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Our Final Expense Partners
AAA Life, Age Up, AIG Direct, Americo Life, Ethos Life, Globe Life, Legal & General, LifeInsurance.net, lifeplans.com, Mutual of Omaha, National Family, New York Life AARP, Quotacy, TruStage
AM Best Rating: A.M. Best's Financial Strength Rating (FSR) is a measure of an insurer's financial strength and ability to pay out claims to policyholders. An "A" rating with A.M. Best indicates that an insurer is considered to be top of the industry in ability to meet ongoing insurance obligations.
Looking to cover expenses in case you pass away? Our experts reviewed numerous burial insurance companies to find the top five final expense insurance options below.
We chose these life insurance companies based on monthly premiums, features, coverage options, and what sets them apart from their competitors.
Top life insurance policies for ages 50-85
Best Overall: TruStage Guaranteed Acceptance Life Insurance
TruStage Guaranteed Acceptance Life Insurance is our choice for the best overall final expense insurance policy.
It is offered by TruStage, a respected name in the industry with over 20 million customers, and the policy is provided by CMFG Life Insurance Company (originally founded in 1935).
With TruStage, no health reasons can prevent you from getting a policy to protect your family.
The application is a simple 100% online and mobile process, and your coverage starts immediately upon the clearing of your first payment.
Best For No Waiting Period: Globe Life Final Expense Insurance
Globe Life offers final expense insurance that does not have a waiting period. There is a fast approval process and you have full coverage the first day. Coverage amounts range from $5,000 to $50,000, with monthly rates as low as $3.49 for adults. Policies can start with just $1 for the first month of coverage before your personalized premium goes into effect for the rest of your life.
The company is strong financially and enjoys an excellent reputation in the industry, based on its ratings. Globe Life is rated A (Excellent) by A.M. Best Company and is rated A+ by the Better Business Bureau.
Best For Quick Payout: Mutual of Omaha
When you pass away and your family needs the money to handle your funeral, it's imperative that they receive the money right away. Over the last 12 months, Mutual of Omaha has paid out claims within 24 hours 85% of the time. This quick response reduces the financial stress in your family's time of need.
Mutual of Omaha offers guaranteed coverage for customers ages 45 to 85 (in NY, ages 50 to 75) with coverage benefits up to $25,000. It does not require a medical exam and there are no health questions on the application. Your benefits are never reduced because of your age or health once your policy is in place. Additionally, when it is needed, Everest Funeral Concierge provides your family with 24/7 expert funeral planning at no extra cost.
Best For Money-Back Guarantee: Colonial Penn
Buying life insurance can be a difficult choice for some people, which is why Colonial Penn offers a 30-day money-back guarantee. Colonial Penn has been offering personal protection for customers for over 60 years. Its guaranteed acceptance life insurance policy eases the burden of final expenses with permanent coverage that lasts for your lifetime.
With Colonial Penn, you cannot be turned down due to your health. The insurance company asks no health questions on its application and there is no physical to take. Your premiums are locked in when coverage takes effect and will not change for the life of your policy. Additionally, Colonial Penn offers multiple payment options, including monthly, quarterly, semi-annually, and annually.
Best for Convenience and Speed: Fidelity Life RAPIDecision
Fidelity Life RAPIDecision expedites the application process so you can get your final expense policy in place quickly. While other companies may take weeks or months to finalize your policy, Fidelity Life can underwrite your application within days. Once you receive approval, your full coverage begins immediately.
Applicants do not have to submit to a medical exam, and there are only a few health questions to answer. Fidelity Life also factors in results from certain database records, such as motor vehicle reports, into their decision.
You can apply for coverage from $5,000 to $35,000 and your premiums will remain fixed for the rest of your life. Coverage will remain in place as long as you keep making payments.
Best Marketplace for Coverage Options: National Family
National Family Assurance is an online insurance marketplace that generates personalized quotes from its vast network of insurance carriers. It uses your answers to its brief questionnaire to present an insurance policy that fits your unique profile. Although it does not underwrite its own policies, the company works with numerous well-known names in the insurance industry.
The features of its policies vary depending upon which insurance companies are suggested to you. However, these final expense insurance companies typically offer policies up to $500,00 in coverage and are available to applicants up to age 85. In most cases, no medical exam is required when applying for your insurance policy.
Best for AARP Members: AARP Guaranteed Acceptance Life Insurance
AARP Guaranteed Acceptance Life Insurance is offered by AARP, a respected name in the industry, and the policy is provided by New York Life. New York Life has been a trusted name for over 175 years and has the highest financial strength ratings awarded to any U.S. life insurer by the leading independent rating services.
