Losing a loved one is never easy for those left behind, but with the best final expense insurance policies, it is possible to, at the least, ease some of the financial concerns that tend to arise with a bereavement. Arranging final expense insurance can provide peace of mind that your family won’t have to worry about finding the funds to pay for your burial and funeral costs, taking away at least one potential source of stress at an always difficult time.
The National Funeral Directors Association reveals that the average cost of a funeral and burial in the US in 2019 was $7,640 - and if the cemetery where you’re to be laid to rest requires a vault, the figure rises to $9,135. There may be further expenses, such as flowers and memorial cards sums, to cover too, but with final expense insurance your loved ones will have the privilege of giving you a fitting send off without having to worry about the cost.
Obviously, the finer details of any final expense insurance plan are important to consider, whether it be the maximum coverage amount or the process you need to go through to apply. However, knowing that people can have slightly different priorities when it comes to burial insurance, our shortlist of the best final expense insurance companies considers all these factors and more. So if you’re uncertain about the type of final expense cover you need, we have recommended a provider with a good range of plan options; alternatively, you might want a final expense insurance company to not only cover your funeral costs, but also provide an extra level of support to your loved ones when they need it most.
While many of the best life insurance policies often include some coverage for final expenses, a dedicated final expense policy is usually the lower cost option. And if you’re concerned about being accepted for life cover due to some aspect of your health, the best final expense insurance policies can usually be arranged without the need for a medical examination.
|Foresters||Fidelity Life||Lincoln Heritage||Transamerica|
|Age to apply||50 - 85 (varies with plan)||50 - 85||To age 85||To age 85 (varies with plan)|
|Coverage (may differ depending on plan)||$5K - $35K||$5K - $35K (max $25K Guaranteed plan)||$5K - $20K||$1K - $50K|
|Guaranteed approval option||No||Yes||No||No|
|Riders (* at extra cost)||Accelerated death, Common carrier accidental death, Family health benefit, Accidental death*||Accelerated benefit||Accidental death*||Accelerated death benefit with nursing home benefit, Accidental death*, Children's and grandchildren's benefit*|
Final expense insurance - how to compare quotes
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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.
1. Foresters: Best final expense insurance company overall
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.
- Read our Foresters review
2. Fidelity Life: Best final expense insurance company for customer service
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.
- Read our Fidelity Life review
3. Lincoln Heritage: Best final expense insurance company for family support
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.
- Read our Lincoln Heritage review
4. Transamerica - Best final expense insurance company for choice of plan options
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.
- Read our Transamerica review
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.
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.
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.
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.