Final Expense
  • Simple qualification
  • Best for good health
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Guaranteed issue
  • Guaranteed approval
  • Best for poor health
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What is final expense insurance?

Final expense insurance is a type of life insurance used to pay part or all the funeral costs. It helps to ease the financial burden that often falls on family members.

Some final expense policies also build cash value, except for pre-need or funeral policies. This cash value can be used for any purpose. You can take out a loan against the cash value, withdraw cash, or increase the death benefit.

What are the different final expense types?

While final expense insurance is a simple and straightforward life insurance policy, there are 5 different types. Which one you qualify for will mainly depend on your overall health, read more about qualifying for final expense life insurance.
These are the 5 types of final expense policies. See what type you qualify for.
ModifiedBelow averageOK
Guaranteed issueBelow average / badOK
FuneralBelow average / badOK

How much does final expense insurance cost?

Below you can see an example of how these final expense types (mentioned above) affect the policy premium.

Want to know your rate? Get a personalized quote.


Ready to compare rates?

Get an online final expense insurance quote in less than 60 seconds. Found a policy you like? Apply at no cost and no obligation.

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Best final expense insurance companies for seniors

At True Blue, we do not only educate people about life insurance, but we help you get insured as well. The following data is based on our extensive experience with the insurance providers, and the feedback we receive from our customers.

1. Aetna

American Continental logo

If you are between ages 45 and 89 and are looking for $3,000 to $35,000 in coverage, Aetna is a great choice. We find that we can provide most customers with full first-day coverage, by simply answering a few health questions.

When it comes to reliability, Aetna is a top contender. Since Aetna was founded back in 1853, it has held a position under 100 in the S&P 500. It generates roughly $60 billion a year, and employes 47,950 employees.

Ranking factorScore (max of 10)
Financial strength:10
Ease of process:8
Customer service:10
Approval odds:9

2. Royal Neighbors

Royal Neighbors

Royal Neighbors is one of the most lenient companies for those with health conditions. Their final expense policies are available for individuals between ages 50 and 85, with coverage ranging from $5,000 to $25,000.

What truly sets Royal Neighbors apart is that they are a fraternal organization. This legal structure operates for the benefit of its members and not for profit. Aside from competitive pricing, you’ll also enjoy various membership benefits.

Royal Neighbors membership benefits

  • Dental and vision discounts, up to 50%
  • Prescription drugs discounts, up to 60%
  • Retail discounts, up to 40%
  • Hearing aids and services discounts, up to 30%
Ranking factorScore (max of 10)
Financial strength:10
Ease of process:7
Customer service:10
Approval odds:9

3. Mutual of Omaha

Mutual of Omaha logo

Mutual of Omaha has become extremely competitive when it comes to pricing, and is typically the most affordable choice for graded and level final expense life insurance.

Their policies are excellent for healthy individuals between ages 45 to 80, seeking $2,000 – $40,000 in coverage.

Currently, Mutual of Omaha holds an A+ rating from A.M. Best, which is one of the highest positions for an insurance company to hold in terms of financial strength.

Ranking factorScore (max of 10)
Financial strength:10
Ease of process:7
Customer service:10
Approval odds:7

4. AIG

AIG American General logo

AIG (American General) offers the most affordable guaranteed final expense life insurance policy for seniors. If you are between ages 50 and 85 you can not be denied for $5,000 to $25,000 of coverage. The approval is guaranteed. The price will never go up, and your policy will never be canceled.

AIG ranks exceptionally well across all rating agencies, such as S&P (Strong) and A.M. Best (Excellent).

Ranking factorScore (max of 10)
Financial strength:10
Ease of process:8
Customer service:8
Approval odds:9

5. Gerber

Gerber life insurance logo

Gerber is another excellent company to offer guaranteed final expense insurance, at virtually the same cost as AIG. All applicants between ages 50 to 80 are approved for up to $20,000, guaranteed.

The application only takes about 15 minutes to complete, and if paying monthly by ACH, you are eligible for a 7% discount!

Gerber is rated A+ (Superior) by A.M. Best, and is a True Blue customer favorite.

Ranking factorScore (max of 10)
Financial strength:9
Ease of process:10
Customer service:10
Approval odds:8

What final expense is best?

We previously talked about the five types of final expense life insurance, and how they affect your price. Let’s digest this information a bit further.

The best final expense for healthy seniors

The best type of final expense is called level, for two main reasons:

  1. It’s the most affordable final expense policy
  2. Your beneficiaries will receive the full benefit, starting at day 1 of the policy

In order to qualify for a level final expense policy, though, you must be in good overall health. This doesn’t mean you can’t take any medications, or can’t have a history of (mild) health conditions, it simply means that for your age, you are in good health.

The best final expense for seniors in poor health

If you take multiple medications or have a health condition such as diabetes or sleep apnea, you will not qualify for level final expense life insurance. In this case, a guaranteed issue final expense policy is best, for one simple reason, you can not be denied.