With insurance coverage options as low as $2,500 (and up to $25,000), purchasing insurance can be affordable even for those with the tightest budget. Applicants do not have to submit to a medical exam and there is just one easy health question to answer. Your application receives guaranteed acceptance as long as you aren't currently terminally ill. However, there are limited benefits in the first two years.
You must be an AARP member to apply, but everyone age 50 and older is eligible. Dues are just $12 per year and a second membership is free to anyone in your household.
What is burial insurance?
Burial insurance is a whole life insurance policy that covers funeral when you pass away. Typical burial insurance policy amounts range from $5,000 to $10,000. With a death benefit that is lower than most traditional life insurance policies, the monthly premiums also tend to be much lower.
Your monthly premiums do not change as long as you own the policy. As long as you continue making the payments, your policy will not expire. At age 100, some companies may terminate the policy and pay out the cash value that you accumulated.
These policies are also commonly referred to as final expense insurance and funeral insurance, so these terms are used interchangeably.
Why is purchasing burial insurance important?
Dying is an increasingly expensive event. Over the last 30 years, the U.S. Bureau of Labor Statistics found that funeral expenses rose 227%, which is almost twice as much as everything else. In 2019, the average cost of a basic funeral with viewing and burial was $7,640. Yet, Social Security benefits only provide a one-time death benefit of $255 to the surviving spouse or children.
While your family members are grieving over your loss, they'll have to figure out how to pay for the unexpected costs of a proper funeral. Final expense insurance can remove those worries. This way your family can focus on supporting each other, rather than worrying about where the money will come from.
When should you buy final expense insurance?
Buying final expense insurance is a personal decision. As a younger adult, most people desire a larger insurance policy that will replace their income, eliminate the mortgage and other debt, and pay for a child's college education. When you get closer to retirement age, many of these issues are no longer a concern, so you no longer need such a large insurance policy. Yet, you still want to protect your family against the cost of paying for a funeral.
People often start looking at funeral insurance as they approach retirement age. Although most insurance companies allow customers to buy burial insurance policies at almost any age, these policies are best suited for people 50 and older. Insurance companies typically allow people to apply for funeral insurance up to age 85. Some offer new policies for people over age 85, but the premiums tend to be much higher.
Benefits of funeral insurance
Purchasing funeral insurance provides many benefits while you are alive and after you pass away. In addition to offering peace of mind about how to pay for funeral expenses, funeral insurance may offer these additional benefits:
Easier to get approved than traditional life insurance
Some policies do not require a medical exam
Affordable monthly premiums
Premiums do not increase
You can choose to pay either monthly or annually
Guaranteed death benefit as long as premiums are paid
Death benefits are not taxable to your beneficiaries
Beneficiaries have complete control over how the money is spent
The cash value of your policy grows tax-deferred
Every insurance company has its own approach to burial insurance. And some policies offered by the same company have different benefits. This is why it is important to compare multiple options to find the best final expense insurance policy to meet your needs.
The burial insurance process and timeline
Applying for burial insurance tends to be a quick process. The applications are shorter than a traditional life insurance policy and many insurance companies do not require a medical exam. Some applications are as short as just 1 to 2 pages.
Once your policy is approved, you'll continue making premium payments for the rest of your life. You can choose to pay them monthly or annually. Typically, it is a little cheaper to pay one year at a time.
When you pass away, your beneficiaries file a claim with the insurance company to receive the death benefit. Depending on the company, the insurance company may pay claims as quickly as 24 hours, while others may take weeks or months.
The beneficiaries have freedom on how to spend the money. Although burial insurance is intended to cover final expenses like a casket, burial, and other funeral expenses, there are no restrictions on the money. It can be used to cover funeral costs, pay off debt, or however they feel is best.
How to compare final expense insurance providers
No two insurance providers and insurance policies are exactly the same. Pay close attention to the application process, benefits, and terms of the burial policy to ensure that you get exactly what you want.
When comparing companies that provide funeral insurance, these are important topics to consider and questions to ask:
Eligible ages to apply
Does it require a medical exam?
Is it a guaranteed- or simplified-issue policy?
How many pages is the application?
When does coverage start?
Is there a waiting period before being able to file a claim/
How long does it take to pay out a death benefit?
What other features are included in your policy?
How much does burial insurance cost?
