A burial insurance plan is a small no-exam life insurance policy. It provides a quick cash payout to your beneficiary(s), so they have the necessary monies to pay for your funeral costs.
Considering the following:
- What is the fine print?
- Who are the best burial insurance companies?
- How much will it cost?
- Can you get coverage without a 2-year waiting period?
In this article, we will give you detailed answers to those questions and much more.
Topics covered in this article
What Is Burial Insurance, Final Expense Insurance & Funeral Insurance?
Burial insurance, also known as “final expense insurance” or “funeral insurance,” is generally a small whole life insurance policy with affordable premiums designed to pay all final expenses. No exams are required, serious health issues will not prevent acceptance, and coverage typically ranges from $2,000-$40,000 with most burial insurance companies.
A whole life final expense policy has very minimal fine print. Here are the most important details:
- Rates are locked in for life and cannot increase.
- Coverage is guaranteed never to decrease.
- Guaranteed never to expire or cancel.
- Builds cash value.
Once you pass away, the insurance company will merely pay out the death benefit in the form of a tax-free check payable directly to the beneficiary(s). If you prefer, you can name a funeral home as the beneficiary rather than a person.
There are no restrictions on how you spend the money. Whether funeral-related expenses or other costs such as debts or medical bills, you can spend the money on anything. Any leftover money will remain with your beneficiary(s), not the funeral home.
How Much Does Final Expense Life Insurance Cost?
Most companies charge roughly $30-$100 per month for a $10,000 final expense policy.
The exact cost of final expense insurance will vary from person to person because your age, gender, health determine prices and how much coverage you purchase.
Below is a table showing some price estimates.
| Age | Female $10,000 No Waiting Period | Female $10,000 Guaranteed Acceptance | Male $10,000 No Waiting Period | Male $10,000 Guaranteed Acceptance |
|---|---|---|---|---|
| 45 | $22 | $28 | $27 | $33 |
| 50 | $24 | $30 | $30 | $36 |
| 55 | $27 | $38 | $35 | $45 |
| 60 | $32 | $42 | $43 | $55 |
| 65 | $41 | $51 | $54 | $66 |
| 70 | $51 | $69 | $70 | $89 |
| 75 | $71 | $98 | $99 | $121 |
| 80 | $98 | $140 | $139 | $166 |
| 85 | $135 | $170 | $192 | $230 |
| 89 | $275 | N/A | $358 | N/A |
Who Are The Best Burial And Final Expense Life Insurance Companies?
| Insurance Company | Policy Type | 2-Year Waiting Period? | Payments & Coverage Length | New Applicant Coverage & Age Limits |
|---|---|---|---|---|
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $2,000-$40,000 Age Availability: 45-85 |
| Click to get a detailed breakdown of Mutual of Omaha final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $2,000-$50,000 Age Availability: 40-89 |
| Click to get a detailed breakdown of Aetna final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $7,000-$30,000 Age Availability: 50-80 |
| Click to get a detailed breakdown of Royal Neighbors of America final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $5,000-$35,000 Age Availability: 50-85 |
| Click to get a detailed breakdown of Foresters Financial final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $1,000-$50,000 Age Availability: 45-85 |
| Click to get a detailed breakdown of Transamerica final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $1,500-$35,000 Age Availability: 50-80 |
| Click to get a detailed breakdown of Prosperity Life Group final expense insurance | ||||
 | Whole Life Insurance | Yes | Fixed Rates & Lifetime Coverage | Coverage: $5,000-$25,000 Age Availability: 50-80 |
| Click to get a detailed breakdown of AIG final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $5,000-$30,000 Age Availability: 50-85 |
| Click to get a detailed breakdown of Americo final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $3,000-$40,000 Age Availability: 18-80 |
| Click to get a detailed breakdown of Liberty Bankers final expense insurance | ||||
 | Whole Life Insurance | Yes | Fixed Rates & Lifetime Coverage | Coverage: $5,000-$25,000 Age Availability: 50-80 |
| Click to get a detailed breakdown of Gerber Life final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $2,500-$35,000 Age Availability: 50-85 |
| Click to get a detailed breakdown of American Amicable final expense insurance | ||||
 | Whole Life Insurance | No | Fixed Rates & Lifetime Coverage | Coverage: $2,500-$25,000 Age Availability: 45-85 |
| Click to get a detailed breakdown of Baltimore Life final expense insurance | ||||
1 ) Mutual of Omaha: Final Expense Insurance Details
With an impressive A+ rating with A.M. Best, Mutual of Omaha is a very financially secure life insurance company.
