Best Final Expense Insurance | Top Plans for 2024

What is Final Expense Insurance?

There are many plans that final expense insurance offers. Insurance professionals offer these plans for market growth and financial security for clients. These insurance professionals also offer tailored coverage options to clients. All of this helps to create a strong relationship between the insurance professionals and clients.

Final expense plans are the products that are sold to the clients. These products aim to provide financial support during challenging times. Final expense insurance is an essential part of final expense planning. It provides coverage for your funeral and burial services. It also takes care of your medical and legal bills.

Final expense insurance is for a lifetime. This means that it provides permanent coverage, hence called whole life insurance. Final expenses aggravate both emotional and financial burdens on your loved ones. With the best final expense insurance, you can reduce this burden.

Services Covered By Final Expense Insurance

Final expense insurance is a funeral insurance that covers your final expenses. It also covers other expenses such as:

Burial expenses
Medical bills
Outstanding debts
Mortgage
Residential care

What Are The Best Final Expense Insurance Plans?

Best final expense insurance plans are offered by professional insurance companies. The companies sell plans to clients. These plans are affordable, making it easy for clients to buy. Final expense insurance plans ensure to protect your loves ones financially.

There are many final expense insurances. Some best final expense insurance plans are:

Mutual of Omaha
AIG
Gerber Life
Fidelity Life
Trinity Life
Aetna
Prosperity life
State Farm
Guaranteed Trust Life

Life Insurance Final Expense Coverage

The coverage of life insurance final expense varies from company to company. Some insurance providers offer high coverage while others offer low coverage. Additionally, the coverage depends on the policy type.

Typically, this life insurance offers coverage of $35,000. The coverage can increase depending on the company and policy.

Some policies offer high coverage but you may have to pay a higher premium. This may be expensive and many people may not afford it.

Features Of Life Insurance Final Expense

Final Expense Life Insurance has some extraordinary features. These features include:

It has affordable premiums
It offers enough coverage
It provides lifetime coverage
You do not need a medical exam
It has an easy application process
It is less time-consuming
It has fast approval
It offers immediate funds

Mutual of Omaha

Mutual of Omaha is one of the best insurance companies that is known for its policy called living promise. It is a whole life insurance policy. This service provider builds cash value. You can earn interest during your lifetime. With this cash value, you can cover your medical bills, legal bills or even premiums. You can also add it to increase the death benefits.

Living promise policy has many benefits. However, to qualify for this policy you have to give a medical history. You will have a $2000 to 30,000 coverage. Additionally, this policy is available for people aged 50 to 85.

Pros

Good prices than other insurance plans
Affordable plan
Offers living promise policy
It has cash value

Cons

Medical history is needed
Not appropriate for people with medical conditions
It has a long waiting period

Mutual of Omaha offers two insurance policies including:

Graded benefit plan
Level benefit plan

Graded benefit plan

The graded benefit plan pays for your final expenses. It is a whole life plan that offers permanent protection. The death benefits you will receive are tax-free. It increases the benefits of life insurance and removes the burden of final expenses from your loved ones.

The graded benefit plan does not need a medical exam. However, the application process includes some medical questions. It has guaranteed premiums. The rates are locked in and do not change.

Another good thing about a graded benefit plan is it flexible and convenient. Your location does not matter. Whenever you are, the plan will follow you. Regardless of location, a graded benefit plan will provide coverage. There is flexibility to cover final expenses, medical bills and other expenses.

Level benefit plan

To buy a level benefit plan, you must have good health. You will receive the benefits of this plan only when you have excellent health. However, if you have serious health issues, you are not eligible for this plan. Additionally, if you are on any prescriptions you may not get the benefits.

Level benefit plan offers full death benefits immediately after your death. It is one of the fastest plans to provide immediate benefits to his clients. The premiums are low which makes then affordable. You have to pay smaller premiums than a graded benefit plan.

Trinity Life

Trinity life insurance is a whole life insurance that offers life insurance services. It offers funeral funds for senior citizens. People aged 50 to 80 can apply for this plan. Trinity life insurance offers first-day coverage to older adults.

