Hi, my name is Kevin McAllister, founder of Peace of Mind Insurance Advisors. Insurance is one essential tool in this life that we can utilize toward achieving our peace of mind. Whether we desire to provide a lump some to our loved one to assist in our funeral costs, or simply obtaining sufficient medical coverage for our family’s requirements, finding the right solution to meet the specific need is important. I started this company because I understand how difficult and confusing it can be to try and decipher all the different options out there. It is my goal to utilize my experience in the industry to help educate and guide individuals and families to choose the best possible solution for their needs. The companies I work with have a simple application process that I help you complete. Give me a call today, and let’s see how I can help you achieve your peace of mind! Read more about me.
8 Best Burial Insurance Companies
Burial insurance is a type of whole life insurance policy that will not expire as long as you continue to pay the monthly premium. Final expense (burial) whole life insurance policies differ from term insurance in that the burial policy typically has a smaller benefit and is not bound to a “term” that expires after a number of years. If you are looking for pure insurance, also known as term insurance, please click here. There are many great companies serving people in the final expense segment, and while we could list the “10 best” or “15 best,” we decided to make a shorter list to review. To read more about final expense insurance and why it is important, please read this short post.
1. Mutual of Omaha Founded in 1909 and maintains an A+ (Excellent) AM Best credit rating. Their burial policy is available from age 45-85 with coverage amounts between $2,000-$40,000. There is no 2-year waiting period, accepts many common health issues, and optional riders are available. Mutual of Omaha’s burial insurance is considered by many to be the best in the industry and often has the lowest rates. Check out Mutual of Omaha’s Burial Insurance Brochure.
2. Aetna Founded in 1853 and maintains an A (Excellent) AM Best credit rating. Their burial policy is available from age 40-89 with coverage amounts between $2,000-$50,000. There is no 2-year waiting period, and accepts many high risk health conditions, and offers optional riders. Their policies are offered and competitive rates and insures to oldest age out of any on this list. Check out Aetna’s Burial Insurance Brochure.
3. Royal Neighbors of America Founded in 1895 and maintains an A (Excellent) AM Best credit rating. Their burial policy is available from age 50-80 with coverage amounts between $7,000-$30,000. There is no 2-year waiting period. RNA offers competitive rates, lenient underwriting, and they are favorable toward diabetes, but there are no optional riders. Check out RNA’s Burial Insurance Brochure.
4. Foresters Financial Founded in 1874 and maintains an A (Excellent) AM Best credit rating. Their burial policy is available from age 50-85 with coverage amounts between $5,000-$35,000. There is no 2-year waiting period, and again offer competitive rates along with generous member benefits and optional riders. Check out Foresters’ Burial Insurance Brochure.
5. Prosperity Life Group Founded in 1938 and maintains an A- (Excellent) AM Best credit rating. Their burial policy is available from age 50-80 with coverage amounts between $1,500-$35,000. There is no 2-year waiting period, accept many high risk health issues, offer riders, and designate non-smoking nicotine users with “non-tobacco” rating. Check out Prosperity’s Burial Insurance Brochure.
6. AIG Founded in 1919 and maintains an A (Excellent) AM Best credit rating. Their burial policy is available from age 50-80 with coverage amounts between $5,000-$25,000. There is 2-year waiting period because they offer guarantee issue life insurance that requires no health questions. If death occurs during the first two policy years and is not an accidental death, the benefit paid will be 110% of premiums paid to date, otherwise the full benefit will be paid. Check out AIG’s Burial Insurance Brochure.
7. Liberty Bankers Founded in 1958 and maintains an A- (Excellent) AM Best credit rating. Their burial policy is available from age 18-80 with coverage amounts between $3,000-$40,000. There is no 2-year waiting period, and they have a quick application process. There are no riders available, but they do offer immediate coverage for someone with chronic obstructive pulmonary disease(COPD). Check out Liberty Bankers’ Burial Insurance Brochure.
8. American Amicable Founded in 1910 and maintains an A (Excellent) AM Best credit rating. Their burial policy is available from age 50-85 with coverage amounts between $2,500-$50,000. There is no 2-year waiting period, they have optional riders available, and also work favorably toward smokers. Check out American Amicable’s Burial Insurance Brochure.