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Final expense insurance

Final expense is a whole life policy, there is no medical examination, and application takes less than 10 minutes. Know if it’s the right one for you!

Google
Sagicor
Fidelity Life
United Home Life
Americo Financial Life And Annuity Insurance Company Inc.
Nassue Re / Phoenix Life Insurance Company
Mortgage Protection Life Insurance

8 final expense policy featuresfinal expense life insurance for seniors

  1. Amount of Coverage from $2,500 up to $50,000
    The burial and final expense coverage are meant to give families a helping hand facing a family member’s death. It offers money to the beneficiary to ease the burden of paying for funeral costs and other expenses concerning the end of life.
  2. Without Medical Examination
    It is similar to a guaranteed issue that is without medical examination to qualify for life insurance.
  3. Easy Approval Process
    The application form is easier to fill out, like one to three pages. All your answers to the application will determine the type of policy you are qualified for.
  4. 50 Years and Above
    It is a type of policy for a specific target market, those above 50 years old. Final expense provides a straightforward procedure without a medical exam.
  5. Guaranteed Acceptance
    In case you have pre-existing conditions and do not qualify for the graded policy, you can consider getting modified guarantee issue insurance without health questions. However, there is a two-year waiting time with the revised guarantee before releasing the death benefits. During the waiting time, half of the death benefit is released. The money that the beneficiary will receive comes from the return of premium plus 10%.
  6. Cash Value
    Like the whole life, the final expense may also grow cash value over time. It is a fund that one can withdraw in case the need arises.
  7. Guaranteed Premium
    Another good thing about the final expense is that premiums do not change throughout the policy. However, there is an exemption. If it is a group life policy, the premium stays the same, but coverage will decrease after reaching a certain age.
  8.  Beneficiaries Have Freedom To Spend Benefits
    The final expense policyholder will name all the beneficiaries who will receive the death benefit after passing. These beneficiaries can spend the money for whatever purposes. In comparison with funeral insurance policy, the beneficiary may only pay it for funeral expenses.

Getting the best final expense life insurance rates

final expense life insurance rates1. Health Questions on application
Every insurer may have a different set of health questions for you to answer upon application. Mostly, insurers ask simple questions, and they do not give a lot of attention to health. The tricky part is finding the lowest premium without sacrificing the quality of the coverage.

For instance, a person with cancer and was treated two years ago may qualify for level policy from Royal Neighbors with full coverage. However, suppose the same person will try to apply to Mutual of Omaha. In that case, he or she may only qualify for a graded policy that has a two-year waiting time right before getting the full benefits of the coverage.

At Coach B, we are trying to talk to our clients and suggest the best policy that suits their health status and financial standing. Some do not want to answer hard health questions because they think that they will not qualify. However, with our licensed insurance agent’s help, we can help you answer tricky questions and get better policies with better pricing.

life insurance quotesThe following are a sample of questions that insurers might ask you. If you answer “no” to most of these questions, it means that you can qualify for a better policy and rates. 

  • Are you currently in hospital care or receiving hospice care?
  • Are you using oxygen support for a respiratory illness?
  • Are you diagnosed with an aneurysm and does not undergone surgery?
  • Are you diagnosed with any condition that requires a bone marrow, organ, or stem cell transplant?
  • Are you diagnosed with a kidney illness that needs dialysis?
  • Do you have any mental disorders like dementia or Alzheimer’s?
  • Are you suffering from Lou Gehrig’s disease?
  • Are you suffering from a terminal condition and only have 12 months to live? 

People who want better policy and coverage should answer all of these questions in total honesty. Insurers will know the truth by getting various public reports from:

  • Pharmacy report- It gives them the record of individuals regarding their medications for the past ten years. 
  • MIB report- It is a record of the past life insurance applications of the client. 
  • DMV report- It is a record of your driving history.
  • In case any of this information does not match your answers, then the insurer has the right to decline your application. An insurer may choose to push thru with the application by asking for additional information and documentation from you.

2. Financial Ratings
As you look for the best insurance provider, it is good to narrow down your choices by choosing those with A ratings. It will ensure that the insurer will meet the demand of all its ongoing insurance obligations. Also, insurers with A ratings have lower vulnerability when it comes to economic changes.

