Best Burial Insurance Companies for Seniors Over 70: Final Expense Insurance Policy Explained

Which are the top burial insurance companies for seniors over 70? We are familiar with different types of insurance such as auto, home, health, life, and pet insurance. We all understand the situations where insurance becomes necessary, like monthly massage therapy or fixing a cracked windshield.

What about events at the end of our lives? While it is unpleasant to think about death, it is the only other constant in our lives. So, it is just as important for us to plan for our final expenses as are other insurance products.

If you haven’t thought about burial insurance or final insurance before, it can be daunting to explore this type of insurance policy. Figuring out which company offers the best protection offers you peace of mind.

In this article, we will discuss everything you need to know about final expense insurance policies and review the best burial insurance companies for you to choose from. After reading this article, you will have all the knowledge you will need to decide on burial insurance policy purchases. 

Final Expense Insurance Policy

First, let’s take care of terminology here. Whether it is burial insurance, final expense insurance, or funeral insurance, the insurance products these names refer to are the same. 

Final expense insurance is a small whole life insurance policy that pays your beneficiary a final death benefit amount to cover the costs of the funeral, burial, and other final expenses once you depart this world. It is a whole life insurance policy which means it never expires and is with you for the rest of your life.  

Final expense insurances are important for those who want to take care of all the financial aspects of after-death care and events that will follow. To ensure that their family members can afford the cost of the funeral and final expenses.

It provides the peace of mind that you will have left your family with the funds necessary to take care of your funeral and burial/cremation. And possibly leaves some leftover funds behind for your family.  

How Does Final Expense Insurance Work?

Final Expense insurance is very easy to acquire and does not require months or weeks to evaluate. It does not require medical exams and other such paperwork of life insurance policies.

You will need to purchase this insurance policy from a broker or agency as insurance companies don’t typically sell this product directly to customers. 

After assessing the appropriate policy, there might be a two-year waiting period before receiving the benefit. This prevents people from quickly buying insurance and receiving a full payout after only one month of premium payment.

Having said that, many insurance companies provide no waiting period coverage as well. Those will require a medical questionnaire to fill out and approval from the insurance company to qualify.

Typically these insurance policies are smaller than life insurance policies and have no term after which it expires. The benefit amount is usually between $2,000 – $50,000 and designed to cover final expenses and leave a little bit of cash for your beneficiaries.  

Those who wish to be insured by this type of policy are generally between the ages of 50 to 85 years.

Because of the smaller benefit amount, the premiums are very affordable. More so than the other life insurance policies.

some key benefits of final expenses insurance policies

• Premiums are locked in and never go up.
• No medical exams are required (guaranteed acceptance).
• The benefit amount is locked in and will never go down.
• Premiums are much more affordable than life insurance.
• It accumulates a cash value that you can borrow from during your lifetime.
• The policy has no expiry date and will live on as long as you live.

When it comes to purchasing a policy, the process is very simple and easy and can take just minutes with an experienced trusted insurance broker.

Burial Insurance or Prepaid Funeral Plans 

When it comes to deathcare insurance or planning, there are two paths you can take – burial insurance or prepaid burial plans.

Prepaid Funeral Plans are funeral packages you can pre-purchase directly from funeral homes. Burial Insurance is an insurance policy you purchase from insurance companies that cover funeral expenses and provide a death benefit.

There is a difference between these two options.  

Prepaid burial plans are with funeral homes and locks in the cost of the funeral in today’s dollars saving you the post-inflation cost of future funerals. You discuss the funeral planning aspects, burial or cremation, caskets and urns and what kind of memorial you will want for your funeral. It is very much a pre-planning of an event.  

Once you agree to the plan, you pay the funeral home trustee the sum of money and you will have completed and prepaid for the funeral arrangements.

A burial insurance plan is different in that it is a policy you purchase from an insurance company that will guarantee that your family receives a death benefit to pay for the funeral expenses. No prepayments, just the benefit amount once you leave this world.

Burial insurance plans have monthly premiums so it is easier for you to pay for the plan in smaller payments. You also can ensure more than just the cost of funerals and burials and leave some money behind for your survivors. They will receive the funds tax-free and can use that for many different purposes – like selling the house/estate, paying off any debts you may have, etc.  

Additionally, you can borrow from these plans down the road if you need some funds. Hence having access to this fund is a great benefit as well.

This offers you the flexibility to decide how you want your funeral to take place at a later time (or leave it for your spouse or loved ones to decide based on your expressed wishes).

This is why purchasing a burial insurance plan makes better sense.

How Did We Select the Best Companies?

As you start shopping for burial insurance, you may be wondering which is the best or top burial insurance company out there? We have put together a list of 19 best burial insurance companies. We selected these are the best final expense insurance companies based on a few criteria. 

Everyone’s needs and circumstances are unique; therefore, one insurance company may work better for them than another. One policy may not fit all the requirements and depending on the differences in policies, you may find one policy better than another.

Here are some of the criteria according to which we picked the best insurers. You can certainly use this to find the best final expense insurance company for you. The criteria are:

Financial Stability:

These companies have excellent financial ratings by agencies that assess whether a company can meet its financial obligations. This means that these companies are able to pay for the policies they underwrite. The stronger the financial institution, the more protection there is for your insurance benefits. We have selected the AM credit agency ranking to select these companies

Cost of Premium:

We have put together a list of companies that offer comparative rates so you can make apples to apple comparisons. We are also considering the value the premiums provide as we review the insurers.

Health Conditions they underwrite: 

Depending on your health condition, you will be able to pick the insurance companies that cover the conditions in their policy. This is an important criterion in choosing the right policy for you. So, we have categorized and reviewed the different policies that cover certain health conditions and discuss the contrast with those policies that do not cover health conditions.

The criteria we assessed them by answers three basic questions:

• How stable are they finally to pay out your insurance policy benefit?
• How much value are we getting for the cost?
• Which health conditions do they cover?
• 19 of the Best Burial Insurance Companies

In this section, we will discuss the following 19 companies that have made it to our best list for burial insurance (or final expense insurance).

Best 19 Companies

1. Royal Neighbors of America
   • Royal Neighbors of America is a fraternal benefit society with a mission to empower women and their families through financial security and community support. They offer life insurance, annuities, and financial planning services.
2. Prosperity Life Group/SUSA
   • Part of Prosperity Life Group, SUSA Life Insurance Company provides a range of life insurance products and annuities. They focus on helping individuals and families secure their financial future.
3. Mutual of Omaha
   • Mutual of Omaha is a well-established insurance company known for its diverse portfolio of insurance and financial products. They offer life insurance, Medicare supplement plans, long-term care insurance, and more.
4. Trinity Life/Family Benefit
   • Trinity Life Insurance Company and Family Benefit Life Insurance Company specialize in final expense insurance. They aim to provide peace of mind by offering affordable policies that cover end-of-life expenses.
5. Oxford Life
   • Oxford Life Insurance Company focuses on retirement and life insurance solutions. They offer annuities and life insurance products tailored to the needs of retirees and their beneficiaries.
6. Standard Life and Casualty
   • Standard Life and Casualty Insurance Company provides insurance solutions, including final expense insurance and pre-need funeral insurance. They prioritize ensuring that families have financial support during challenging times.
7. Lifeshield Life Insurance Company
   • Lifeshield Life Insurance Company is recognized for its term life insurance policies, which offer straightforward and affordable coverage for individuals and families.
8. Foresters
   • Foresters is a fraternal organization that offers life insurance, retirement, and savings products. They are committed to supporting community initiatives and charitable efforts while providing financial security.
9. Transamerica
   • Transamerica offers a comprehensive range of insurance and financial services. They focus on helping customers achieve a secure financial future through life insurance, retirement planning, and investment solutions.
10. Liberty Bankers Life
    • Liberty Bankers Life Insurance Company specializes in life insurance and annuity products. They are dedicated to meeting the insurance needs of individuals and families while ensuring financial security.
11. United Home Life
    • United Home Life offers simplified issue life insurance policies, making it easier for individuals to access coverage. They focus on providing peace of mind and financial security for policyholders and their families.
12. AIG/American General
    • AIG, also known as American International Group, is a global insurance and financial services company. American General, a subsidiary of AIG, offers a wide range of insurance products, including life insurance. They have a strong presence in both domestic and international markets.
13. Gerber Life
    • Gerber Life Insurance Company is recognized for its child and adult life insurance policies. They aim to provide financial protection for families and ensure a secure future for loved ones.
14. Great Western
    • Great Western Insurance Company specializes in pre-need funeral insurance and funeral planning services. They help individuals and families plan for the costs and arrangements associated with funerals, ensuring a dignified farewell.
15. Security National Life
    • Security National Life Insurance Company focuses on pre-need funeral insurance and funeral planning. They assist families during challenging times by providing financial support and guidance for end-of-life arrangements.
16. Assurant/American Memorial
    • Assurant offers a range of insurance products, including pre-need funeral insurance. American Memorial Life Insurance Company, a subsidiary of Assurant, focuses on providing peace of mind and financial protection for families.
17. Americo
    • Americo Financial Life and Annuity Insurance Company offers life insurance and annuity products. They are dedicated to protecting and enhancing the financial well-being of their customers, providing security and peace of mind.
18. Sentinel Security
    • Sentinel Security Life Insurance Company specializes in final expense insurance. They aim to provide financial support to loved ones in the event of loss, ensuring that families have the resources they need during difficult times.
19. American Amicable
    • American Amicable Life Insurance Company offers a variety of life insurance products designed to meet individual and family needs. They prioritize providing reliable coverage and financial security.