You do not have to show any medical history. You can qualify for the first-day coverage without any medical exam. Regardless of your health condition, Trinity life insurance covers final expenses. If you have any health issues, the death benefit rider increases. It also has a flexible underwriting.

Trinity Life Insurance Provider has a simple application process. You can apply online or even through your mobile phone. You will receive an approval on application day. It has low premiums, making it affordable for everyone. The coverage is up to $25,000.

Pros

Easy and simple application process
Affordable because of the low prices
It offers underwriting
Easy to qualify
You receive approval right after submitting an application

Cons

Non-portable
Services are available only in a few states
It does not accept payment through mail

Prosperity Life

This insurance service included a level benefit plan. It has a first-day coverage plan. Clients receive full death benefits right after the death occurs. But, the client must be in good health. If he has any health problems or if he is on drugs, then he may receive the coverage. It is vital to have an excellent health condition.

Since it includes underwriting, people with some medical condition can qualify for this plan. Prosperity Life offers average prices to clients. The premium amount is low. This makes propensity life affordable for its clients. You have to pay around $7.43 every month. It offers instant death benefits. However, prosperity Life is not appropriate for people with health conditions like cancer, AIDS, dementia and kidney diseases.

Pros

Lower premiums
Easy to apply
It has underwriting, making it easy to qualify
Smokers have separate prices to pay

Cons

Difficult to make changes to the profile
It does not offer portable services

Fidelity Life

Fidelity Life offers many life insurance policies to cover your final expenses. It is one of the oldest companies. It includes final expense insurance, whole life insurance and term life insurance. There is no chance of rejection as it offers a guaranteed issues policy.

Fidelity life has the benefit of beneficiary flexibility. This means that beneficiaries receiving the benefits have the freedom to spend the money on anything. It offers a coverage of $35,000. The premium rate is low. You have to pay a premium of about $7.15 every month.

Moreover, it has cash value. Clients are attracted to Fidelity Life Group because of its low prices and cash value.

Pros

It offers cash value
Easy online application process
It has low prices
Guaranteed issue policy
No medical exam

Cons

Low coverage as compared to other insurance services
Weak financial strength

AIG

AIG is the abbreviation of American International Group. It is one of the recognized companies in the insurance industry. It offers a guaranteed issue life insurance policy. This policy is for people aged 50 to 80. The coverage ranges from $4000 to $25,000. However, the premium amount is higher than other service providers. You have to pay $20 per month.

Additionally, AIG does not need any medical exam. It also does not include any health-related questions in the application. You can buy this plan for your family as well. Nevertheless, there is awaiting period. The beneficiary will not receive the benefits if you die during this waiting period. He will only receive the premiums that you have paid.

AIG also has the first-day coverage. If you are in good health, you can qualify for this policy. You do not have to apply for the plan with a long waiting period. People with HIV, dementia and kidney disease can apply for this plan. However, people whose life expectancy is less than 2 years cannot apply.

Pros

No medical exam
It does not ask any health-related questions
Fast approval
Easy application process
It returns premiums, if the client dies during the waiting period

Cons

2 year waiting period
The premiums are high
Expensive plan
This service provider does not accept checks

Guaranteed Trust Life

Guaranteed Trust Life is another insurance provider that offers permanent life insurance. This insurance is available for older adults aged 50 to 85. It covers final expenses. It also offers first-day benefits to its clients.

Guaranteed Trust Life has both graded and level benefit plans. The graded benefit plan does not need any medical exam. It includes the first-day benefits. While the level benefit plan needs a medical history. If you have serious health issues, it does not provide coverage.

The face amount of Guaranteed Trust Life is $2000 to $25,000. It has an average premium amount. You have to pay $12.5 every month.

Pros

You receive the benefits from the first day
It offers plans for people with medical conditions
Clients with medical conditions have to pay a low price
Fast and easy approval process
Rates do not vary
Includes cash value

Cons

The services are not available in all states
Do not accept check
Saving account is mandatory

Aetna

Aetna is final expense life insurance that covers your funeral services. It is among a few companies that cover final expenses for adults aged 89. Typically, final expense life insurance covers funeral expenses for people aged 50 to 80.

