Low Premiums and affordable coverage
Guaranteed Coverage with no medical exams
Protect Your Loved Ones With A Final Expense Life Insurance Policy
Final Expense burial insurance, also known as burial insurance or funeral insurance, is a type of whole life insurance policy designed to cover the costs associated with a person's funeral and burial. Here's a detailed explanation:
No, there isn't much difference between the two terms and they are often used interchangeably.
They both provide broad coverage that can be used for any end-of-life expenses, including medical bills, credit card debt, and other outstanding obligations.
Burial insurance, also known as final expense insurance, can provide peace of mind by covering end-of-life expenses. Let's examine the pros and cons of burial insurance products from the top 20 providers:
1. Mutual of Omaha
Pros:
- No waiting period for qualified applicants
- Competitive rates
- Strong financial stability (A+ A.M. Best rating)
- Coverage available up to $40,000
Cons:
- Two-year waiting period for those who don't qualify for immediate coverage
- Not available in New York
Mutual of Omaha is indeed one of the top providers of burial insurance in the USA and is well-known for its final expense products. The company offers both a Level Benefit Plan and a Graded Benefit Plan, catering to different health profiles and needs.
2. Transamerica
Pros:
- Offers final expense insurance with coverage amounts from $2,000 to $50,000
- No medical exam required for their Immediate Solution and 10-Pay Solution plans
- Available for ages 45 to 85 (50-75 in NY)
- Simplified issue underwriting process
- Guaranteed level premiums
- Cash value accumulation
- Strong financial ratings (A+ from A.M. Best)
- Flexible payment options (including a 10-year payment option)
Cons:
- May have higher premiums compared to some competitors
- Two-year graded death benefit period for some policies
- Not available in all states
- Limited rider options compared to some other insurers
Transamerica, a well-established insurance company, offers final expense insurance designed to cover end-of-life costs. They provide several options under their final expense insurance category:
1. Immediate Solution: This plan offers immediate full death benefit coverage from day one, subject to answering health questions.
2. 10-Pay Solution: Similar to the Immediate Solution, but premiums are paid over just 10 years, after which the policy is fully paid up.
3. Easy Solution: A guaranteed issue policy with no health questions, but it comes with a two-year graded death benefit period.
Key features of Transamerica's final expense insurance include:
- Simplified Issue: The application process involves answering a few health questions rather than undergoing a medical exam.
- Guaranteed Level Premiums: Once set, the premium remains the same throughout the life of the policy.
- Cash Value: As a whole life policy, it builds cash value over time that can be borrowed against if needed.
- Quick Approval: In many cases, coverage can be approved within days due to the simplified underwriting process.
- Flexible Payment Options: Policyholders can choose from various payment schedules, including the unique 10-year payment option.
3. State Farm
Pros:
- Strong brand recognition and customer service
- No medical exam required for final expense policy
- Coverage available up to $10,000 for final expense insurance
- Offers a simplified issue whole life insurance policy
- Financial stability with high ratings from major rating agencies
Cons:
- Limited coverage amount for final expense insurance compared to some competitors
- May be more expensive than specialized burial insurance providers
- Not available in all states for final expense insurance
State Farm offers a Final Expense policy designed to cover end-of-life costs. The application process is straightforward with no medical exam required. It's available for individuals aged 50 to 80 (age limits may vary by state). The policy offers guaranteed level premiums and builds cash value over time.
4. Fidelity Life
Pros:
- Offers RAPIDecision Final Expense, a whole life insurance policy for final expenses
- No medical exam required, only health questions
- Coverage amounts from $5,000 to $35,000
- Available for ages 50 to 85
- Simplified issue underwriting process
- Guaranteed level premiums
- Cash value accumulation
- Quick approval process, often within days
Cons:
- May have higher premiums compared to some competitors
- Not as well-known as larger insurance companies
- Limited rider options
- May have a graded death benefit period for some policies
Fidelity Life offers final expense insurance through their RAPIDecision Final Expense product. This policy is designed to cover end-of-life costs such as funeral expenses and medical bills. Here are some key features:
1. Simplified Issue: The application process involves answering health questions rather than undergoing a medical exam.
2. Flexible Coverage: Offers coverage amounts ranging from $5,000 to $35,000 to suit different needs.
3. Guaranteed Level Premiums: Once set, the premium remains the same throughout the life of the policy.
4. Cash Value: As a whole life policy, it builds cash value over time that can be borrowed against if needed.
5. Quick Approval: In many cases, coverage can be approved within days due to the simplified underwriting process.
6. Graded Death Benefit: For some policies, there may be a graded death benefit period, typically two years, during which the full death benefit may not be paid for non-accidental deaths.
