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Top 17 Best Final Expense Burial Insurance Companies (2020 Update)

best burial insurance

Here at IBUSA, we understand that not everyone is looking to purchase a million dollar life insurance policy. 

Sometimes…

A small burial or funeral insurance policy is all that they really need. After all, the going price for a funeral in the U.S. is around $7,000. Source.

Which is why…

We wanted to take a moment to provide our readers with a list of companies we feel represent the Best Final Expense Insurance Companies in the industry.

Our Top 10 Final Expense and Burial Whole Life Insurance Companies

So, here are our top 10 picks (actually, there are 17 companies listed below), which represent our current favorite choices for final expense and burial insurance.

But how do you decide which one will be the best choice for you?

Here are a few things to consider when deciding which final expense insurance company is the best choice for you.

What is the Company’s Financial Strength?

You should pay attention to a company’s financial strength. We provide the A.M. Best rating of each company below.

A.M. Best is the premier third party ratings agency and the higher the rating, the stronger the company’s financial are going to be.

And the stronger the company’s financials, the better equipped they are to pay future death benefits.

How Much Coverage?

Consider how much coverage you need because sSome companies limit the maximum amount of burial insurance coverage you can get to $10,000, while others will offer up to $50,000 or even $100,000.

What Type of Coverage?

Do you want term life or whole life? Term is going to be cheaper initially, but you may outlive it.

Whole life might have a higher initial price tag, but it will grow cash value that you can borrow against and you don’t have to worry about outliving it.

Is the Burial Insurance Policy Level, Modified, or Graded Benefit?

Finally, consider if the policy is burial insurance with no waiting period or if there is a waiting period.

We cover this topic more in depth below, but know that there are three different final expense insurance policies out there.

  • The three different types of final expense insurance are:
    • Level Benefit
    • Graded Benefit
    • Modified Benefit

Depending on your health history will determine which type of coverage is going to be best for you.

Get Help

We at IBUSA invite anyone who is thinking about purchasing final expense burial insurance or funeral insurance to give us a call so we can help align you with the company that best fits your specific needs and goals.

So, with this in mind, here are our top picks.

Here are our current favorite final expense insurance companies listed in alphabetical order:


AIG guaranteed issue whole Life

American International Group, aka AIG.

A.M. Best rating: A

AIG offers guaranteed issue whole life insurance. The best part about this policy is there are no health questions and no health exam requirements. Since the policy is guaranteed issue, there is a 2 year waiting period before the policy will pay out for natural causes.

AIG’s final expense insurance policy is for ages 50-85, ranging from $5,000-$25,000 in coverage.

Read our AIG Life Insurance Review for more detailed information about the company.

american amicable final expense insurance

American Amicable

A.M. Best rating: A

American Amicable is a great option for burial insurance or final expense insurance.

American Amicable offers Golden Solution, which is a whole life insurance policy. There are two plans available, an immediate death benefit plan and a graded death benefit plan.

The immediate death benefit plan pays 100% of the face amount from day one.

The graded death benefit plan pays 33% of the face amount in year one, 70% in year two, and the full face amount in year three onward.

With face amounts ranging from $2,500 to $30,000, the immediate death benefit plan is a top final expense insurance policy.

And depending on the state you live in, there is also a terminal illness accelerated benefit rider available at no additional cost.

Read our American Amicable Life Insurance Review for more.


Americo

A.M. Best rating: A

Americo has a variety of whole life insurance products that will cover final expenses.

Their Ultra Protector Series is what you need to be looking at. This has policies for people 50-85, ranging from $2,000-$30,000 in coverage.

Protector I and II require a basic health screening as well as health questions. If you need a guaranteed issue final expense policy due to health problems, this may not be the best option.

Americo also offers Ultra Protector III, which is a graded death benefit plan with a 3 year waiting period.

Optional Child and Grandchild Riders are available on select products.

Read our Americo Life Insurance Review for more detailed information about what they offer.


American National

A.M. Best rating: A

With American National, you can get a policy from $2,000-$50,000. Graded and modified death benefit plans go up to $25,000.

Graded Benefit Whole Life is available for ages 45-80. In the first two years, the death benefit is equal to premiums paid plus 10%. In year three and beyond, 100% of the death benefit is paid.

The great thing about this policy is that it has cash value. Additionally, there is a terminal illness rider if your policy is $25,000 or more.

For more information read our American National Life Insurance Company Review


Assurity

A.M. Best rating: A-

Assurity  is one of our favorite no medical exam companies. If you have any kind of health problems, then you should consider Assurity.

They offer Simplified Level Benefit Whole Life, Graded Benefit and Modified Benefit policies.

The Level Benefit Whole Life Plan pays out 100% of the face amount from day one.

