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Top 10 Best Burial Insurance and Final Expense Companies
By Matt Schmidt
If wanting an immediate quote, and to determine if you are eligible for a particular company, call us immediately at 844-334-6143. A Burial Insurance Pro agent would be able to help.
If you want to offer your loved ones financial protection after you’ve passed away, you need to invest in burial insurance plan now. Selecting the best burial insurance for your needs is a process that must be navigated diligently.
Let’s begin by looking at what burial insurance is and what the best policies consist of. Then, you can compare different plans, obtain quotes and select the right one for you. This is the first step into determining if a burial insurance policy is right for you.
It’s normal to feel a little confused about what burial insurance actually is.
Burial insurance is essentially life insurance, that is particularly purchased cover funeral expenses, burial costs, and other miscellaneous final expenses. However, while some life insurance policies are meant to provide for people well after they’re gone, burial insurance was created to cover the expenses loved ones will encounter right after the policyholder passes away — for instance, funeral costs.
Burial insurance is a form of whole life insurance, meaning the premiums do not increase and death benefits do not decrease. Also, the policy doesn’t expire. It remains in effect until the policyholder passes away. Knowing that a policy will payout to your beneficiaries, at time of death, gives you peace of mind.
After passing away, your beneficiaries receive the death benefits. They can use those benefits to pay for the funeral and other end of life expenses. If there is money left over, the beneficiaries can use it any way they like. With this, there are no restrictions on how the money is spent.
When you compare burial insurance plans there are certain things to consider. For starters, you need to check the AM Best rating. AM Best is an insurance industry credit rating. The best companies have a rating of “A” or better. A high rating indicates the company will have no problem paying the claim. If the company has a low credit rating, it’s likely experiencing some financial trouble. In that case, it might not be able to settle up with the beneficiaries.
You also need to consider the cost. You want to choose a plan that has competitive rates so that you don’t overpay for coverage.
Finally, you need to consider the underwriting guidelines when comparing life insurance plans. Some plans offer competitive insurance rates for people with health conditions. Some even start coverage immediately for those with serious health conditions.
This is the biggest mistake that some consumers make. They take out a policy with a guaranteed acceptance company, when they could qualify for a lower priced and an immediate death benefit policy.
After considering all these factors, determining the best burial insurance companies is an easier task. The following companies meet all the criteria and are solid options for people who need burial insurance.
Many agree that Mutual of Omaha is one of the best burial insurance companies of 2019. Since 1909, this company has been offering burial insurance policies in every state except New York.
People between the ages of 45-85 can get policies, which range from $2,000 to $40,000 in face value. Along with a standard policy, people can also choose an accidental death rider.
This company stands out for a couple of reasons. First, the premiums are much lower compared to other companies. Second, it has some of the best underwriting guidelines in the industry, especially when it comes to people who have diabetes, seizure conditions, sleep apnea, squamous cell skin cancer, and epilepsy. It is also a good choice for people on blood thinners.
Because many people with health conditions still qualify for immediate benefit plans, they don’t have to worry about a waiting period when choosing this insurance. That means their beneficiaries will receive the death benefit even if they pass away immediately after getting coverage.
Mutual of Omaha Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 45 | $22.61 | $25.45 | $42.01 | $47.69 |
| 50 | $24.67 | $29.16 | $46.14 | $55.11 |
| 55 | $28.40 | $35.09 | $53.60 | $66.98 |
| 60 | $32.87 | $42.76 | $62.53 | $82.31 |
| 65 | $41.01 | $55.76 | $78.82 | $108.31 |
| 70 | $53.24 | $73.70 | $103.28 | $144.20 |
| 75 | 72.41 | 99.53 | 141.62 | 195.85 |
| 80 | 98.43 | 132.65 | 193.66 | 262.11 |
| 85 | 135.90 | 183.15 | 268.60 | 363.10 |
Royal Neighbors of America is also an excellent choice for those who want to find the best final life insurance policy. This company has been in business since 1895, and it offers insurance to people between the ages of 50 and 85. The face amount of the policies ranges from $5,000 and $25,000. People can select the amount they want.
This coverage is available in all states except Alaska, Alabama, Hawaii, Louisiana, Massachusetts, New Hampshire, and New York.
Royal Neighbors of America is known as one of the most diabetic-friendly insurers on the market. The company is also a smart choice for people with schizophrenia, bipolar disorder, depression, and cancer. In addition, those on blood thinners, severely overweight, or have suffered from mini-strokes can get coverage at a fair price with Royal Neighbors of America.
Most people don’t have to go through a waiting period with this insurer. That even applies to people who suffer from certain health conditions. Their application is very simple. You complete an application over the phone with your agent, call into a third party verification system, and generally a decision on your eligibility is made immediately.