This insurance provider is a good option for older people who are above 80 years. It offers guaranteed life insurance. It provides guaranteed benefits even if you are 100 years old. As long as you are paying premiums, the death benefits and premiums do not change.

Aetna includes cash value. You can pay the premiums or other bills with interest. You can also withdraw the interest. It also offers immediate death benefits.

Pros

It has low prices
Easy application process
Applicants who are hospitalized receive the coverage
Clients with respiratory diseases like COPD receive coverage

Cons

Services are available in a few states
Clients with terminal health issues do not receive coverage
Saving account is mandatory

Global Life

Global life is one of the largest and highly rated insurance companies. Global Life is the best final expense insurance for seniors. It has strong financial strength and offers final expense life insurance. It does not need any medical exam. You can easily apply as it has an easy application process.

Global Life offers term life insurance. Low premium amount makes is affordable for people with financial issues.

Pros

Low premiums
Applicants receive maximum coverage
Does not need a medical exam
Easy application process

Cons

It does not include permanent coverage
It does not accept checks

Why Final Expense Insurance is Important?

Final expense life insurance plays a vital role in financial planning. The best final expense insurance reduces the financial burden for your family. It helps to secure the future of your loved ones. Your family does not have to worry about the final expenses and medical expenses when you are gone. Final expense insurance is there for your family to cover final and other expenses.

Final expense insurance is ideal for senior adults. Adults who have health issues can also apply for this life insurance. It covers all of your final expenses. Additionally, it also gives coverage for your medical bills, credit card balances and other expenses.

There are many final expense insurance services. However, not every plan is best for you. Before buying any services you have to evaluate your needs. Do not end up with a plan that does not align with your needs. It is crucial to consider the best final expense insurance to have a comfortable and safe tomorrow.

Main features of final expense insurance

Some main features that make the best final expense insurance are:

It covers burial and funeral costs
It has an easy application process
Applicants can apply online
You receive an instant approval
Affordable final expense insurance
It offers permanent coverage
There is no medical exam needed

Best final expense insurance funeral services

The following funeral services are covered by the best final expense insurance:

Headstones
Crematory
Music
Flowers
Service car
Casket
Vault

Tips For Choosing The Best Final Expense Insurance

The market for life insurance plans is huge. It is easy to find a final expense insurance. However, it becomes challenging to find the right and best final expense insurance. The vast market confuses people. There are so many service providers with many plans. Choosing the best final expense insurance can be tricky.

It is important to look at some factors of the insurance before choosing it. For instance, the rating, client reviews, price, coverage, and financial strength are vital to consider.

Price

Price is one of the essential factors to look at when choosing the best final expense insurance. Clients always prefer insurance policies that offer low prices. However, it is essential to keep in mind that when there is a low price, the coverage is also minimal.

Financial strength

Finances play a vital role when it comes to the best final expense insurance. If an insurance provider has string financial strength, it can offer maximum coverage. But, if the company is weak financially, it may not provide enough coverage.

Client reviews

If you want to know whether the plan offers the best final expense, you should check client reviews. It tells you how the plan is and what services it gives to its clients. The client’s experience helps to choose the best final expense insurance.

Rating

Rating is another factor that helps you to choose the best final expense insurance. You can look at the rating on the company’s website.

How To Utilize The Best Final Expense Insurance

There are many options for final expense insurance, but using it correctly can be challenging. You need to read the policies of the final expense insurance thoroughly. This will give you an idea about the features of the insurance.

Evaluating your budget and needs is also crucial. Research the premium amount and coverage of the final expense insurance. Then select the plan that offers high coverage and has low premiums. Additionally, pay the premiums every month to receive the maximum coverage.

Last but not least, select a plan that offers maximum death benefits. This will help your family to cover your debts and medical bills. It will protect them from financial crisis.

Bottom Line

Choose the best final expense insurance if you want your funeral expenses covered. The best final expense insurance covers funeral services and medical bills. However, choosing the best final expense insurance can be tricky. It is vital to research and choose the plan based on your needs.