7. Age Range: Available for individuals aged 50 to 85, making it accessible for many seniors.
5. AFLAC (American Family Life Assurance Company)
Pros:
- Offers final expense whole life insurance
- No medical exam required for their final expense policy
- Coverage amounts from $5,000 to $50,000
- Available for ages 50 to 80
- Guaranteed level premiums
- Cash value accumulation
- Policy can be issued quickly, often within days
- Strong financial ratings and well-known brand
Cons:
- May have higher premiums compared to some competitors
- Not available in all states
- May have a graded death benefit period for some policies
- Limited rider options compared to some other insurers
AFLAC, known for its supplemental insurance products, also offers final expense insurance designed to cover end-of-life costs. Here are some key features of their final expense policy:
1. Simplified Issue: The application process involves answering a few health questions rather than undergoing a medical exam.
2. Guaranteed Level Premiums: Once set, the premium remains the same throughout the life of the policy.
3. Cash Value: As a whole life policy, it builds cash value over time that can be borrowed against if needed.
4. Quick Approval: In many cases, coverage can be approved and issued within days due to the simplified underwriting process.
5. Guaranteed Renewable: The policy cannot be canceled as long as premiums are paid.
6. Flexible Payout Options: Beneficiaries can choose to receive the death benefit as a lump sum or in installments.
7. Additional Benefits: Some policies may include riders for accidental death benefit or accelerated death benefit for terminal illness.
6. TruStage
Pros:
- Guaranteed acceptance for ages 45-80
- No health questions or medical exam
- Quick approval process
Cons:
- Two-year waiting period for full benefits
- Maximum coverage of $20,000 may be insufficient for some
7. Gerber Life Insurance Company
Pros:
- Guaranteed acceptance for ages 50-80
- No medical exam or health questions
- Coverage up to $25,000
Cons:
- Two-year graded death benefit period
- May be more expensive than medically underwritten policies
Gerber Life Insurance Company is indeed one of the top providers of burial insurance in the USA. They are known for their Guaranteed Life Insurance policy, which is often used for final expenses.
To provide some additional information about Gerber Life's burial insurance offering:
- Their policy is a whole life insurance policy, which means it builds cash value over time.
- Premiums never increase as long as you continue to pay them.
- The coverage amount remains the same throughout the life of the policy.
- They offer a 30-day free look period, during which you can cancel the policy for a full refund.
8. AIG (American International Group)
Pros:
- Offers guaranteed issue whole life insurance for final expenses
- No medical exam or health questions required
- Coverage amounts up to $25,000
- Available for ages 50 to 85 (50 to 80 in New York)
- Guaranteed level premiums
- Cash value accumulation
- Strong financial ratings (A from A.M. Best)
- Includes chronic illness and terminal illness riders at no extra cost
Cons:
- Two-year waiting period for guaranteed issue policies
- May have higher premiums than some competitors
- Not available in all states (excluded in ME & NY)
- Limited coverage amount compared to some competitors
AIG, a leading global insurance organization, offers final expense insurance through their Guaranteed Issue Whole Life Insurance product. Here are some key features:
1. Guaranteed Acceptance: As long as you're within the eligible age range, you cannot be turned down for this coverage.
2. Simplified Process: No medical exams or health questions are required to apply.
3. Level Premiums: The rates are locked in and will never increase as long as you continue to pay them.
4. Graded Death Benefit: For the first two years, if death occurs due to natural causes, the benefit paid is limited to 110% of premiums paid. After two years, the full face amount is payable for any cause of death.
5. Cash Value: The policy builds cash value over time, which can be borrowed against if needed.
6. Additional Benefits: The policy includes chronic illness and terminal illness riders at no extra cost, allowing for acceleration of benefits under certain conditions.
9. Foresters Financial
Pros:
- Offers additional member benefits
- Coverage available up to $35,000
- Competitive rates for many applicants
Cons:
- Not as well-known as some larger insurers
- May have stricter underwriting for immediate coverage
10. Americo
Pros:
- Simplified issue policies available
- Coverage up to $30,000
- Competitive rates for many applicants
Cons:
- Less brand recognition than some competitors
- May have longer processing times for policy issuance
11. Lincoln Heritage Life Insurance
Pros:
- Specializes in final expense insurance
- No medical exam required
- Coverage available up to $20,000
- Claims typically paid within 24 hours
- Includes free membership to the Funeral Consumer Guardian Society
Cons:
- May be more expensive than some competitors
- Limited policy options compared to larger insurers
- Only available through agents, not online
Lincoln Heritage Life Insurance is known for its focus on final expense insurance. Their Funeral Advantage program combines a life insurance policy with family support services, aiming to simplify the funeral planning process for beneficiaries.
