How to Compare Final Expense Insurance Plans
Not all final expense insurance plans are created equal. While the basic concept is the same — you pay a monthly premium and your family receives a death benefit — the details can vary significantly between carriers and policy types.
What to Compare
When evaluating final expense plans, focus on these key factors:
1. Monthly Premium
This is the most obvious comparison point, but don't just choose the cheapest option. A lower premium may come with coverage limitations or a longer waiting period. Compare premiums for the same coverage amount and policy type.
2. Coverage Amount
Make sure the death benefit is enough to cover your anticipated expenses, and start from real numbers rather than a rule of thumb. The National Funeral Directors Association puts the national median funeral with viewing and burial at $8,300, and $6,280 with cremation; neither figure includes a cemetery plot or a grave marker. Add whatever medical bills and small debts you want cleared, then subtract anything already set aside.
3. Waiting Period
Simplified issue policies typically have no waiting period — your full benefit is available from day one. Guaranteed issue policies usually have a 2- to 3-year graded period. Know which type you're getting.
4. Carrier Reputation
Look for carriers with strong AM Best ratings (A- or better). This indicates financial stability — the ability to pay claims reliably for decades to come. Well-known carriers include Mutual of Omaha, Globe Life, Transamerica, and Gerber Life.
5. Claims Process
How quickly does the carrier pay claims? The best final expense carriers process claims within 24 to 48 hours, which matters enormously when your family needs funds for immediate expenses.
Why an Agent Makes the Difference
The most effective way to compare plans is through a licensed agent who represents multiple carriers. They can run quotes from several companies simultaneously, show you the differences side by side, and recommend the best fit based on your specific health profile and budget.
This service is typically free to you — agents are compensated by the insurance carriers, not by the consumer.
More on this topic: compare quotes fairly with the cost per $1,000 calculator · five questions to ask before buying · whether you can have two final expense policies
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