Royal Neighbors Of America

Year of Establishment: Royal Neighbors of America has been in existence since 1888 with a long successful history in the industry. With 120 years of experience, they are one of the most experienced insurance companies in the country. They have a very impressive presence in the market and industry, showing signs of great strength. 

This organization was also the first one to provide insurance to women and children in America.

A.M. Best Financial Rating: A.M Best Financial rates Royal Neighbors of America a rating of A- suggesting excellent financial standing with strong stable finances. With over 200,000 members and $2.4 billion in insured benefits, they are one of the strongest insurers out there in the market.

Royal Neighbors of America is a fraternal benefit society that is different from a traditional insurance company. This means there are no shareholders, and no profits. This is a non-profit organization that serves the purpose of providing insurance and providing philanthropy to society.

However, this organization is not like other insurers where they pay into the U.S. state-guaranteed fund. This fund ensures that if the insurer were to become insolvent, the insured will still have their benefits covered by this government fund. Fraternal benefit societies are not under the government fund as they don’t pay into it.

This can make the proposition to buy from fraternal societies riskier for some people. However, you have to look at a company by how many years it has been in existence and its financial stability to assess how secure they are. This company certainly offers strong financial stability backed by 120 years of successful operations.

Name of The Plan

Royal Neighbors of America has two plans on final experience insurance: 

• Simplified Issue Whole Life
• Graded Benefit Whole Life

Approval of the plans depends on the health questionnaire. Also to note, there are plenty of discounts available for health diagnostics, retail, and drug plans for being a member of Royal Neighbors of America. Some of these discounts can add up to 40%!

Coverage Type

The Simplified Issue Whole Life is one of the best policies in the market. They are also very liberal with what conditions they accept under this plan. The premiums offer the best value in the market. You would still have to answer no to the questions on certain health conditions (e.g AIDS diagnosis, Heart conditions, etc.). However, they are very diabetic friendly.

The Graded Benefit Whole Life plan has a standard two-year waiting period. However, this is also one of the very few plans that will offer a certain percentage of the death benefit if death occurs in the first 24 months. 

If the death occurs in the first 12 months, they will pay 30% of the death benefit. If death occurs from month 13 to 24, you will receive 70% of the death benefit.

Benefits to Receive

Royal Neighbors of America has a great benefit range. They have a minimum of $5000 to a maximum of $25,000 benefit.

There are no accidental death ryders or child ryders available. However, they do offer some perks:

There is no height weight chart that they qualify you over (so you can be overweight and still qualify)

They cover many more health conditions like mental health, heart conditions, etc.

Review of Company & Services

Royal Neighbors of America is one of the best insurance companies out there offering a great value for the benefit they offer. They are also one of the most liberally accepting of many health conditions other insurers will not underwrite. 

Their successful track record of being in business for 120 years and strong financial rating makes them a great reliable insurer.

Their premiums are the cheapest in the market. This company comes highly recommended for your final expense insurance.

Prosperity Life Group/SUSA

Year of Establishment: 2009.

A.M. Best Financial Rating: Although a relatively new entity, A.M Best Financial Ratings have this company at A- – with a stable outlook.

Name of The Plan

Prosperity Life Group/SUSA offers two final expense or burial insurance plans:

• Level Benefit Plan (Golden Promise)
• Graded or Modified Benefit Plan (New Vista)

Benefits to Receive

The ‘New Vista’ policy is for those with health conditions and therefore would not qualify for the immediate benefit plan. This plan has a waiting period and graded payout of benefit if death occurs within the 2-year waiting period. Here are the ages and benefits of the plans:

Ages: 50 to 80 years old can insure a minimum of $1500 to a maximum of $35,000.

The Graded level plan offers 30% of the benefit if death occurs in the first year, and 70% of the benefit if the death occurs in the second year. After 2 years, the benefit is payable in full in the event of a death.  

The Modified level plan offers 110% of the premium if death occurs in the first year of insurance. The death benefit if the death occurs in the second year is 231% of the annual premium.

Accidental deaths are covered at 100% of the benefit if death occurs during the waiting period.

The Golden Promise guarantees the full death benefit as of day 1 of coverage. To qualify for this level, you have to be in good health with no underlying health conditions. 

There are also riders available at an additional cost that will cover a death benefit of 25-50%.

Review of Company & Services

Overall, this is a good company to purchase your insurance as they are financially secure with a stable outlook. If you can qualify for the plan without any waiting period, then this company would be the one to go with.  

Their rates are very competitive with other insurers and they cover many health conditions. Like asthma, depression, and even people on pacemakers (put in 24 months ago).

Mutual Of Omaha (aka United of Omaha)

Year of Establishment: Mutual of Omaha has been in business since 1909. It has a long history of successful business operations. This suggests a stable company status.

A.M. Best Financial Rating: The A.M Best Financial rating for Mutual of Omaha is A+ (Superior). They have excellent financial standing and are very well secure to be able to cover death benefits for those they insure.

Name of The Plan

Their product for final expense or burial insurance is The Living Promise Benefit. There are two plans to qualify

The two plans are:

• Living Promise Level Plan
• LIving Promise Graded Plan

Coverage Type

Like all other insurance providers, they have two plans under their final expense plans. One guarantees coverage as of day one – meaning no waiting period, and the other one has a waiting period during which it will pay on a graded level.

Benefits to Receive

Level Plan

The level plan is the policy category that offers immediate coverage. This means as of day 1, you can claim the death benefit in case of death. There is an extensive questionnaire of health questions with simple yes or no answer options. The questions are very straight forward. 

If you have answered the questions that satisfy them that you are healthy, then they will check your prescription and medical history to verify the information. After that, if all looks good, then you would be qualified for the immediate coverage level.

The policy is available for 45 to 85-year-old healthy adults that would pay a benefit between a minimum of $2000 ($5000 in some states) to a maximum of $40,000.

Graded Level

The graded level of benefit is for those who have some health conditions. There is a waiting period of 2 years before which the death benefit will not be payable. If the death occurred in the first 2 years, Mutual of Omaha would refund the premiums paid with a 10% interest.  

The graded benefit plan is available for those between the ages of 45 and 85 years old (or 75 max in New York) and has a benefit of a minimum of $2000 and a maximum of $25,000.  

This is a whole life insurance – which means they will accept you with any health conditions (although there is a waiting period).

Review of Company & Services

Mutual of Omaha and United of Omaha are the same company and offer the same policy in the market. This company is financially very strong and stable. You can be sure that they will have no problem in paying out the benefit to your beneficiaries. 

Their policies have liberal underwriting, qualifying seniors with health conditions. The questionnaire is very simple and easy to follow and their application process is very straightforward. Premiums are some of the best rates for the benefits they cover.

If you can qualify for the Level Plan that has no waiting period, then it is a great deal as the plan offers a very generous benefit of $40,000, when other companies generally max out at $25,000 to $30,000.

There are also riders like Terminal Illness, Nursing Home Confinement, or Accidental Death that will double your benefit if these occur while you are under the insurance (after the waiting period).

Trinity Life/Family Benefit

Year of Establishment: Trinity Life and Family Benefit are two names of the same company. They both are part of the First Trinity Corporation. They have been in business since 1964.

A.M. Best Financial Rating: The A.M Best Financial Rating has rated Trinity Life Insurance with A rating suggesting a strong financial standing and a stable future outlook

Name of The Plan 

Trinity Life and Family Benefit’s flagship whole life final expense insurance product is the Golden Eagle Final Expense. 

They offer this product on two types or levels of insurance.

Coverage Type

Trinity Life/Family Benefit’s Golden Eagle Final Expense is under two different levels: simplified issue (level) or grade benefits.

They also offer benefits payable in the form of Direct Express (a card to pay final expense bills). Also it’s very compatible with social security benefits. 

And they also offer additional riders like accidental death, terminal illness, and nursing home confinement.  

Benefits

Trinity Life/Family Benefit offers the following benefits:

Simplified Issue (Level): 

They sell this policy to anyone between 50 and 85 years of age. The approval process of this level is based on a health questionnaire. This requires a phone interview. Once approved, there is no waiting period and the benefit amount that can be insured is between $2500 minimum and $25,000 maximum.