12. Globe Life
Pros:
- No medical exam required
- Coverage available from $5,000 to $50,000
- Premiums start as low as $3.49 per month for adults
- Easy application process
- 30-day money-back guarantee
Cons:
- Rates may increase as you get older
- Limited rider options compared to some competitors
- May have a graded death benefit period for some policies
Globe Life is known for its affordable initial premiums and straightforward application process. They offer both whole life and term life insurance policies that can be used for final expenses. Their policies are often marketed as affordable options for those seeking burial insurance.
It's important to note that while Globe Life's initial premiums can be very low, they may increase over time. Potential customers should carefully review the terms of the policy, including any premium increases and benefit limitations.
13. Aetna
Pros:
- Offers final expense insurance through their subsidiary, American Continental Insurance Company
- No medical exam required
- Coverage available up to $35,000
- Policies available for ages 45-89 (varies by state)
- Immediate coverage option available for those who qualify
Cons:
- Not available in all states
- Two-year limited benefit period for some policies
- May have higher premiums compared to some competitors
Aetna, through its subsidiary American Continental Insurance Company, offers final expense insurance policies designed to cover burial and other end-of-life expenses. Their policies are typically whole life insurance plans, which means they provide lifetime coverage as long as premiums are paid.
Aetna's final expense insurance comes in two main types:
1. Immediate Benefit: For those who qualify based on health questions, this policy provides full coverage from day one.
2. Graded Benefit: For those with certain health conditions, this policy has a two-year limited benefit period.
It's important to note that while Aetna is a well-known name in health insurance, their life insurance offerings, including burial insurance, may not be as widely recognized. As with any insurance purchase, it's advisable to compare Aetna's offerings with other providers to ensure you're getting the best coverage for your needs and budget.
14. Senior Life Insurance Company
Pros:
- Specializes in final expense insurance for seniors
- No medical exam required
- Coverage available from $1,000 to $30,000
- Offers both immediate benefit and graded benefit plans
- Available for ages 0-85 (varies by product)
- Simplified issue underwriting process
Cons:
- May have higher premiums compared to some competitors
- Limited rider options
- Not as well-known as larger insurance companies
Senior Life Insurance Company focuses specifically on providing final expense insurance for seniors. They offer several products designed to meet different needs:
1. Super Preferred Plan: For those in excellent health, offering immediate full coverage.
2. Preferred Plan: For those in good health, also with immediate full coverage.
3. Standard Plan: For those with some health issues, still offering immediate full coverage.
4. Modified Plan: For those with more serious health conditions, featuring a graded benefit period.
Senior Life prides itself on its quick and easy application process, often providing same-day approvals. They also offer a unique "Nursery Plan" for children and young adults aged 0-20, which can be converted to a permanent policy later in life.
15. State Farm
Pros:
- Strong brand recognition and customer service
- No medical exam required for final expense policy
- Coverage available up to $10,000 for final expense insurance
- Offers a simplified issue whole life insurance policy
- Financial stability with high ratings from major rating agencies
Cons:
- Limited coverage amount for final expense insurance compared to some competitors
- May be more expensive than specialized burial insurance providers
- Not available in all states for final expense insurance
State Farm, a well-known name in the insurance industry, offers a Final Expense policy designed to cover end-of-life costs. Here are some key features:
1. Simplified Issue: The application process is straightforward with no medical exam required.
2. Age Range: Available for individuals aged 50 to 80 (age limits may vary by state).
3. Coverage Amount: Offers coverage from $10,000 to $15,000, depending on the applicant's age.
4. Guaranteed Level Premiums: The premium remains the same throughout the life of the policy.
5. Cash Value Accumulation: As a whole life policy, it builds cash value over time.
6. Quick Approval: In many cases, coverage can be approved quickly, sometimes within a day.
State Farm's final expense policy is designed to provide a simple, accessible option for covering burial and other end-of-life expenses. However, it's important to note that the coverage amount is relatively low compared to some competitors, which may not be sufficient for those seeking higher levels of coverage.
16. MetLife
Pros:
- Well-established company with strong financial ratings
- Offers simplified issue whole life insurance that can be used for final expenses
- No medical exam required for their simplified issue policies
- Coverage amounts typically range from $2,000 to $50,000
- Policies accumulate cash value over time
Cons:
- May have higher premiums compared to some specialized burial insurance providers
- Not specifically marketed as burial insurance
- May have age restrictions for policy eligibility
MetLife, now operating under the name Brighthouse Financial for much of its life insurance business, offers simplified issue whole life insurance policies that can be used for final expenses. While not explicitly marketed as burial insurance, these policies can serve the same purpose. Here are some key features:
1. Simplified Underwriting: The application process typically involves answering a few health questions rather than undergoing a medical exam.
2. Guaranteed Level Premiums: Once set, the premium remains the same throughout the life of the policy.
3. Cash Value Accumulation: As a whole life policy, it builds cash value over time that can be borrowed against if needed.
