Life insurance is meant to provide your loved ones security if something ever happens to you. But as you'd agree like many, not everyone needs or can afford those hefty, premium-heavy policies pushed by some insurers.

If you're mainly looking to cover end-of-life costs like a funeral or medical bills, then a final expense insurance policy may be a simpler solution. Also called burial insurance, these pay out much smaller amounts to handle your last wishes.

So, today, we'll share six of the best final expense insurance companies that make getting approved easy, with no medical exams needed whatsoever. We'll explain what they offer and which one to choose for your particular situation or needs.

1. Mutual of Omaha: Best for Instant High Coverage

If you need high-coverage burial life insurance right away, Mutual of Omaha may be the best choice right now. Their "Living Promise" plan has very reasonable prices and accepts applicants with many common health issues. Here's why you'll want to choose them:

The Benefits

• Affordable Prices: Their prices are very reasonable compared to other companies, with monthly premiums starting at just $8.84.

• Wide Acceptance: They're also more likely to approve you even if you have common health issues. A lot of insurers wouldn't take people with certain conditions, but Mutual of Omaha is pretty lenient.

• No Waiting Period: Once approved, your coverage starts immediately. There's no waiting period like with some other policies where you have to wait 30 days or something.

• High Coverage Limits: You can get up to $50,000 in coverage, even if you're over 80. Most companies will only insure older adults for way less than that.

• Excellent Financial Strength: On top of all that, Mutual of Omaha is really stable financially. They've been around for ages and give you the security of knowing your policy is backed by a huge, solid company.

• Few Complaints: People also don't file complaints about them with the NAIC (National Association of Insurance Commissioners) as much as other insurers. So you probably won't deal with many headaches down the line.

• Accelerated Death Benefit: The plan automatically includes an accelerated death benefit rider, too. That means if the insured is terminally ill or needs long-term care, they can access the full death benefit while still alive.

• Easy Policy Changes: Best of all, updating your policy later is pretty easy. You can make changes over the phone or email without filling out complicated paperwork, whereas most companies make you mail forms back and forth.

The Downside

The only potential downside is that you do need to talk to an insurance agent to get the "Living Promise" plan. You can't purchase it entirely online yourself or through Mutual of Omaha directly.

Mutual of Omaha only provides this particular plan through local licensed agencies. So at some point, you'll need to have a conversation with one of their agents and go through the application process over the phone.

Now, buying life insurance through the mail from Mutual of Omaha or on their website works too. But there's a two-year waiting period before your coverage takes effect, and the maximum coverage is only $25,000.

Policy Details

Feature	Description
Policy Type	Whole Life Insurance
AM Best Rating	A+
NAIC Complaint Index	0.63
BBB Rating	A+ (Accredited)
Age Eligibility	45-85 years old
Coverage Range	$2,000 - $50,000
Monthly Premium Threshold	$8.84
Availability	All states except New York
Guaranteed Premiums	Yes, premiums never increase
Cash Accumulation	Yes, the policy builds cash value
Coverage Period	Lifelong coverage
Living Benefits Rider	Available. Allows access to death benefits for terminal illness or nursing home confinement
Optional Rider	Available. Accidental death benefit doubles the payout.
Application Process	Through licensed Mutual of Omaha agents
Phone Inquiries	1-800-644-2926
Medical Exam	Not required
Guaranteed Approval	No, approval is based on underwriting
Approval Timeframe	10 minutes to 2 business days

 

2. AAA: Best for Guaranteed Acceptance

For guaranteed acceptance life insurance policy seekers, AAA could be the best option around. They're now offering the lowest prices in the market for this type of coverage.

The Benefits

• Guaranteed Acceptance: Since it's guaranteed acceptance, AAA won't turn you down due to health issues. They don't even ask about your medical history.

• Affordable Pricing: Their prices are extremely affordable compared to competing "no health questions asked" policies, too, with premiums starting at $21 per month.

• Higher Interests on Refunds: When it comes to interest on refunded premiums, AAA gives you way more than other insurers as well. They'll return your payments plus 130% interest - most others are only around 110%.

• Double Death Benefit: As an added bonus, AAA pays double the death benefit if the cause is an accident. You won't find that benefit anywhere else.

• Flexible Application: Besides, you can apply either online or over the phone - no need to track down an agent.

The Downsides

There are a couple of small tradeoffs to be aware of with AAA's plans, though.

