A to Z Final Expense Life Insurance Companies
TERM LIFE INSURANCE (NOT RECOMMENDED)
Term life insurance is NOT appropriate for final expense life insurance because your price will increase every five years, and they cancel after age 80. (exactly at the time when you need this insurance the most.
Common Term Life Companies:
- AAA Life Insurance
- Fidelity Life
- Globe Life
- New York Life
2-YEAR WAITING PERIOD PLANS (NOT RECOMMENDED)
Don’t accidentally buy a costly 2-year “guaranteed issue” waiting period plan! If you’re in reasonably good health, you will qualify for 1st-day coverage at Funeral Funds.
Companies with Guaranteed Issue whole life 2-year waiting period plans:
- American National
- Colonial Penn $9.95 Plan
- Gerber Life
- Great Western
- Mutual of Omaha (United of Omaha plan)
NOTE: Most plans that advertise on TV only offer 2-year waiting periods plans.
NOTE: If a plan says “no medical questions asked,” it has a mandatory 2-year waiting period with 30-40% higher pricing than 1st-day coverage.
FINAL EXPENSE INSURANCE COMPANIES A-Z
Here is a list of almost all the final expense companies in the United States (in alphabetical order):
- AAA Life Insurance: 2-year waiting period only. Expensive. No health questions.
- AARP: Term life insurance. Low cost initially. Large 5-year price increases. Cancels after age 80.
- AETNA (CVS Health): Competitive prices. Good for overweight people & COPD.
- Allstate: Expensive as a stand-alone product. Strict underwriting with many declines.
- Assurant/American Memorial: Moderate pricing.
- Americo: Expensive pricing. Terrible smoker incentive rate program.
- American Amicable: Moderate rates. Good smoker rates.
- AIG/American General: 2-year waiting period only. Expensive. No health questions.
- Christian Fidelity: Good Rates. In-person application only.
- Family Benefit: Great pricing. Easy underwriting. Great for diabetics. Easy phone approval.
- Farmers Insurance: Expensive as a stand-alone product. Strict underwriting with many declines.
- Fidelity Life: Be careful of their term policy. Often 30+% more expensive for final expense.
- Foresters: Moderate rates. Good for a few niche illnesses. Fraternal company.
- Gerber: 2-year waiting period only. Expensive. No health questions.
- Globe Life: Term life insurance. Low cost initially. Large 5-year price increases. Cancels after age 80.
- Great Western: 2-year waiting period only. Expensive. No health questions.
- Grange Insurance: Average pricing. Not a well-known company.
- Greek Catholic Union: Average pricing. More restrictive underwriting. Limited state availability.
- Guarantee Trust Life: GREAT for CHF, COPD, heart problems, and serious health issues.
- Liberty Bankers Life: Niche carrier for specific health problems. Good for younger people.
- Lifeshield Life Insurance Company: Average pricing.
- Lincoln Heritage: EXPENSIVE! About 40% more expensive. Some plans have a 3-year wait.
- Mutual Of Omaha: No same-day approval. More restrictive underwriting.
- New York Life: Term life insurance. 5-year price increases. Cancels after age 80.
- Oxford Life: Good pricing. In-person application only. Average underwriting.
- Pioneer Insurance Company: More expensive
- Prosperity Life/SUSA: Good tobacco chewers & vapers rates. OK for seizures.
- Royal Neighbors Of America: Good for overweight, recent hospitalizations, diabetics.
- Security National Life: Moderate pricing.
- Sentinel Security: Moderate pricing.
- Standard Life And Casualty: Moderate pricing.
- State Farm: Expensive as a stand-alone product. Strict underwriting with many declines.
- Transamerica: Slow & difficult underwriting process.
- Trinity Life: Great pricing. Easy underwriting. Great for diabetics. Easy phone approval.
- TruStage: Term life insurance. 5-year price increases. Cancels after age 80.
- United Home Life: More expensive.
If it sounds confusing to find the right company with the lowest pricing…you’re right!
If you would like some help getting the best policy at the lowest rates, we can help you compare our 1st-day coverage policies to all the companies shown above.
LIFE INSURANCE QUALIFYING QUESTIONS
To qualify for 1st-day coverage, we will need to know your:
- Smoker/non-smoker status
- State you live in
- Basic health information
- Desired coverage
- Payment method
Those seven variables will allow us to find you a plan with the most protection, lowest pricing, and first-day coverage.
NOTE: Most agents only work with 1-3 companies, so you will often not get the best rate, especially from agents that are required to visit you in your home.
ADDITIONAL COMPANY RIDERS ARE AVAILABLE
Some companies offer riders at an additional cost, and some companies offer riders that are free of charge. The companies with the most riders are not always the best when considering pricing and coverage options.
Here are some rider-specific features:
- Terminal Illness – Generally included at no extra cost.
- Nursing Home Confinement – Sometimes included at no extra cost.
- Accidental Death – Often an additional fee to add to a policy. Often cancels at age 70.
- Children Rider – Only some companies offer this, and there is an additional fee.
- Grandchildren Rider – Only some companies offer this, and there is an additional fee.
|INSURANCE COMPANIES||TERMINAL ILLNESS||NURSING HOME||ACCIDENTAL DEATH||CHILDREN||GRANDCHILDREN|
|Mutual Of Omaha||✔||✔||✔|