Graded level:

If you answer Yes to any of the non-qualifying health conditions for the simplified issue, then you can qualify for the graded level (step down from the first one). At this level, there will be no need for a phone interview and anyone between 50 and 85 years of age can buy the plan. The minimum benefit is $2,500 and the maximum is $10,000.

If death occurs in the first two years of the policy issuance, then the benefit is grade base on a calculation. For example, if a 56-year-old male with a $10,000 benefit final expense plan were to pass away in the first year, the death benefit that will be payable is $1,130.

Review of Company & Policy

Trinity Life/Family benefit offers the lowest rates in the market for their final expense policies for non-smokers. The premiums are very competitive for smokers as well.

Their underwriting is very liberal and the application process is very simple with less paperwork and more online/telephone-based.

Although their life insurance policies are fairly new to the market, they do still have good financial standing and can reliably pay out death benefits to the insured.

This is a great low-cost policy that can qualify conditions that are generally harder to qualify with other providers. 

The integration with the Social Security payment calendar and the Direct Express card payment method (for death benefits) are excellent for those who are looking for hassle-free access to the funds at the time of collecting the death benefit.

Oxford Life

Year of Establishment: 1965, they have been in business successfully for over 50 years.

A.M. Best Financial Rating: A.M Best Financial Rating has rated Oxford LIfe Insurance with an A-. This suggests a solid financial track record and stability. They will have no problem paying out the benefit to their insurers.

Name of The Plan 

Oxford Life Insurance Company offers many different whole life insurances.  

The life insurance for burial insurance (or final expense insurance) comes in three policy products:  

• Assurance One: Single Premium Final Expense Life Insurance
• Assurance: Final Expense Life Insurance
• Prosperity Select Single Premium Life Insurance

Assurance One is a policy with one single premium requires no monthly premiums. You can secure the final life expense to your beneficiary and you will not have the burden of a monthly premium.

Assurance Final Expense Life Insurance is a monthly premium product.

Prosperity Select Single Premium Life Insurance is a whole life insurance policy that can also cover the end of life expenses.

Coverage Type

The Assurance Final Expense Life Insurance covers the final expense benefit. It will have a monthly premium, and the insurance is whole life insurance – meaning no cancelation, the premiums don’t go up, and the death benefit has no reductions.

The Assurance One – Single Premium Final Expense Life Insurance guarantees growth in cash value, no benefit reduction, and has no increase in premium as it is a one-time plan. Again, this plan is also a whole life insurance plan. 

The Prosperity Select Single Premium Life Insurance offers the same benefits as Assurance One but can have a higher insurable benefit. The payout is not just a death benefit but also a life insurance benefit that your heirs can receive.

There are no medical exams and the application process is very simple for both plans. You can opt to have a phone interview for instant approval or you have to sign off on allowing the company to access your medical information and prescription information before approval.

The coverage never decreases, the premiums never increase, and the approval is instant over the phone interview with no medical exams.

Benefits 

Here are the benefit details for the two insurance products:

Assurance Final Expense Life Insurance

It is available for people between 50 and 85 years of age. The minimum benefit is $5000 and the maximum insurable benefit is $30,000. They also offer Terminal Illness and Common Carrier insurance riders.

Assurance One – Single Premium Final Expense Life Insurance

This policy is available for clients between the ages of 55 and 80. The minimum benefit is $5000 and the maximum insurable benefit is $30,000. They also offer Terminal Illness and Common Carrier insurance riders.

Prosperity Select Single Premium Life Insurance

This policy is available for clients between the ages of 55 and 80. The minimum benefit you can insure is $30,000 and the maximum benefit you can insure is for $500,000. This policy also comes with Terminal Illness, Chronic Illness, and Nursing Home riders available that will pay an accelerated benefit.

Review of Company & Services

What makes Oxford Life Insurance company unique is the fact that they don’t offer waiting period related insurance products. This means that if you get a disqualification due to health conditions from their existing products, there are no other acceptance for grade insurance policies.

The good part of this company is that if you are relatively healthy and don’t have any chronic illnesses, then you will qualify for products that offer really good benefits at competitive premiums.

The single premium options are also very reasonable for those who have some funds to invest in insurance protection. 

Their financial standing and great customer service make them a good choice in the market.

Standard Life and Casualty

Year of Establishment: Standard Life and Casualty Insurance Company has been in existence since 1947 with 70+ years of successful business in the market.

A.M. Best Financial Rating: The A.M Best Financial rating for Standard Life and Casualty Insurance Company is B – which is a stable financial standing.  

Name of The Plan

Standard Life and Casualty insurance product for final expenses is the Secure Advantage Whole Life Insurance.  

Coverage Type

Secure Advantage is a whole life insurance plan. This offers an immediate death benefit to the beneficiaries to take care of final expenses like burial and funeral costs. The premiums never go up, the benefit has no reduction, and the insurance policies never expire.  

The only option available with this insurance company is a level benefit. They do not offer a graded benefit with waiting periods. Therefore, if you don’t qualify for their insurance due to health reasons, you will have to seek a policy with another company. 

To qualify for their insurance plan, you will need to fill out a health questionnaire and go through medical record verification.  

Here is a sampling of their health questions:

Have you had an organ transplant, or you have a life expectancy of 12 months or less?

Have you had AIDS, or any immune deficiency disorder or positive HIV result?

Are you currently in the hospital or a nursing facility, or are you using oxygen equipment or receiving hospice care?

Do you have any physical or mental impairment? Or do you require assistance in performing normal activities of daily living, such as eating, bathing, bowel or bladder motions, etc?

Do you have any of the following:

• Alzheimer’s, dementia, mental incapacity?
• Liver failure?
• Lou Gehrig’s disease (ALS)
• Cardiomyopathy?
• Congestive heart failure?
• Chronic kidney disease
• Kidney dialysis?
• Paralysis of limbs or extremities?
• Schizophrenia, psychosis, bipolar disorder?
• Huntington’s disease?

If your answer is yes to any conditions that are not under the policy you will not qualify for this company.

Benefits to Receive 

The Secure Advantage final life expense insurance is available for people in the age range of 50-85. The minimum benefit amount is $5000. The maximum depends on the person’s age.  

Here is the breakdown of the maximum benefit available:

Maximum for anyone from 50-85: $25,000

Maximum for anyone from 81-85: $15,000

They also offer an Accidental Rider option that pays out $10,000 benefit in case of an accident.

Review of Company & Services

Standard Life and Casualty insurance company is a financially stable company with a good track record in the market. They have a simplified application process with straight-forward health questions.

This is also one of the very few companies that offer insurance for the 81-85 age group. They also accept some common health conditions like diabetes, high blood pressure, high cholesterol, or if you are on any insulin or blood thinners. 

Lifeshield Life Insurance Company

Year of Establishment: 1982, making it one of the relatively newer insurers.

A.M. Best Financial Rating: A.M Best Financial Rating for Lifeshield Life Insurance is at a B++. This means the financial outlook is stable for this company.  

Name of The Plan

Lifeshield has some of the best priced and affordable final expenses insurance plans. Their plan is the Living Promise insurance.

Coverage Type

The coverage this company offers is the best for people with fewer health conditions. They have an extensive health questionnaire that you would need to qualify. Because the prices are so competitive, the list of conditions they would cover is very short.

They do not have guaranteed whole life insurance and if you don’t qualify for the Living Promise plan you will need to seek a different company. 

The insurance is of course whole life insurance where the premiums never change and the benefit never decreases.

Benefits

The policy is available for anyone between the ages of 50 and 85. The minimum benefit insurable is around $30-200.

Review of Company & Services

Lifeshield Insurance premiums are some of the cheapest out there. They are particularly a good deal for smokers. If you are fairly healthy you will have an easier time qualifying for their policy.

While the application process is slightly more cumbersome for its mostly a paper application process, its low prices make them worth exploring. 

Foresters

Year of Establishment: 1874. Foresters is one of the oldest and most established insurance organizations. It has been successfully in business for the last 140 years.

A.M. Best Financial Rating: The A.M Best financial rating for Foresters is an impressive A. That is an excellent financial rating showcasing solid footing and a strong outlook. Worth noting that this organization also gets an A+ from Better Business Bureau. Foresters have established a strong presence across all 50 US, Canada, and the UK. 

Considering that this is a fraternal society (where there are no shareholders and policyholders share profits as member benefits), their financial rating of A over 15 years showcases the organization’s sound management.

Name of The Plan

Forester Financial’s final expense life insurance plan is the PlanRight. Established companies often come up with brand names of products. PlanRight is the brand name of the final expense life insurance product by Foresters.

Coverage Type

This plan is a whole life insurance plan – which means it never expires, premiums remain the same with no increases over time, and the benefit never decreases. 

