Who is the best final expense carrier

Americo offers a low-cost final expense plan without a waiting period regardless of your health problems. Their final expense policies offer guaranteed level premiums and coverage cannot be canceled due to age or health issues.

Aetna is among the few companies that offer coverage to people up to 89 years old; this feature allows them to offer great value to many seniors who are looking for final expense coverage. The Aetna burial life insurance is a whole life insurance policy guaranteed up to age The premiums and the death benefit is level and will never change as long as premiums are paid. The policy builds cash value that can be used to cover premiums if there is enough money in the account.

You can withdraw funds or take a loan against the cash value. They have a relaxed underwriting process and have no height, and weight chart and they do not check the Medical Information Bureau as part of their application. There is three levels of coverage available: Immediate death benefit, Graded death benefit, and Modified death benefit.

The Royal Neighbors of America has a simplified issue whole life and graded death benefit products for its final expense life insurance. You will just need to answer a few simple health questions, and any yes answers will still allow applicants between 50 and 85 years old for a graded death benefit. There are no preferred or sub-standard rates issues; they only have ratings for tobacco and non-tobacco users. They are the most diabetic-friendly final expense insurance carrier in the nation.

They are also known to insure applicants with other health issues. Senior applicants can find this policy a great option. None of these require a medical exam. They are all permanent policies that last a lifetime as long as premiums are paid. Their simplified issue product is an affordable option for people in good health and those with non-insulin type II diabetes. These are our top life insurance companies in the US offering final expense insurance.

They are all top-rated life insurance companies we will recommend depending on your needs. Is burial insurance worth it? There are three options for coverage in a final expense life insurance they are level, modified and graded death benefit. The significant difference is the manner of death benefit payout to the beneficiary when the insured dies.

A level death benefit is the best insurance coverage you can qualify for. It pays the full death benefit to your beneficiary even when you pass away two days after your policy is in force. You are immediately covered from the first day and the full death benefit is guaranteed upon your death.

You must be within the height and weight guidelines with no major health issues. This final expense insurance policy comes with a two-year waiting period before you will be fully covered.

Modified death benefit comes with a two-year waiting period before the benefit payout will be paid to the beneficiary. A prospective insured with a significant medical condition will probably not qualify for immediate coverage. The executor or beneficiary then uses the money to pay for costs and expenses relating to funeral services and burial. If the policy proceeds pay for all such expenses and there is money left over, any surplus can be applied toward other final expenses, like taxes, creditor claims, and legal fees.

However, for the small minority of estates that are large enough to qualify for estate taxes, there are estate-planning strategies that can be used to reduce or avoid estate tax liability for life insurance proceeds.

An often-overlooked feature of final expense and burial insurance is that, because it is whole life insurance, a policy accrues cash value. With each additional premium payment, cash value steadily increases, and the cash value itself earns interest. Paid up life insurance simply means no further premium payments are necessary to keep the policy effective. Of course, a surrendered policy is no longer effective, so you receive the money but no longer have the final expense insurance.

More practically, the cash value in the life insurance can be borrowed against if something comes up and you need access to quick cash. Then, you pay back the policy loan, and the coverage remains in place. The primary reason to purchase final expense insurance is that burial and funeral costs are very high. The executor or personal representative treats funeral and burial expenses as a priority debt of the estate, and the costs are paid from estate funds before assets can be distributed to heirs.

This can prolong administration and result in reduced inheritances because identifying buyers for non-liquid assets takes time, and estate sales frequently fail to obtain full market value. Moreover, final expenses might necessitate the sale of certain assets like real estate or business interests that heirs would have preferred to keep in the family.

Final expense insurance avoids these problems by providing sure-fire liquidity through an income tax free death benefit. On top of that, the expenses involved in estate administration—such as probate court costs, legal fees, and transaction costs incurred in transferring assets—add up quickly and can take a big chunk out of an estate.

Particularly for complex estates and estates that will have substantial creditor claims, ensuring sufficient liquidity is available to pay final expenses is a critical part of the estate-planning process. Designed for just that purpose, final expense insurance provides a fail-safe means of both preserving potential inheritances and avoiding the risk that loved ones will have to pay thousands of dollars in final expenses out of pocket.

An alternative approach for addressing the high costs of final expenses is to enter into a contract with a funeral parlor to pay funeral and burial expenses in advance. As with final expense insurance, pre-paid burial costs can help ease the financial burden on your estate of high funeral and burial costs and avoid passing along those costs to loved ones.

First, a pre-paid funeral plan is not insurance, so you can only get out of the contract what has been paid in. If a decedent only made a couple payments on the contract before passing away, the funds applied toward funeral expenses will be limited, and surviving family members might still get stuck with a big bill for the rest.

Thus, funeral insurance is better able to ensure sufficient funds are on hand to cover all expenses.

Even worse, a funeral home is much more likely to go out of business than a life insurance company. If that happens, it can be very difficult for the estate to recover the money already paid on the pre-paid plan.

Additionally, proceeds of a final expense policy can be put toward estate debts, administrative costs, and taxes, whereas a pre-paid contract is limited to burial and funeral costs. That means we can help align you with the right company, the right policy, at the right price for you, based on your unique needs and objectives. It may turn out that one of the final expense companies listed above is the right choice for you.

Alternatively, we might discover that there is a better company that is more tailored to what you need. Previous post: Gerber vs. American Amicable.

Enter your email address below get access to this free eBook. There are three plans to choose from. Express Issue Premier offers some of the largest final expense insurance face amounts.