They call their funeral expense policy “Living Promise.” All around, it’s the best plan on the market.
Their premiums are consistently among the lowest. In addition, they accept many common health issues, and most applicants can qualify for their immediate benefit plan. They also have the best life insurance for children.
To get even more details, check out the full Mutual of Omaha review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1909 |
| A.M. Best Rating | A+ (Superior) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except New York) |
| New Applicant Age Range | 45-85 |
| Coverage Amount Range | $2,000-$40,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | Accidental Death (2X the payout for accidental death) |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 10 Minutes-3 Business Days |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Mutual of Omaha Final Expense Insurance Brochure |
| Sample Policy | Mutual of Omaha Final Expense Sample Policy |
| Sample Application | Mutual of Omaha Final Expense Sample Application |
2) Aetna: Final Expense Insurance Details
Aetna is on this list for multiple reasons. First, they’ve been in business since 1853 and currently have an A rating with A.M. Best.
If you can believe it, they offer new coverage to seniors as old as 89. It’s incredibly uncommon for a life insurance company to issue a new life insurance policy to applicants over 85.
All around, their burial life insurance for seniors has competitive rates and will approve applicants for a no waiting period policy despite high-risk health conditions.
To get even more details, check out the full Aetna review.
| Company Overview | |
|---|---|
| Insurance Company |  |
| Company Founding Date | 1853 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All states (except New York) |
| New Applicant Age Range | 40-89 |
| Coverage Amount Range | $2,000-$50,000 (varies by age) |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | Accidental Death (2X the payout for accidental death) |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Aetna products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 5 Minutes-3 Business Days |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Aetna Insurance Brochure |
| Sample Policy | Aetna Final Expense Sample Policy |
| Sample Application | Aetna Final Expense Sample Application |
3) Royal Neighbors of America: Final Expense Insurance Details
Royal Neighbors isn’t a household name, but let that alarm you. They have been in business since 1895 and maintain an A rating with A.M. Best.
By far, Royal Neighbors of America will accept more health issues compared to any other funeral insurance company. In addition, their premiums are competitive compared to other carriers.
Finally, they include (at no additional charge) many valuable member benefits to all their policyholders.
To get even more details, check out the full Royal Neighbors of America review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1895 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except AK, AL, HI, LA, MA, NH, NY) |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $7,000-$30,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Royal Neighbors products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time: | 10 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Royal Neighbors Insurance Brochure |
| Sample Policy | Royal Neighbors Final Expense Sample Policy |
| Sample Application | Royal Neighbors Final Expense Sample Application |
4) Foresters Financial: Final Expense Insurance Details
Foresters Financial has been in business since 1874 and currently has an A rating with A.M. Best. As a company, Foresters Financial is heavily involved in charity throughout the USA. For example, they partner with Ronald McDonald House and the Red Cross as part of their philanthropic agenda.
Their plans have competitive premiums, quick approval times, and accept many health conditions present among seniors. Foresters Financial grants every policyholder, at no extra cost, access to generous member benefits.
