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Best Final Expense Insurance Companies: 2026 Comparison
The best final expense insurance companies offer simplified issue coverage that pays from day one, fair prices, and lenient health questions. Mutual of Omaha, Aetna/CVS Health, Gerber Life, and Colonial Penn are among the best-known names, but their ages, limits, and waiting periods differ.
- Simplified issue plans usually cost less and pay from day one.
- Issue ages run from 40 to 89 depending on the carrier.
- Guaranteed issue plans accept everyone but have a two-year graded benefit.
- Compare price per $1,000 of coverage and check AM Best ratings.
Table of Contents
Best Final Expense Insurance Companies Compared
The best final expense insurance companies combine fair prices, lenient health questions, and coverage that pays from day one when you qualify. This table compares well-known plans using carrier and agent materials.
| Company and plan | Issue ages | Coverage | Health questions | Waiting period |
|---|---|---|---|---|
| Mutual of Omaha Living Promise (Level) | 45 to 85 | $2,000 to $50,000 | Yes | None if you qualify |
| Mutual of Omaha Living Promise (Graded) | 45 to 80 | $2,000 to $20,000 | Yes, fewer | 2 years for illness |
| Aetna / CVS Health (Accendo) | 40 to 89 | $2,000 to $50,000 (lower maximums at older ages) | Yes | None for Preferred and Standard; 2 years for Modified |
| Mutual of Omaha Guaranteed Whole Life | 45 to 85 | $2,000 to $25,000 | None | 2 years for illness |
| Gerber Life Guaranteed Life | 50 to 80 (50 to 75 in NY) | $5,000 to $25,000 | None | 2 years for illness |
| Colonial Penn Guaranteed Acceptance | 50 to 85 | $9.95 units, up to 25 | None | 2 years for illness |
Sources: Mutual of Omaha producer and rate-chart materials (2026); Aetna/CVS Accendo product sheets; Gerber Life product pages; Colonial Penn FAQ. Availability varies by state; confirm current terms when you apply.
How Do You Choose a Final Expense Company?
- Start with simplified issue. If you can answer the health questions, a level-benefit plan pays the full benefit from day one and usually costs less.
- Match underwriting to your health. Carriers treat conditions like diabetes, COPD, and heart disease differently.
- Compare price per $1,000 of coverage. The same coverage can cost very different amounts.
- Check financial strength. Look up each insurer’s current rating at AM Best.
- Use guaranteed issue only if needed. It accepts everyone but has a two-year graded benefit.
What Does Final Expense Insurance Cost?
At 70, $10,000 of simplified issue coverage averages about $53 a month for women and $70 for men in published 2026 samples, while Mutual of Omaha’s guaranteed whole life costs $68.87 and $86.70 for the same amount. See our $10,000 and $25,000 cost tables for every age from 50 to 85.
Are Guaranteed Issue Companies Worth It?
Guaranteed issue plans from Mutual of Omaha, Gerber Life, and Colonial Penn are useful if your health rules out simplified issue. Coverage per dollar varies widely; read our Colonial Penn review and Gerber Life Guaranteed Issue guide before choosing.
Octans is an independent agency that compares many carriers. We may earn a commission from the company you choose; see how we get paid.
Why we don’t rank the best final expense insurance companies
Most lists of the best final expense insurance companies put one carrier at the top. We don’t, and here is why: the right company depends on facts about you that a list can’t know.
- Your health. One carrier may offer you a level benefit from day one. Another may only offer a graded plan for the same condition.
- Your age. Issue ages differ. A plan that fits a 52-year-old may not be open to an 82-year-old.
- Your state. Some plans aren’t sold in every state, or have different limits in some states.
- Your budget and goal. A $7,000 cremation plan and a $25,000 burial plan may point to different carriers.
Instead of a ranking, this guide shows you how to compare carriers yourself. Every carrier fact below comes from the company’s own page or a source we link to:
- Answer the health questions honestly and see which carriers offer you a level benefit.
- Check each finalist’s financial strength rating.
- Look up its complaint record.
- Confirm it is licensed and sells the plan in your state.
- Compare the fine print and the cost per $1,000 of coverage.
The best final expense insurance companies for you are the ones that pass all five checks at a price you can keep paying for life.
How do you check a carrier’s financial strength?
Final expense is a promise that may be paid decades from now. Independent rating agencies grade insurers on their ability to pay, and AM Best is one of the best known. Here is the AM Best financial strength scale, as published by Securian Financial:
| Rating | Label |
|---|---|
| A++, A+ | Superior |
| A, A- | Excellent |
| B++, B+ | Good |
| B, B- | Fair |
| C++, C+ | Marginal |
| C, C- | Weak |
| D | Poor |
| E / F | Under regulatory supervision / In liquidation |
Two examples from carrier pages: Colonial Penn says on its home page that it is “Rated A (Excellent) by AM Best.” Gerber Life’s parent group reported in February 2024 that AM Best upgraded Gerber Life to A+ (Superior). Ratings change over time, so check the current rating for the exact company that issues the policy, not just the brand name in the ad.