The AM Best financial ratings explained

3. Costs of Premium
The right final expense insurance companies may give you 20 to 30 percent savings in premium for similar benefits. For example, Colonial Penn’s burial coverage without questions is more than 20% higher than without health questions policy being offered by AIG or the American Insurance Group.life insurance cost

These two companies received an A rating. The AIG provides $25,000 coverage that is double the amount from Colonial Penn. Also, both policies are modified with a two-year waiting time to get the full benefits. Additionally, both can offer their clients accelerated death benefits rider and builds cash value over time.

The most significant dissimilarity between the insurer Colonial Penn and AIG is the cost of the policy.

4. Types of Policies
It is essential to consider that final expense life insurance has six different policy types. Every type has a different structure and cost. The rule is the healthier the client is, the more benefits they will get from the policy, and the cheaper it gets.

Do not be confused because we will discuss each type in detail to help you choose the right one for you.

1. Level Benefit (Whole Life Policy)

The whole life level policy is the simplest among the six types of the final expense policy. Applicants who are in good health condition may apply to a level policy. Those with some health issues but have been well controlled for more than three years are qualified for the procedure. On the day of its approval, the policy is already in effect. Therefore, when the policyholder dies, all beneficiaries will get the full death benefit immediately. 

Specifications:

  • Full Coverage on Day 1

It is not like the graded and modified benefit policy, as the death benefit is given 100% immediately right after the policyholder’s death. 

  • Most Affordable Option

Among the six types, it is the best option for those searching for affordable yet offering comprehensive benefits.

  • High Coverage Amount

Depending on the insurer, one can purchase a level benefit whole life final expense policy from $2,500 up to $100,000. 

Qualifications for Level Whole Life Policy

  • One can qualify for level benefit if he/she has not been diagnosed or receiving treatment for severe cases for the past three years, including cancer, diabetes after age 40, heart illness, stroke, COPD, cerebral palsy, Crohn’s disease, and MS. 
  • A person without a history of amputation, paralysis, heart failure, Parkinson’s disease, dialysis, HIV, AIDS, and Alzheimer’s or currently hospitalized. 
  • Applicants with controlled and maintain medical conditions are encouraged to apply.  

2. Graded Benefit

A person may apply for a graded benefit if they do not have any severe illness for the past two years. However, this timeframe still depends on the insurance provider. 

For instance, it may be the best plan for people who have Parkinson’s disease and other manageable illnesses. However, if death occurs because of health reasons within two years, the insurer will only part from a portion of the total death benefit. In case of death after two years, then the full death benefit is given to the beneficiaries. 

Specifications:

  • Graded Death Benefit

A certain percentage is given with graded death benefit if the insured died within the policy’s first two years. For the first year, some insurers may only give 30% of the death benefit, and in the second year, it may increase to 70%. However, this percentage varies according to the insurance provider. During the third year, the insurer will start to pay for a 100% death benefit. 

  • Accidental Rider

Some choose to acquire the accidental rider as part of the final expense policy to get a 100% death benefit in unintentional death. The death benefit will be available for the beneficiaries immediately right after the end of the policyholder.

  • Return of Premium Plus 10% for Suicide

In case the policyholder’s cause of death is a suicide, then beneficiaries will receive all premiums paid with an additional 10% from the total compensation paid. 

Qualifications for Graded Whole Life Policy

  • One can qualify for graded benefit if he/she has not been diagnosed or receiving treatment for severe cases for the past three years, including cancer, diabetes after age 40, heart illness, stroke, COPD, cerebral palsy, Crohn’s disease, and MS. 
  • A person without a history of dialysis, ALS, HIV, AIDS, and Alzheimer’s or currently hospitalized. 
  • Applicants with controlled and maintain medical conditions are encouraged to apply. 

3. Modified Benefit

This policy is likely the same as graded. However, the difference is that it includes a more serious illness like cancer than just manageable diseases. The only problem is that it has a two-year waiting period to release the full death benefit.