To get even more details, check out the full Foresters Financial review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1874 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States |
| New Applicant Age Range | 50-85 |
| Coverage Amount Range | $5,000-$35,000 (varies by age) |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | Accidental Death (2X the payout for accidental death) |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Foresters Financial products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time: | 10 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Foresters Insurance Brochure |
| Sample Policy | Foresters Final Expense Sample Policy |
| Sample Application | Foresters Final Expense Sample Application |
5) Transamerica: Final Expense Insurance Details
Transamerica’s Immediate Solution funeral life insurance product is a marriage of competitive premiums and lax underwriting. As a company, Transamerica has strong financials.
They have been in business since 1904 and currently have an A rating with A.M. Best.
Transamerica has a unique plan that comes with no waiting period for high-risk chronic conditions such as COPD.
To get even more details, check out the full Transamerica review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1904 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | B |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States |
| New Applicant Age Range | 45-85 |
| Coverage Amount Range | $1,000-$50,000 (varies by age) |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | Accidental Death (2X the payout for accidental death) |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Transamerica products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time: | 15 Minutes- 5 Business Days |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Transamerica Insurance Brochure |
| Sample Policy | Transamerica Final Expense Sample Policy |
| Sample Application | Transamerica Final Expense Sample Application |
6) Prosperity Life Group: Final Expense Insurance Details
Prosperity Life Group has an A- rating with A.M. Best so you can trust they are financially secure.
They have an excellent burial insurance plan that is a superior choice for many folks. For example, non-cigarette smoking tobacco or nicotine users can all get a non-tobacco rating. Prosperity will only apply a tobacco price to those who smoke cigarettes.
They accept many high-risk health issues, are available in nearly all states, and have a simple, instant decision application process (takes 15 minutes).
To get even more details, check out the full Prosperity review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1938 |
| A.M. Best Rating | A- (Excellent) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except CT, DE, DC, HI, MT, ND, & SD) |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $1,500-$35,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | Accidental Death (2X the payout for accidental death) |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Prosperity products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time: | 15-20 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Prosperity Insurance Brochure |
| Sample Policy | Prosperity Final Expense Sample Policy |
| Sample Application | Prosperity Final Expense Sample Application |
7) AIG: Final Expense Insurance Details
AIG is a renowned long-standing life insurance carrier. They have an A rating with A.M. Best and have been in business since 1919.
AIG only offers guaranteed issue whole life insurance. This kind of policy has no health questions or medical assessments. Your acceptance is guaranteed. As is the case with all guaranteed issue policies, there is a 24-month waiting period before the policy will pay out a death benefit. Should death occur during this time, AIG will merely refund 110% of the premiums paid.
Guaranteed issue burial policies are generally the last resort. However, they have their place if you have ultra-high risk conditions and cannot qualify for a plan with underwriting.
To get even more details, check out the full AIG review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1919 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | B |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | Yes |
| States Available | All States (except ME & NY) |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $5,000-$25,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell AIG products or directly from AIG. |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 5 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | Yes |
| Brochure | AIG Insurance Brochure |
| Sample Policy | AIG Final Expense Sample Policy |
| Sample Application | AIG Final Expense Sample Application |
Common conditions where AIG is a great choice
HIV Or AIDS | Dialysis | Angina | Oxygen Use | Current Internal Cancer | CHF | Dementia Or Alzheimer’s | Wheelchair-Bound
8) Americo: Final Expense Insurance Details
Americo has a unique burial life insurance plan with no waiting period. Seniors with high-risk conditions such as Lupus, Multiple Sclerosis, diabetes, and many other conditions can all qualify for immediate coverage.
Americo has been around since 1909 and has an A- rating with A.M. Best. You can trust Americo is a financially secure insurance company capable of paying its claims.
