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Top 10 Final Expense Insurance Companies for 2020

Top 10 sign of final expense and burial insurance companies in 2020

This guide lists the top 10 companies that offer final expense insurance. Included in this guide are details on the specific insurance carriers along with a few common characteristics that they all share.

First, let’s look at the features that are common among these top carriers.

  • Plans are purchased through an Agency or Broker
  • Policies are Whole Life Insurance
  • No Medical Exam required
  • Premium payments never increase
  • Face Value never decreases
  • Policy does not expire
  • Proceeds are non-taxable
  • Policies build cash over time

You can be confident that all of the companies listed here offer these features for their policy holders. Now, let’s take a look at the individual carriers and see what makes them unique.


Security National Life

Security National Life Insurance Company

Year Founded: 1965

BBB Rating: A-

A.M. Best Rating: A-

Product Name: Simple Security Preferred

Coverage Range: $2,500-$35,000

Applicant Age Range: 40-90 

Application Approval: 15-20 minutes

Availability by State: All except WV, WA, VT, SD, RI, NY, NJ, NH, ND, MT, ME, MA, CT

Website: securitynationallife.com


Mutual of Omaha

Mutual of Omaha Life Insurance

Year Founded: 1909

BBB Rating: A+

A.M. Best Rating: A+

Product Name: Living Promise

Coverage Range: $2,000-$40,000

Applicant Age Range: 45-85 

Application Approval: 30 minutes to 3 days

Availability by State: All except NY


Prosperity Life

Prosperity Life Insurance Group

Year Founded: 1938

BBB Rating: A+

A.M. Best Rating: A-

Product Name: New Vista Level

Coverage Range: $1,500-$35,000

Applicant Age Range: 50-80 

Application Approval: 20-30 minutes

Availability by State: All except SD, ND, MT, HI, DE, DC, CT

Website: prosperitylife.com


Liberty Bankers Life

Liberty Bankers Life Burial and Final Expense Insurance

Year Founded: 1958

BBB Rating: A+

A.M. Best Rating: B+

Product Name: SIMPL Preferred

Coverage Range: $3,000-$30,000

Applicant Age Range: 18-80 

Application Approval: 20-30 minutes

Availability by State: All except RI, NY, NH, MN, MA, CT

Website: lbig.com


Foresters Financial

Foresters Financial Life Insurance Burial and Final Expense Insurance

Year Founded: 1874

BBB Rating: A+

A.M. Best Rating: A

Product Name: PlanRight Level

Coverage Range: $5,000-$35,000

Applicant Age Range: 50-85 

Application Approval: 15-20 minutes

Availability by State: All 50 states

Website: foresters.com


Royal Neighbors of America

Royal Neighbors of America life insurance Burial and Final Expense Insurance

Year Founded: 1895

BBB Rating: A+

A.M. Best Rating: A-

Product Name: Simplified Issue WL

Coverage Range: $5,000-$25,000

Applicant Age Range: 50-85 

Application Approval: 15-20 minutes

Availability by State: All except NY, NH, MA, LA, HA, AL, AK

Website: royalneighbors.org


Americo

Americo Life Insurance Final Expense Insurance

Year Founded: 1909

BBB Rating: B-

A.M. Best Rating: A

Product Name: Eagle Premier

Coverage Range: $2,000-$30,000

Applicant Age Range: 50-85 

Application Approval: 15-20 minutes

Availability by State: All except VT & NY

Website: americo.com


Transamerica

Transamerica Life Insurance Final Expense Insurance

Year Founded: 1904

BBB Rating: A-

A.M. Best Rating: A+

Product Name: Immediate Solutions Preferred

Coverage Range: $1,000-$50,000

Applicant Age Range: 1-85 

Application Approval: 3-5 days

Availability by State: All 50 states

Website: transamerica.com


Baltimore Life

Baltimore Life and Final Expense Insurance

Year Founded: 1882

BBB Rating: A+

A.M. Best Rating: B+

Product Name: Silver Guard

Coverage Range: $2,500-$25,000

Applicant Age Range: 50-80 

Application Approval: 15-20 minutes

Availability by State: All except WV, WA, SC, NC, NY, MO, MN, MA


AIG

AIG life insurance Burial and Final Expense Insurance

Year Founded: 1919

BBB Rating: A-

A.M. Best Rating: A+

Product Name: Guaranteed Issue Whole Life

2 Year Waiting Period: Yes

Coverage Range: $5,000-$25,000

Applicant Age Range: 50-85 

Application Approval Time: 5-10 minutes

Availability by State: All except PA, NY, ME


Final Thoughts

While these top 10 burial insurance companies offer similar plans, there are some distinct differences in how they operate. State availability, applicant age range and coverage amounts are just a few of the variables.

That being said, underwriting is where these companies really differ. Acceptance of certain health ailments can vary widely depending on the insurance carrier. This has a huge impact on being approved, cost (monthly rates) and if there is a 2 year waiting period or not.

This is where Life Choice Advisors really helps our clients. We have a detailed understanding of the underwriting guidelines for all of these insurance carriers. We will advise you on a specific final expense plan that will best fit you and your family’s needs.