Royal Neighbors of America Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $33.71 | $39.61 | $64.81 | $76.61 |
| 55 | $37.51 | $46.31 | $72.41 | $90.01 |
| 60 | $38.21 | $50.11 | $73.81 | $97.61 |
| 65 | $44.61 | $58.81 | $86.61 | $115.01 |
| 70 | $55.61 | $74.81 | $108.61 | $147.01 |
| 75 | 79.81 | 110.41 | 157.01 | 218.21 |
| 80 | 110.41 | 153.81 | 218.21 | 305.01 |
| 85 | 148.81 | 212.71 | 295.01 | 422.81 |
Foresters Financial has been in business since 1874, and offers burial insurance to people between the ages of 50 and 85. The company has policies with face amounts that range from $2,000 to $35,000, and the policies are available in all 50 states. Since it’s hard to find a burial policy in New York, this is an attractive option for New Yorkers.
Policies typically don’t include a two-year waiting period, unless you only qualify for the graded policy. Foresters Financial is one of the few insurance companies, who provide free member benefits, along with their policy.
This company has a relatively lax underwriting process, which is great news for people who have serious medical conditions. This is a sound option for those with seizure issues, diabetes (both Type 1 and Type 2), atrial fibrillation, bipolar disorder, schizophrenia, depression, multiple sclerosis, and sleep apnea. People on blood thinners and those who use wheelchairs can also make it through the unwriting process.
The premiums are competitive, and it doesn’t take long to get approved. A simple look through burial insurance reviews will point you toward this company.
Foresters Financial Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $26.05 | $32.00 | $48.95 | $60.85 |
| 55 | $31.16 | $36.86 | $59.17 | $70.58 |
| 60 | $35.41 | $45.19 | $67.67 | $87.22 |
| 65 | $42.80 | $55.75 | $82.44 | $108.34 |
| 70 | $53.42 | $72.91 | $103.69 | $142.66 |
| 75 | 75.08 | 102.69 | 147.00 | 202.23 |
| 80 | 111.08 | 146.74 | 219.01 | 290.33 |
| 85 | 165.92 | 200.75 | N/A | N/A |
Prosperity Life Group specializes in life insurance, including burial policies. The company started offering insurance in 1935 and provides burial insurance to people between the ages of 50 and 80. The face value of the policies ranges from $1,500 to $35,000. Also, riders are not available.
These policies are not available in the states listed below:
This company is a smart choice for people who use tobacco. For those who use chewing tobacco, e-cigarettes, but don’t smoke cigarettes can get a non-tobacco rating from the insurer. This reduces the premiums significantly.
The company is also known for accepting people with high-risk health issues such as multiple sclerosis, diabetes, diverticulitis, and atrial fibrillation. Many conditions are covered without a waiting period.
The application process is fast, usually only taking about 15 minutes to get approved. As long as a waiting period isn’t enforced, the coverage begins immediately.
Prosperity Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $29.15 | $34.52 | $54.70 | $65.43 |
| 55 | $29.93 | $37.62 | $56.27 | $71.64 |
| 60 | $35.88 | $49.99 | $68.17 | $87.95 |
| 65 | $44.42 | $58.10 | $85.25 | $112.59 |
| 70 | $59.13 | $79.58 | $114.66 | $155.56 |
| 75 | $80.19 | $113.68 | $156.78 | $223.76 |
| 80 | $98.30 | $147.96 | $193.00 | $292.32 |
If you want to compare burial insurance policies, be sure to check out AIG. This company has been around since 1919 and is one of the most well-known names in the industry. Its guaranteed life policies are available to people aged 50 to 85, and the face amount ranges between $5,000 and $25,000.
AIG offers what is considered a guarantee issued insurance policy. There are NO health questions, and a person can not be declined. If you have severe health issues such as Cancer, or HIV, then a policy like this may be your best bet.
These policies have a two-year waiting period, meaning that benefits aren’t paid if the person passes away within the first two years of getting the policy. This is common with guaranteed life policies like the ones offered by AIG. However, everyone is approved regardless of health conditions. This is why there’s a waiting period. Beneficiaries receive the amount paid in premiums plus 10 percent interest if someone passes away within the first two years.
This policy is available in all states except New York. AIG’s application process is very simple. You can completed a paper application, or complete everything with your agent, over the phone. Once application is received, a policy is generated in 48 hours, and mailed to your address.
Every person who receives one of these burial insurance policies also gets two free riders. First, they get the terminal illness rider. People diagnosed with a terminal illness can partially access the death benefit. Second, people receive a chronic illness rider. Those diagnosed with a chronic illness that makes it impossible to perform daily activities can receive some of their death benefit.
