Top 10 Final Expense Life Insurance Companies

top 10 final expense life insurance companies

With the average funeral costing anywhere from $7,000 to $10,000, it’s important to know how you’ll pay for it. Not planning ahead can put an unnecessary burden on your family and leave them scrambling for funeral funds when they should be grieving. If you want to safeguard your family’s financial future and assure your wishes are followed, you might want to consider purchasing a final expense life insurance policy. Here is a list of the top 10 final expense life insurance companies, but first, let’s take a look at the three types of death benefits.

Types of death benefit

Final expense life insurance is broken down into four main types: level, modified or graded, and guaranteed.

A level death benefit is arguably the best kind of death benefit. The beneficiary is guaranteed 100 percent of the death benefit from day one. However, to qualify, you must meet certain height and weight restrictions and not have any pre-existing conditions or other health issues.

A modified or graded death benefit has a waiting period before the death benefit will be paid to the beneficiary. Most insurance companies will pay the full death benefit if the death occurs due to an accident, but other causes of death might require an investigation. With this kind of death benefit, coverage is not guaranteed and you could be denied if you don’t meet certain health requirements.

With a guaranteed death benefit, you are guaranteed coverage despite any pre-existing conditions or health issues you may have. However, you may have a waiting period before the death benefit is paid out if you are within the first two years of your coverage. Most companies will pay 100 percent of the death benefit immediately if the death occurred due to an accident.

Top 10 final expense life insurance companies

Different life insurance companies have different age restrictions, policy limits, and death benefit amounts, so it’s important to do your research and know what kind of policy will work for you. Here are some statistics for the top 10 final expense life insurance companies, including policy age restrictions, the kind of death benefit, and coverage amounts offered.

Aetna
Ages: 45-89, depending on type of death benefit
Type of death benefit: graded and modified
Policy amounts: $3,000-$35,000

Americo
Ages: 50-85
Type of death benefit: level and graded
Policy amounts: $2,000-$30,000

Anico
Ages: 50-85
Type of death benefit: level, modified, and graded
Policy amounts: $2,000-$50,000

American Continental
Ages: 65-89
Type of death benefit: level, modified, and graded
Policy amounts: $3,000-$35,000

Assurity
Ages: 40-80
Type of death benefit: level, modified, and graded
Policy amounts: $5,000-$50,000

Baltimore Life
Ages: 50-80
Type of death benefit: level and graded
Policy amounts: $2,500-$25,000

Mutual of Omaha
Ages: 45-85
Type of death benefit: level, modified, and graded
Policy amounts: $2,000-$40,000

Phoenix
Ages: 30-80
Type of death benefit: level
Policy amounts: $10,000-$100,000, depending on age

State Farm
Ages: 50-80
Type of death benefit: guaranteed
Policy amounts: fixed $10,000 death benefit

United Home
Ages: 20-80
Type of death benefit: graded and guaranteed
Policy amounts: $5,000-$100,000

Check with each insurance company for updates on costs, benefits, and guidelines.