The Graded Benefit Whole Life Plan pays out 40% in year one and 75% in year two, with the full face amount paid out in year three and beyond.

The Modified Benefit Whole Life Plan pays 110% return of premium in year one and 220% return of premium in year two, with the full face amount paid out after the second year.

Assurity’s final expense insurance offers one of the larger death benefits. The death benefit is $5,000-$50,000 until the age of 65. From 66-80 years old, the death benefit is between $5,000 and $25,000.

Read our Assurity Life Insurance Review to know more about their life insurance products.


Baltimore Life

A.M. Best rating: B++

Baltimore Life’s Silver Guard products are great and there are three different burial life insurance policies offered.

Silver Guard I is the best option for people who are relatively healthy and can pass the health questionnaire.

Silver Guard II and III are options for people who have some health problems. Under these two policy options there is a graded death benefit. In year one, you will get 25% coverage. In year two, the coverage goes up to 50%. By year three, the full death benefit is in action.

For more information about Silver Guard products, read our Baltimore Life Insurance Company Review


Foresters

A.M. Best rating: A-

When it comes to final expense policies, Forester’s PlanRight Whole Life policy is a simplified issue final expense policy to consider.

The reason most people choose this policy is for the price – it’s extremely reasonable. Depending on the plan you qualify for, the policy’s face amount ranges from $2,000 to $35,000 up until age 80. It goes down to $15,000 for applicants who are 81-85 years old.

Foresters offers three separate final expense insurance plans:

  • Preferred Coverage,
  • Standard Coverage, and
  • Modified Coverage

Read the Foresters Life Insurance Company review to know more.


Gerber Life

A.M. Best rating: A

Yes, it’s the same face as the baby food – they are also an amazing life insurance company. If you have any major health problems but still want to get a final expense policy to protect your loved ones, then Gerber’s Guaranteed Life is a great option.

The policy is guaranteed issue whole life insurance. That means you will not be required to do any medical tests, offer blood or urine samples, or answer any health questions.

Face amounts are between $5,000 and $25,000 available for ages 50-80.

If you are a senior and looking for burial insurance, then Gerber is a great choice as they have some of the most affordable prices for guaranteed issue life insurance.

Even if you are looking to purchase a life insurance policy to cover someone else (like your parent or grandparent), then Gerber is a reliable way to go.

Check out our Gerber Life review for more.

liberty bankers life

Liberty Bankers

A.M. Best rating: B++

Liberty Bankers Life offers SIMPL, a simplified issue whole life insurance policy. You can choose between SIMPL preferred and SIMPL standard. Face amounts range from $3,000 – $30,000.

Both the SIMPL Preferred and Standard Plan offer living benefits at no additional cost for both chronic illness and terminal illness.

Liberty Bankers also offers MWL, which is for people who don’t quite meet the requirements for the SIMPL standard policy. Face amounts on the modified plan range from $1,000 to $20,000. 

The Modified Whole Life Policy has a unique death benefit payout. During the first three years the payout equals premiums paid plus 10% compounded. In year four, the death benefit is 100%. However, the death benefit increases to 105% in the fifth year and up to 110% in the sixth year onward.

Check out our Liberty Bankers review for more.


Mutual of Omaha

A.M. Best rating: A+

Mutual of Omaha (MOO) is a great option for burial insurance with no waiting period.

MOO has a whole life burial or final expense insurance policy called Living Promise. This policy is available for applicants from 45-85 years old.

Living Promise face amounts vary, ranging from $2,000 to $40,000. In order to qualify for the policy, you will need to undergo a background check which will include medical information and running your name through the prescription drug database.

One great thing about this whole life final expense policy is that it comes with an accelerated death benefit rider if you are diagnosed with a terminal illness and the doctor gives you less than a year to live. This will help you pay for the final expenses you have while still alive.

Mutual of Omaha also has a Graded Benefit Plan for ages 45-80 with face amounts from $2,000 to $20,000. The policy contains a graded death benefit that pays out a return of premium plus 10% in the first two years, with the full death benefit available in year three and onward.

An Accidental Death Benefit Rider is available for an additional charge.

Read more on our Mutual of Omaha Review

oxford life logo

Oxford Life

A.M. Best rating: A-

Oxford Life Insurance Company offers its Assurance and Assurance One, which is a single premium final expense insurance policy.

Assurance is available for ages 50-85 and Assurance One is available for ages 55-80.

You can choose face amounts ranging from $5,000 up to $30,000.

The Oxford Life Assurance final expense insurance policies offer accelerated benefits including:

  • Terminal Illness Rider
  • Nursing Home Rider
  • Chronic Illness Rider
Check out our Oxford Life review for more.

