Final Expense Insurance is a kind of Life Insurance that helps a person pay for his death expenses. When a person dies, the funeral expenses or the medical facilities provided to him at that time might become difficult for the family to pay off. So, to save them for all that trouble, a person may choose a Final Expense Insurance that will cover all the amount of the funeral and the medical bills.
The best part of the Final Expense Insurance is that it comes without a medical examination. This means that no matter how serious your condition is, you are still eligible to sign up for the policy. The coverage amount also varies to a great degree so you can choose the amount you find most suitable.
There are a few important details that make the Final Expense Insurance worth it is as follows:
- The premium amount set at the time of signing up remains fixed and does not vary with changing market trends.
- The coverage amount is paid at all conditions as guaranteed by the specified company if the premium payment is maintained.
- The policy has no expiry date so the excess amount may result in accumulation of cash value.
- The cash value is easily accessible and the policyholder can borrow from it as well in case he demands.
When the insurance company pays the beneficiary, the coverage amounts at the time of your death, it is free from all kinds of taxation. The policyholder is not restricted to name his family members as only beneficiaries. He may choose a funeral home as his beneficiary rather than his dependents.
Also, the company holds no power over the handed over money and the beneficiaries may spend it in whatever way they find suitable whether they pay off medical bills or some outstanding debt you had left off. In case of the excess amount after the funeral expenses have been paid off, they also stay with stated beneficiaries.
Once you are clear on what Final Expense Insurance means and how it works, you may then search about companies that provide Final Expense Insurance. For your ease, we have summed up the 10 Best Final Expense Insurance Companies in 2021:
The company was found in 1909 and falls first in our list of 10 Best Final Expense Insurance Companies in 2021. The company provided the Final Expense Insurance by the name of Living Promise Level benefit and remains active throughout the policyholder’s life.
The company does not provide a 2-year period that has to be waited out before the policy becomes effective and provides the net amount in the form of cash to the beneficiaries. The provided money is free from all types of taxation policies. The company does not restrict you on the usage of money and the insured may name more the one beneficiary even or as many as he likes. The accumulation of cash value is allowed and the age of people who can apply ranges from 45 up till 85 years.
After the Mutual of Omaha, Foresters Financial falls second in our list of 10 Best Final Expense Insurance Companies in 2020. The company was originally found in 1874 and is top-rated internationally. Foresters Financial provide Final Expense Insurance by the product name as PlanRight Level Benefit.
The qualities are all the way similar to Mutual of Omaha as the policy remains valid throughout the insurer’s life and has no expiry date. The payout amount is even valid in the first two years except for the cases of misrepresentation of health or suicide. Otherwise, all the health issues that arise after taking up the policy do not affect the Insurance. All the original terms remain valid. The age limit of the new applicants should fall between 50 and 85 to be eligible for the insurance.
The company was built in 1895 and is rated one of the Best Final Expense Insurance companies in 2020. The product name for the Insurance is Simplified Issue Whole Life. The premium that has been decided at the time of agreement remains the same throughout and experiences no surges.
The policy has no expiry date and the final payable amount is paid in cash without taxation charges to the stated beneficiaries. The cash value building option is also valid and you can borrow anytime you demand. There is no limitation on who receives the money and you may choose on your will whoever you want to as the beneficiary. The policy taker’s age should fall in between the figures of 50 and 85. The company also allows the family members to purchase the policy on someone’s behalf provided his consent.
The roots of Transamerica fall back at the start of the 20th century, 1904 to be precise. The company falls in the list of 10 Best Final Expense Insurance Companies in 2020 because of the product quality that is labelled as Immediate Solution Preferred. The policyholder does not have to wait for 2 years before he can withdraw like other companies and the premium set initially remains the same throughout.
The policyholder can have as many beneficiaries as he likes and there is no restriction on how the payable amount is used once handed over. The minimum age the applicant must have is 45 and the maximum can go up to 85.
The next one in our list of 20 Best Final Expense Insurance Companies in 2020 is AIG that was built in 1919. The company sells Final Expense Insurance by the product name of Guaranteed Issue Whole Life with no expiry date. The premium does not change over time and remains the same. However, the waiting period of 2 years is to kept in mind before you can withdraw money.
The cash value accumulation gives the policyholder the option to borrow money from. In case of accidental death of the policyholder, all the amount is returned to the beneficiaries and this stays valid even in the waiting period. The applicant’s age should be between 50 and 85 in case he wants to apply.
The company first appeared in the insurance business in 1938 and has been booming ever since. The company sells the Final Expense Insurance as New Vista Level benefit and has secured its position among the 10 Best Final Expense Insurance Companies in 2020. Like all the other companies, the policy is applicant-friendly with no waiting in case the policyholder decides to withdraw.
There are no limitations regarding the usage of money and the number of beneficiaries. Any kind of health issues that arise after taking up the policy shall not interfere with the original terms of the policy. The new applicant should be between 50 and 85 to apply for this policy in Prosperity Life group.
The company was found in the same year as the Mutual of Omaha and the two have competed ever since. America, however, falls at no. 7th in our list of 10 Best Final Expense Insurance Companies in 2020. The company sells the policy by the product name of Eagle Premier with no time duration. The policy remains active from the starting date until death. The policyholder does not have to wait for 2 years before he can withdraw money cash value build-up option is also valid. Without any kind of limitations, any applicant between 50 and 85 can sign up for this Final Expense Insurance policy.
Liberty Bankers Life was found in 1958 and has been working on to build its reputation ever since. Final Expense Insurance is offered by the name SIMPL Preferred and the quality has let the company make its way in our list of 10 Best Final Expense Insurance Companies in 2020.
The policy rules are the same as the other companies with no restriction on usage and beneficiaries with the final amount as cash without any kind of tax legislation. The policy remains effective even if the insured plans to move out in some other state or country.
The company found in 1967 has been selling Final Expense Life Insurance as Guaranteed Life Insurance. Almost all the policy terms are the same except for the waiting period of 2 years before the policyholder can withdraw cash. Other than that, the main reason why Gerber Life falls at no. 9th in our list of 10 Best Final Expense Insurance Companies in 2020 is because in case the policyholder dies of any non-accident death in the first two years, the beneficiaries aren’t paid anything. The age range is from 50 till 85.
American Amicable started business in 1910 and is included in our list of 10 Best Final Expense Insurance Companies in 2020. The policyholder may choose as many beneficiaries as he wants and the beneficiaries may spend the cash amount as they want. Any health issues that arise after the policy is approved do not result in cancellation or any other effects on the policy terms. The age of the person at the time of application should between 50 and 85.