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Originally Posted On: https://finalexpensedirect.com/the-top-burial-insurance-companies/

 

A Comprehensive Guide to the Best Burial Insurance Providers

The topic of burial insurance can be challenging to discuss, but it is an essential conversation to have as part of your long-term financial planning.

This type of insurance, also known as funeral insurance or final expense insurance, covers the costs associated with your end-of-life expenses, such as your funeral, burial, debt left behind, medical bills, etc.

With burial insurance, your loved ones are protected from the financial burden of funeral expenses, allowing them to focus on celebrating your life and grieving without added financial stress.

In this article, we will examine the top burial insurance companies, offering insights and guidance on what you need to know when selecting an insurance company.

Factors to Consider When Choosing a Burial Insurance

Before we go over the top burial insurance companies, it’s important set some standards on what to consider when choosing burial insurance. Our experts recommend considering the following factors:

Coverage Amount: Determine how much coverage you will need to cover your final expenses, including funeral costs, outstanding debts, and any additional financial responsibilities you want to be taken care of.

• Premiums: Consider the cost of the monthly or annual premiums and whether they fit within your budget. It’s also essential to verify if the premiums are fixed or if they will increase over time.
• Underwriting Process: Depending on your health status, you may prefer a burial insurance policy with guaranteed acceptance, simplified underwriting, or a more traditional underwriting process that may require a medical exam.
• Cash Value Accumulation: Some burial insurance policies offer a cash value that accumulates over time, which can be borrowed against or withdrawn for emergencies. This feature can provide additional financial security.
• Company Reputation and Financial Stability: Research the insurance provider’s reputation and financial stability to ensure they will be able to fulfill their obligations to your beneficiaries when the time comes.

Gerber Life Insurance Company

Gerber Life Insurance Company is a well-known and trusted name in the insurance industry. Founded in 1967, they offer various insurance products, including whole life, term life, and guaranteed life insurance policies. Their Guaranteed Life Insurance Plan is designed specifically for individuals between 50 and 80 years old and provides coverage up to $25,000.
Key benefits of Gerber’s burial insurance plan include:

• No medical exam or health questions required
• Guaranteed acceptance for eligible individuals
• Premiums that never increase
• Coverage that lasts a lifetime
• Cash value that builds over time

AARP/New York Life

AARP stands for The American Association of Retired Persons (AARP) and offers burial insurance policies to its members.

The AARP Easy Acceptance Life Insurance is a permanent life insurance policy with guaranteed acceptance for AARP members between 50 and 80 years old, and their spouses between 45 and 80 years old.

Key benefits of AARP’s burial insurance plan include:

 

• No medical exam or health questions required
• Guaranteed acceptance for eligible AARP members
• Fixed premiums that never increase
• Coverage from $2,500 to $25,000
• Cash value that accumulates over time

 

Mutual of Omaha

Founded in 1909, Mutual of Omaha is a reputable insurance company offering various products, including life insurance, long-term care insurance, and annuities.

Their Living Promise Whole Life Insurance policy provides coverage for final expenses and is available to individuals between 45 and 85 years old.

Key benefits of Mutual of Omaha’s burial insurance plan include:

 

• No medical exam for Level Benefit Plan (coverage up to $40,000)
• Simplified underwriting process
• Fixed premiums that never increase
• Coverage from $2,000 to $40,000
• Cash value that accumulates over time

 

Globe Life

Globe Life is an established insurance company with over 4.2 million policyholders.

They offer a variety of life insurance products, including term life, whole life, and children’s life insurance.

Globe Life’s Final Expense Whole Life Insurance policy is designed for individuals between 50 and 80 years old.

Key benefits of Globe Life’s burial insurance plan include:

 

• No medical exam required
• Simplified underwriting process with just a few health questions
• Fixed premiums that never increase
• Coverage from $5,000 to $30,000
• Cash value that accumulates over time

 

Colonial Penn

Colonial Penn is a well-known insurance company that has been in operation since 1968.

They offer various life insurance products, including term life, whole life, and guaranteed acceptance life insurance. Colonial Penn’s Guaranteed Acceptance Life Insurance policy is designed for individuals between 50 and 85 years old.