Prosperity Life Insurance

Prosperity Life

A.M. Best rating: A-

Prosperity Life Insurance offers final expense whole life insurance.

Three different burial insurance options are available: level, graded and modified benefit for ages 50-80. Face amounts available range from $1,500 – $35,000.

Prosperity Life also offers a 20 year graded death benefit term. The policy has a reduced death benefit the first three years, after which time the full death benefit is paid for the remaining term length.

At the end of the 20 years, the premiums remain the same but the death benefit decreases annually.

Check out our Prosperity Life review for more.

royal neighbors simplified issue whole life

Royal Neighbors

A.M. Best rating: A-

Royal Neighbors final expense insurance products include Simplified Issue Whole Life (SIWL) and Graded Death Benefit Whole Life (GDB).

Available for ages 50-85, you can get as little as $5,000 in coverage or up to $25,000 in coverage for the SIWL product and $10,000 in coverage for the GDB product.

The SIWL plan is immediate coverage, paying 100% of the death benefit from day one.

The GDB plan has a graded death benefit, paying 30% of the face amount in year one, 70% of the face amount in year two, with the full face amount in year three and beyond.

An Accelerated Living Benefit (ALB) Terminal Condition and Permanent Confinement rider is available at no additional cost in certain states.

Non tobacco and tobacco rates are available.

Check out our Royal Neighbors review for more.


Sagicor

A.M. Best rating: A

Another great final expense life insurance company is Sagicor.

They offer health class rates that make it really affordable for people who are healthy and even those who have some health issues.

To qualify for Sagicor Sage NLUL Standard, you should be between 18-65 years of age. Sagicor also offers fully underwritten policies if you are between 66 and 85.

Another good thing about  Sagicor is that they have an accelerated benefit insurance rider for terminal illness or chronic illness- for free!

Find out more from our Sagicor Life Insurance Review


Transamerica

A.M. Best rating: A

Transamerica has a final expense or burial whole life insurance product called Immediate Solution Preferred or Standard, as well as Easy Solution.

This has a face amount between $1,000 and $50,000 for applicants under 55.

If you are 55-65 years old, you can qualify for up to $40,000 of coverage, 66-75 up to $30,000 and 76-85 up to $25,000.

The Easy Solution Plan offers a 2 year graded death benefit, with face amounts ranging from $1,000 – $25,000. Payout in the first two years of this plan varies by state, and is either 110% of premiums paid, or 30% of face amount in year one and 60% of face amount in year two.

An Accelerated Death Benefit Rider with Nursing Home Benefit is available in most states excluding New York.

Additional riders include an accidental death benefit rider and a children’s and grandchildren’s benefit rider.

Read the full Transamerica Life Insurance Review

trinity life insurance company

Trinity Life

A.M. Best rating: A

Trinity Life Insurance Company offers whole life insurance for final expenses.

Golden Eagle Final Expense is available as either simplified issue or graded death benefit.

Simplified issue whole life insurance is available for ages 50-85, with death benefits ranging from $2,500 to $25,000.

Graded benefit whole life insurance is available for ages 50-80, with death benefits ranging from $2,000 to $10,000.

Both products offer an Accelerated Living Benefit Rider for Terminal Illness or Nursing Home Confinement.

Check out our Family Benefit Trinity Life review for more.


United Home Life

A.M. Best rating: A-

United Home Life offers a simplified issue whole life insurance product for applicants from 20-80 years old. There are three plans to choose from.

  • Express Issue Premier
  • Express Issue Deluxe
  • Express Issue WL Graded Benefit

Express Issue Premier offers some of the largest final expense insurance face amounts. You can get a face amount from $5,000-$100,000 up until the age of 60. If you are 61-80, you can qualify for up to $50,000.

Riders available at no additional cost include:

  • Extended Hospital Stay Waiver
  • Identity Theft Waiver
  • Common Carrier ADB

Check out the United Home Life Review to know more.

Final Expense Life Insurance Quotes

The following are sample $25,000 final expense insurance rates for a male. All rates are for informational purposes, are subject to change, and must be qualified for.

$25,000 Burial Life Insurance Rates ages 50-59

All whole life rates shown below are fixed and will stay the same for your lifetime.

AgeLevelGradedGuaranteed Issue
5064.8082.09108.85
5167.8384.41117.10
5271.0689.02124.67
5374.4893.65131.77
5478.0598.28137.96
5581.55102.91143.46
5685.36107.55147.58
5789.33112.16151.25
5893.07119.11154.46
5996.97126.06156.75

$25,000 Final Expense Life Insurance Rates ages 60-69

All whole life quotes shown below are guaranteed to stay the same for your lifetime.

