The Best Final Expense Life Insurance Companies

Before purchasing life insurance, it helps to know why. There are many reasons to buy coverage, from protecting your family to ensuring that your spouse can manage bills without you. However, if you’re not trying to provide a substantial lump sum, final expense life insurance might be a better choice. 

No matter what kind of coverage you’re looking for, the best way to find the right plan for your needs is to compare options. Today, we will showcase the top-rated life insurance companies that specialize in final expense coverage and discuss why this type of plan may work well for you. 

What is Final Expense Life Insurance? 

In the United States, the average cost of a funeral is between $7,000 and $12,000. Unfortunately, your loved ones may not have that kind of money available when you die, which can put an undue burden on their shoulders. 

Final expense life insurance, also known as burial insurance, is designed to help cover these costs. Here are some hallmarks of these plans. 

  • Lower Death Benefit – Usually, policies will pay out between $5,000 and $25,000 when you die. In some cases, you may be able to purchase up to $50,000 of coverage, but it can be challenging to qualify, depending on your age and health. 
  • Two-Year Waiting Period – With some final expense life insurance plans, there is a two-year waiting period before your full death benefit kicks in. So, if you die before then, your beneficiaries will receive a reduced payout. 
  • Guaranteed Acceptance – If you’re struggling to qualify for life insurance because of your age or health conditions, burial insurance might be your only option. Guaranteed acceptance plans do cost a lot more, however, so we don’t recommend them unless necessary. 
  • Permanent Coverage – Unlike term insurance that expires at the end of your coverage period, final expense life insurance stays with you forever. Best of all, you can potentially pay off the plan early to avoid premium payments later in life. 

Burial Insurance vs. Funeral Insurance

You may find plans that offer funeral insurance instead of final expense coverage. While these options are similar, there is one crucial difference. With burial insurance, the money can be used however your beneficiaries see fit. So, if there are funds left over after your funeral service, your loved ones get to keep the overage. 

With funeral insurance, the policy is made with the funeral company directly. In that case, all of the money is used to cover your final expenses. If any is left over afterward, the company keeps it. If the funeral home goes out of business before you die, your plan is no longer valid. 

In most cases, it’s better to buy final expense coverage because it is guaranteed, and the payout is much more flexible. 

Top Seven Companies for Final Expense Life Insurance

The best way to ensure that you’re getting the best rates and policy terms is to shop around with different companies. We’ve compiled a list of the top insurance carriers that provide this type of plan. You can also call us at NextGen Life Insurance for more personalized assistance based on your unique situation. 

Mutual of Omaha

  • Coverage Amounts: $2,000 to $40,000
  • Policyholder Age Range: 45 to 85
  • Waiting Period: None

What We Like About This Company

When choosing life insurance, you want to be sure that the company underwriting the policy has an excellent reputation. You also need to ensure that it will still be around when you’re gone so that your coverage remains intact. 

Mutual of Omaha has been in business for over 100 years (since 1909), making it one of the country’s oldest and most respected insurance companies. It also has an A+ credit rating from A.M. Best, which means that it has more than enough capital to satisfy its liabilities. 

Overall, you don’t have to worry about your beneficiaries being left in the dark when the time comes. You can feel confident when buying a policy, no matter what kind of insurance you may need. 

Additional Considerations

  • Accidental Death and Dismemberment – You can purchase an AD&D rider for your policy, which can pay an additional amount if your death is accidental or you lose a limb. 
  • Cash Value Portion – Because this policy is a form of whole life insurance, you can borrow against the death benefit if necessary. 
  • No Medical Exam – While you have to answer health questions, Mutual of Omaha does not require an in-person exam. 
  • No Guaranteed Acceptance Plans – If you answer yes to a “knockout” question (i.e., you have a severe health condition), you will get declined. However, many problems are covered, including diabetes, smoking, sleep apnea, and more. 

Foresters Financial

  • Coverage Amounts: $5,000 to $35,000
  • Policyholder Age Range: 50 to 85
  • Waiting Period: Not for most plans

What We Like About This Company

Again, the history behind an insurance carrier can tell you a lot about its reliability. Since Foresters Financial has been in business since 1874, you know that it must be doing something right for its clients. It also has an A rating from A.M. Best, which is excellent. 

Unfortunately, you can’t get a quote online, but most policy premiums are comparable to other companies in the industry. This plan will stay in effect until you’re 121, and your payments will never increase as you age. 

The Best Final Expense Life Insurance Companies

Additional Considerations

  • Three Rider Options – In addition to accidental death and dismemberment, Foresters Financial offers an accelerated death benefit to cover costs related to a terminal illness and a family health benefit rider. The family rider is designed to provide stability after a natural disaster. 
  • No Medical Exam – You will be asked health questions that will determine your rates. There is no waiting period in most cases, but it depends on the level of underwriting necessary. Foresters does not cover as many health conditions as other companies, though. 
  • No Guaranteed Acceptance – As with Mutual of Omaha, you may get declined for a plan. If that does happen, there are always alternatives available at other carriers. 