To get even more details, check out the full Americo review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1909 |
| A.M. Best Rating | A- (Excellent) |
| Better Business Bureau Rating | A- |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except NY & VT) |
| New Applicant Age Range | 50-85 |
| Coverage Amount Range | $5,000-$30,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Americo products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 10 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Americo Insurance Brochure |
| Sample Policy | N/A |
| Sample Application | Americo Final Expense Sample Application |
Common conditions still eligible for no waiting period coverage
Parkinson’s Disease | Systemic Lupus | Heart Attack | Stroke | Heart Surgery | Circulatory Surgery | Pipe Smokers | Chewing Tobacco | Home Health Care | Afib | Cigar Smokers | Type 2 Diabetes | Multiple Sclerosis | Seizures
9) Liberty Bankers Life: Final Expense Insurance Details
Liberty Bankers Life is one of the few burial insurance companies that will offer an immediate coverage plan to someone with COPD.
Liberty Bankers is also one of the few companies that will sell their coverage to people as young as 18. Most burial life insurance carriers start their products at age 50.
They have great rates and a fast application that takes less than 10 minutes. Their A- rating with A.M Best is evidence of their financial security.
To get even more details, check out the full Liberty Bankers review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1958 |
| A.M. Best Rating | A- (Excellent) |
| Better Business Bureau Rating | N/A |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except CT, MA, MN, NH, NY, RI) |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $3,000-$40,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Liberty Bankers Life (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 10 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Liberty Bankers Life Insurance Brochure |
| Sample Policy | N/A |
| Sample Application | Liberty Bankers Life Final Expense Sample Application |
Common conditions still eligible for no waiting period coverage
COPD Or Emphysema | Chronic Bronchitis | Diabetes | Bipolar | Schizophrenia | Depression | Afib | Epilepsy | Fibromyalgia | Seizures
10) Gerber Life: Final Expense Insurance Details
Gerber Life only offers a guaranteed issue whole life policy. Your acceptance is guaranteed regardless of your health or lifestyle.
Because there are no health questions, there is a two-year waiting period.
This type of plan is only ideal for people with very high-risk conditions such as HIV, dialysis, or cancer.
Gerber Life presently has an A rating with A.M. Best. They are a financially sound life insurance company that can and does pay its claims.
Gerber is also infamous for their Gerber grow plan children’s insurance policy. It’s a good child policy, but not the best one available.
To get even more details, check out the full Gerber review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1967 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | Yes |
| States Available | All States |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $5,000-$25,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Gerber Life products or directly from Gerber. |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 5 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | Yes |
| Brochure | Gerber Life Insurance Brochure |
| Sample Policy | Gerber Life Final Expense Sample Policy |
| Sample Application | Gerber Life Final Expense Sample Application |
Common conditions where Gerber is a great choice
Oxygen Use | AIDS/HIV | Current Cancer | Congestive Heart Failure | Dementia | Angina | Wheelchair Usage
11) American Amicable: Final Expense Insurance Details
American Amicable is an A-rated company with A.M. Best. Their burial life insurance is a quick issue policy accepting of common health issues present among seniors.
If you smoke cigarettes, American Amicable will likely offer you a lower price than any other company.
Unlike other carriers, American Amicable offers non-tobacco rates to applicants who smoke an occasional cigar or pipe.
Another exciting aspect of their program is their rider selection. You can opt to add some exciting perks to your policy for a few dollars extra per month.
To get even more details, check out the full American Amicable review.
| Company Overview | |
|---|---|
| Center Company | |
| Company Founding Date | 1910 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | A+ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except CT, ME, MT, NH, NY, VT) |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $2,500-$35,000 (varies by age) |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell American Amicable products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time: | 15 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | American Amicable Insurance Brochure |
| Sample Policy | American Amicable Final Expense Sample Policy |
| Sample Application | American Amicable Final Expense Sample Application |
Common conditions still eligible for no waiting period coverage
Cigarette Smokers | Pipe Smokers | Cigar Smokers | Afib | Schizophrenia | Bipolar Disorder | Depression | Blood Thinners | Wheelchair Usage
12) Baltimore Life: Final Expense Insurance Details
Baltimore Life isn’t a commonly known name, but that isn’t a cause for concern. They have been operating since 1882. Also, they have a B++ rating with A.M. Best which is considered good.