This plan also comes with some key member benefits including a very lucrative common carrier rider. More on this later.

The coverage is of three types: LEVEL benefit, MODIFIED benefit, and GRADED benefit policies.

PlanRight level benefit has no waiting period and once qualified the benefit is payable if the death occurs on day 1 of the policy.

Modified benefit has a 2-year waiting period. There will be no benefit if the death occurs in the first two years of the plan. Instead, your beneficiary gets the premiums paid plus 10% additional.

Graded level benefit pays some of the benefit if the death occurs in the first two years. They are as follows:

If death occurs in the first year of the policy, your beneficiary will receive the premiums paid plus 4.5% interest OR 30% of the benefit – whichever is the greater sum.

If the death occurs in the second year of the policy, then the beneficiary will get 70% of the benefit.

After 3 years of the policy, your beneficiary will receive 100% of the benefit at the time of your death.

However, if the death occurs due to an accident then all three plans will pay the complete death benefit.

Benefits to Receive

In this section, we will discuss some of the benefits Foresters offer to their members plus the available death benefit.

First, let’s discuss the death benefits. Anyone between the ages of 50 and 85 can purchase PlanRight final expense insurance from Foresters. The minimum benefit you can purchase is $5000 and the maximum benefit you can purchase is $35,000. 

Now, let’s discuss the riders and other benefits.

Common Carrier Accidental Death rider benefit

The plan comes with an excellent rider that very few (if any) insurers offer: Common Carrier Accidental Death Rider. Here are the details of that benefit. This is a very attractive rider to have. This covers accidental death caused by a plane, car, train accident.  

A common carrier is a motorized vehicle that is licensed and operated by a business to transport passengers who pay a fare to travel with the carrier. The common carrier vehicle must be driven by a licensed pilot or operator and must also be transported on a regular route of entry and exit. This benefit will pay out the usual death benefit PLUS another sum equal to double the death benefit.  

So, for example, if you are insured for $10,000 of the death benefit under your final expense insurance. Should your death occur due to a common carrier accident, then the plan will pay a sum of $30,000 ($10,000 regular death benefit + $10,000 x 2 ). 

Terminal Illness Loan Option

Another built-in feature with this plan is the terminal illness loan option. This offers a loan of up to 75% of the benefit you have insured. The maximum you can borrow is $250,000 should you be diagnosed with a terminal illness.

Foresters Member Benefits

Now, let’s discuss the Forester Member Benefits. Because the organization is a fraternal society, the profits they make are distributed amongst members (the insured) as member benefits. Here are some of the perks of being members of this organization.

Some of the benefits are as follows:

Foresters Competitive Scholarship Benefits: This benefit offers tuition scholarships to select applicants. The applicants can be children or grandchildren of members. Every year they give out $30 million in tuition scholarships to over 7,700 students worldwide.

Orphan Scholarship: This program offers $6000 in scholarship for four years to cover education and living costs of children of members who have deceased.

Emergency Assistance Program: Foresters also provides a one-time payment (per disaster) of financial assistance for members who have fallen into bad financial times and hardships.

Forester Granting Program: This program offers grants to members to organize volunteer activities and social activities for members.

Orphan Benefit: Foresters offer an orphan benefit of $900/month for any orphaned minor children of deceased members. The benefit continues until the child reaches 18.

Family Events: Foresters also organizes several family-friendly events like sporting events, excursions, and adventures to their members and their families every year.

All of the above benefits are at no additional cost to members whatsoever. The benefits are paid for by the profits made by the organization.

Review of Company & Services

Foresters Financial is a great organization with a great product on the market. Their financial standing, their member benefits, and their successful track record make them one of our top picks.

You would have to be in a relatively good health condition to be able to qualify for the level benefit. There is a point of sale interview, prescription history, and medical history checks before you are approved for the no-waiting-period plan.

The level plan does cover some conditions like high blood pressure, depression, insulin-dependent diabetes, high cholesterol, fibromyalgia, or anxiety disorders.

If you don’t qualify for the level plan, then you can still qualify for the modified and graded plan. 

We recommend that you should certainly try to get qualified for the level plan as it offers better rates than the modified or graded plans. The modified or graded plans have rather more expensive premiums compared to their competitors.

They are financially very stable and enjoy a long history of organizational success. They will have no problem paying your benefits.

Forester offers great member benefits at good prices. Their member benefits and the carrier accidental death benefits are what sets them apart from the rest of the carriers.

Transamerica

Year of Establishment: Transamerica is one of the most well-known corporations in America. They have been in business since 1904 and they have diversified their interests and operations into many different sectors from the financial industry to aviation to the entertainment industry.

A.M. Best Financial Rating: A.M Best Financial Rating gives Transamerica an impressive A+ rating (the best they could rate). This showcases their superior financial standing and future outlook.

Name of The Plan

Transamerica offers three plans for final expense or burial insurance. The products are as follows:

• Preferred Immediate Solution
• Standard Immediate Solution
• Easy Solution

The difference in these plans is the health conditions they cover and the premiums (the riskier undertaking increases the premiums).

Coverage Type

The Preferred Immediate Solution plan offers immediate coverage and has stricter approval criteria when it comes to health conditions. The Standard Immediate Solution covers more health conditions than Preferred would and because of the riskier undertaking, their premiums are higher.

All three plans are whole life insurance plans. They never expire, the benefits are never reduced and the premiums never go up by age. 

One key feature of their plans is that they all accept Direct Express Billing. The US government allows senior citizens receiving Social Security the option of providing the funds in their bank accounts or in the form of a Direct Express debit card. For seniors who have no bank accounts (or limited access to banking), this is an excellent method of payment for services and products.

Most insurance companies don’t offer payment with the social security Direct Express. Transamerica is one of only very few companies that will accept payments via direct billing with Direct Express.

There are no medical exams or height-weight charts to qualify. However, there is an extensive qualification process that includes health questionnaires, medical history, and prescription history checks.

There are some conditions even the Easy Solution (most lenient health conditions undertaking) will not cover.

For example, if you have more than one of these conditions, then you will not qualify for any of their plans: 

• Occurrence the following: (more conditions not mentioned)
• alcohol or drug abuse-related illnesses
• Angina, aneurysm, heart attack, or any heart disease
• Have had angioplasty or kidney dialysis
• Cancer and cancer treatment
• Liver diseases

Benefits to Receive

The Preferred and Standard Immediate Solutions offers immediate coverage with no waiting period.

Only the Easy Solutions (Graded) plan has a waiting period of 2 years. If death occurs in the first two years then no death benefit will be paid. Your beneficiary will be refunded the premiums with 10% additional. However, if death is accidental then the death benefit will be paid out regardless of when the death happened.

The following are the age range and death benefits:

18 – 60 years of age: $1,000 minimum to $25,000 maximum

Standard Immediate Solution 0-85 – $1000 minimum for all plans. 

• Ages 0 t0 55 years: $55,000
• 56-65 years: $40,00066-75 years : $30,000
• 76-85 years: $25,000

Maximums as follows:

Preferred Immediate Solution

0-85

$1000 minimum for all plans. Maximums as follows:

• Age of 0-55 year: $55,000
• 56-65 years: $40,00066-75 years: $30,000
• 76-85 years: $25,000

Rider Benefits

Along with the death benefit, the following rider benefits are also offered with the plans:

Accelerated Death Benefit: If your life expectancy has been shortened to 12 months due to serious illness or accident then you would qualify to receive the death benefit early.

Accelerated Death Benefit Rider with Nursing Home Option: You will be able to access your death benefit while you are still alive if you have been admitted to a nursing home and have been confined to it for at least 90 days.

Accidental Death Benefit: In the event of an accidental death your complete death benefit will be payable

Children & Grandchildren Rider: You must be 75 or younger to qualify for this rider. Your children and grandchildren can have a benefit paid to them in the sum of $5000 until they turn 17. They can then turn that benefit into their own life insurance.

Review of Company & Services

Transamerica is financially very solid with a superior rating. It has been in business since 1904 and has been successfully paying out benefits to policyholders throughout. 

Their policies come with excellent rider benefits. They do qualify most conditions with their three policies. The best plan is of course the Preferred Immediate Solution. It has no waiting period, has great rider benefits like accelerated death, accidental death, and nursing home benefit as well as a child and grandchild benefit. 

The Preferred plan also covers some very common health conditions like high cholesterol, hypertension, mental health issues, and even those who have had cancer over 4 years ago or a heart attack over 2 years ago. This plan covers many different conditions you could qualify for.

If you do not qualify for their no waiting period plans, you can still qualify for their Easy Solutions plan with a graded benefit and waiting period. This plan is fairly pricey and has some competition when it comes to plans in the market.

Overall, this is a financially stable, reputable, and safe insurer that offers some great products when it comes to final expense life insurance. We certainly recommend their Preferred Immediate Solutions final expense product.

