1. Mutual of Omaha
The Whole Life Insurance policies offered by Mutual of Omaha Life Insurance Company have excellent rates and are intended to assist seniors with last costs and other liabilities. It can be incredibly thoughtful and loving of you to have a whole life insurance policy in place for you and your family. To ensure the policy remains in effect during the insured’s lifetime, Mutual of Omaha Whole Life insurance provides, among other benefits: guaranteed cash value, guaranteed death benefit, and guaranteed interest. Additionally, the insurance policy’s accrued cash value can be used to settle past due bills or for emergencies. Additionally, Reduced Paid-Up insurance, a feature of Mutual of Omaha Whole Life Insurance, enables you to purchase a policy with less value paid up for life without having to pay any additional premiums.
Applying with Mutual of Omaha is simple and extremely secure. You have the option of submitting an online electronic application or a traditional paper application in person with an agent. An application can now receive approval in as little as 48 hours, thanks to the simplified procedure! The fastest and safest way to apply for Living Promise and other Mutual of Omaha products is through the “e-app,”. All you need to do is apply online after speaking with one of our agents on the phone. It is quick and easy!
Mutual of Omaha Guaranteed Whole Life insurance may be the best option for you if your health prevents you from being eligible for a standard Final Expense insurance plan. In fact, you may buy Whole Life insurance up to $25,000 without having to answer any health-related questions, and the policy promises that neither the death benefit nor the premiums will ever drop. One of the most well-liked Life Insurance policies among seniors, accessible to those between the ages of 45 and 85.
If your family needs to pay for your funeral and other final expenses, a Guaranteed Whole Life Insurance policy can be a huge source of financial support. We only advise this kind of insurance if you have no other options because it is more expensive than most plans. Additionally, it will take two years of premium payments before the entire death benefit becomes available.
2. Transamerica
Transamerica, a reputable insurer with a brand you’re probably aware of, is a well-liked stop for investors looking for mutual funds as well as those who are planning their later years because it provides a variety of retirement options and packages. Protection, though, is also at the heart of what it has to give, and life insurance comes in a variety of forms.
Transamerica provides Immediate Solution, 10 Pay Solution, and Easy Solution as its three ultimate expense insurance choices. Whole life insurance can be obtained before the age of 85, and The Immediate Solution is good for the policyholder’s entire life up to age 121. The 10 Pay Solution also needs to be acquired before the age of 85, but premium payments on this plan are spread out over ten years and can be made either monthly or annually. The Easy Solution, the third option, is a graded death benefit policy that may be acquired between the ages of 18 and 80. As such, it is a viable choice for people who may struggle to qualify for other policies owing to their health.
Buyers have the choice of typing in their postcode to discover a nearby agent they can meet with or calling a phone-based agent. A medical exam is not necessary for any of Transamerica’s final expense insurance policies, and same-day approval is achievable thanks to an automated underwriting system.
Many of the characteristics of a top final expense insurance provider are available with Transamerica, including a variety of plan selections, clear information, a friendly application process, and the potential for same-day approval. There are also the riders to take into account, and the company’s undeniable financial stability also works in its favor. The unfavorable customer evaluations are what hold it back a little, but Transamerica has the credentials and the offerings to be a final expense insurance solution worth considering.
3. Prosperity
A last expense plan from Prosperity Life combines a full life insurance policy with a cash accumulation account. It is intended to be a cost-effective alternative to cover burial and other last costs, with coverage amounts ranging from $1,500 to $35,000. This is typical of whole life insurance plans. Although not the highest top end we have seen for this kind of policy, this maximum coverage is still quite good.
In the first year of the graded plan, 30% of the death benefit is paid, and in the second year, 70%. The whole benefit is payable after two years. Accidental death has no upper limit and is eligible for the entire payment right away.
For level plans, the policy’s issue age ranges from 50 to 80 years old, while it can go as high as 85 years old for some graded or modified benefit plans. Either New Vista or Golden Promise are the names used to market the plans.
The full death benefit is provided under the level plan starting on the first day the plan is in effect.
All the plans have an accelerated death benefit that, in the event of a terminal illness, can pay up to 50% of the face value.
The whole death benefit is payable after the second year, and it is payable for accidental death starting on the first day, much as the graded plan.
None of the product alternatives require a medical checkup, but the premium costs and eligibility for each plan option are based on a person’s medical history.