• Waiting Period: First, like all guaranteed acceptance policies, there is a two-year waiting period for natural causes of death. So if you pass away from natural causes in the first two years, they won't pay out the full benefit.

• Limited Options: The other thing is you can only choose from set coverage amounts - either $3,000, $5,000, $7,000 and so on up to $25,000. They won't let you pick your preferred dollar amount.

Policy Details

Feature	Description
Policy Type	Whole Life Insurance
AM Best Rating	A
NAIC Complaint Index	2.77
BBB Rating	A- (Accredited)
Age Eligibility	45-85 years old
Coverage Range	$3,000-$25,000
Monthly Premium Threshold	$30
Availability	All states except New York
Guaranteed Premiums	Yes, premiums never increase
Cash Accumulation	Yes, the policy builds cash value
Coverage Period	Lifelong coverage
Optional Rider	Available. Accidental death benefit doubles the payout.
Application Process	Through the AAA Online Application
Phone Inquiries	1-888-523-1863
Medical Exam	Not required
Guaranteed Approval	No
Approval Timeframe	Instantaneously (for guaranteed acceptance coverage amounts)

 

3. Aetna: Best for The Elderly

Aetna has been the go-to option for many seniors edging closer to 90 with limited life insurance choices. And that's because they're genuinely accommodating for elderly applicants.

The Benefits

• Coverage for Seniors: Amazingly, Aetna will insure people as old as 89, whereas most companies cut off much younger. They're the most lenient when it comes to advanced age.

• Instant Coverage Despite Health Issues: You can get instant coverage despite health problems. Things like COPD, diabetes, and obesity - won't cause an auto-decline like at some insurers.

• Fast Approvals: The application process is simple. Just talk to an Aetna agent over the phone and they'll often give you an approval decision super quick, usually within 15 minutes.

• Discounts: On top of that, if you already have other Aetna senior products, you might qualify for a 10% discount on insurance.

• Accelerated Death Benefit: This plan includes a free accelerated death benefit rider. If you're diagnosed with a terminal illness that might cause death within 12 months, you can access your full death benefit early to cover expenses.

• Excellent Reputation: Aetna has an A rating with AM Best, no complaints with the NAIC, and a good rating with the Better Business Bureau. This shows they're a financially stable and reliable company with a strong track record of customer satisfaction.

The Downside

The only potential downside to Aetna is that, unlike some other insurers, they don't offer any guaranteed acceptance options. Since Aetna still needs to medically review each applicant, it's possible they could deny coverage if your health issues are too severe.

Policy Details

Feature	Description
Policy Type	Whole Life Insurance
AM Best Rating	A
NAIC Complaint Index	0
BBB Rating	A+ (Not Accredited)
Age Eligibility	40-89 years old
Coverage Range	$2,000-$50,000 (varies by age)
Monthly Premium Threshold	$30
Availability	All states except New York
Guaranteed Premiums	Yes, premiums never increase
Cash Accumulation	Yes, the policy builds cash value
Coverage Period	Lifelong coverage
Optional Rider	Available. Accidental death benefit doubles the payout.
Application Process	Through agencies licensed to sell Aetna products
Phone Inquiries	1-800-644-2926
Medical Exam	Not required
Guaranteed Approval	No
Approval Timeframe	15 Minutes to 3 Business Days

 

4.AIG: Best For Low-Grade Cancer Patients

Very few companies in the US approve final expense insurance for cancer patients, even if they're diagnosed with relatively mild variants. And among those few companies, AIG has to be your best bet for several good reasons.

The Benefits

• Coverage for Cancer Patients: Specifically, they are really accommodating for certain low-grade cancers, like Stage 0-1. In those cases, you could get instant coverage with no waiting period and their lowest rates. Just be aware the type of cancer has to be on their approved list.

• Coverage After Heart Attacks: Another group AIG works with well are people who previously had a heart attack - but only if you've never smoked. They can get coverage to start right away, too.

• Fast Approvals: The process is quick as well. Most applications see a decision within 10 minutes.

• Affordable Prices: AIG's prices are very reasonable, on par with the more basic "final expense" policies.

• Guaranteed Issue Option: For those who just want guaranteed acceptance no matter what, AIG does offer a whole life plan with no health questions. But there is a higher premium for that option, plus a two-year waiting period before claims can be made.