Liberty Bankers Life

Year of Establishment: Liberty Bankers Life was established in 1958 and operates all across the US.

A.M. Best Financial Rating: A.M Best Financial Rating rates Liberty Bankers Life with a B++ with good financial standing and stability.

Name of The Plan

Liberty Bankers offers three whole life final expense insurance plans:

• SIMPL Preferred (IMMEDIATE)
• SIMPL Standard (IMMEDIATE)
• MWL (MODIFIED)

Qualifying for each level of the plan depends on your health conditions, health records, prescription history, etc. 

Coverage Type

MWL has a waiting period of 3 years before full coverage begins. It covers more health conditions but is also the costliest in terms of premiums of all three.

“SIMPL” Standard and Preferred both offer immediate coverage. The Standard option covers some health conditions not covered by the Preferred plan.

To qualify you must answer a questionnaire, have your medical history and prescription history reviewed, and only then can you qualify for their plans.

They also offer some excellent rider options.

Benefits to Receive

All their plans are available for purchase for anyone between the ages of 50 and 80 years old and offer a benefit amount between $3000 – $30,000.

The modified plan does not pay any death benefit if death occurs in the first three years. The beneficiary is instead refunded the premiums paid plus a 10% additional. After the 3rd year, the full benefit is payable.

There are also some great riders available for purchase only with the SIMPL Preferred and Standard options. They are as follows:

Child Rider:

You can purchase additional child riders in units. Each unit covers a benefit of $5000 and can be purchased for $3.49/month. You can purchase up to 4 units. That is a total of $20,000 additional child rider benefit can be purchased if you qualify for Standard or Preferred SIMPL whole life insurance. 

The child will be eligible for this benefit until the age of 25. At that point, the child can convert the child rider to benefit into their own whole life insurance. They will not be required to pass any medical exam if they convert the benefit before they turn 25 to their own life insurance policies.

Grandchild Rider:

You can purchase additional grandchild benefits for $1.20/month/grandchild for a benefit of $7,500 for each grandchild. Similar to the child rider, they will have until the age of 25 to convert the rider into their own whole life insurance policies.

Accidental Death & Dismemberment:

This is a standard rider that will pay out an accelerated death benefit and the additional sum should you experience these unfortunate events.

Convertibility

This is a great option that not a lot of insurance companies offer. Convertibility allows your child or grandchild to convert the ride benefits you purchase at a later time in their lives (by the time they turn 25). They can turn the riders into 5 times more the benefit of life insurance. This is an excellent option to have. They will not require any medical exams to convert – which is again a great benefit to have should your child or grandchild develop illnesses or conditions as they grow older.

Review of Company & Services

Liberty Bankers is a financially stable company and has been in business successfully for quite some time – this explains the B+ rating with A.M Best. They also rate A+ in Better Business Bureau suggesting good customer experiences.

Their plans are strict to qualify with an extensive medical questionnaire and medical history checks. If you don’t qualify for the preferred plan, the other two plans are quite expensive with their rates.

If you are looking at cheaper options, this insurer will not be the one to go for. However, if you are healthy and can qualify for the Preferred Plan then you will not be disappointed.

If you can qualify for their standard or preferred plan, then you will be covered for a great many health conditions that other insurers don’t cover.

While this insurer is certainly on the higher end of prices, their convertible child and grandchild riders make the plan a great choice if you are relatively healthy and have a few children and grandchildren.

If you can pay the premiums annually, you will also enjoy a great 20% discount on premiums which makes them pretty competitive in pricing.

United Home Life

Year of Establishment: United Home Life was established in 1948 and has been in business successfully for over 7 decades.

A.M. Best Financial Rating: A.M Best Financial Rating provides United Home Life with a rating of A-. This suggests excellent financial standing and the ability to meeting financial obligations.

Name of The Plan

Their final expense insurance product is called United Home Life Final Expense. They have four levels of insurance The different tiers are as follows:

• Express Issue Whole Life
• Issue Premiere
• Express Issue Deluxe
• Guaranteed Issue

Coverage Type

Their plans are simplified whole life insurance policies – which means that both the express and the guaranteed levels require no medical exams.

However, some levels under the Express level of insurance will require an extensive questionnaire regarding your health.

Guaranteed Issue Whole Life

The Guaranteed Issue policy is a fallback option for anyone who doesn’t pass their extensive health questions. There are four parts of the questionnaire. If you have any health issues, you will automatically be placed with Guaranteed Issue policy and you can apply for a higher level of insurance based on the severity of your health conditions and whether you can qualify for better plans.

The Guaranteed Issue has a mandatory waiting period. Anyone can apply and get approved for it. The premiums are most likely the most expensive of all their tiers as they are undertaking higher-risk clients. 

There is a three-year waiting period during which time no death benefit is payable if you pass away from natural causes. If death occurs between Months 0-12 (Year 1), your beneficiary will get the premiums you have made plus 6% interest. This means you will receive 106% of the premiums you paid.  

If you pass away between months 13-24 (Year 2), you will receive 112% of premiums. If you have looked at the investment interest rates, this plan gives out a great interest rate on the premiums you pay should something happen to you.

There is one exception. If death occurs due to an accident, then the death benefit will be payable in both year 1 and year 2 as well. The full benefit will be payable if death occurs after year 3.

Express Issue Whole Life Policy

In this policy, there is a standard waiting period of 2 years as well. This tier is for those who will qualify with some minor health conditions. If death occurs within the first 12 months of policy undertaking, your beneficiary will receive 112% of premiums paid. If the death occurs within months 13-24, your beneficiary will receive 124% of premium. A 12-24% interest rate is an excellent way of providing some protection. After Year 2, the full death benefit amount is payable.

Express Issue Premier & Deluxe Policies

These are policies where you would have to be in good to excellent health conditions with no major underlying issue (with some exceptions like asthma for example).

There is zero waiting period and 100% death benefit is payable starting the first day. The main difference between Premier and Deluxe is the ages at which the policies can be purchased, the maximum benefit allowed by age group, and health conditions qualifiers.

Benefits to Receive: 

This company does not publish their prices online and does not disclose the rates fully until you have engaged them in the sales process. However, we have ascertained some information for a 60-year $10,000 policy.

Typical Cost of a 60-year old from New York is as follows: Male:$44.69-$67.46. Female: $35.43-$56.43

Review of Company & Services

United Home Life is a financially stable company that has been around for 70+ years with a great financial rating of A-. You can rest assured that your insurance benefits will be safe and secured and they will have no problem paying it when the time comes.

Their Premier and Deluxe policies with the high death benefits can have expensive premiums as the benefit is larger. Overall this company’s rates are higher than other companies.

One big bonus of their plans is the interest rates they offer on waiting period years (6-24%). That alone can make these policies worthwhile. Also, worth noting, the riders for accidental, child, etc all come at additional costs that drive up the costs of the plans.

This is a good insurer for someone in fairly good health as they are the only ones who can access the best plan. If your health conditions don’t qualify you for the Premier plan, then you are better off to shop elsewhere as there are other plans out there that offer a better value for the premium.

AIG/American General

Year of Establishment: AIG Insurance Company (also known as American General), was established in 1919. They have been successfully in business for over 100 years now.

A.M. Best Financial Rating: AIG has been rated by A.M Best Financial with a rating of A+ signaling a superior financial standing and a very solid future outlook. Their Better Business Bureau rating is also an impressive A- suggesting positive customer experiences.

Name of The Plan

AIG only offers guaranteed whole life insurance policies and no immediate coverage. The name of the product is Guaranteed Issue Whole Life Insurance.

Coverage Type

AIG is unique in that it only offers guaranteed life insurance with a waiting period. It has no product that offers immediate coverage. The standard waiting period of 2 years applies to all of their insurance policies.

If death occurs within the first two years of the purchase of a policy, your beneficiary will be returned all the premiums plus a 10% additional. That in itself is a good interest rate to guarantee for 2 years.

They are also the only provider who will have no health questions whatsoever. Their plans also offer two additional living benefits riders:

• Terminal illness rider
• Chronic illness rider

Their policies are available in all states and DC except ME, PA, and NY. California residents are not eligible for the illness riders.

Benefits to Receive

AIG’s Guaranteed Whole Life is available for purchase for anyone between the ages of 50 and 85. The benefits that can be purchased are a minimum of $5,000 and a maximum of $25,000. The benefits paid out are tax-free and are guaranteed and will never be reduced once purchased.

The living benefit riders are great options that they include at no additional cost. This feature makes them the only provider who offers this unique benefit:

Terminal Illness: If you have been diagnosed with the terminal illness and have been given a life expectancy of up to 24 months, then you will be able to access 50% of the benefit earlier.

Chronic Illness: You will receive a one-time lump sum payment if you have been diagnosed with a chronic illness that limits your daily life and you can’t perform at least 2 out of 6 daily activities necessary for living.  