Their application process is swift. Generally, approvals take less than 15 minutes.
To get even more details, check out the full Baltimore Life review.
| Company Overview | |
|---|---|
| Insurance Company | |
| Company Founding Date | 1882 |
| A.M. Best Rating | A (Excellent) |
| Better Business Bureau Rating | B++ |
| Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| 2-Year Waiting Period | No (subject to underwriting approval) |
| States Available | All States (except MA, MN, MO, NY, NC, SC, WA, WV) |
| New Applicant Age Range | 50-80 |
| Coverage Amount Range | $2,500-$25,000 |
| Product Benefits | |
|---|---|
| Premiums Stay The Same Forever | Yes |
| Policy Duration | Lifetime |
| Builds Cash Value | Yes |
| Optional Riders | None |
| Application Details | |
|---|---|
| How To Apply | Agencies licensed to sell Baltimore Life products (you can't buy this plan directly from them) |
| Phone Number to Apply | 1-800-644-2926 |
| Application Approval Time | 20 Minutes |
| Medical Exam Required | No |
| Guaranteed Acceptance | No |
| Brochure | Baltimore Life Insurance Brochure |
| Sample Policy | N/A |
| Sample Application | Baltimore Life Final Expense Sample Application |
Common conditions still eligible for no waiting period coverage
Type 2 Diabetes | Squamous Cell Skin Cancer | Sleep Apnea | High Blood Pressure | Cholesterol | Arthritis | Fibromyalgia | Depression/Anxiety | Diverticulitis | Graves’ Disease | Sleep Apnea | Smokers
Everything You Need to Know About Waiting Periods
First of all, final expense insurance with no waiting period does exist. Many companies offer it.
For example, of the 12 companies you see on this page, 10 of them offer immediate coverage with no waiting period.
The most important thing you must understand is that you must qualify for a policy with no waiting period.
To get immediate coverage, you must apply with a company where you answer health questions. You don’t have to take an exam, but you will have to answer health questions.
Thankfully, many companies have diverse and lenient underwriting, so getting no waiting period coverage is usually possible.
Unless you’re really healthy, the only way for you to know if immediate coverage is possible is for you to speak with a licensed agent. They’ll ask you some questions on your health so they can quickly determine if no waiting period coverage is possible.
Just know there are some situations where you cannot get immediate coverage.
If you have any of the conditions below, you, unfortunately, your only option will be a modified whole life policy with a two-year waiting period.
- Dialysis
- HIV or AIDS
- Cancer or treatment for cancer within the last 12 months
- Hospice
- Currently in a hospital or nursing facility
- Heart attack within the previous 12 months
- Full-blown stroke within the previous 12 months (mini-strokes don’t count)
- Diabetic coma or insulin shock within the last 24 months
- Diabetic amputation within the previous 24 months
- Alzheimer’s or dementia
- Terminal illness
- Circulatory surgery within the previous 12 months
- Heart surgery within the last 12 months
- Congestive heart failure
That is not an all-inclusive list, but these are the most common ones.
If you don’t have any of those conditions, you can probably get immediate coverage.
Call us at 1-800-644-2926 and one of our agents will assist you. Every day we secure no waiting period coverage for people who thought it was impossible.
Questions You Must Ask Before Buying
Before you sign on the dotted line with anyone, there are specific questions you must ask to protect yourself.
Knowing the answers to these questions will help ensure you get the right policy and don’t get any unwelcome surprises later in life.
Will the premiums ever increase?
The answer to this question should be no. Some companies market plans where the monthly premiums increase over time. If you’re on a fixed income, it’s essential to buy a policy that has fixed monthly rates. If not, the premiums will likely increase beyond your budget one day, and then you’d lose your coverage since you cannot afford it.
Will the policy terminate at any age?