Guaranteed policies are not for everyone. People who are in good health should consider one of the other policies. However, those with serious health conditions can benefit from this policy. Since the premiums are affordable, most people can fit one of these policies into their budgets.
AIG Premiums
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $35.83 | $51.92 | $69.66 | $101.85 |
| 55 | $39.86 | $56.50 | $77.71 | $110.99 |
| 60 | $45.14 | $63.17 | $88.27 | $124.33 |
| 65 | $54.51 | $73.09 | $107.02 | $144.18 |
| 70 | $70.41 | $93.14 | $138.83 | $184.28 |
| 75 | $95.82 | $124.49 | $189.63 | $246.98 |
| 80 | $135.12 | $175.15 | $268.25 | $348.30 |
| 85 | $204.20 | $298.86 | $406.41 | $595.73 |
Transamerica started issuing insurance policies in 1904 and is known as one of the best burial insurance companies around. People between the ages of 45 and 85 can get a policy with this company. The face amount range is $1,000 to $50,000. As for a waiting period, one usually isn’t required.
Policyholders can get an accidental death rider with this policy. In addition, policies are available in all 50 states.
This is one of the few policies that doesn’t include a mandatory waiting period for people with kidney disease, emphysema, and COPD. Many people have pre-existing conditions, so Transamerica may be one of the few companies to offer coverage, without a waiting period. Also, the prices are affordable for those who have a variety of health conditions. That makes this a very attractive option for people with serious health conditions.
Transamerica Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $35.30 | $30.70 | $47.10 | $57.90 |
| 55 | $29.10 | $35.90 | $54.70 | $68.30 |
| 60 | $33.60 | $43.70 | $63.70 | $83.90 |
| 65 | $41.60 | $56.50 | $79.70 | $109.50 |
| 70 | $53.90 | $74.60 | $104.30 | $145.70 |
| 75 | $72.80 | $100.00 | $142.10 | $196.50 |
| 80 | $104.00 | $140.20 | $204.50 | $276.90 |
| 85 | $148.60 | $200.40 | $293.70 | $397.30 |
Aetna has been in business since 1853 and is one of the top names in the health insurance industry. Many don’t know it also offers burial insurance policies. These policies are available to people between the ages of 45 and 89. The face amount range is between $3,000 and $35,000. Most policies don’t include a waiting period.
These policies are not available in the following states:
AETNA allows you to complete a paper application, or complete with an agent over the phone. They will require a third party verification phone call, where you verify all information collected on application.
Aetna’s underwriting policies make the company stand out. Cancer survivors and people with congestive heart failure can receive partial coverage. The company also stands out for the way it handles extreme obesity, mental health issues, home health care, and chronic kidney disease. People with these issues can make it through the underwriting process relatively unscathed.
The prices are competitive. People with and without health conditions can get a good deal with Aetna. When comparing burial insurance companies, Aetna should be a top consideration. If you are a senior in your 80’s, AETNA is a company you will want to consider.
AETNA Prices
| Age | Female $10,000 | Male $10,000 | Female $15,000 | Male $15,000 |
|---|---|---|---|---|
| 45 | $30.00 | $35.00 | $56.67 | $66.67 |
| 50 | $32.50 | $35.83 | $60.00 | $68.33 |
| 55 | $38.33 | $45.00 | $73.33 | $86.67 |
| 60 | $42.50 | $51.67 | $81.67 | $100.00 |
| 65 | $51.67 | $62.50 | $100.00 | $121.67 |
| 70 | $65.83 | $81.67 | $128.33 | $160.00 |
| 75 | $85.83 | $108.33 | $168.33 | $213.33 |
| 80 | $119.17 | $145.83 | $235.00 | $288.33 |
| 85 | $161.67 | $199.17 | N/A | N/A |
| 86 | $174.17 | $220.83 | N/A | N/A |
| 87 | $186.87 | $242.50 | N/A | N/A |
| 88 | $198.33 | $264.17 | N/A | N/A |
| 89 | $210.83 | $285.83 | N/A | N/A |
When Americo opened its doors in 1909, it quickly built a name for itself by offering affordable and comprehensive insurance coverage. Policies are available to people aged 50 to 85, and the face value ranges from $2,000 to $30,000.
Americo serves all states except California, Minnesota, New York, and Pennsylvania. Most policies don’t include a waiting period. With this company, people can add a child and grandchild term rider to their policies.
Because people can choose from two plans with Americo, it’s essential to compare the burial insurance policies so you select the right one.
Even with the health conditions it covers, the plans remain affordable. Americo policies offer great value for people with and without serious health conditions.