Key benefits of Colonial Penn’s burial insurance plan include:

 

• No medical exam or health questions required
• Guaranteed acceptance for eligible individuals
• Fixed premiums that never increase
• Coverage available in units, with each unit worth $9.50 per month and a maximum of eight units
• Cash value that accumulates over time

 

Foresters Financial

Foresters Financial is an international financial services provider that has been in operation for over 140 years.

They offer a range of life insurance products, including term life, whole life, and universal life insurance. Foresters’ Plan Right Whole Life Insurance policy is specifically designed to cover final expenses and is available to individuals between 50 and 85 years old.

Key benefits of Foresters Financials’ burial insurance plan include:

 

• No medical exam for Level and Graded Benefit Plans
• Simplified underwriting process
• Fixed premiums that never increase
• Coverage from $2,000 to $35,000
• Cash value that accumulates over time
• Charitable giving benefit, where Foresters donates an additional 1% of the face amount to a registered charity of the policyholder’s choice

 

Transamerica

Transamerica is a well-established financial services company that offers various insurance products, including life insurance, long-term care insurance, and retirement solutions.

Their Final Expense Life Insurance policy is designed to cover end-of-life expenses and is available to individuals between 0 and 85 years old.

Key benefits of Transamerica’s burial insurance plan include:

 

• No medical exam for Immediate Solution Plan (coverage up to $50,000)
• Simplified underwriting process
• Fixed premiums that never increase
• Coverage from $1,000 to $50,000
• Cash value that accumulates over time

 

Americo

Americo is a family-owned insurance company with over 100 years of experience in the industry.

They offer various life insurance products, including term life, whole life, and universal life insurance.

Americo’s Eagle Premier Series is designed for individuals between 50 and 85 years old looking for coverage of final expenses.

Key benefits of Americo’s burial insurance plan include:

 

• No medical exam required
• Simplified underwriting process with just a few health questions
• Fixed premiums that never increase
• Coverage from $2,000 to $30,000
• Cash value that accumulates over time

 

Aetna – American Continental Insurance Company

Aetna, a well-established name in the healthcare industry, offers burial insurance through their subsidiary, American Continental Insurance Company. Their Whole Life Insurance policy is designed to cover final expenses and is available to individuals between 45 and 89 years old.

Key benefits of Aetna’s burial insurance plan include:

 

• No medical exam required for coverage amounts up to $35,000
• Simplified underwriting process with a few health questions
• Fixed premiums that never increase
• Coverage from $3,000 to $35,000
• Cash value that accumulates over time

 

Fidelity Life

Fidelity Life is a respected insurance provider that has been in operation since 1896.

They offer a variety of life insurance products, including term life, whole life, and accidental death insurance.

Fidelity Life’s RAPIDecision® Senior Whole Life Insurance policy is designed for individuals between 50 and 85 years old.

Key benefits of Fidelity Life’s burial insurance plan include:

 

• No medical exam required
• Simplified underwriting process with a few health questions
• Fixed premiums that never increase
• Coverage from $5,000 to $35,000
• Cash value that accumulates over time

 

Final Words 

When considering the top burial insurance companies, it is essential to evaluate their reputation, financial stability, and the specific features of their burial insurance policies.

Look for companies with guaranteed acceptance, fixed premiums, and a straightforward underwriting process to ensure you secure the best policy for your needs.

Keep in mind that the right policy will vary based on your age, health, and financial circumstances. Take the time to compare the offerings of these top burial insurance providers and consult with a trusted independent insurance agent to find the most suitable policy to protect your loved ones from the financial burden of funeral expenses.

At Final Expense Direct, our professional independent insurance agents can help you compare plans, prices and benefits from all of the top insurance companies.

As you navigate the process of selecting burial insurance, remember that this is a valuable investment in your family’s future. 

 

With the right policy in place, you can have peace of mind knowing that your loved ones will be able to focus on honoring your memory without the added stress of financial concerns.

 

Give us a call or reach out to us for a quote today!