In case of non-accidental death right before the two-year waiting period, the policy may only give the return of premium paid and a percentage from the total death benefit. On the first day of the third year, the carrier will pay the full death benefit given to the beneficiaries. 

Specifications:

  • Death Benefit

There is a certain percentage given if the insured died within the first two years of the policy with modified benefit. Insurers may give back all paid premiums plus 10% from the total death benefit. However, this percentage may differ according to the insurance provider. During the third year, the insurer will start to pay for a 100% death benefit. 

  • Accidental Rider

The 100% death benefit will be available for the beneficiaries immediately if the cause of the insured’s demise is an accident.

  • Return of Premium Plus 10% for Suicide

In case the policyholder’s cause of death is a suicide, then beneficiaries will receive all premiums paid with an additional 10% from the total compensation paid. 

Qualifications for Modified Whole Life Policy

  • One can qualify for level benefit if he/she has not been diagnosed or receiving treatment for severe cases for the past three years, including cancer, diabetes after age 40, heart illness, stroke, COPD, cerebral palsy, Crohn’s disease, and MS. 
  • A person without a history of dialysis, ALS, HIV, AIDS, and Alzheimer’s or currently hospitalized. 
  • Applicants with controlled and maintain medical conditions are encouraged to apply. 

4. Guaranteed Acceptance

This policy, just like its name implies, is guaranteed. Therefore, one does not need to answer questions about health or medical history. However, like others, there is a two-year waiting period right before the beneficiary gets the full death benefit.

Moreover, during the first and second year, the beneficiary may only get all paid premiums plus 10% of the total death benefit. It serves as the insurer’s protection if the insured already has a terminal illness. If accidental death occurs, a total death benefit will be paid after 1 to 2 years. Beneficiaries will receive all death benefits in the third year.

Specifications:

  • Death Benefit

A specific percentage that beneficiaries will get if the insured died within the first two years of the policy. Insurers may give back all paid premiums plus 10% from the total death benefit. However, this percentage may differ according to the insurance provider. During the third year, the insurer will start to pay for a 100% death benefit. 

  • Accidental Rider

The 100% death benefit will be available for the beneficiaries immediately if the cause of the insured’s demise is an accident.

  • Return of Premium Plus 10% for Suicide

In case the policyholder’s cause of death is Suicide, then beneficiaries will receive all premiums.

  • The amount of coverage may range from $1,000 up to $40,000

Qualifications for Guaranteed Acceptance Whole Life Policy

  • The best thing about this type is the fact that there is no qualification because it guarantees acceptance.

5. Funeral Insurance

There is a final expense funeral policy that one can purchase directly from a funeral home. However, the funeral home is the beneficiary. The primary purpose of this policy is to pay for the entire funeral expenses in advance. The whole policy covers the funeral services, memorial service, and burial costs. 

The downside of getting a final expense funeral policy is that it is somewhat like a layaway plan. Hence, it is offered as a single-pay, 1, 5, or 10 years payment scheme. Therefore, once you purchase this policy, it is locked in, and changes are not possible. 

The advantage of getting a final expense funeral policy is that once it is purchased, there is nothing to worry about your family if something terrible happens to you. Also, prices are set and will never change. 

Specifications:

  • Death Benefit

If the insured dies at the first two years of the policy, beneficiaries will receive paid premiums and 6%. On the third year of the policy, beneficiaries will get the full death benefit on day 1.

  • Accidental Death

In case of accidental death, then the funeral home will receive 100% of the death benefit on day 1.

  • Return of Premium Plus 6% for Suicide

In case the policyholder cause of death is a suicide, then beneficiaries will receive all premiums

  • The coverage amount is $1,000 up to $20,000, and the funeral home will be the beneficiary.

Qualifications for Funeral Insurance Policy

This type of policy has no qualifications because it is guaranteed, and health is not an issue.

6. Group Life Policy

It is a type of final expense policy that one can get from their employer or associations where they belong. Each group provides its own set of qualifications. Also, each group policy has various products from an final expense insurance provider. The master policyholder is the group, company, or association. Therefore, you will not get an individual policy but a certificate as proof of your membership.group life insurance 

Moreover, the service for the policy is not provided by the insurer. Instead, there is a plan administrator directly from the company or association. Also, a group policy is available for all regardless of age and health status. There may be few health questions, but it will not matter. 