4. Quick Approval: In many cases, coverage can be approved relatively quickly.
5. Flexible Coverage Amounts: Policies are available in various coverage amounts to suit different needs and budgets.
17. Colonial Penn
Pros:
- Offers guaranteed acceptance whole life insurance for ages 50-85
- No medical exam or health questions required
- Lock in your rate - premiums never increase
- Coverage amounts from $3,000 to $50,000 (varies by age and state)
- 30-day money-back guarantee
- Long-standing reputation in the senior insurance market
Cons:
- Two-year limited benefit period for non-accidental deaths
- May be more expensive than medically underwritten policies
- Coverage amounts may be limited for older applicants
Colonial Penn is well-known for its guaranteed acceptance life insurance policies, often marketed as burial insurance or final expense coverage. Here are some key features:
1. Guaranteed Acceptance: Anyone between 50-85 can qualify, regardless of health status.
2. Simplified Process: No medical exams or health questions to answer.
3. Locked-in Rates: Premiums remain the same throughout the life of the policy.
4. Flexible Coverage: Offers various coverage amounts to suit different needs and budgets.
5. Cash Value Accumulation: As a whole life policy, it builds cash value over time.
6. Living Benefits: Some policies may include accelerated death benefits for terminal illness.
Colonial Penn's guaranteed acceptance policy has a two-year limited benefit period for non-accidental deaths. During this period, if the insured dies from natural causes, the beneficiary receives all premiums paid plus 7% interest. After two years, the full death benefit is payable for any cause of death.
18. Baltimore Life Insurance Company
Pros:
- Offers final expense whole life insurance
- No medical exam required for their Silver Guard products
- Coverage amounts from $2,500 to $25,000
- Available for ages 50 to 80
- Simplified issue underwriting process
- Premiums remain level for the life of the policy
- Cash value accumulation
Cons:
- May have higher premiums compared to some competitors
- Not as well-known as larger insurance companies
- Limited rider options
- May have a graded death benefit period for some policies
Baltimore Life Insurance Company offers final expense insurance through their Silver Guard series of products. These policies are designed to cover end-of-life expenses such as funeral costs and medical bills. Here are some key features:
1. Simplified Issue: The application process involves answering a few health questions rather than undergoing a medical exam.
2. Multiple Plan Options: They offer different plans to accommodate various health conditions, including a guaranteed issue option for those who may not qualify for other plans.
3. Level Premiums: Once set, the premium remains the same throughout the life of the policy.
4. Cash Value: As a whole life policy, it builds cash value over time that can be borrowed against if needed.
5. Quick Approval: In many cases, coverage can be approved relatively quickly due to the simplified underwriting process.
19. AARP (New York Life)
Pros:
- Offers guaranteed acceptance whole life insurance for AARP members aged 50-80
- No medical exam or health questions required
- Coverage amounts from $2,500 to $25,000
- Premiums never increase
- 30-day free look period
- Cash value accumulation
- Additional benefits for accidental death
Cons:
- Must be an AARP member to qualify (membership available for those 50 and older)
- Two-year limited benefit period for non-accidental deaths
- May be more expensive than medically underwritten policies
- Coverage amounts may be limited compared to some competitors
AARP partners with New York Life Insurance Company to offer burial insurance, also known as final expense insurance, to its members. Here are some key features of their program:
1. Guaranteed Acceptance: As long as you're an AARP member aged 50-80, you cannot be turned down for this coverage.
2. Simplified Process: No medical exams or health questions are required to apply.
3. Level Premiums: The rates are locked in and will never increase as long as you continue to pay them.
4. Graded Death Benefit: For the first two years, if death occurs due to natural causes, the benefit paid is limited to 110% of premiums paid. After two years, the full face amount is payable for any cause of death.
5. Accidental Death Benefit: If death occurs due to an accident, the full death benefit is payable even during the first two years.
6. Cash Value: The policy builds cash value over time, which can be borrowed against if needed.
7. Additional Benefits: The policy includes a Terminal Illness Rider at no extra cost, which allows for acceleration of benefits if diagnosed with a terminal illness.
When choosing a burial insurance provider, consider factors such as coverage amounts, waiting periods, premiums, and the company's financial strength. It's also wise to compare quotes from multiple providers to find the best fit for your needs and budget.
Remember that while burial insurance can provide valuable coverage, it's important to carefully review the terms and conditions of any policy before purchasing. Consider consulting with a licensed insurance agent to help determine the best option for your specific situation.
Final Expense burial insurance is a practical option for individuals seeking to ensure that their funeral and burial costs are covered without leaving their families with a financial burden. It offers a straightforward and accessible means of providing financial security and peace of mind regarding end-of-life expenses.
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