There are no medical exams or health questionnaires required. The policies are whole life policies that never expire, the premiums never go up, and the benefits never decrease.

Review of Company & Services

AIG or American General is a superiorly rated company for having a very solid financial standing and a positive future outlook. They have been in business for over 100 years and one of the most reputable companies in America.  

They are an excellent option for anyone with health conditions and do not mind waiting for the 2 years for their benefits to be payable. This is the only provider who will not require any health questionnaires or will disqualify based on any health conditions. An excellent option if you have some health conditions other companies won’t cover. Such as HIV, cancer, heart conditions, diabetes, terminal illness (with 24-month life expectancy), liver diseases, and kidney diseases, etc.

This is the only company that also offers the living benefit riders at no additional charge. They also offer some of the best rates for guaranteed life insurance with no health questions.

Gerber Life

Year of Establishment: Gerber is one of the most recognizable companies and brands in America. They have been in business since 1927 with the life insurance products being sold since 1967 for children, adults, and seniors alike. They have been in business successfully for nearly 8 decades now. 

A.M. Best Financial Rating: A.M Best Financial Rating rates Gerber with an A rating. This signifies excellent financial standing and future outlook. Their Better Business Bureau rating stands at an impressive A+ suggesting some very successful client experiences.

Name of The Plan

Gerber offers life insurance products in several categories. The life insurance product they have designed for final expense or burial insurance is called: Guaranteed Life Insurance. 

Coverage Type

Guaranteed Life Insurance is one of the best burial insurance plans in the market. The plans are whole life insurance plans, meaning they will never expire, premiums will never increase, and benefits will never decrease.  

Gerber is one of the few insurance companies that offer nothing but just the guaranteed whole life insurance plans for burial and final expenses. This means there are no medical history checks, no health questionnaires, no height-weight restrictions, and no medical exams. They guarantee anyone looking to purchase their policies. 

There is a mandatory 2-year waiting period for everyone who purchases insurance with Gerber. 

If non-accidental death were to occur in the first 2 years of the purchase of a policy, Gerber will not pay the death benefit, but they will refund the premiums paid with 10% interest. That in itself is a great way to secure guaranteed interest.

If the death occurred due to an accident, Gerber will pay the full death benefit regardless of when the death occurred (even if it was within the waiting period).

Please note that suicidal deaths will disqualify anyone from the death benefits or premium refunds.

Benefits to Receive

Anyone between the age of 50 and 80 years can purchase their policy and will be guaranteed to be accepted. The minimum policy benefit you can purchase is $5000 and the maximum benefit is $25,000.

There are no optional riders that can be purchased. The premiums for their insurance is one of the lowest rates for guaranteed insurance policies with no health question. 

The benefit paid out are tax-free. The accidental death benefit is paid out no matter when the death occurs – even if it occurs during the waiting period.

Review of Company & Services

Gerber is one of the most reputable insurance companies in America. It has been in existence for decades and has an excellent financial rating demonstrating strong financial health and a positive outlook for the future. They are certainly capable of paying their 3 million policyholders with their assets of $2 billion or more.

Their policy offering is straight forward and will accept all applications with any health conditions. This makes them a good option for those with conditions that are tough to qualify them with other insurers.

Regardless of your health condition, the 2-year waiting period applies to all. Therefore, if you are healthy and have no major health conditions, you could qualify for other better plans out there with stricter undertaking.

Their customer service and client experience all seem to be top-notch with a very high rating with the Better Business Bureau. The best part about their policies is that they offer the cheapest rates for guaranteed acceptance life insurance. We definitely recommend Gerber as one of the top insurers.

Great Western

Year of Establishment: Great Western is a relatively newer insurance company established in 1983. This company specializes specifically and solely on whole life insurance products only.

A.M. Best Financial Rating: A.M. Best Financial Rating rates Great Western Insurance Company (GWIC) with A- rating. This demonstrates strong financial standing and ability to meet obligations. For a relatively new company, this rating is a good sign of stability and future outlook.

Name of The Plan: 

Great Western Insurance company offers two final expense insurance plan. They are: 

• Guaranteed Assurance Insurance
• Guaranteed Assurance Plus

Coverage Type

The Guaranteed Assurance is a graded benefit plan with guaranteed acceptance with no health questions asked. It has a 2-year waiting period. 

The Guaranteed Assurance Plus is an enhanced coverage with immediate coverage with Day-1 protection. Qualification for this coverage is based on some health questions.

Neither requires medical exams, and the waiting period insurance requires no health questions.

They are both whole life insurance products which mean premiums remain the same, the benefit never decreases, and the insurance never expires.

Benefits to Receive: 

The Guaranteed Assurance and Guaranteed Assurance Plus are both available for purchase for anyone between 40 and 80 years of age. The minimum benefit that can be purchased is $1000, and the maximum benefit that can be purchased is $40,000.

For the Guaranteed Assurance plan, there is a 2-year waiting period. If death occurs in the first two years no benefit will be paid and instead, the premiums will be refunded to your beneficiary with a 10% interest. That makes it still good insurance to purchase with a 2-year waiting period.

Along with the death benefit, they also offer some built-in riders for the Guaranteed Assurance Plus level of insurance. They are as follows:

• Spouse Rider Benefit: If you and your spouse purchase the benefit together, there is additional rider benefit if one of you passes away.
• Accelerated Death Rider Benefit: If you have been diagnosed with a terminal illness then you do receive an accelerated death benefit.
• Child/Grandchild Rider: You can purchase an additional $2500/child benefit for $1/month to be payable to any dependant children should your death occur after the waiting period.
• The Guaranteed Assurance plus level pay 125% of death benefit – which makes this a fairly unique product.

Review of Company & Services

Great Western Life Insurance Company is a financially stable company with a strong position to pay its obligations to its policyholders.

The Guaranteed Assurance is a guaranteed plan that will accept anyone with any medical condition. If your health conditions disqualify you from other insurers, this would be a great option for you. There are no health questions, no height-weight requirements, and no medical history check. 

Because of the riskier undertaking, they have a graded benefit waiting period where they will refund your policies with 10% interest if death occurs in the first two years.

You can purchase lower benefits of $1000 – $4000 that you cannot with other insurers. You can purchase a higher $40,000 maximum with the guaranteed plan as well – something else other insurers don’t usually offer. 

The Assurance Plus pays 125% of the death benefit if you qualify for that plan.

Finally, it also offers great rates for someone in the 40-49 age range. Overall, we recommend this for someone with health conditions, looking for either smaller or higher than usual plans with other insurers.

Security National Life

Year of Establishment: Security National Life was established in 1965 and is based out of Salt Lake City, Utah. 

A.M. Best Financial Rating: A.M Best currently has not rated Security National Life. However, it is very solid financially. They do have other business products like mortgage loans and life insurance making them more stable as well.

Name of The Plan: 

Security National Life offers three different final expenses insurance plans. Two of them come with immediate coverage while the third one has a waiting period. The plans qualify individuals based on their health and age criteria.

They are as follows:

• Security National Standard Plan or the “Simple Security Plan”
• Security National Preferred Plan
• Security National Graded Plan

Coverage

The Preferred Plan is the best by far of the three. Approval for the Preferred Plan is available based on health conditions answered in the questionnaire. This plan has the best rates and has no waiting period. This is best for anyone with minimal health conditions.

If you have answered yes to any of the questions about having health conditions, you will be downgraded to the Graded Plan or Standard Plan.

The Graded plan has a waiting period of 2 years. If the death occurs during the waiting period, you will be paid back your premium at 110%. 

Keep in mind though, if you have answered yes to any of the following conditions, you will not be qualified for any of their plans:

• Angioplasty, heart valves surgery, or stent implant ever
• Heart disease: stroke, heart attack, CHF (congestive heart failure)
• Any cancers or tumors
• Dementia, Alzheimers or any degenerative diseases
• Kidney diseases
• Lung Diseases
• Liver Diseases
• Any organ failures
• Diabetes at advanced stages
• Mental illnesses like paranoia or schizophrenia
• Drug or alcohol abuse-related diagnosis
• If you have answered to have any of the three conditions, you will be disqualified automatically from any insurance with this company.

Benefits to Receive:

Here are the benefits each of the plans pay by age group

Simple Security Preferred Plan

• Ages 40 to 75 will be able to insure a minimum of $2500 and a maximum of $35000.
• Ages 76-80: Maximum of $15000
• Ages 81-90: Maximum of $10,000

Simple Security Standard Plan

• Ages 40 to 75 will be able to insure a minimum of $2500 and a maximum of $25000.
• Ages 76-80: Maximum of $15000
• Ages 81-90: Maximum of $10,000

Simple Security Graded Plan

• Ages 40 to 75 will be able to insure a minimum of $2500 and a maximum of $35000.
• Ages 76-80: Maximum of $15000
• Ages 81-90: Maximum of $10,000

Review of Company & Services

Although their rates are competitive, we found that the company is far too stringent in qualifying applications based on health conditions. You would have to be in excellent health at the time of application (and 12 to 24 months before it), for you to qualify for their best plan – preferred.