However, since guaranteed is so convenient, it is much more expensive. Most guaranteed issue policies also have a graded death benefit period of 2 years.

Graded benefit period explained

During the graded period, your beneficiaries will not receive the full death benefit if you pass away due to health. Instead, they will receive the premiums you paid, plus 10% interest. If the cause of death is due to an accident, your beneficiaries will receive the full death benefit, even during the graded period.

So, let’s say your monthly premium is $100, and you pass away after exactly 12 months since the policy went in force. Instead of receiving the death benefit (the coverage amount of your policy), your beneficiaries will receive $1,200 + $120, for a total of $1,320.

What final expense plan do I qualify for?

Do any of the following apply to you?

  1. Currently hospitalized, in a nursing facility, confined to a bed, receiving hospice care, confined to a wheelchair or bed, or using oxygen equipment to assist in breathing.
  2. Has a condition requiring bone marrow, stem cell, or organ transplant, kidney disease requiring dialysis, Alzheimer’s disease, dementia, mental incapacity, Lou Gehrig’s disease (ALS), acquired immune deficiency syndrome (AIDS), or AIDS-related complex (ARC), or has been diagnosed as having a life expectancy of 12 months or less.
If you said yes to either of these,

You qualify for a guaranteed acceptance policy
If neither applies,
Continue to next question

Within the past 12 months, have you been diagnosed or treated by a medical professional or had surgery for any of the following?

  1. Heart attack, heart valve disorder, heart blockage, stroke or transient ischemic attack (TIA), any lung or respiratory disorder requiring the use of a nebulizer, internal cancer, melanoma, lymphoma, multiple myeloma, leukemia, systemic lupus (SLE), chronic pancreatitis, chronic hepatitis, cirrhosis, diabetes diagnosed before the age of 40, or treatment or counseling for alcohol or drug abuse
  2. Advised by a medical professional to have diagnostic testing that has not been completed or for which the results have not been received
If you said yes to either of these,

You qualify for a modified benefit policy
If neither applies,
Continue to next question

Within the past 24 months, have you been diagnosed or treated by a medical professional or had surgery for any of the following?

  1. Aneurysm, heart attack, any circulatory disorder, stroke or transient ischemic attack (TIA), emphysema, chronic obstructive pulmonary disease (COPD), internal cancer, melanoma, leukemia, any connective tissue disorder, ulcerative colitis, or Crohn’s disease
  2. Neuromuscular disorder, including, but not limited to, cerebral palsy, multiple sclerosis (MS), or muscular dystrophy
If you said yes to either of these,

You qualify for a graded benefit policy
If neither applies,
Continue to next question

At any time, have you been diagnosed or treated by a medical professional or had surgery for any of the following?

  1. Congestive heart failure, cardiomyopathy, Parkinson’s disease, any permanent paralysis, or amputation caused by disease
  2. Are you dependent on a wheelchair or motorized mobility device?
If you said yes to either of these,

You qualify for a graded benefit policy
If neither applies,

You qualify for a level/immediate benefit policy

Note 1: The questions above are general application questions. Health questions vary by company, so we really need to evaluate your particular situation to get you the best plan.

Note 2: We do not have plans for people older than 89.

Final expense life insurance pros and cons

Is the most popular life insurance for seniors the right choice for you? Here are the pros and cons to final expense life insurance:

Pros of final expense life insurance

  • No medical exam – That’s right, you don’t have to undergo a medical examination in order to qualify for final expense. You answer a few health questions instead, over the phone or by filling out the paper application.
  • Whole life insurance – Most life insurance products fall into one of two categories, term life insurance, and whole life insurance. Unlike term, whole life insures you for the rest of your life. As long as you pay the premium, you will remain insured.
  • The price won’t go up – Once your policy goes in force, your price is locked in, no matter what.
  • Flexible coverage – Final expense coverage typically ranges from $2,000 to $40,000, with $10,000 being most popular. How much you want is entirely up to you. The average cost for a funeral is between $7,000 and $12,000. Perhaps you already have assets and are simply looking to close the gap, or you simply want enough coverage to take care of the whole bill.
  • Healthy or not, you can get insured – If you are over age 55, there’s a final expense policy available to you, regardless of your health.

Cons of final expense life insurance

  • More expensive than term – Since final expense is a whole life insurance product, it’s naturally more expensive. With a term policy, you get insured for a predefined term, such as 10, 20 or 30 years. Once the term ends, you need to renew at a much higher cost, or you are no longer insured. That being said, healthy individuals in their 50’s can still qualify for term life insurance, with more coverage, for less.
  • You could save money with a lower death benefit – No one knows their life expectancy, but if you are in your 50’s or early 60’s, with no health problems, chances are likely you’ll have many years ahead of you to put aside some cash. In this case, going with a smaller death benefit, and putting more money into savings could pay off in the long run.

