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Best final expense insurance 2021: Plans that can help ease the financial worry for your family

Best final expense insurance 2021: Plans that can help ease the financial worry for your family

It’s never nice to think of a time you’re not going to be around, but by arranging the best final expense insurance now, you can be safe in the knowledge that the cost of your funeral won’t need to be covered by your loved ones. Given that those costs can reach somewhere in the region of $7,600-$9,000 – and that’s without flowers or similar sundry expenses – it can be a huge financial burden to bear, and your family will no doubt appreciate the fact that they won’t have to find this kind of cash during what’s already going to be an incredibly difficult time. 

The choice of burial cost insurance may not be broad, but there’s still a lot to think about – and given the importance of this kind of policy, it’s essential to choose wisely. You need to make sure you’re getting the level of cover that you’re looking for at a price you can afford, and those with complex medical histories may want funeral costs insurance that offers guaranteed approval. The best final expense plans can offer additional support, too, with many helping with the arrangements when the time comes, and others even offering emotional support if required.

No matter the kind of policy you’re after, our guide can help you narrow down the options. We’ve compared final expense insurance companies according to several headline features, and specifically highlighted the firm that comes out on top in terms of family support as well as the company that’s known for providing exceptional customer service. The insurer that boasts the widest range of final expense policy options is revealed too, if you’re not yet sure which burial cost insurance is right for you. Of course, we showcase the company that we’ve rated as offering the best final expense insurance overall, too, which should offer solutions to most.

Remember, there’s the chance that you’re already protected, with some life insurance policies incorporating final expense cover to some degree. However, if you’re in need of standalone protection, read on for an overview of the top rated final expense insurance companies around, all capable of ensuring your future wishes are financially covered. 

Key final expense insurance features compared
ForestersFidelity LifeLincoln HeritageTransamerica
Age to apply 50 - 85 (varies with plan)50 - 85To age 85To age 85 (varies with plan)
Coverage (may differ depending on plan)$5K - $35K$5K - $35K (max $25K Guaranteed plan)$5K - $20K$1K - $50K
Plan options3213
Guaranteed approval optionNoYesNoNo
Riders (* at extra cost)Accelerated death, Common carrier accidental death, Family health benefit, Accidental death* Accelerated benefitAccidental death*Accelerated death benefit with nursing home benefit, Accidental death*, Children's and grandchildren's benefit*
BBB ratingA-A+A+A-

1. Foresters: Best final expense insurance company overall

Foresters: Best final expense insurance company overall

(Image credit: Foresters)

Foresters

The perfect all round final expense solution and more

SPECIFICATIONS

Age: 50 - 85 | Coverage: $5K - $35K | Plan options: Preferred, Standard, Basic

Reasons to Buy

Good range of plan options
Well-supported applications
Outstanding member benefits

Reasons to Avoid

Plan details hard to find

Foresters offers an excellent all round final expense insurance solution is our top choice overall. Three different plans are on offer, depending on your level of health, and there are a number of free riders that can be included too. New customers can be reassured that no medical examination will be required and that your application will be dealt with in person by an agent that you select from your local area. 

Foresters also offers the extra reassurance that comes from being one of the oldest final expense insurance providers around, while adding an even greater gloss are the additional benefits that this fraternal benefit society can bestow on members. Access to free will services, grants, scholarships, and legal support are all available, helping make policyholders feel part of a wider Foresters’ community.  


2. Fidelity Life: Best final expense insurance company for customer service

Fidelity Life: Best final expense insurance company for customer service

(Image credit: Fidelity Life)

Fidelity Life

A great final expense solution and superior service too

SPECIFICATIONS

Age: 50 - 85 | Coverage: $5K - $35K (max $25K Guaranteed plan) | Plan options: RAPIDecision Final Expense, RAPIDecision Guaranteed Issue

Reasons to Buy

Accessible website
Wide choice of plan options
Outstanding customer service

Reasons to Avoid

No wider family support

Fidelity Life tends to be beyond reproach in almost all aspects of its final expense insurance solution. Protection should be available to everyone in some form, whether you are in the rudest of health or have a more worrisome health concern, with the RAPIDecision plan coming as both a more traditional life expense policy or as a guaranteed issue plan. Coverage of up to $35,000 is permitted with the standard plan, which is higher than most, while surviving loved ones are free to use the funds as they see fit. 

Where Fidelity Life really excels, however, is in terms of customer service, with the provider receiving a Trustpilot rating of 4.2 out of five and regularly being recognized for its response to policyholders. New customers are also given a 30-day period during which they can request a full refund if for some reason they no longer wish to remain with Fidelity - while a nice safety net to have, the testimonials suggest it won’t be used. 