The Downsides

While AIG offers some unique benefits, there are a couple of downsides to consider:

• Poor Customer Service: Sometimes, it's hard to reach a live person on the phone. They also tend to stick with old-fashioned paper forms for any policy changes rather than having an easy online portal, which isn't handy.

• Limited Coverage for Seniors: AIG also may not be the right choice if you're an older adult dealing with very common health issues. Things like diabetes, depression, and more could mean you only qualify for a graded plan with a two-year waiting period and higher premiums.

Policy Details

Feature	Description
Policy Type	Whole Life Insurance
AM Best Rating	A
NAIC Complaint Index	2.91
BBB Rating	F (Not Accredited)
Age Eligibility	50-80 years old
Coverage Range	$5,000-$35,000
Monthly Premium Threshold	$21
Availability	All states except New York
Guaranteed Premiums	Yes, premiums never increase
Cash Accumulation	Yes, the policy builds cash value
Coverage Period	Lifelong coverage
Living Benefits Rider	Available. Allows access to death benefits for terminal illness or nursing home confinement
Optional Rider	Available. Accidental death benefit doubles the payout.
Application Process	Through agencies licensed to sell AIG products
Medical Exam	Not required
Guaranteed Approval	No
Approval Timeframe	10 Minutes

 

5. American Amicable: Best for Smokers

If you smoke, American Amicable should definitely be at the top of your list. American Amicable could approve you when nobody else will.

The Benefits

• Smoker-Friendly Underwriting: American Amicable is known for being most flexible with smokers. They allow case-by-case reviews of prescriptions or medical details and are more likely to approve applications with challenging medical histories.

• Lower Prices for Smokers: Their prices for smokers are the lowest around, hands down. Occasional cigar or pipe smokers may even qualify as non-smokers, saving 20-40% off premiums.

• Excellent Customer Service: Service is top-notch, too. You can usually chat live online within 60 seconds. Also, policies have flexible online or phone updates-no paper forms to mail in.

• Optional Riders: For extra money, you can add useful perk riders too, like payouts for accidents, kids/grandkids, or a waiver if you need long-term care.

The Downside

One possible downside with American Amicable is that its rates might be a bit costlier, even if you're generally healthy. Specifically, if you don't have any major health issues, a handful of competitors could offer plans that are 5% to 15% less costly.

Policy Details

Feature	Description
Policy Type	Whole Life Insurance
AM Best Rating	A
NAIC Complaint Index	2.39
BBB Rating	A (Accredited)
Age Eligibility	50-85 years old
Coverage Range	$2,500-$50,000 (varies by age)
Monthly Premium Threshold	$20
Availability	All States (except CT, ME, MT, NH, NY, and VT)
Guaranteed Premiums	Yes, premiums never increase
Cash Accumulation	Yes, the policy builds cash value
Coverage Period	Lifelong coverage
Living Benefits Rider	Not Available
Optional Rider	Available for extra money
Application Process	Through agencies licensed to sell American Amicable products
Medical Exam	Not required
Guaranteed Approval	No
Approval Timeframe	Less than 10 Minutes

 

6. Royal Neighbors of America - Best for Diabetic Patients

Royal Neighbors is a great choice for people with diabetes who need life insurance. They offer competitive prices, a flexible underwriting process, and a strong financial foundation, making them a reliable and trustworthy company.

The Benefits

• Diabetes-Friendly Underwriting: They are amazingly accommodating for diabetics - whether you use insulin or have weight issues, neither will cause an auto-decline like some insurers.

• Competitive Prices: Rates for people ages 60-80 are quite competitive, too. But most impressive is their medical flexibility-many conditions, including diabetes, COPD, hepatitis, MS, and more, get approved on the spot.

• Rarity of Rejections: Best of all, rejections are pretty rare. Most applicants see swift approval for immediate coverage regardless of their health profile. They understand senior health realities well.

• Financial Strength: Royal Neighbors is also very stable financially and has a solid reputation. Plus, all members get free added benefits at no extra cost. These can include things like discounts on travel, entertainment, and other services.

The Downside

The only small drawback with Royal Neighbors is that transferring the policy ownership can be a bit more complex than with some other insurers.

For example, even though the owner controls the policy, the beneficiary only gets the payout when you pass. If you ever need to change the owner, like for Medicaid eligibility reasons, Royal Neighbors requires getting a form notarized.