The answer to this question should be no. If the policy can expire, you take the risk of your coverage terminating before you die. If you outlive your policy, then you won’t have it to pay for your funeral expenses.
Will the coverage ever decrease in value?
The answer to this question should be no. If the coverage value can decrease over time, you can surely bet that it will deplete entirely one day.
Is there a waiting period for non-accidental death?
Some plans have a 2-3 year waiting period, and some don’t. The truth is there are some health issues where you cannot avoid a waiting period. However, that is typically only the case for ultra-high risk conditions such as cancer in the last 24 months, dementia, or end-stage renal failure, to name a few. Most people can get a policy with immediate coverage where you’re fully insured from day one for natural or accidental death.
The most important thing is to know the truth. If there is a waiting period, you should know about it. If that detail is being hidden from you, run because you’re dealing with a crook.
How To Protect Yourself After Buying
No matter how much research and due diligence you do before buying, the most critical step to protect yourself is what you do after the sale takes place.
You must read the policy because it contains the truth.
We cannot stress enough how vital it is that you read the policy.
The goal in analyzing the policy is to verify that you received what was promised.
Here’s what you need to verify:
- Price: The exact cost and if it stays the same or increases over time.
- Coverage: The amount of insurance coverage and whether it remains the same or decreases over time.
- Length of time the policy lasts: Does it expire after a period of time or does it last forever?
- If there is a waiting period for non-accidental death: Is there no death benefit during years 1-3 or any amount less than what you were promised?
If the information in the policy does not exactly match what you were told in the sales process, then you were dealing with a liar.
It’s important to remember that everything you see or hear before the issuance of the policy is just a proposal. None of that is legal and binding.
The only legally binding part of insurance is the policy. The policy is the legal contract between you and the insurance company, and it supercedes anything you were shown or promised ahead of time.
Rest assured, though, there is hope if someone has tried to take advantage of you. The department of insurance in each state mandates that each insurance policy comes with a free look provision.
This provision grants you the right to review your contract once you receive it. It typically lasts 10-30 days, depending on your state. During this time, you can refuse the policy for any reason and get a full refund of any premiums that you’ve paid (if any).
So if you, unfortunately, buy from a sleazy agent who tried to swindle you, have no fear because you’ll get your money back.
Sample Applications & Policies
Want to see the application? What health questions do they ask (if any)?
Below are some sample policies and applications from the top 12 final expense life insurance companies.
Please note, you cannot complete these applications and send them in all on your own. All but two of the companies below require that you deal with an agency (such as Choice Mutual) to apply.
Only Gerber and AIG will allow you to apply directly with them without talking to an agent.
- Mutual of Omaha: Application | Policy
- Royal Neighbors of America: Application | Policy
- Foresters Financial: Application | Policy
- Prosperity Life: Application | Policy
- AIG: Application | Policy
- Americo: Application
- Transamerica: Application | Policy
- Liberty Bankers Life: Application
- Gerber Life: Application | Policy
- Aetna: Application | Policy
- American Amicable: Application | Policy
- Baltimore Life: Application
Types of Funeral Insurance Plans
There are typically five different burial insurance plans you could qualify for (Level/Preferred, Standard, Graded, Modified & Guaranteed Issue). Which rate plan a company offers you and the monthly price is directly related to your health.
Level/Preferred
A level or preferred rating (these two words mean the same thing) is when the company approves you for the lowest price they offer. In addition, the coverage has no waiting period. Generally, you can only qualify for this rating if you can honestly respond with “no” to all the health questions (not including the tobacco question).
Standard
A standard plan has no waiting period, but the price is somewhat higher than a level/preferred plan due to a health issue(s). For example, multiple funeral insurance companies will offer a standard rating to folks who have COPD.