The other two plans are not as lucrative and omit common conditions like insulin intake in their undertaking. Other companies can include many of these conditions and offer a better benefit.

On the other hand, this is the only company that offers insurance to people over in the age group of 81 to 90. 

They also offer insurance without requiring a point of sale phone interview and take a couple of days before approving. They also allow you to pay with a benefits card for final expenses which is convenient.

Assurant/American Memorial

Year of Establishment: Assurant/American Memorial was founded in 1955

A.M. Best Financial Rating: A.M Best rates Assurant/American Memorial an “A-” suggesting near excellent financial standing.

Name of The Plan

American Memorial or Assurant sells its benefits in two options. The Level Benefit Final Expense and Modified Benefit Final Expense Insurance.

Coverage Type

They have two types of benefits: LEVEL & MODIFIED Death Benefits. 

Level Benefit – Immediate:

Level (also called Preferred) Death Benefit is where there is no waiting period after the purchase of insurance. Meaning, should anything happen to you the next day after you purchase the insurance the benefit would be paid out. You would have to be in overall good health condition to qualify for this benefit.  

There are limits to how much death benefit you can purchase in a policy. The benefit levels with this product are based on age. There is a height-weight criterion to qualify along with a very extensive list of exclusions of health conditions that would disqualify an applicant for this immediate benefit. 

Also, worth noting that you will need to have a face-to-face meeting with the insurance agent and answer extensive questions to qualify for a benefit level above $15,000. You can get instant approval over the phone for benefits under $15,000. 

Modified Death Benefit – Graded benefit:

If you don’t qualify for the Immediate death benefit with this company, you can apply for the Modified Death Benefit plan. There is a three-year waiting period for this plan. Meaning, the full benefit is only payable if death occurs after Year 3 of coverage. If you die after two years of the purchase of coverage, your beneficiary will be paid the premiums you paid plus 10% interest.

There are graded level benefits based on age groups as well.  

Benefits to Receive

Level (Preferred) Death Benefit:

Here are the levels of benefits by age for immediate death benefit product:

• Ages 0 – 60: benefits you can get are between $5000 to $50,000 maximum
• Ages 61-70: benefits you can get are between $3000 to $25,000 maximum
• Ages 71-80: benefits you can get are between $3000 to $25,000 maximum
• Ages 81-85: benefits you can get are between $3000 to $20,000 maximum

Modified Death Benefit (3-year wait time mandatory) benefits are as follows:

• Ages 40 to 60 years can purchase a policy with a benefit of $5000 – $15000 maximum
• Ages 61 to 70 years can purchase a policy with a benefit of $3,000 – $15,000 maximum
• Ages 71 – 80 years can purchase a policy with a benefit of $3,000 – $10,000 maximum.

Review of Company & Services

This is a very financially stable company with excellent ratings. You can rest assured that your benefits will be paid at the end of your life. The level of benefits is decent as well. The questionnaire to qualify for immediate coverage is extensive. Essentially, you cannot be exempt from the waiting period of their final expense policy if you have any of the following conditions:

• Mental or Physical impairments
• Heart Disease
• Diabetes
• If you have taken insulin before the age of 45
• At risk for kidney or liver failures and dialysis
• Cancer diagnosis
• AIDS/HIV
• Any other chronic illnesses
• Mental illnesses
• History of Suicide attempts
• Here are some PROS of this company’s final expense insurance products:
• If you are of the age of 80 and looking for final expense insurance, their rates are very competitive. The benefit offered is also competitive.
• If you have not taken insulin before age 45, and otherwise healthy, they offer great rates and have a very competitive benefit payable.
• You can purchase this insurance at any age up to 80 years of age.
• If you are a healthy adult, this could be a great policy for you.
• Excellent financial standing giving you the peace of mind that they will be able to pay the benefit.

Here are some CONS to the product we found:

• Over the phone, insurance applications can only receive a maximum benefit of $15000 regardless of how healthy they are.
• Requires a face-to-face meeting/interview to qualify for a higher benefit.
• The premiums are generally higher than other similar companies.
• If you have health conditions you are tied to a plan with a 3-year minimum waiting period.

Always work with an insurance broker who will go through the fine print and discuss the best plan for you. If you don’t qualify for their immediate death benefit (Level or Preferred), then don’t just automatically apply for the Modified Death Benefit before researching other insurance companies. Your broker will be able to walk you through the process.

Americo

Year of Establishment: Americo was established in 1909 and has been in business successfully for over 100 years in America.

A.M. Best Financial Rating: A.M Best Financial Rating rates Americo with an A rating (excellent). This excellent rating means they are financially strong and very capable of meeting their financial obligations to their policyholders. They also have a B- Better Business Bureau rating suggesting a fair customer service experience.

Name of The Plan

Americo offers a comprehensive suite of final expense insurance plans. The four plans are:

• Ultra Protector I
• Ultra Protector II
• Ultra Protector III
• Eagle Series

These products are designed to cover anyone with any health conditions and tiered accordingly.  

Coverage Type

All four policy options are whole life insurance policies, which means they never expire, the benefits never decrease, and premiums never increase. 

The policies differ in which health conditions they cover. There is a four-part qualification process for the UPI and UPII and Eagle Series plans. They include:

• Health questionnaires.
• MIB file check (medical information).
• Prescription information on file.
• Height-Weight ratio chart.

Three out of the four plans offer immediate day-1 protection coverage while UPIII has a waiting period of 3 years. 

Your health condition will determine which plan you can qualify to purchase. If you have health conditions that most other insurers will not cover, then you can be qualified for their UPIII guaranteed insurance. 

The other 3 plans have progressively more strict health criteria to qualify.

Benefits to Receive

All their Ultimate Protection packages can be purchased by anyone between 50 and 80 years of age. The minimum benefit that can be purchased is $2000 and the maximum is $30,000.

Ultimate Protection III (UPIII)

The UP III is guaranteed life insurance which means there will be no health questions asked. They will cover all health conditions. There is a three-year waiting period. The full amount will not be paid if death occurs in the first three years. Here is what they would pay instead:

If Death occurs in:

• Year 1: full refund of premiums with a 10% interest
• Year 2: full refund of premiums with a 10% interest
• Year 3: 75% of the death benefit
• Year 4 onwards: 100% of the death benefit

This plan is guaranteed to provide insurance to anyone with any health condition. However, the premiums are higher, and the waiting period is longer than most other insurers.

Ultimate Protection I & II (UP I & II)

These packages offer instant coverage without any waiting periods. UPII is unique in that it will offer immediate no-waiting-period coverage even if you answer yes to some of their health conditions. Other insurers will mostly offer waiting period coverage for some of the health conditions this insurer covers without waiting periods.

All Ultimate Protection series plans approve applications without a point of sale interview.  

Eagle Series

Eagle Series on the other hand is their premium product that requires a point of sale interview approval process. They offer all the great coverage at a better rate because they only qualify people with fewer health conditions.

They also offer accidental death rider at no extra cost.

To qualify for this level of coverage, you will have to answer no to all health conditions they inquire about. If you have any of the health conditions they list, you will be automatically rejected for Eagle Series and downgraded to Ultimate Protection series.

Eagle Series is available for purchase for anyone between the ages of 50 and 85 years old (81-85 y/o is not covered under the Ultimate Protection series).

Riders

Americo also offers some great riders with their policies. They are as follows:

Accelerated Death Rider: you can access up to 50% of your death benefit to a maximum of $15000 if you have been diagnosed with terminal illnesses that have reduced your lifespan to 24 months.

Accidental Death Rider: for UP series this costs extra but it is included in the Eagle series. This rider will pay an additional benefit in addition to your death benefit. This rider also includes the Common Carrier accidental deaths (deaths occurred due to plane, train, bus accident)

Child Rider: you can purchase additional child rider units (at $1000 benefit per unit). The maximum you can buy is $5000 benefit. You would have to be 60 years or younger at the time of purchase of this rider. Your child can eventually convert this rider benefit into their own life insurance by age 23.

Review of Company & Services

Americo is a financially sound company with a great A.M Best rating. They have been in business for a long time and are very capable of covering their financial obligations to their policyholders.

Their guaranteed life insurance policies (the Ultimate Protection) offers various levels of coverage based on your health conditions. They are very diabetic friendly and will cover many conditions like the occurrence of a heart attack between 13 and 24 months. They will also cover health conditions like Parkinson’s’ disease. These are unique conditions to cover for their UP2 policy that offers coverage without any waiting period.  