Prosperity offers a number of solutions for final expense insurance that should satisfy any customer’s demands and give most elderly people looking for coverage access. Due to their strong programs and stellar reputation, they are worth comparing to other possibilities even though we cannot evaluate them based on rates as there is no online quoting available.
4. Foresters Financial
PlanRight Whole Life is the only final expense insurance option offered by Foresters. On a permanent coverage, the plan guarantees flat premiums up to age 121. The website does not provide a list of issue ages or information on death benefit amounts.
The Common Carrier Accidental Death Benefit, which will provide additional benefits if the insured passes away because of an accident on a bus, airplane, or other common carrier, is automatically included in the plan. The insurance may be amended to include an endorsement for a complete accidental death payout.
The website instructs visitors to contact an agent for more information because the specifics of this plan are not available there. That is understandable considering the nature of the business; as a membership-based society, consumers who are interested should think carefully before choosing this company for life insurance.
PlanRight has a cash accumulation account that can be withdrawn from and used as needed, just like all whole life insurance policies.
The long history of Foresters suggests that they are reliable and trustworthy. If you are interested in the advantages of a fraternal society, they might be a good fit. However, without prices or comprehensive policy details, it is challenging to assess how their final expense insurance measures up.
5. AIG
AIG’s Guaranteed issue life insurance offers protection to people with high-risk pre-existing conditions. If you have one of these conditions, the Guaranteed Issue Life Insurance policy from AIG was designed to offer your family affordable financial security.
With this policy, there are no health-related application questions no medical exams required, , and no credit or medical reports are obtained by the insurance company.
This product is guaranteed for life and cannot be cancelled by AIG because it is a type of whole life insurance.
Additionally, the policy accrues guaranteed cash value, which can be withdrawn at any time or borrowed against to help cover premium payments when times are bad financially.
Ages 50 to 85 are covered, which is five years longer than what most other insurance providers provide.
This is excellent news for senior citizens who put off applying for a final expenditure coverage and will now be turned down by most other carriers. Even though the prices are somewhat higher for those in their 80s, we think having some insurance is preferable to having none if you can afford it.
The plans, which range in price from $5,000 to $25,000, are intended to help with any final costs like burial or cremation.
6. American-Amicable
The final expense product from American Amicable provides a death benefit intended to cover funeral and associated costs. This plan is a fundamental whole life insurance policy that can be provided from birth to age 85. The death benefit amount varies according to the applicant’s medical history; the website does not specify the maximum issue amount available. Since final expense plans are designed to cover a specific expense, they typically have minimal death benefit amounts. People who purchase this kind of insurance typically look for a cheap choice.
The final expense product from American Amicable provides a death benefit intended to cover funeral and associated costs.
It is a simplified issue policy because no medical exams are necessary to apply for coverage, and the prices will not change over the course of the policy.
For critical sickness and confined care, American Amicable provides accelerated benefits riders. As a whole life insurance policy, the plan has a cash accumulation account that can be used for borrowing, surrendered, or added to the death benefit.
American Amicable does not offer online quoting and only offers rate quotations through agents. While this particular product line do this very frequently, we would love to see at least a rudimentary online quote system in the modern world.
Even though American Amicable has been operating for a while, there isn’t a lot of specific information available about it. They are the kind of business that most customers encounter through agent solicitation, so online insurance shoppers are not likely to find them. Although we were unable to uncover any issues with their final expense plans or reputation, we nevertheless advise checking with a reputable agent.
7. The Baltimore Life Insurance Company
Silver Guard, a final expense product from Baltimore Life, comes in three variations, two of which are graded benefit policies.
All Silver Guard products are simplified issue; therefore, no physicals are necessary, but a brief health history is required. These whole life insurance policies have a cash accumulation account, a guaranteed level premium, and they cannot be cancelled if premiums are paid.
The level death benefit plan, branded as Silver Guard I, pays out the entire death benefit on the day it is issued. As long as the policy is still in effect and before the claim has been handled, the beneficiary may draft up to $1,000 of the death benefit instantly using the plan’s $1,000 cash draft form. Following the conclusion of the claims procedure by the corporation, the remaining benefit sum will be paid out.
To Silver Guard I, an accidental death rider for can be applied, increasing the death payout in the event of an accident.
Those who don’t qualify for Silver Guard I, typically because of a medical history, can choose from Silver Guard II or III, both graded death benefit plans. If a death occurs during the first year, these policies pay out 25% of the face value of the policy, 50% during the second year, and 100% during the third year and beyond. In the event of an accident, the policy pays out 100% of the face amount starting on the day of issuance.