Check out the United Home Life Review to know more. So, how much does final expense insurance cost? That is one of the most important factors that folks want to know. We put together some handy tables below that will give you an idea of how much final expense insurance will cost based on your age and health status. All rates are for informational purposes, are subject to change, and must be qualified for. Now, with all these companies and the different final expense and burial insurance policies to choose form you might be a bit overwhelmed.

Here are a few important things to know when shopping for final expense or burial insurance. First, make sure the policy is whole life insurance. There are many companies out there that offer term life insurance, masquerading as final expense insurance. The problem arises when you buy into one of these initially low premium term life insurance policies and then five years down the road discover your premiums are going to increase.

Many companies, such as Globe Life, offer these increasing premium policies. After a few premium hikes, you will find yourself either broke, or out of a life insurance policy. Instead, make sure you chose whole life insurance, where the premiums are fixed for the life of the policy.

An important distinction to consider when shopping for the best final expense insurance is the difference between simplified issue life insurance and guaranteed issue life insurance. Simplified issue life insurance is coverage that requires some underwriting.

Typically this means you will be required to answer some health questions, but you will not be required to take an exam. In contrast, guaranteed issue is no health questions life insurance.

You simply have to be a resident in an eligible state and meet the age criteria. There are varying degrees of simplified issue insurance, including level, graded and modified. Level coverage is your standard burial insurance with no waiting period. This type of final expense policy requires you pass a health questionnaire in order to qualify for the final expense insurance policy. Different companies have varying degrees of questions. Some contain only 3 health questions, while others may ask many health questions.

Just know that if you want a level benefit plan, underwriters will consider your application, as may also look at the Medical Information Bureau MIB , run a prescription drug check, and perform a Personal History Interview. The point being, the more questions they ask, the lower your premium will probably be, but also the higher likelihood you may be denied coverage if you have a pre-existing condition. Graded is in between level and modified. It is somewhat of a hybrid between the two types of final expense insurance plans.

It is not as difficult to get as simplified issue but not as easy as guaranteed issue. Plus, a graded burial insurance policy will have some provisions that limit the total death benefit paid out in the first years for non-accidental death. Modified final expense plans are the easiest to qualify for. This is typically the umbrella where your guaranteed issue life insurance will fall under.

The benefit is this type of coverage is life insurance without health questions. Often, modified burial insurance plans require a 2 or 3 year waiting period before the full death benefit will be paid. This graded death benefit provision covers the company in case the insured already has a terminal illness. However, if death occurs due to an accident, the policy will pay the full death benefit face amount.

First , we start off by talking with you. We get to know you, what your objectives are, any health or lifestyle issues that may exist, and anything else that may affect your life insurance application.

Next , we use the information you provide us to come up with a handful of different options for you. It may be that you qualify for ordinary term life or whole life insurance. Then again , you may have some reason to prefer simplified issue no exam life insurance. The reasons can be anything from a fear of needles, not sure of your health status, or you may have an existing health condition that makes a simplified issue policy superior.

Finally , we may discover that you are best suited for a smaller simplified issue or guaranteed issue life insurance policy, where there are no exams and few, to none, health questions asked. The bottom line is, we are here for you. That is what sets us apart. These are our top ten best whole life final expense or burial life insurance policy companies. Each of these companies may or may not be right for you. In order to know which whole life final expense and burial insurance company is right for you and your situation, please give us a call today!

Next post: Life Insurance with Schizophrenia. Add a header to begin generating the table of contents. Final Expense Quotes. Ready to compare quotes from the top companies? Start My Free Quote. Top Honorable Mentions. Aetna Aetna offers final expense life insurance for applicants ages years of age. American Amicable American Amicable provides a level death benefit policy that will give you day 1 coverage.

Americo Americo Ultra Protector Series Americo has several whole life policies to help with final expenses and burial costs for those between the ages of 50 to Fidelity Life Fidelity Life provides final expense polices for ages Also, their underwriting guidelines are very liberal so most clients will qualify. Gerber Life Gerber Guaranteed Issue Gerber provides an excellent guarantee issue whole life for those with serious health issues looking for cheap final expense or burial insurances with no questions asked.

Therefore, this is not a guaranteed acceptance plan. Phoenix Life Phoenix Life has final expense life insurance policies available for ages years old. If you are 66 to 85, you will need a full underwriting to qualify. For more, see our Transamerica Life insurance company reviews Sample Of Transamerica No Exam Whole Life Insurance Quotes All quotes are based on a year-old male and are for informational purposes only and should not be considered guaranteed rates.

Final Expense Sample Quotes. Level Death Benefit. Male Rates. Female Rates. Graded Death Benefit. Guaranteed Issue Life Insurance. Is there a difference between Final Expense and Burial Insurance? For the most part, there is no real difference. What is Burial Insurance? What is Final Expense Insurance? Most Graded policies have a 2 year waiting period. What you need to know about Final Expense and Burial Life Insurance Companies We believe the most important aspect to finding the right final expense whole life insurance and burial insurance companies is to work with an independent life insurance agent.

You typically have two main choices with Final Expense: Whole Life Burial Final Expense Insurance These policies come with simplified issue and guaranteed issue options. Burial Insurance Quotes. Compare Quotes. Use our online instant calculator to compare rates from dozens of the top companies. Total Time Needed: 5 minutes. Total Cost: 0 USD. Required Tools: - A Computer.

Things Needed? Use the calculator on this page or click the link above to visit our instant quotes page. Step 2 : Input coverage details. That way we can understand your situation before we can help you. Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.

Step 3 : Get help from a licensed agent. All of the recommendations will be based off of the details you provide. Step 4 : Compare realistic rates. This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. There are literally hundreds of companies and thousands of policy options available. We'll make sure you get the best one based on what you'll qualify for.

Bottom Line No two people are alike so you need to shop around and find the one that will work best for you and your family.