Policy Details

Feature	Description
Policy Type	Whole Life Insurance
AM Best Rating	A
NAIC Complaint Index	2.00
BBB Rating	A+ (Accredited)
Age Eligibility	50-85 years old
Coverage Range	$5,000-$40,000
Availability	All States (except AK, AL, HI, LA, MA, NH, and NY)
Guaranteed Premiums	Yes, premiums never increase
Cash Accumulation	Yes, the policy builds cash value
Coverage Period	Lifelong coverage
Optional Rider	Not Available
Application Process	Through agencies licensed to sell Royal Neighbors products
Medical Exam	Not required
Guaranteed Approval	No
Approval Timeframe	10 Minutes

What Is Final Expense Insurance?

Final expense insurance, also called life insurance for seniors or burial insurance, is meant to help cover funeral costs and other end-of-life expenses.

It works like whole life insurance, where you pay a small monthly or annual premium. That gives you a cash value you can borrow from if needed, as well as a death benefit - usually between $3,000 to $25,000.

Some policies have "guaranteed acceptance," meaning they'll take you no matter your health issues. Others may ask a few quick questions about any conditions or medications, though, usually, no one needs a full medical exam.

With the guaranteed policies, the full death benefit isn't always available right away. For the first 2-3 years, it may pay out a smaller amount if something natural causes your passing.

The thing is healthier people could probably find cheaper whole-life policies by seeing a doctor first or answering lifestyle questions. But typically, these final expense policies are perfect for seniors dealing with common conditions, as premiums reflect higher risks.

And although it's for funeral costs officially, the money is meant to help cover funeral costs, medical bills, or other final debts owed as well. It relieves some stress from loved ones who have to arrange affairs when you pass.

What to Consider When Choosing a Final Expense Policy?

When shopping for a final expense policy, you'll want to consider a few important factors, such as:

• Compare rates between insurers. Price matters, especially if money is tight. You'll be wise to get quotes from highly-rated providers.

• Ask about waiting periods. No delays are usually the best options, but some guarantee acceptance with partial/full waiting periods on claims.

• Are you willing to disclose health info? Answering questions may waive waiting periods and get the lowest rates. Policies with no info have waiting periods.

• Open to working with an agent? As you might've noticed, most insurers, especially for no-wait policies, only sell through agents who can help you compare the best options.

• Check financial strength ratings. Only go with companies rated B or higher by A.M. Best, to ensure they'll be around to pay claims.

How is the Final Expense Insurance Price Determined?

While many final expense insurance policies guarantee coverage for seniors, the price you pay can vary. Here are a few factors that affect the costs:

• Age: naturally, the older you are, the higher the rate since the time before payout is shorter. Someone in their 80s pays more than someone in their 60s.

• Gender: on average, men tend to see somewhat higher rates than women.

• Health: While there is no medical exam, some policies do ask about any conditions, like diabetes or heart disease, that impact the rate.

• Payout amount: The larger the death benefit (For example, $25,000 vs. $10,000), the larger your monthly payment will be.

How do the Financial Ratings of Insurance Companies Work?

As you've noticed, we listed specific ratings, like the AM Best Rating and NAIC Complaint Index in our policy details. These ratings give a snapshot of an insurer's financial strength and reputation in dealing with real people over time.

• AM Best Rating: AM Best is an independent rating agency that assigns insurers letter grades from A++ to D based on their ability to meet long-term financial obligations to policyholders. Higher is better.

• NAIC Complaint Index: This compares an insurer's complaint record to peers. For example, the National Complaint Index is always 1. So, a score of 2 means they had twice as many policyholder issues reported versus average competitors. That's why lower scores are preferable.

• BBB Rating: The Better Business Bureau looks at complaint histories and gives insurers ratings from A+ to F. A+ indicates exceptional customer service based on what the BBB learns about the company from both public sources and directly from the business itself.

Conclusion

Getting a final expense policy is a smart move if you don't have huge savings set aside. It eases the burden on loved ones during an already difficult time.

By having insurance in place, your family won't face extra money stress on top of grieving. They'll have a bit of cash to handle costs without worrying. So, it's worthwhile taking time to thoughtfully review the types of policies available.

You'll want to compare how different insurers factor in your finances, age, and health. More importantly, carefully consider what coverage seems like the best fit for your needs and budget.