Premiums for burial insurance policies vary by company and a number of details. Your insurance premiums are primarily based on these factors:
Coverage amount
Age at time of application
Health
Gender
Use of tobacco
Tobacco users usually pay premiums that are about 30% higher than someone that does not use tobacco. Premiums for tobacco users are higher for all types of life insurance, and burial insurance is no exception. Additionally, the older you are, the higher your tobacco rate will be.
In general, a healthy person will pay an average of $25 to $125 per month for $10,000 in coverage, depending on their age and gender. Depending on the company, burial insurance policies can go up to $100,000 or more. As with other life insurance policies, the younger and healthier you are when you apply, the lower the premium will be. For a personalized quote, submit your information online or speak with a licensed insurance agent.
Types of final expense insurance policies
There are two primary types of final expense insurance – guaranteed issue life insurance and simplified issue life insurance. A third option is called pre-need funeral insurance. This option pays the funeral home directly instead of going to your beneficiaries.
Guaranteed issue life insurance policies provide near-certain approval of your application regardless of your health status. However, you may be declined if you are terminally ill. Because almost all applications are approved, premiums tend to be higher for these policies. Additionally, many policies have a two- or three-year waiting period before being able to file a claim.
Simplified issue life insurance can provide lower premiums on final expense insurance for applicants who are moderately healthy. The application process involves a deeper dive into your health history and requires a more detailed medical questionnaire.
Pre-need funeral insurance is designed to cover your actual funeral expenses. This insurance policy can help people save money because you can pay for services at today's prices that may be cheaper than in the future. The funeral home receives the death benefit when you pass away. Unlike other types of insurance, your heirs will not receive any of the money. If the actual expenses are less than the death benefit, then the funeral home will keep the difference.
Common final expense insurance options
In addition to your death benefit, some insurance companies allow you to add "riders" (or options) to your policy that provide additional benefits. Here are a few of the most common riders:
Living benefits rider. Allows you to use your death benefit to pay for expenses while you're still alive if you meet certain qualifications.
Waiver of premium rider. Protects your policy from lapsing if you are unable to pay the premium due to disability or other qualified loss of income.
Accidental death and dismemberment. Pays a benefit to your beneficiaries in case you pass away from accidental death or suffer a dismemberment.
Riders may offer attractive benefits, but each one comes with an added cost. If your main goal is an affordable insurance premium, it may be best to avoid adding riders to your policy.
TruStage Guaranteed Acceptance Life Insurance
No medical exams, intrusive tests or even health questions
Guaranteed acceptance (you can not be turned down for your health)
A lifetime of protection at an affordable locked-in rate
Globe Life Final Expense Insurance
No medical exam and simple application
Full coverage the first day with no waiting period
Coverage from $5,000 to $100,000
Mutual of Omaha
No medical exam or health questions
85% of claims paid within 24 hours
Concierge provides funeral planning at no extra cost
Colonial Penn
No medical exam or health questions
Two-year limited benefit period
30-day money-back guarantee
Fidelity Life RAPIDecision
No medical exam and approval within days
Full coverage begins immediately after approval
Coverage from $5,000 to $35,000
National Family Assurance
Quick online application
Policy options from its vast network of insurers
View multiple insurance quotes through one application
Frequently Asked Questions
Who needs burial insurance?
Burial insurance is a good idea for seniors who do not have traditional life insurance and are concerned about how to pay for their funeral expenses. People with low income or no assets can benefit from affordable burial insurance policies that cover their final expenses.
Because many policies do not require a physical or ask any health questions, burial insurance is a good option for people with health conditions.
Do I have to take a medical exam?
Many final expense insurance applications do not require a medical exam. Your coverage decision is primarily based on your answers to the health questions on your application. Larger coverage amounts may require a medical exam.
Does the final expense policy expire?
Final expense insurance policies do not expire as long as you continue making your required premium payments. If you withdraw or borrow the cash value that has accumulated inside your policy, that may affect your death benefit or the longevity of your policy.
What is the difference between final expense and life insurance?
Final expense insurance is a whole life policy that typically has a smaller death benefit than a traditional life insurance policy. The policy focuses on covering end-of-life expenses, such as a casket, funeral, and headstone, and paying bills of the estate. Many people use traditional life insurance to replace the lost income of the deceased and cover larger bills, like a mortgage or a child's college education.
Can a child buy a final expense insurance policy for a parent?
Yes, just like traditional life insurance, the owner of the policy does not have to be the same person who is covered by the policy. For some families, it makes sense for the children to own the policy. This way they can ensure the premiums are paid to keep the policy in force. For example, if a covered person has uncertain finances or suffers a cognitive disability, it is possible that they may miss payments, which could cancel the policy.