The UP3 is a rather pricey option and other competitors can offer better value. We are not a big fan of their 3 years waiting period. Other insurers can offer similar coverage at similar premiums with shorter waiting periods.

This option is great for tobacco users (but not smokers), and even their tobacco smoker rates are pretty competitive in the market.

Overall, we would recommend the UP2, UP1, and Eagle series products as their prices and health conditions coverage without a waiting period make them ideal.  

Sentinel Security

Year of Establishment: Sentinel Security was established in 1948. It has been in business successfully for 7 decades.

A.M. Best Financial Rating: A.M Best Financial Rating has rated Sentinel Security with a rating of B++ suggesting good financial standing that makes them capable of meeting their financial obligations.

Name of The Plan

Sentinel New Vantage Life Insurance policy. This is their final expense insurance whole life policy. They come in three levels or tiers and they are all whole life policies as well. 

Coverage Type

There are three tiers of coverage under the Sentinel New Vantage Life Insurance. They are as follows: Tier 1, 2, and 3.

New Vantage I – Immediate Death Benefit

This is designed for the healthy adult who will qualify for no-waiting period coverage with the death benefit payable immediately after the start of coverage. This level has the most affordable rates as well as the risk of the undertaking is low for healthy individuals.

New Vantage II – Graded Death Benefit

This is a graded death benefit plan that will pay graduated amounts based on how many years have passed since the purchase of the policy. The graduated amounts are as follows:

• If death occurs in the first year of the policy: 30% of the benefits face value will be paid out to the beneficiary.
• If death occurs in the second year of the policy: 70% of the benefits face value will be paid out to the beneficiary.
• If death occurs in the third year and beyond of the policy: full face value amount of the benefit will be paid out to the beneficiary
• This plan is designed for those with minor health issues and has a modified graduated waiting period.

New Vantage III – Modified Death Benefit 

This tier is for those who would not qualify for Tier 1 or 2. This is designed for those in poor health but would still like to purchase a final expense insurance policy with the company. The waiting period for the full amount to be payable is 3 years. If death occurs before Year 3 of the policy, then the beneficiary will receive only 10% of the face value of the insurance policy. After year 3, the full value of the benefit will be payable.

Benefits to Receive

Here are the death benefits of the different levels of the New Vantage Life Final Expense policies:

New Vantage I

• From 0 to 75 years of age: $1000 minimum to a $35,000 maximum death benefit amount can be insured
• From 76 to 80 years of age: $1000 minimum to a maximum of $25,000 death benefit amount can be insured
• From 81-85 years of age: $1000 minimum to a maximum of $15,000 death benefit can be insured

There are some excellent riders to be mentioned as part of the benefit that can be paid out:

Disability Waiver of Premium (WOP): The insurance company will waive the premiums if the insured suddenly becomes disabled due to an injury or illness. This provides a safety net in case of an income loss due to disability and dismemberment. This is only available for those between the 15 to 55 years of age.

Accidental Death Rider: The insurer will pay an additional amount (value based on the policy chosen) in case of death due to an accident. This is available for customers between 0 to 60 years of age.

Child Benefit: The insurer allows you to add on term life insurance per child of $5000 of the death benefit if you have children under the age of 18. This is available at an additional cost.

New Vantage II & III (Tiers 2 & 3)- Modified & Graded death benefits

These two tiers have associated waiting periods with the tier type. Here are how the benefits amounts that are paid.

• For those between 45 to 80 years of age: a minimum of $1000 and a maximum of $20,000 death benefit can be paid out.
• For those between 81-85 years of age: a minimum of $1000 to a maximum of $15,000 death benefit can be paid out.
• Additional Accidental Death Rider: The additional accidental death rider is available at no extra cost for the first two years of the policy.

Review of Company & Services

This is an excellent insurance company to purchase a final expense policy as they offer all tiers of policies without any medical exams or face-to-face meetings. Phone interviews are mostly what is required along with the paperwork that your broker will be able to help you complete easily. Decisions are made within 24 to 48 hours.  

If you are not in the best of health, they will still qualify you for one of the modified benefits plans. Their premiums are very competitive and the customer service aspect of this company is top-notch. 

Death benefits are paid out very quickly and you can rely on this company to be financially strong and stable to be able to make the death benefits.

American Amicable

Year of Establishment: American Amicable was established in 1910 and has been in business successfully for over 110 years now.

A.M. Best Financial Rating: A.M Best Financial has rated American Amicable with an impressive A rating suggesting excellent financial health and ability to meet financial obligations to their policyholders.

Name of The Plan

American Amicable has a few burial insurances or final expense insurance plans under the brand name of “Seniors Choice”. They are as follows:

• Seniors Choice Return of Premium Plan (ROP)
• Seniors Choice Graded Plan
• Seniors Choice Immediate Benefit

Coverage Type

Seniors Choice plans qualify their applicants based on health conditions. They will evaluate applicants based on their answers to health questions, their medical and prescription history, and their height-weight ratio.

While their waiting period plans cover more health conditions than their other plans, their plans are not guaranteed to accept you based on your health conditions. The following conditions will disqualify you from any of their plans:

• AIDS or AIDs related diseases.
• Confinement to nursing homes and require assistance for daily living activities.
• Hospitalization or wheelchair dependant.
• ALS, Alzheimers, Dementia, Mental incapacity.
• Kidney or Liver failure requiring kidney dialysis or organ transplant
• Have had cancer.
• Congestive Heart Failure (CHF), or any other terminally ill condition that reduces your life expectancy to 12 months or less.
• Return of Premium Plan (ROP)

This plan comes with a 2-year waiting period. They will not pay out the death benefit if the death occurs due to causes other than accidents. 

If death occurs in the first 2 years of the policy, American Amicable will return all the premiums paid with a 10% interest. If death occurs in the third year or beyond, 100% of the death benefit provided that there was no misrepresentation of health information or that the death did not occur due to suicide.

Accidental death will pay out the entire benefit regardless of the waiting period.

They will accept more health conditions under this plan than their other plans, which is why they have the waiting period.

Graded Plan

Their graded plan offers a graded benefit payout in the first two years of the policy. If death occurs in the first year, your beneficiary will receive 30% of the benefit. If death occurs in the second year, your beneficiary will receive 70% of the benefit. After year 3, the full benefit is payable.

Seniors Choice Immediate Benefit

This plan has no waiting period and offers full coverage of 100% of death benefit starting day 1 of policy. Along with the plans, there are some unique riders that you can purchase as an addon.

Benefits to Receive

Anyone between the ages of 50 and 85 can purchase their plans if they qualify. The minimum benefit is $2500 ($5000 in some states) and the maximum benefit is $35,000 for their best plan.

Review of Company & Services

American Amicable is a reliable reputable company with strong financial health. They certainly will be able to meet their financial obligations when it comes to paying out your insurance benefit.

Their plans have strict qualification criteria. If you have serious health conditions, you will likely be denied any coverage. Otherwise, you may qualify for their return of premium or graded benefit levels. The prices of premium and the coverage level make these options less attractive compared to what other options are out there in the market.

Their Seniors Choice Immediate Benefit is a good plan and we recommend this plan if you can qualify for it. Their extensive rider options also make them a unique offering. They also offer the cheapest premiums available to smokers. So, if you are relatively healthy but a smoker this insurer will be a good fit for you.

We have reviewed 19 of the best final expense burial insurance companies in the market in 2022. You are bound to find the best final expense insurance company or the best burial insurance company for your criteria on this list. Most insurers in the list offer competitive rates and offer a plan that is suitable just for you. There are quite a few options you can choose from. To determine which plan and insurer work best for you, consider the following:

Your health conditions

List them and compare which insurer offers the best plan for your specific health conditions, height-weight ratio, age group, and desired benefit level. For example, if you are confined to a nursing home or terminally ill, then there are only the guaranteed acceptance plans that would work best for you. 

Health history qualification

How intrusive of a process are you comfortable with? Do you mind health questionnaires and insurers looking into your medical records? If so, most plans will work well for you. If you are looking for an insurer who will not ask questions or offer minimal intrusion into your medical history, then guaranteed plans work for you best.

Different Plans

Plans with waiting period vs Immediate Benefit plans. You should aim to qualify for one of the several immediate benefit plans if your health conditions allow it. Speak to your insurance advisor to see which plan you would qualify for.

Financial aspect

Consider the rates, the rider benefits, and their prices and compare what is included in each plan. This will help you determine the plan that suits your financial needs the best.

Your desired outcome

You have to assess what is it that you are looking for in a final expense insurance plan. Do you have children and grandchildren? Are you looking to secure their financial situation after you depart this world? Or are you looking to simply cover the final expenses alone?

Finally, remember, there is always a plan out there for you. Between the guaranteed acceptance insurance, modified (waiting period) plans, and graded plans, and immediate plans with over 100 options in the market, we are confident you will be able to find something to work for you to find the best plan. Good luck!