Top 10 Final Expense Insurance Companies for 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.
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Security National Life

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

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

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

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

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

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

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

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

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

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.