Partial
Often referred to as “graded coverage” by most insurance companies, a partial coverage plan would pay out a portion of the death benefit if you died during the first two years. They usually payout 30%-40% during the first year and 50%-70% during the second year. After two years, the entire death benefit is active. Also, keep in mind that a partial coverage plan will also cost more than a preferred/level plan.
Modified
A modified rating is the most expensive plan possible. Generally, only those with severe recent health issues will qualify for this rating. These plans will always have a 2-3 year waiting period (varies by the insurance company). Second, these plans typically cost at least 80% more than a level/preferred plan.
Guaranteed issue
Also commonly called “guaranteed acceptance,” these plans have no health or lifestyle questions. Simply put, you are guaranteed to be approved. The insurance company knows nothing about your health. A policy like this (such as Alex Trebek’s life insurance) with no health questions will always (no exceptions) have a 2-3 year waiting period before you’re covered.
In addition, they typically cost much more per month because the insurance company takes on a serious risk since they know nothing about your health. Generally speaking, guaranteed issue is the last resort if you have an uninsurable condition such as HIV, dialysis, transplants, or are wheelchair-bound.
Finding The Best Burial Insurance Policy
Ultimately, the way you get the best end-of-life insurance is by comparing offers from multiple insurance companies to see which one is best.
Be very careful dealing with companies that don’t have a variety of options. Without choices, you have a very slim chance of finding the best plan (especially true if you’ve had previous health issues).
Here are some famous examples of insurance companies that cannot sell you products from other insurance companies. If you deal with any of these businesses, they have only one insurance company they can offer you.
- Colonial Penn life insurance for seniors
- Lincoln Heritage Funeral Advantage
- Trustage whole life insurance
It’s helpful to understand that identifying your best plan is generally not something you can do entirely on your own as a consumer.
Yes, you can do online research and get quotes just like you’re doing now on this website.
However, there is no way for you to determine if any particular company will accept you or the exact cost. Most prices you see online are estimates and could change based on your health.
Only a licensed agent can A) determine what you’re eligible for with each final expense company and B) what your exact price per month will be.
In short, here’s what you should be looking for to find your best burial policy.
Work with a qualified independent final expense life insurance agency that can compare offers from 10-20 different insurance companies. An independent agency’s objective is to determine which life insurance company has the best product for you.
And you may not believe this, but it’s true.
Over 90% of final expense life insurance companies do not sell their products directly. They rely on agencies to market their products for them.
In 2018, the USA had 773 life insurance companies. Only a tiny fraction of them advertise on TV, magazines, online, or newspapers.
That means the vast majority of the life insurance companies aren’t household names. The non-name brand companies are not bad or untrustworthy. In fact, they are equally as reputable and financially stable as the insurance carriers advertised on TV.
It may turn out that one of these non-household name companies has the best plan for you.
We encourage you to be open to buying a policy from a company that is new to you. Even though you’re unfamiliar with the company, trust that your claim will still be paid. In the end, that’s what matters.
Only by working with an independent agency do you gain access to both name brand and non-name brand funeral insurance companies.
But whether your work with an agency or not, the best funeral policy has the three following elements.
- Financial track record: An insurance policy is only as good as the issuing insurance company’s ability to pay its claims. It would be best to look for a company with a solid and reliable financial track record. A.M. Best is the most prestigious rating agency for insurance companies. Only consider companies that have a B rating or higher.
- When you are covered: At all costs, try to get a plan with no waiting period. Nobody knows what tomorrow holds, which is why you must get an immediate benefit plan if possible. Your health may be such that you will have a partial or total waiting period. It would be best to get your policy now to start chipping away at that waiting period.
- Cost of the insurance: All things considered, look for a price on the lower end of the spectrum. Some companies have high prices for no apparent reason. Compare rates from multiple providers and ensure you’re paying a fair price and not getting gouged.
Any policy that satisfies all three of those requirements is a plan you want to secure as soon as possible.
Give us a call, and we’ll give you excellent service and help you find which plan is best for you. Check out what other real customers have to say after working with us.