The coverage amount for this type of final expense policy may start from $10,000. It may increase depending on the type of policy and coverage that the company or association acquires. Both term and whole life policies are available for group life policy, depending on the group or company’s choice. 

There is another option aside from the six types mentioned above. One can get it from various final expense insurance providers, but not all offer it. It is burial insurance, a kind of life policy that one can use to pay for the funeral service and other expenses after death. Unlike funeral insurance, burial insurance is not only for funeral purposes. 

Advantages of Getting a Burial Insurance

  • It is effortless to acquire through phone calls or online applications. 
  • The policy does not need a medical examination to qualify. 
  • Most of the burial policies available in the market are guaranteed. 
  • It offers coverage age of up to 100 years old.
  • One can purchase it at a very minimal amount starting from $5,000 up to $10,000.
  • It is a cash policy that means it also earns cash value over time. burial insurance

Moreover, the insurer may ask you a few questions about your age, severe health conditions, and smoking history. Also, some may have a two-year waiting period or less, depending on the insurer.

Another good thing about it is the fact that its premiums do not change and coverage is permanent. Some of the expenses that it may cover are casket, cemetery plot, funeral service, funeral procession, and other fees associated with death. 

Final Expense Insurance Company Comparison Chart

 ISSUE AGESLENGTH OF GRADED DEATH BENEFIT PERIODWHAT DOES UNDERWRITING CHECK?COVERAGE AMOUNTSPRODUCT INFO
assurity life40 – 80 years2 years
  • MIB (Medical Insurance Bureau)
  • RX (prescription drug check)
$5,000 – $35,000assurity final expense
kemper40 – 80 years2 yearsGuaranteed Issue$5,000 – $25,000#1 Best Final Expense Insurance Quotes | Burial Insurance for Seniors | Coach B. Insurance 1
united home life25 – 80 years2 years
  • MIB (Medical Insurance Bureau)
  • RX (prescription drug check)
$5,000 to $100,000UHL final expenselife insurance
independent order of foresters50 – 80 years2 years
  • MIB (Medical Insurance Bureau)
  • RX (prescription drug check)
$2,000 – $35,000Foresters final expense life insurance
gerber life50 – 80 years2 yearsGuaranteed Issue$5,000 – $25,000Gerber Life Final Expense Life Insurance
fidelity life50 – 85 years3 years
  • MIB (Medical Insurance Bureau)
  • RX (prescription drug check)
Up to $35,000
fidelity final expense life insurance
mutual of omaha45 – 85 years2 yearsGuaranteed Issue$3,000 – $25,000mutual of omaha final expense life insurance
 

What does final expense insurance cost

final expenses insuranceThe cost of final expense insurance can vary depending on factors such as age, health, and the coverage you need. On average, premiums can range from $30 to $100 monthly. It’s essential to shop around and compare quotes from different insurance providers to find the best rate for your needs.

Best final expense insurance companies

final expense life insurance companiesWhen choosing the best final expense insurance company, several factors must be considered. Some of the top companies in this field include Mutual of Omaha, AIG, and Transamerica. It’s essential to compare policies and rates from multiple companies to find the one that best fits your needs. Look for a company with a solid financial rating, good customer service, and a history of paying out claims promptly. Be bold, ask questions, and seek advice from a trusted financial advisor or insurance agent.

Mutual of Omaha is a popular choice for final expense insurance for seniors, with policies that offer coverage up to $40,000 and no medical exam required. AIG also provides final expense insurance with a range of up to $25,000 and a simplified application process. Transamerica is another top contender, with policies offering coverage up to $50,000 and various payment options. Other companies to consider include Gerber Life Insurance and Colonial Penn. Ultimately, the best final expense insurance company for you will depend on your individual needs and budget. Be sure to do your research and compare policies before making a decision.

