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Final Expense Insurance: The Ultimate Guide

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Final expense insurance, also known as end-of-life insurance, helps seniors provide funds so their loved ones can pay for funeral or memorial costs without dipping into their personal bank accounts.

Discussing your end-of-life funeral arrangements with your loved ones can be difficult but doing so is very important. Funeral costs can be expensive, and if you were to die unexpectedly with no money set aside for funeral expenses, your family could have to pay for your funeral costs out of pocket.

If you don’t have final expense insurance, keep reading to learn more about which companies offer this type of coverage and how much coverage you may be able to purchase.

What is final expense insurance?

Designed for seniors, final expense life insurance typically provides between $1,000-$25,000 in coverage so your loved ones can afford to pay for a funeral or memorial service.

There are two varieties of final expense insurance:

  • Simplified issue
  • Guaranteed issue

You won’t have to take a medical exam with a simplified issue policy. You will, however, have to answer regarding the state of your health when applying for funeral insurance. You aren’t eligible for a simplified issue funeral insurance plan if you have cancer or heart disease.

Guaranteed issue funeral expense insurance policies, on the other hand, don’t require you to take a medical exam or partake in a health interview. So you can purchase a policy no matter your medical concerns, but these policies may cost more.

Which companies sell final expense insurance policies?

There are quite a few highly regarded companies that sell final expense insurance. Some of the companies that sell the best burial insurance for seniors include:

  • Mutual Of Omaha
  • Transamerica
  • Gerber
  • AIG
  • Foresters
  • Americo
  • Royal Neighbors of America
  • American Amicable
  • Baltimore Life
  • American Continental (AETNA)

Let’s examine these companies more closely to discover which one has burial insurance policies that are best suited for your insurance needs.

Mutual of Omaha

Mutual of Omaha has an A+ rating from A.M. Best and offers up to $40,000 in coverage.

You can apply for Mutual of Omaha’s Living Promise policy if you are between 45 and 85. The Living Promise is one of the few life products on the market that allows individuals under 50 to apply and doesn’t have a separate classification for smokers.


The Transamerica life insurance company not only has been rated A by A.M. Best, but this company also offers applicants under age 76 up to $50,000 in coverage.

If you are over age 76, you can only purchase $25,000 in coverage. Transamerica sells policies for anyone age 0-85, making it one of the more accessible final expense life insurance companies.


If you are between 50-80 years old, you can apply for final expense insurance through the Gerber Life Insurance Company.

Unfortunately, if you live in these two states, you won’t be able to buy a Gerber policy:

  • Arizona
  • Montana

Gerber’s final expense policy is called the Gerber Guaranteed Life policy, and you won’t have to answer health questions or take a medical exam. You could purchase as much as $25,000 in coverage. Since Gerber is an A.M. Best A-rated company, you can rest easy knowing that your beneficiary’s claims will be paid out.


AIG has an A rating from A.M. Best and sells a Guaranteed Issue Whole Life Insurance policy. This product makes AIG a great choice for seniors looking to do business with a financially strong company.

Like Gerber, if you are from 50 to 80, you can apply for a policy without taking a medical exam or answering questions about your health.

You can purchase up to $25,000 in coverage, but if you live in New York, you will need to shop online for final expense insurance as AIG doesn’t provide coverage in that state.


Foresters Life Insurance is an A.M. Best A-rated company, and if you qualify for its PlanRight policy, you could buy as much as $35,000 in coverage. When applying, you will need to answer questions about your smoking habits. Your prescriptions will be checked during the application process, too.

While age restrictions for the PlanRight policy aren’t shared on the Foresters website, you can call 1-800-828-1540 to learn more about this policy.


Americo offers many final expense options through its Ultra Protector Series and has an A rating from A.M. Best. The Ultra Protector Series is broken down into a three-tiered system. Each tier has a different max issue age, as you can see here:

  • Tier I: 85
  • Tier II: 80
  • Tier III: 75

Your health determines the tier you qualify for. For example, if you are in perfect health, you would qualify for Tier I, but you could qualify for lower tiers if you have some health concerns.

You could potentially purchase up to $30,000 through the Ultra Protector Series. While an accelerated death benefit is included in your policy, you have the choice to attach a children’s rider as well.

Royal Neighbors of America

Royal Neighbors of America has been rated A by A.M. Best company and provides coverage to over half the United States. As much as $30,000 in coverage is available to applicants.

Royal Neighbors of America sells both simplified issue whole life and graded death benefit whole life products to individuals between 50 and 75.

American Amicable

American Amicable, an A-rated A.M. Best company, offers various coverage limits through its Golden Solution policy. For example, you can only buy up to $15,000 if you are 85 years old, but you can buy up to $25,000 in coverage if you are 75 years old.

The Golden Solution is a simplified issue policy, so be prepared to answer some questions about your medical history. Riders, like a grandchild rider and an accidental death benefit rider, are also available to add onto your policy.

Baltimore Life

Baltimore Life has a B++ rating from A.M. Best and is a great choice for individuals who aren’t in the picture-perfect state of health. This company provides tiers of coverage, and these tiers help individuals with health concerns get insurance.

If you are between 50 and 80, you can apply for Baltimore Life’s Silver Guard simplified issue policy. You can purchase as much as $25,000 in coverage if you qualify for the highest Silver Guard tier.

American Continental (AETNA)

American Continental, an Aetna company, has an A rating from A.M. Best.

You can purchase a simplified issue policy from American Continental without worrying about meeting any height or weight requirements. You also won’t have to take a medical exam.

There is a health questionnaire, though, and if you answer “Yes” to any of the questions, you won’t be able to purchase a policy with this company.

Applicants who do qualify for a final expense policy through American Continental could purchase as much as $35,000 in coverage.

Who should buy final expense insurance?

According to the National Funeral Directors Association, a funeral can cost $8,000 on average. Since this high price tag could surprise your surviving family members, seniors who don’t have traditional life insurance or savings set aside for funeral expenses should consider purchasing final expense insurance.

What You Need to Know About Final Expense Insurance

Funeral costs can be exorbitant, so seniors without life insurance should consider buying final expense insurance. Many fine insurance companies sell such policies, like Transamerica, American Continental, and AIG.

To verify that you purchase the best policy for your needs, request free quotes from at least five companies. Then, compare your quotes side by side, so you can examine the offered rates and any additional benefits that come with the policies, like riders.




Alison Tobin

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