In this article, we take a look at some of the best final expense insurance and burial insurance companies in the industry and how these companies’ policies can be effectively utilized to help keep your family secure.
The life insurance industry is one that is incredibly expensive and, in fact, it has been estimated that more than half of Americans have at least some sort of life insurance coverage. However, within an industry this large, there are naturally many different types of life insurance coverages to choose from. While some individuals look for a broad term or universal policies that have multi-million dollar death benefits, others look for a policy that is much more basic and affordable.
The final expense and burial insurance policies are designed to help remove the financial burden that death can have upon a family. By paying just a few dollars each month, the costs of a funeral and burial can be effectively paid for. Some final expense insurance companies will also cover end-of-life medical expenses.
10 Best Final Expense Insurance and Burial Insurance Companies
|Company||Policy||Issue Ages||Coverage Amount||Additional Benefits|
|NLUL Simplified Issue Universal Life policy||18-65||$25,000+||Accelerated Benefit for those with terminal illness and chronic illness|
|Guaranteed Issue Whole Life policy||50-85||$5000-$25,000||
Terminal illness and chronic illness benefits
|RAPIDecision Senior Life policy||50-85||
|Low-cost term or cash value whole policy|
|Guaranteed Whole Life Insurance policy||50-80||$5000-25,000||Cash value growth|
|Whole Life Final Expense policy||Under 85 years||$1000-$50,000||Accelerated Benefit|
|Final Expense Whole Life policy||20-80||$5000-$100,000||Accelerated Benefit|
|Modified Whole Life policy||40-80||$1000-$20,000||Cash value growth|
|Golden Solution Whole Life Insurance policy||50-85||Immediate: up to $35,000
Graded: up to $20,000
|Cash value and accelerated benefit rider|
|LifeScape Simplified Whole Life Insurance||under 80 years||up to $50,000||Cash value growth|
|Remembrance Life Simplified Issue Whole Life policy||30-80||up to $100,000||Accelerated benefit that can be utilized for critical and terminal illnesses|
There are a few reasons that Sagicor’s ‘Sage NLUL Simplified Issue Universal Life policy’ is among the best policies currently available. The policy can be accessed by individuals age 18-65 and those over 65 can also obtain this policy if they are able to pass an exam. Coverage is available for any amount over $25,000 (one of the few policies with no limit) and also offers accelerated benefits for those with terminal and chronic illnesses. Sagicor is an excellent choice for people looking for an affordable and best final expense insurance company because of its various health classes.
AIG (American International Group) is one of the most widely recognized names in the insurance industry. Their Guaranteed Issue Whole Life policy is available for individuals 50-85 years old and offers between $5,000 and $25,000 in coverage. Having a terminal and chronic illness benefit is one of many reasons this policy is quite popular.
3. Fidelity Life
Fidelity’s ‘RAPIDecision Senior Life policy’ is one that is remarkably flexible and able to cater to a wide variety of individuals. The term policy is available for 10, 20, or 30 years and whole life coverage is also available. While the term policy is attractive due to its low costs, the whole policy is attractive due to the cash value that it offers.
4. Gerber Life
Gerber’s Guaranteed Whole Life Insurance policy is available for almost all individuals between 50 and 80 years old. It offers between $5,000 and $25,000 (the same as AIG) in benefits and also features a cash value that grows over time.
Based in San Francisco, Transamerica is a company that offers an incredibly wide range of different insurance products. Their Whole Life Final Expense policy is open to anyone under 85 years old. The policy is available for $1,000 to $50,000 and also offers accelerated benefits. It is an excellent option for individuals looking for a final expense policy that is somewhat flexible.
6. United Home Life
United Home Life’s Final Expense Whole Life policy is available for individuals aged 20-80 years and offers coverage ranging from $5,000 to $100,000. This relatively high upper limit is one of the reasons why United Home Life insurance is quite popular. Combined with accelerated benefits, this policy is one that can be very useful for individuals whose late in life expenses are expected to be above average.
7. Liberty Banker Life
One of the best features of Liberty Banker’s Modified Whole Life policy is that the cash value portion of the policy grows at a relatively high rate. Individuals between 40 and 80 can easily access the policy. It offers up to $20,000 in coverage, and also a 3-year graded death benefit (many of the other companies in this list only offer a 2-year).
8. American Amicable
Though the long name of American Amicable is the American Amicable Life Insurance Company of Texas, its policies are available to individuals living in every state. The Golden Solution Whole Life Insurance policy features a cash value, accelerated rider benefit, and is available in either an “immediate” or a “graded” form. While the immediate payout is good for up to $35,000, the graded payout is good for up to $20,000. In general, this policy is considered to be quite flexible.
Assurity’s LifeScape Simplified Whole Life Insurance is available (at least in some form) for all individuals under 80 years old. The company explicitly emphasizes its cash growth value and offers policies for up to $50,000. The policy is available in multiple different forms including level, graded, and modified. For people with moderate health conditions, Assurity is a great option when buying a permanent final expense policy or burial insurance policy.
The Remembrance Life Simplified Issue Whole Life policy, provided by Phoenix, is in high demand for multiple different reasons. Not only does this policy offer up to $100,000 in coverage (depending on your age), it also features an accelerated rider benefit and can be utilized for critical and terminal illnesses. Because you don’t know what the future has in store, it is important to look for a funeral insurance and burial insurance company that is at least somewhat adaptable.
The Bottom Line
Different variables such as your age, health, and the amount of coverage you are applying for affects the monthly premiums you pay for a given end of life insurance policy. Comparing different final expense insurance companies and identifying which policies can cater to your specific need will help you plan for the future and provide your family with the financial protection they deserve.
Talk to an Independent Life Insurance Agent
There is no one best final expense insurance company. Every individual has a different set of preferences. A company that is best for one is not necessarily best for the other. Discussing your options with an independent life insurance agent really helps. They will give you an unbiased opinion, one that is best for you and your family.
At LifeQuote, our goal is to help you secure the coverage that is necessary for your family so that you continue living your life with a peace of mind