How does final expense insurance work

Final expense insurance is a type of life insurance specifically designed to cover the costs associated with end-of-life expenses. This can include funeral and burial costs and any outstanding medical bills or other debts. When you purchase a final expense insurance policy, you pay a monthly premium in exchange for a guaranteed payout to your beneficiaries upon your death. This payout can cover the costs of your final expenses, relieving your loved ones of this financial burden. It’s important to note that final expense insurance policies typically have lower coverage amounts than traditional life insurance policies, but they are also more affordable and easier to qualify for.

Final expense insurance policies are typically sold to seniors or those with pre-existing health conditions who may not qualify for traditional life insurance. The application process is often more straightforward and less stringent, with no medical exam required in many cases. The premiums are also typically lower, making it a more affordable option for those on a fixed income. When you pass away, the death benefit is paid directly to your beneficiaries, who can use the funds to cover your final expenses. It’s essential to carefully consider your options and choose a policy that provides adequate coverage.

Benefits of final expense insurance

Final expense insurance provides peace of mind for you and your loved ones. By planning and purchasing a policy, you can ensure that your final expenses will be covered and your loved ones won’t be burdened with unexpected costs. Additionally, final expense insurance policies are typically easier to qualify for than traditional life insurance policies, making them an excellent option for those who may have difficulty obtaining coverage due to age or health issues. Finally, the payout from a final expense insurance policy can be used for any purpose, not just end-of-life expenses, giving your beneficiaries flexibility in how they use the funds.

One of the most significant benefits of final expense insurance is the peace of mind it provides. Knowing that your final expenses will be covered can alleviate stress and worry for you and your loved ones. Final expense insurance policies are also typically easier to qualify for than traditional life insurance policies, as they often have lower coverage amounts and fewer medical requirements. This makes them an excellent option for those with difficulty obtaining coverage due to age or health issues. Additionally, the payout from a final expense insurance policy can be used for any purpose, not just end-of-life expenses. This gives your beneficiaries flexibility in how they use the funds, whether to pay off debts, cover medical costs, or provide a financial cushion during a difficult time. Overall, final expense insurance is a wise investment for anyone looking to ensure their loved ones are cared for after they’re gone.

What does final expense insurance cover

Final expense insurance covers the costs associated with a person’s funeral and burial or cremation. This can include expenses such as the casket or urn, funeral home services, transportation of the body, and cemetery or cremation fees. Some policies may also cover outstanding medical bills or legal costs. It’s essential to review the specific coverage of a policy before purchasing to ensure it meets your needs and preferences.

Final expense insurance provides peace of mind for the policyholder and their loved ones. Covering the costs of end-of-life expenses can alleviate the financial burden of planning a funeral or memorial service. The coverage amount can vary depending on the policy but typically ranges from $5,000 to $25,000. Some policies may also offer additional benefits, such as accelerated death benefits or accidental death coverage. It’s essential to carefully consider your options and choose a policy that fits your budget and coverage needs.

What is final expense insurance

Final expense insurance is a type of life insurance for seniors specifically designed to cover the costs associated with a person’s funeral, burial, or cremation. It is often purchased by individuals who want to ensure their loved ones are not burdened with these expenses after passing away. Final expense insurance policies typically have lower coverage amounts than traditional life insurance policies, but they are also more affordable and easier to qualify for. It’s essential to consider your options and choose a policy that meets your specific needs and budget.

Final expense insurance is an excellent option for those who want to cover their final expenses without burdening their loved ones. These policies typically have coverage amounts ranging from $5,000 to $25,000, which is enough to cover the funeral, burial, or cremation costs. Unlike traditional life insurance policies, final expense insurance policies are easier to qualify for and have lower premiums. They also offer a guaranteed payout, which means that your beneficiaries will receive the total amount of the policy regardless of how much you have paid in premiums. When considering final expense insurance, shopping around and comparing policies is essential to find the one that best fits your needs and budget.

Final Expense Insurance Reviews

final expense insurance reviewsFinal Expense Insurance is life insurance designed to help cover funeral expenses and other end-of-life costs. Reviews are essential when considering this type of coverage, as various styles and options are available from different carriers. It’s necessary to read reviews from trusted sources to compare policies, compare costs, and ensure you’re getting the best coverage for your needs.

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