applicants who apply must meet the underwriting requirements to be approved for coverage. If approved, the coverage offers some nice feature at no additional costs. These features include a critical and terminal illness rider that can advance up to 95% of the death benefit. It also offers a free accidental death benefit rider that pays out an additional 100% lump sum death benefit if death occurs by a covered accident.  A.M. Best Rating: B

Phoenix Life Final Expense Rating:
4/5

Prosperity Life

Coverage options include level, graded and modified benefit plans. Qualification is based on the applicants health history. Coverage amounts range from as little as $1,500 up to a maximum of $35,000. Applicants between the ages of 50 to 80 can apply. The death benefit on the level plan is equal to the full amount starting day one. The graded benefit plan offers a benefit that is equal to 30% of the full 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 offers a benefit of 110% of the annual premium, 231%  of the annual premium in year two and starting year three is equal to 100% of the actual death benefit. There is also an optional accidental death benefit rider that can be added to the coverage regardless of what plan you qualify for. Most companies who offer this typically offer this on the level plans only. A.M. Best Rating: A-

Prosperity Life Final Expense Rating:
4/5

Sentinel Security Life

New Vantage final expense life insurance is available in three different benefit plans to help those that may have less than great health. The level plan offers full death benefit protection beginning day one. The second plan is the Vantage II plan which is a modified benefit plan. Applicants who qualify under this plan will have a benefit equal to 30% of the death benefit in policy year one and 70% in policy year two. Starting year three there is no longer a wait and will pay out 100% of the benefit when death occurs. Vantage III is the third modified benefit plan. The death benefit for this plan in the first two years is a full return of all premiums paid plus 10% interest. Coverage amounts range from $1,000 up to a maximum of $35,000 and is available to applicants ages 0 to 85. For those who would like to have a paid up policy quickly, there is a 10 pay, 20 pay, pay to age 65 or 85 along with a one time single pay.  A.M. Best Rating: B++ 

Sentinel Security Life Final Expense Rating:
4/5

How to get the Best Final Expense Insurance Quotes

Need further assistance finding the best final expense company or quote? We are here to help. The key to finding great final expense insurance is working with an agency that can shop your coverage with multiple final expense insurance companies. Top Quote Life Insurance can help in your search for life insurance.

If you think final expense insurance is something you would like to explore further or if you need help finding out which type of final expense death benefit you may qualify for based on your health and lifestyle, please reach out to us for help.

Thank you for visiting us at Top Quote Life Insurance and reading our article on the, Top 10 Best Burial Insurance and Final Expense Insurance Companies. Please be sure to call or send a message with any questions you may have.

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