Final expense insurance questions

We’ve answered some common questions people ask us when they’re shopping for a final expense policy.

What health questions will I be asked?

When you apply for a final expense life policy, the insurance provider will ask you a series of health questions. This is to determine what type of final expense you will qualify for. The health questions are very simple and straightforward, such may include, but are not limited to:

  • Do you use nicotine products?
  • Are you currently confined to a wheelchair, hospitalized, receiving hospice care?
  • In the past 18 months, were you diagnosed or treated for: aneurysm, heart attack or failure, stroke, chest pain?
  • In the past 2 years, were you diagnosed or treated for: cancer, chronic kidney disease, tuberculosis, liver disease?

It’s important to note that regardless of how you answer these questions, you can get insured. However, if you are applying for a level final expense policy (the best price), and you do have a lot of health problems, you won’t qualify for that product and price. Instead, you may qualify for graded or guaranteed, which costs more.

It is for this very reason that you should always use a brokerage, such as True Blue Life Insurance, instead of applying to the company directly. When you get a quote and submit an application request, we’ll talk to you before we actually send your application in. This way, we can ask what health conditions you have, and any other variables that will affect the outcome. We do this, so you have the best chance of applying, for the best price.

How long before my final expense policy goes into effect?

Once you get a final expense quote and submit your application request, a friendly, licensed, True Blue agent will contact you. They will answer any questions you have, as well as make sure you found the best policy. If we find a lower price policy that will be better for you, we’ll present it to you.

Once you apply, you simply have to answer a dozen or so health questions, provided by the insurance carrier. Depending on the carrier, it could take a few days, to as little as 15 minutes, to get your policy in force.

Again, if time is of the essence, simply contact us. We know what companies are the fastest, and most lenient.

Why do I need final expense insurance?

With the cost of funeral expenses soaring, final expense insurance can help cover costs incurred during the end of life, such as medical bills and other expenses. Although that is the ideal reason to use this type of coverage, beneficiaries can use the death benefit payout however they want.

Who needs final expense insurance?

This coverage is best suited for individuals over the age of 50 who are looking for a very small policy with the intention of using the proceeds to help protect the surviving family members’ responsibility for funeral arrangements. However, the payout can be used by the beneficiaries as they see fit.

Which final expense insurance companies have the best rates?

Insurance rates are constantly changing. Each final expense insurance company sets its rates based on the company’s underwriting criteria, and that can change from month to month or year to year.

The best way to figure out which of the final expense insurance companies is right for you is to reach out to an independent agency like True Blue and let an agent there shop the insurance companies for the policy that makes the most sense for your current needs.

Is a final expense life insurance policy right for me?

Depending on your current age and medical situation, a final expense policy may be beneficial for those who are simply looking to have some extra coverage for when they pass and a term life insurance policy with a larger death benefit is not currently offered to them or too expensive.

In some cases, this may be all the coverage someone can afford or qualify for.

If you are unable to qualify for a policy that has more or better benefits due to age or other disqualifying circumstance, a final expense life insurance policy could be exactly what you need to ensure your expenses are covered in the event you pass, allowing your family to have a more stress-free transition.

How to get a final expense quote

You can get a final expense quote, and apply, online, through email, or over the phone.

Shopping final expense online

Getting a quote online is the most convenient way to shop final expense insurance by yourself. Simply fill out this form, provide your details such as height/weight/state, and get a quote.

You will then see results that you qualify for based on your age and build. Since we do not know your full health history, however, you may not qualify for the best rate. As we previously discussed, final expense comes in different types. What type is available to you depends on your health.

Once you find a policy you like, simply click the apply button, and fill out the next form. Don’t worry, nothing is final until you sign. By filling out the form, you consent to a licensed True Blue agent to contact you and to answer any questions you have, and to finalize your insurance application.

Shopping final expense by phone

To speak with a licensed True Blue agent, call 1-866-816-2100. We’ll ask you some simple questions and get a quote for you. If you’re in a hurry, we can call you back, or email your options.

By speaking with us over the phone, we’ll be able to tell you exactly what company you qualify for, based on your health history.

Have us shop for you instead

Finally, if you know you want life insurance, but don’t want to, or are unable to compare rates, or speak with an agent, you can request us to shop for you. You’ll simply submit a form with basic details. Explain your situation. The more details you provide, the more accurate our agents can get to work.

Once you submit this form, an agent will be assigned to your case, and they will act as your personal shopper. Your agent will present you with options, at no cost and no obligation.

If you like the policy they present, all it takes is a quick phone call to make it final.

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Nikki was wonderful in answering all questions, working between two states and people, and in a limited amount of time before Mom’s birthday. She made my mom feel so comfortable with her personal interaction and caring as well as all she did to assure quick and best value advice.
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