3. Lincoln Heritage: Best final expense insurance company for family support

Lincoln Heritage: Best final expense insurance company for family support

(Image credit: Lincoln Heritage)

Lincoln Heritage

A leading financial expense provider that your loved ones will appreciate

SPECIFICATIONS

Age: To age 85 | Coverage: $5K - $20K | Plan options: Funeral Advantage

Reasons to Buy

Simple application process
Wide range of supporting guides
Dedicated family support package 

Reasons to Avoid

No introductory offer

Lincoln Heritage not only offers final expense insurance, it also provides extra reassurance that your family will be looked after once you're gone. The cash benefit element of its plan involves a one-page application and provides cover for up to $20,000 - a payout is also promised within 24 hours of a claim being approved. There’s no awkward medical exam and it’s website contains reams of information that addresses all manner of later life finance questions, not just final expense insurance. 

However, where Lincoln Heritage is different is in the family support element of its overall plan. Should the worst happen, loved ones can benefit from a range of support measures, including help in comparing the cost of funeral homes and in funeral planning.  


4. Transamerica: Best final expense insurance company for choice of plan options

Transamerica: Best final expense insurance company for choice of plan options

(Image credit: Transamerica)

Transamerica

Offers a final expense insurance solution for all

SPECIFICATIONS

Age: To age 85 | Coverage: $1K - $50K | Plan options: Immediate Solution, 10 Pay Solution, Easy Solution

Reasons to Buy

Wide range of plans and riders
Clear policy information
A strong and stable firm

Reasons to Avoid

Disappointing customer reviews

Transamerica stands out for the range of plan options and riders it offers to those looking to arrange final expense insurance. Depending on your health, Transamerica has three final expense solutions - Immediate, 10 Pay and Easy - with a medical examination not required for any of them. A health questionnaire and discussions with an agent local to you will help arrive at the plan most suited to you. 

Widening your coverage options further are a number of riders that can be applied to the various policies. Everything is clearly explained on Transamerica’s well-considered website, while there is additional support material to help you work out how much cover you might need. An automated approach to underwriting also means it is possible to be approved for cover on the same day that you apply. 


What should you look for in final expense insurance?

When looking for the best final expense insurance policy, there are many things to consider. We’ve researched multiple such policies so that you can compare them and find the one that best fits your needs, taking into account a range of factors, from application process to customer service, and much in between. However, fundamental to all final expense policies are the length of coverage, type of coverage, and the amount that is reimbursed on each policy.

Term
First of all, like standard life insurance policies, final expense insurance policies can be issued for the life of the individual or on a termed basis. Term policies can be helpful in situations where the death is expected, as in the case of a terminal illness. If a term policy is chosen and the policyholder is still alive at the end of the term, however, the policy expires and no benefits are received. Whole life policies, while they do not expire, may only be obtained up to a certain age, so it is important to do your research and determine which type of policy you need and when you must purchase it.

Coverage type
Another consideration is what type of final expenses you plan to incur. Immediate burial plans are often the least expensive, as they do not involve a funeral home or viewing. Full-service plans include such things as a viewing, a ceremony, and either entombment or cremation of the body. Often they can include the cost of preparation of the body, as well as limousines and flowers for the funeral home. Depending on the company and the policy, even expenses such as unpaid medical bills and legal fees may be covered.

Coverage amount
The coverage amount is determined by your needs. When assessing the costs of the funeral service, it is essential to factor every item into the assessment, to arrive at the most accurate estimate and receive the most coverage. Many funeral homes will offer packages with predetermined services, but these are often flexible and can be suited to meet your individual needs. Once a list of costs is compiled, the insurance agent of the company you choose can walk you through the process. Most applicants are accepted upon answering a brief health questionnaire, and coverage often begins immediately upon approval.

Because death is inevitable, planning for it only makes sense. The peace of mind provided by knowing your loved ones won’t suffer financially upon the event of your death is of incalculable value. There are many options to choose from, so you can be sure there’s a plan that is just right for you.

Final expense insurance - how to compare quotes

If you are considering taking out final expense insurance to protect your loved ones financially, you should always take the time to look after your own interests too, by finding the very best, but most affordable, policy for you.  

This makes shopping around for the best final expense insurance a must, but with so many providers in the market, the challenge is comparing what they have to offer. This is where the services of an online marketplace, such as LifeInsurance.net, can save you time and effort. 

Most comparison websites of this kind follow a similar formula - share your details once, usually online, but sometimes over the phone, and then you can sit back and wait for the best final expense insurance quotes to be sent to you. All that remains is to choose the plan that is best suited to you, and you can rest easy, knowing that you have at least eased the financial burden that could be felt by your family after you’re gone. 

Tim is Finance Editor at Top Ten Reviews. With over 20 years’ experience in the financial services industry, Tim has spent most of his career working for a financial data firm, where he was Online Editor of the consumer-facing Moneyfacts site, and regularly penned articles for the financial advice publication Investment Life and Pensions Moneyfacts. As a result, he has an excellent knowledge of almost areas of personal finance and, in particular, the retirement, investment, protection, mortgage and savings sectors. A keen armchair follower of most sports, Tim regularly plays soccer, and also enjoys attending live music events, when not having to chase after his two children.