AgeLevelGradedGuaranteed Issue
60101.54132.98158.35
61106.15139.93170.04
62111.28146.88181.04
63117.09156.12191.58
64123.56165.39201.67
65130.03176.97211.52
66137.54188.53220.23
67144.40200.11227.79
68152.17213.99234.89
69159.55230.18241.08

$25,000 Burial Insurance Rates ages 70-79

All whole life insurance quotes shown below are guaranteed to stay the same for your lifetime.

AgeLevelGradedGuaranteed Issue
60169.94246.58246.58
61180.33267.26269.04
62191.72288.64291.04
63204.11310.64311.67
64217.56333.74330.92
65232.07357.39347.42
66262.79386.10405.85
67280.53422.84462.00
68300.53462.44515.85
69319.00501.25567.41

$25,000 Final Expense Insurance Quotes ages 80-85

All whole life insurance rates shown below are fixed for life and will not increase.

AgeLevelGradedGuaranteed Issue
80344.52534.58616.91
81370.06579.04691.74
82395.61608.96711.84
83422.75636.24788.61
84449.90660.44826.87
85477.04669.79865.38
Please give us a call for personalized final expense insurance rates, or enter your information in our final expense insurance quoter below.

Which Final Expense Company is Best for Me?

So with all these companies and the different final expense and burial insurance policies to choose form you might be a bit overwhelmed.

Here are a few important things to know when shopping for final expense or burial insurance.

Whole Life vs Term Life

First, make sure the policy is whole life insurance. There are many companies out there that offer term life insurance, masquerading as final expense insurance.

The problem arises when you buy into one of these initially low premium term life insurance policies and then five years down the road discover your premiums are going to increase.

Many companies, such as Globe Life, offer these increasing premium policies. After a few premium hikes, you will find yourself either broke, or out of a life insurance policy.

Instead, make sure you chose whole life insurance, where the premiums are fixed for the life of the policy.

Simplified Issue vs Guaranteed Issue

An important distinction to consider when shopping for the best final expense insurance is the difference between simplified issue life insurance and guaranteed issue life insurance.

Simplified issue life insurance is coverage that requires some underwriting. Typically this means you will be required to answer some health questions.

There are varying degrees of simplified issue insurance, including level, graded and modified.

LEVEL Benefit

Level coverage is your standard burial insurance with no waiting period. This type of final expense policy requires you pass a health questionnaire in order to qualify for the final expense insurance policy.

Different companies have varying degrees of questions. Some contain only 3 health questions, while others may ask many health questions.

Just know that if you want a level benefit plan, underwriters will consider your application, as may also look at the Medical Information Bureau (MIB), run a prescription drug check, and perform a Personal History Interview.

The point being, the more questions they ask, the lower your premium will probably be, but also the higher likelihood you may be denied coverage if you have a pre-existing condition.

GRADED Benefit

Graded is in between level and modified. It is somewhat of a hybrid between the two types of final expense insurance plans. It is not as difficult to get as simplified issue but not as easy as guaranteed issue.

As a result, there are some health questions to navigate.

Plus, a graded burial insurance policy will have some provisions that limit the total death benefit paid out in the first 2-3 years for non-accidental death.

For example, in year one, maybe only 30% of death benefit would be paid for natural causes.

And in year 2, perhaps 70% of the death benefit would be paid for natural causes, with the full death benefit paid in year 3 and onward.

MODIFIED Benefit

Modified final expense plans are the easiest to qualify for. This is typically the umbrella where your guaranteed issue life insurance will fall under.

Often, modified burial insurance plans require a 2 or 3 year waiting period before the full death benefit will be paid.

Generally, if death occurs due to natural cayuses in the first 2 or 3 years, the policy will pay a return of premium plus 10%.

This graded death benefit provision covers the company in case the insured already has a terminal illness.

However, if death occurs due to an accident, the policy will pay the full death benefit face amount.

How We can Help

Here is what we do…

First, we start off by talking with you. We get to know you, what your objectives are, any health or lifestyle issues that may exist, and anything else that may affect your life insurance application.

Next, we use the information you provide us to come up with a handful of different options for you. It may be that you qualify for ordinary term life or whole life insurance.

Then again, you may have some reason to prefer simplified issue no exam life insurance. The reasons can be anything from a fear of needles, not sure of your health status, or you may have an existing health condition that makes a simplified issue policy superior.

Finally, we may discover that you are best suited for a smaller simplified issue or guaranteed issue life insurance policy, where there are no exams and few, to none, health questions asked.

The bottom line is, we are here for you. That is what sets us apart.

About Us

At InsuranceBrokersUSA, we are a life insurance agency that represents many different companies. These are our top ten best whole life final expense or burial life insurance policy companies.

Each of these companies may or may not be right for you. In order to know which whole life final expense and burial insurance company is right for you and your situation, please give us a call today!

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