Online quotes are typically provided by agent-driven life insurance firms; however, Baltimore Life does not offer online quoting. Visitors to the website are instructed to either complete a brief form to have an agent contact them for more information or utilize an agent finder to get assistance locally.
Since life insurance for seniors can be highly expensive, final expense life is typically sold with a lower face value to make it more affordable. Since a whole life insurance policy issued at a younger age with a significantly higher death benefit may have a lower or equivalent rate, rates are only truly comparable to other identical plans.
Strong products from Baltimore Life come with a few extra perks, including the $1,000 cash draft option. We cannot, however, compare them based on value without rates. Having said that, we noticed nothing alarming, and, they appear to have a solid reputation that makes them merit more inquiry.
8. Gerber Life Insurance
Gerber, a rather sizable corporation, is regarded as one of the most known brands in America. The majority of people are aware of their full life insurance for kids. If you want the specifics, check out this in-depth analysis of the Gerber Life Grow-Up Plan.
Their life insurance branch, Gerber Life, has a long history of giving seniors, adults, and children a variety of life insurance options. Particularly, their scheme for burial insurance is incredibly simple and uncomplicated.
There is only one type of policy offered. Other than assured issue final expense, they don’t offer anything. Essentially, this is a final expense policy that does not ask any health-related inquiries and does not demand any sort of medical documentation. No matter what, they distribute the policy to everyone. The only significant concern is whether to choose a guaranteed issue policy. Depending on where you purchase from, Gerber Life is likely the best business to choose if the answer is yes. Obviously, if a guaranteed issue plan is your best option, we strongly advise that you let us assist you in obtaining a Gerber policy. Given that, most applicants shouldn’t get a life insurance policy with guaranteed acceptance. If you want to fully get why we say this, please read the entire review.
In the end, Gerber Life provides an incredible value. They offer the best guaranteed issue burial insurance there is, without a doubt. However, you shouldn’t purchase anything until you are positive that you won’t be eligible for a burial insurance plan that has health questions.
9. Liberty Bankers
The majority of the USA is serviced by Liberty Bankers, which has been around for a while. They provide a huge selection of affordable insurance options. Their product for burial insurance is especially appealing. You can be eligible for one of three distinct final expense plans. Your health will decide which plans you are eligible for, if any.
To begin with, their Modified strategy is in no way competitive. In essence, it has a wait time and is overpriced. There are numerous circumstances in this area when you could get first-day coverage at a lower cost. All things considered; you can get a plan somewhere for far less money. Just steer clear of this plan.
In contrast, their Standard plan is great. Lack of a waiting period is arguably this plan’s strongest feature. Some serious conditions, such as COPD, hepatitis, or kidney problems, are covered by this policy. Additionally, you will continue to receive full first-day coverage. There is absolutely no waiting period. This is unusual because most final expense firms normally impose a waiting period for these kinds of circumstances. Additionally, the cost of this package is reasonable. It’s a great deal given the restrictions they accept.
Finally, they have a good Preferred plan. It’s more focused on your client who is healthier. If you haven’t had any recent serious health difficulties, this plan might be beneficial to you. However, if you are eligible for it, you can definitely find it for less somewhere else. Considering that, the pricing is still fairly reasonable.
Liberty Bankers is a reliable business with an affordable program for burial insurance. For some medical issues, they might be your best option.
10. Aetna
American Continental Insurance Company is owned by Aetna. Aetna is a big insurance provider best known for its health insurance offerings. They have a great reputation and are quite stable financially. You may be sure that when that day comes, they will honor your claim.
The fact that American Continental Insurance Company is one of the few to offer coverage up to age 89 is another important aspect to keep in mind. Additionally, they don’t offer a height and weight chart, and their application doesn’t have a MIB check.
Their revised plan is just horrible. Never take it. You will find a better plan somewhere for a lot less money.
However, in other circumstances, their graded method works out rather well. Its benefit payout is constrained. However, given the range of medical issues their graded plan covers, this is totally understandable. Most of the time, other providers of burial insurance would impose a full two-year waiting period before covering the same health issues as Aetna does with their graded plan.
Last but not least, for everyone who qualifies, their level death benefit plan is a highly decent and reasonably priced alternative. One of the very few firms in the country will give you a new insurance if you are between the ages of 86 and 89 and your health qualifies you for their level death benefit is Aetna.
Overall, they offer a fairly priced program that, depending on your health, can be a smart choice for you. Don’t bother if you have a history of diabetes and heart problems.
