Several insurance companies offer final expense insurance options. It can be confusing to determine which companies are reliable and offer the best policies. Luckily, there are rating companies that do some of the work for consumers. A.M. Best is one company that rates insurance companies based on their creditworthiness, ability to pay claims, debts, and other financial obligations. They give different companies a letter grade depending on these parameters. Below are reputable insurance companies with good final expense plans.
Best Insurance Companies for Final Expense Policies
Different people have different needs when it comes to insurance policies. However, the below insurance companies offer quality policies that apply to most people. The best insurance companies for consumers looking for final expense insurance are, in no particular order:
- Mutual of Omaha
- Foresters Financial
- Trans America
- Royal Neighbors of America
- American Amicable
- AIG
- Americo
- Gerber Life
Each company is explored in more detail so that you can understand which one is right for you.
Mutual of Omaha
- A.M. Best Rating: A+
- Policy Type: Level and Graded Whole life insurance
- Waiting Period: No
- New Applicant Range:45-85
- Face Amount Options: $2,000-$40,000
- Why it’s great: In business since 1909, Mutual of Omaha has some of the lowest rates for burial policies for people over 80 years old. Their plans are flexible with many options to suit many different people. While they may not accept recently diagnosed serious illnesses like strokes and heart attacks, they do accept many common chronic diseases, like Type-II diabetes and epilepsy. The death benefit also has no restrictions on what it can be used for.
Foresters Financial
- A.M. Best Rating: A
- Policy Type: Level, Graded, and Modified whole life insurance
- Waiting Period: No
- New Applicant Range: 50-85
- Face Amount Options: $2,000-$35,000
- Why it’s great: One of the oldest and largest final expense policy companies, they offer flexible plans with low premiums. They accept many people with mental health issues like bipolar disorder, depression, and schizophrenia. They also accept people with medical disorders like seizure disorders, Type I and Type II Diabetic patients, and patients who take blood thinner. While certain options are excellent, experts warn against buying their modified plan. Instead, they recommend their level plan for a well-priced, day-one coverage option.
TransAmerica
- A.M. Best Rating: A+
- Policy Type: whole life insurance
- Waiting Period: No
- New Applicant Range: 45-85
- Face Amount Options: $1,000-$50,000
- Why it’s great: TransAmerica offers the fullest range of coverage. They offer policies to people as young as 45 and for as low as $1,000. While they are a reliable option for many people, they are particularly suitable for people with Chronic Obstructive Pulmonary Disease. Additionally, there is no restriction on the death benefit payout.
Royal Neighbors of America
- A.M. Best Rating: A-
- Policy Type: Level and graded simplified whole life insurance
- Waiting Period: No
- New Applicant Range: 50-85
- Face Amount Options: $5,000-$25,000
- Why it’s great: Royal Neighbors of America offers very flexible plans that are accessible to people with risks. Some experts recommend this company for seniors with diabetes because they offer coverage with no waiting period and low monthly premiums. They also accept consumers who are morbidly obese, on blood thinners or have mental health issues. However, they do not offer guaranteed acceptance plans. The death benefit also has no restrictions on what it can be used for.
American Amicable
- Prosperity Life Insurance Group
- A.M. Best Rating: A
- Policy Type: Level, graded, and modified whole life insurance
- Waiting Period: No
- New Applicant Range: 50-85
- Face Amount Options: $2,500-$35,000
- Why it’s great: Created in 1910, this company is great for people with serious health disorders like anxiety, depression, bipolar disorder, and schizophrenia. They are also affordable for people who use tobacco. According to their methods, pipe and cigar users do not get charged as a tobacco user. The death benefit also has no restrictions on what it can be used for.
AIG
- A.M. Best Rating: A+
- Policy Type: Guaranteed Whole Issue Life
- Waiting Period: Yes – 2 years
- New Applicant Range: 50-85
- Face Amount Options: $5,000-$25,000
- Why it’s great: AIG’s final expense policy is the same as Gerber Life with a more favorable premium. It is a guaranteed option that is affordable for people ages 81-85 who traditionally have a harder time finding guaranteed acceptance plans. The death benefit also has no restrictions on what it can be used for.
Americo
- A.M. Best Rating: A
- Policy Type: Whole life insurance
- Waiting Period: No
- New Applicant Range: 50-85
- Face Amount Options: $2,000-$30,000
- Why it’s great: While Americo’s application does ask medical questions, it is unique in that it is very limited. It only asks about heart attacks, strokes, and cardiovascular surgeries within the past 12 months. This is in contrast to other companies that ask about issues within the past 24 months. Additionally, they accept high-risk conditions like Lupus and Parkinson’s Disease. Lastly, the death benefit has no restrictions on what it can be used for.
Gerber Life Insurance
- A.M. Best Rating: A
- Policy Type: Guaranteed Issue whole life insurance
- Waiting Period: Yes – 2 years
- New Applicant Range: $5,000-$25,000
- Face Amount Options: 50-80
- Why it’s great: As stated above, Gerber Life and AIG are very similar. Gerber Life also has no health questions with their guaranteed acceptance plan. While they have a waiting period like all other guaranteed policy companies, they have a refund policy plus 10% interest. While guaranteed policies are not for everyone, Gerber Life is a great policy for those who need a guaranteed acceptance plan. Lastly, the death benefit also has no restrictions on what it can be used for.
The above insurance carriers are reputable companies that offer excellent plans for a wide variety of people. They have been verified by outside rating companies to confirm their status as reputable insurance firms. If you are unsure about your needs regarding a final expense policy, the best course of action is to contact an insurance agent. They can help you navigate the complexities of different policies to choose the best one for your needs.