Royal Neighbors of America

  • Coverage Amounts: $5,000 to $25,000
  • Policyholder Age Range: 50-85
  • Waiting Period: Not on most plans

What We Like About This Company

In some cases, final expense life insurance is only one of many options available by a large insurance company. With Royal Neighbors of America, the brand focuses and specializes in this type of coverage. Because of that focus, this company offers one of the most flexible policies you can find. 

Royal Neighbors has been around for over 120 years (since 1895), and it has an A- rating from A.M. Best. This company is ideal for seniors trying to buy life insurance, particularly those over 70. 

Additional Considerations

  • No Riders Available – If you want living benefits, you will have to search elsewhere. 
  • No Medical Exam Required – Royal Neighbors can cover you even if you have one of many different health conditions, including diabetes, obesity, seizures, blood clots, home health care, and more. 
  • Guaranteed Acceptance Plans aren’t available – Since this company covers so many conditions, you are likely to get approved. However, terminal illnesses like cancer can get you declined. 
  • Not Available in All States – If you live in Alaska, Alabama, Hawaii, Louisiana, Massachusetts, New Hampshire or New York, you can’t get coverage. 


  • Coverage Amounts: $1,000 to $50,000
  • Policyholder Age Range: 45 to 85
  • Waiting Period: Not on most plans

What We Like About This Company

When it comes to ratings, TransAmerica has an A+ from A.M. Best, which is considered a “superior” ranking. The company has also been in business since the turn of the last century (1904), so you can feel confident when purchasing a plan. 

TransAmerica offers three types of final expense coverage policies, so you can pick the one that works best for your needs. This policy is also available in all 50 states, so it doesn’t matter where you live. 

Additional Considerations

  • Accidental Death and Dismemberment – You can receive up to two times your death benefit if it falls under the AD&D guidelines
  • No Medical Exam – TransAmerica isn’t as lax as Royal Neighbors, but it does cover individuals with COPD or emphysema, as well as kidney disease and Parkinson’s, among others
  • No Guaranteed Acceptance – As with the other companies we’ve seen, you can get declined for coverage based on certain medical conditions


  • Coverage Amounts: $5,000 to $25,000
  • Policyholder Age Range: 50 to 85
  • Waiting Period: Yes on all plans

What We Like About This Company

Although this plan is relatively new (since 2017), it has become one of the top-rated final expense life insurance options. Unlike other companies we’ve seen, AIG does offer guaranteed acceptance plans, so you can get coverage if you have a terminal illness. However, there is a two-year waiting period, so you will have to plan accordingly. 

Another element we like about AIG is that the guaranteed insurance rates are lower than most other companies. This means you can provide for your loved ones without having to spend too much in the process. 

Additional Considerations

  • Living Benefits Riders – AIG does offer terminal illness and chronic illness riders on its plans. These riders allow you to tap into the death benefit if you are diagnosed after getting approved. 
  • No Immediate Benefits – If you’re in moderate to good health, you might want to purchase a plan that activates right away. AIG incurs a two-year waiting period on all policies, regardless of your health. If you die within that time, your beneficiaries will receive 110 percent of all premium payments paid into the plan already. 

Gerber Life

  • Coverage Amounts: $5,000 to $25,000
  • Policyholder Age Range: 50-80
  • Waiting Period: Yes

What We Like About This Company

Although Gerber may call to mind images of babies, the company also specializes in final expense insurance. Because Gerber doesn’t offer tons of life insurance options, it has one of the simplest and easy to understand policies for seniors. 

That being said, there is a two-year waiting period for all plans, so if you are in good health, you might want to compare rates elsewhere. However, Gerber offers guaranteed acceptance life insurance, so those with terminal illnesses may want to apply. 

Additional Considerations

  • No Riders – You can’t add any living benefits to your policy. 
  • No Medical Exam – Because most policies are guaranteed issue, the company will only ask you health questions when you apply. 
  • Coverage for 80+ is not available – If you are over 80 and looking for life insurance, you will have to go elsewhere. 


  • Coverage Amounts: $2,000 to $30,000
  • Policyholder Age Range: 50 – 85
  • Waiting Period: Not on most plans

What We Like About This Company

Our final option is another highly rated business that has been around for over a century. Americo has an A rating by A.M. Best, and it was founded in 1909. The company offers multiple versions of whole life insurance, including policies that focus on final expenses. 

Americo does not offer guaranteed acceptance plans, so there is usually no waiting period for new applicants. Best of all, the company can still cover you if you have some severe health conditions, including Parkinson’s, stroke, heart surgery, and diabetes. 

Additional Considerations

  • Terminal Illness Rider – If you get diagnosed with a terminal illness, you can receive up to half of your death benefit to cover medical expenses. 
  • Not Available in All 50 States – Residents of New York or Vermont cannot receive this coverage. 
  • No Medical Exam – Once you’re approved, you can often get same or next-day protection

Contact NextGen Life Insurance Today

Although we’ve shown you many high-quality life insurance companies on this list, there are many more out there. We will work with you to ensure that you get the coverage you need without the hassle. Call us or request a quote online to see how we can help.