Americo Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $27.67 | $36.30 | $51.55 | $68.80 |
| 55 | $31.32 | $40.49 | $58.84 | $77.18 |
| 60 | $38.46 | $49.67 | $73.11 | $95.53 |
| 65 | $48.65 | $62.92 | $93.50 | $122.04 |
| 70 | $60.88 | $83.31 | $117.95 | $162.81 |
| 75 | $83.31 | $113.87 | $162.81 | $223.93 |
| 80 | $129.12 | $166.93 | $254.45 | $330.07 |
| 85 | $190.69 | $229.59 | $377.59 | $455.37 |
When Sentinel Security Life opened in 1948, it positioned itself as one of the most unique insurance companies available. The insurer offers burial policies to people as young as six months old up to 85 years old. Most companies don’t offer policies until people are in their 40s or 50s. That’s what makes Sentinel Security Life unique.
The face amount range for policies is between $1,000 and $35,000. As far as a waiting period, most people don’t go through one. The company also offers an accidental death rider.
This insurance is available in all states except:
This company serves people who have a variety of health issues, including irregular heartbeat, diabetes, and seizures. It also covers people who use oxygen. Most companies put people on a waiting period or deny them outright if they use oxygen. However, this company doesn’t do that. People can access their policies right away.
Sentinel Security Life offers a variety of payment options for people as well. They can choose the 10-pay or 20-pay option if they want to pay the policy for 10 or 20 years. The premiums will be higher, but at the end of that period, they won’t have to make any additional payments.
They can also choose the paid up at 65 or 85 options. The same rules apply. Once the deadline is met, people no longer have to make payments.
This insurance company has a lot of benefits to offer and only one real drawback. It’s not available in as many states as other policies. For that reason, you might not be able to get this coverage.
Sentinel Security Life Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $23.06 | $27.73 | $43.10 | $52.44 |
| 55 | $26.94 | $34.43 | $50.86 | $65.84 |
| 60 | $33.79 | $42.42 | $64.57 | $81.84 |
| 65 | $42.42 | $53.82 | $81.84 | $104.63 |
| 70 | $53.12 | $69.93 | $103.23 | $136.84 |
| 75 | $76.34 | $97.43 | $149.67 | $191.85 |
| 80 | $108.30 | $147.07 | $213.59 | $291.13 |
| 85 | $160.85 | $202.75 | N/A | N/A |
Baltimore Life has been in business since 1882. It currently offers burial insurance coverage to people between the ages of 50 and 80. The face amount ranges from $2,500 to $25,000, and most people don’t have to go through a waiting period. People can also include an accidental death rider with their policy.
As with most insurance policies, coverage isn’t available in every state. You cannot get a policy from Baltimore Life if you live in any one of the following states:
Baltimore Life is a wise choice for people who recently experienced a significant health issue such as a heart attack, cancer, diabetic coma, or stroke. Most policies either deny people with these health issues or make them wait for two years before coverage kicks in.
However, Baltimore Life uses what is called a graded plan. That means the company pays out a percentage of death benefits if the insured passes away within the first two years of coverage.
If the insured dies within the first year, the plan will pay out 25 percent of the death benefit. That increases to 50 percent the second year. If the insured dies after the second year, the beneficiary will receive the full death benefit.
This coverage does cost slightly more than other options. However, it’s one of the few that offers immediate coverage for people who have experienced significant health events. Many agree that it’s worth paying a little extra for immediate coverage.
Baltimore Life Prices
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 50 | $27.90 | $33.30 | $39.15 | $47.25 |
| 55 | $32.40 | $39.60 | $45.90 | $56.70 |
| 60 | $38.70 | $48.60 | $55.35 | $70.20 |
| 65 | $47.70 | $60.30 | $68.85 | $87.75 |
| 70 | $61.20 | $78.30 | $89.10 | $114.75 |
| 75 | $81.00 | $104.40 | $118.80 | $153.90 |
| 80 | $117.90 | $147.60 | $174.15 | $218.70 |
Each of these policies offers people with something unique. Some include immediate coverage for those who have experienced significant health conditions while others have non-tobacco rates for tobacco users that don’t smoke cigarettes. Other policies approve everyone, no matter what.
It’s important to consider the health conditions you have when comparing burial insurance policies. This will allow you to find a policy that meets your specific needs. For instance, if you’re on oxygen, it makes sense to go with Sentinel Security Life. If you have COPD, you might want to choose Transamerica.
After evaluating your health status and what’s important to you, take the time to compare the different companies before making your final selection. Once acquired, burial insurance offers peace of mind and a financial cushion for your loved ones.
Please don’t make all of this over whelming for you, and your family. Let one of our agents assist. You can fill out an online inquiry, or contact us at 844-334-6143. The initial phone call generally only takes 5 minutes. Let us do all the hard work, and help determine what burial insurance company is best for you!