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If you’re looking for final expense insurance, you need a niche product. Burial insurance helps your loved ones cover your final expenses. It’s not insurance that provides much coverage, and it can be costly, but it can be very beneficial when you pass away and leave your loved ones with money to handle your final arrangements.

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Knowing which final expense insurance companies are suitable for seniors is essential. With so many scams against seniors out there today, you need to know who you can trust.

Below is our list of the top final expense insurance companies you should consider, along with their pros and cons, so you can decide which company is right for you.

5 Final Expense Insurance Companies You Should Consider


AARP, as you likely know, is an organization for seniors. They provide resources for people over age 50. One of their greatest resources is their partnerships with New York Life and final expense insurance.

Because AARP is a group, you get group rates and automatically get approved because it’s a group policy versus an individual policy. The policy is also open to spouses ages 45 to 80 years old. This can be a good option for seniors with less than optimal health who need coverage for their final expenses.

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Who Qualifies

Any senior over age 50 that is a part of AARP qualifies. You can apply any time after age 50 and up to age 80 unless you are a member’s spouse; then, you can apply at age 45.

Coverage Amount Up To


Easy to qualifyCustomer service may be lacking
Coverage lasts for your entire life, but you stop making premium payments after age 95You must be an AARP member to qualify (a paid membership)
You don’t have to pass a medical exam or any medical questionsPremiums can be high if you are a healthy senior

Mutual of Omaha

We like Mutual of Omaha’s final expense insurance for seniors for its higher coverage. You can get coverage up to $40,000 if you can afford the premiums. Most companies limit the coverage to $25,000.

We also like it because there is the chance you won’t have the typical 2-year waiting period for a full payout. If you qualify, you can get coverage from day one, providing you with peace of mind knowing you’ll leave your loved ones with money to cover your final expenses even if you die soon after taking out the insurance.

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Who Qualifies

You must be at least 45 years old and apply up to age 85.

Coverage Amount Up To


Offers much higher coverage amounts than most companiesYou must go through a licensed broker to apply; you can’t apply online
You may get benefits from day one (if not, you may still get approved but with a 2-year waiting period)You must answer health questions to get approved (it’s not guaranteed coverage)
Has some of the lowest premiums in the industryNot available in New York


AIG offers final expense insurance for seniors, including a terminal illness and/or chronic illness rider. This can be important for some seniors as it allows you to access your benefits early (50% for chronic illness and the full benefit for terminal illness) should you need the funds.

Like most final expense policies, there is a 2-year waiting period with AIG burial insurance, but you can buy a policy from AIG directly or through a broker. The price is the same.

AIG has an A rating with A.M. Best, and the policy never expires. It can accrue a cash value, but most people don’t live long enough to see a true cash value that’s useful.

Who Qualifies

Seniors between the ages of 50 and 80 may apply

Coverage Amount Up To


They’ve been in business since 1919The 24-month waiting period can make your policy pointless if you die within 2 years of applying
The addition of riders can help seniors that unexpectedly get sickThe premiums can be high
You don’t need a medical exam or to answer medical questionsIt may take a while to process your benefits for your loved ones when you die

Foresters Financial

Foresters Financial isn’t as well known as the other insurance companies on our list, but they provide a helpful burial insurance policy for seniors that allows coverage up to $35,000. They have an A rating with A.M. Best, and they don’t have a 2-year waiting period which is great for your loved ones.

No medical exam is required, nor do they ask medical questions. It’s true guaranteed coverage, and they’ll insure you even if you have medical issues. We like their quick approval times and the lack of requirements to secure a policy.

Who Qualifies

Anyone between the ages of 50 and 85

Coverage Amount Up To


Has been in business since 1874Has a large number of customer complaints
Doesn’t have a waiting period on its policyThere isn’t an online application process
Offers many member benefits outside of the life insuranceYour beneficiaries must mail in their claim


Transamerica is a well-known insurance company that offers final expense insurance for seniors. We like them because of their competitive premiums, even though the policy is similar to what many others offer.

We also like that they offer guaranteed coverage with no waiting period, and you don’t have to undergo a medical exam or answer medical questions. In fact, we encourage you to avoid their graded benefit plan, which has a 2-year waiting period. If you die within that time, your loved ones only receive your premiums back, but the premiums are too high for this type of policy.

Who Qualifies

Anyone ages 45 – 85 can apply

Coverage Amount Up To


You don’t need a medical exam to qualifyThey review your prescription and Medical Information Bureau reports to determine your eligibility
The policy lasts for your lifetime and can build a cash valueThey randomly conduct health interviews (you never know if you’ll be chosen)
Available in all 50 statesThe premiums can be high for certain people

What to Look for in Burial Insurance for Seniors

Buying burial insurance for seniors is a big decision. You’re paying for an insurance policy in your senior years when you thought you were done with life insurance. You likely live on a fixed income and might have difficulty affording the premiums.

Before you invest, know these factors.

discussion with insurance agent

How Long Does Coverage Last?

Don’t assume the coverage lasts for your lifetime. Not all policies do. Read the fine print and find out how long the policy lasts. Some are good through age 95, and others are good for your lifetime.

If it’s good through 95, determine how long premiums are payable. Sometimes it’s the duration of the policy, and other times they stop premium payments at a certain age.

How Much Coverage Do You Need?

Remember, burial insurance is just to cover your final expenses. It’s not a policy to leave behind a legacy for your loved ones. But you should know how much your loved ones will need for your final expenses.

If you’re looking for coverage just to cover your funeral and services, you’ll need $10,000 – $20,000. If you’re worried about other coverage you’ll need, such as paying your medical expenses or any debts, you might want a policy that offers more coverage.

How do you Qualify?

Many final expense policies are truly guaranteed coverage. This means you don’t have to do a medical exam or answer any health questions. But some policies do require health questions or pulling your medical records.

If you have any chronic or terminal illnesses, for example, cancer, you may not qualify for coverage if it isn’t guaranteed.

Is There a Waiting Period?

This is probably the most important part, understanding if there is a waiting period. While no one wants to think about dying in the next 2 years, you must prepare. If you buy a policy with graded benefits, it means your loved ones get only a return of premium plus a small percentage if you die within the first 2 years of taking out the policy.

Weigh the pros and cons of this option before taking on a policy, as the premiums aren’t cheap, and there’s a chance your loved ones won’t get a full payout.

Final Thoughts

Do your research before taking out a final expense policy. The right policy can give your loved ones the funds needed to cover your final expenses, but the wrong one could leave you without money in your bank account and your loved ones without coverage.

Know the terms, understand how you qualify, and most importantly, make sure you can afford the premiums, so you aren’t left without an active policy and your loved ones left without coverage.


Meet Aaron H., a senior life insurance agent from California with 15+ years of experience. With a major in finance, excellent analytical and communication skills, and a passion for helping clients find personalized solutions, Aaron is a trusted advisor in the industry. He stays up-to-date on the latest trends and developments by attending webinars and workshops, reading industry blogs, and writing informative blog posts on this website. Aaron also has a keen understanding of SEO and online marketing, which he uses to help his clients reach a wider audience and get the coverage they need. He cherishes spending quality time with his wife, two children, and elder parents.