Alternatives To Burial Life Insurance
A final expense whole life insurance policy isn’t the only way to financially prepare for a funeral. For some folks, it’s easily their best option. However, some people don’t like the insurance option and would prefer to pursue other avenues.
Below are some alternatives to consider.
Pre-paid funeral
A prepaid funeral is a plan you set up directly with a local funeral home to design your preferred funeral. After you have made all your selections, they will tell you how much it costs.
You can elect to pay cash upfront or make monthly payments for 1, 3, 5, or 10 years. Your funeral is paid for after you’ve made all your payments. Keep in mind that if you make payments, you’ll pay in a total amount that exceeds the funeral cost. That is the price you pay for making payments instead of paying cash. If you’re making payments, expect to pay $125-$300 per month.
Other forms of life insurance
A whole life burial insurance policy isn’t the only type of life insurance used to pay for final expenses. Technically, you can cover end-of-life costs with the proceeds from any form of life insurance.
So if you have an existing life insurance policy, that could also be relied upon to pay for your burial expenses.
Keep in mind that many forms of life insurance expire after a certain number of years. It would be unwise to rely on a plan that ends at age 75 or 80. The chance that you’ll live longer than that is high, and then you would have nothing to pay for your funeral bills.
POD account
A payable-on-demand account (aka POD account) is a particular type of bank account where the funds will be dispersed to beneficiaries upon the account holder’s passing.
Notify the beneficiaries if you set up and fund this account (make sure you deposit enough to cover all your final expenses). Otherwise, they won’t know it exists.
Ultimately, upon your passing, the funds in this account will be paid to your beneficiary(s), and they could use that money for your funeral.
Retirement portfolio
You could rely on money from your retirement account to pay for your funeral costs.
Using a retirement fund would be highly unadvisable because it takes so long for funds in a deceased person’s retirement account to be accessible.
The money in your retirement account would not be accessible until after they settle probate. Probate can take months to complete. Most families want a funeral carried out very soon after the death of a loved one.
Again, it would not be wise to go this route, but you could if you don’t like the other options.
Can You Buy Funeral Insurance For Someone Else?
Yes, you can purchase coverage for another individual, provided they consent to the policy being issued. You cannot buy life insurance for an adult without their knowledge and consent. Getting quotes and asking questions on your own is fine, but you’ll need them to participate in the application process.
Insuring other people is not uncommon. In fact, one of the most frequent inquiries we get is from children seeking to insure their parents or someone trying to cover their sibling.
If you have their blessing, you can buy final expense insurance on any of the following:
- Parents
- Brother or sister
- Aunt or uncle
- Grandparents
- Anyone else
The best thing to do is to start by having a conversation with an agent, so you can get quotes and become familiar with the application process.
Then talk with the person you want to insure and make sure they are on board with participating in the process. At that point, it’s just a matter of coordinating with your agent so the three of you can formally apply.
Frequently Asked Questions
Is burial insurance worth buying?
If you cannot afford to pay for your funeral, a final expense policy is likely worth buying. It can provide immediate peace of mind knowing your funeral bills won’t become a financial burden for your loved ones.
Is burial insurance the same as life insurance?
Yes, burial insurance is life insurance. It’s generally a small whole life policy meant to provide a quick cash payment to your family so they can pay for your funeral expenses.
Is burial insurance tax-deductible?
The payout to your beneficiaries from a burial life insurance policy is not subject to taxes.
Can I buy insurance to cover a cremation service?
Yes, you can buy insurance to cover cremation expenses. It’s generally a small whole life insurance policy designed to cover the costs associated with a cremation funeral. These plans are easy to qualify for and cost very little since they only insure you for a small amount.
Does Social Security help pay for funeral expenses?
The short answer is yes, but it’s a tiny amount. Per the SSA.gov website, a one-time lump-sum death benefit of $255 can be paid to the surviving spouse if they qualify.