How do you look up complaints against a carrier?
A strong balance sheet doesn’t tell you how a company treats its customers. For that, look at complaint data. According to the NAIC, its free Consumer Insurance Search tool lets you look up complaint information by state, company and insurance type for the past three years. The NAIC adds two cautions: don’t use just one factor to decide, and a company’s complaint index can shift because of changes in its own complaints or premiums, or across the whole market.
Tips: search the exact legal name of the issuing company, choose the life insurance line rather than the company’s overall record, and look at the complaint index, not just the raw count. A large company may have more complaints simply because it has more customers.
Is the company licensed in your state?
A carrier must be licensed in your state to sell you a policy there, and so must the agent. The NAIC notes that your state department of insurance keeps a list of licensed agents and companies. State rules also change what a plan looks like:
- American General (Corebridge) Guaranteed Issue Whole Life is issued in all states except New York and Maine, and in Pennsylvania is sold online only (Corebridge Direct).
- Gerber Life Guaranteed Life has issue ages of 50 to 75 in New York, a $15,000 maximum in South Dakota, and a one-year graded period in North Dakota (Gerber Life FAQ).
- Colonial Penn prices coverage by age, sex and state, except in Montana, where it uses age only (Colonial Penn).
So a review written for one state may not match the plan you can buy in yours. Always confirm the details for your state, and read the policy papers you get. Gerber Life, for example, says on its product pages that a Buyer’s Guide and a Policy Summary are sent with all its policies.
How do guaranteed issue carriers compare, line by line?
If you need a plan with no health questions, the fine print is where carriers differ most. This table is not a ranking; it shows what to look at.
| Plan | Issue ages | Coverage | Illness death, first 2 years | Policy loan rate |
|---|---|---|---|---|
| Mutual of Omaha Guaranteed Whole Life | 45 to 85 | $2,000 to $25,000 | 110% of premiums paid | Not stated in our sources |
| Gerber Life Guaranteed Life | 50 to 80 | $5,000 to $25,000 | 110% of earned premiums | Up to 8% |
| American General (Corebridge) GIWL | 50 to 80 | $5,000 to $25,000 | 110% to 120% of premiums paid | Not stated in our sources |
| Colonial Penn Guaranteed Acceptance | 50 to 85 (most states) | Up to 25 units | Premiums plus 7% interest (2021 fine print) | 8%, compounded yearly |
Sources: Mutual of Omaha rate chart (effective August 1, 2026) and Navy Mutual; Gerber Life FAQ; Corebridge Direct; Colonial Penn and Truth in Advertising. Notice how the early payout is worded: “premiums paid,” “earned premiums” and “premiums plus interest” can produce different amounts. Ask the agent or carrier to show how the refund is calculated, in dollars, for your premium.
What other policy features should you compare?
- Premium lock. Gerber Life and Colonial Penn both say their guaranteed plan premiums won’t increase. Confirm this for any plan.
- Riders. An accelerated death benefit rider lets you take money from your death benefit if you’re diagnosed with a terminal illness, according to the NAIC, which also notes that adding a rider increases your premium. Ask whether a rider is included or extra.
- Cash value. Colonial Penn says its plan starts building cash value after the first year. Gerber says cash value can be borrowed against. Loans reduce the death benefit if not repaid.
- Trial period. Colonial Penn offers a “30-Day Try-It-On Period.” North Carolina requires at least 10 days on new life policies, per the NC Department of Insurance. Your state’s minimum may differ.
- Maximum per person. Corebridge says all of its guaranteed issue whole life policies on one person can’t exceed $25,000 in total. Ask each carrier about its per-person cap.
What red flags should you watch for in final expense ads?
- “You can’t be turned down.” True of guaranteed issue plans, but it usually comes with a two-year limited benefit. Truth in Advertising reviewed one 2021 TV ad and found the “Limited benefit first 2 years” notice was on screen for eight seconds in total.
- A low monthly price with no coverage amount. A price like $9.95 means little until you know how much coverage it buys at your age. Ask for the face amount in dollars.
- A brand name that isn’t the insurer. The company in the ad may not be the company that issues the policy. Check the issuer’s rating and complaints, not just the brand’s.
- Pressure to cancel a policy you already have. The NAIC warns that replacing your insurance policy may be costly. Never drop a policy before the new one is issued.
- No license number. A licensed agent can give you a license or National Producer Number (NPN) that you can check with your state department of insurance.
How do you compare prices fairly between carriers?
Comparing monthly premiums only works if the coverage is the same. Some plans, like Colonial Penn’s, sell coverage in fixed-price units where the dollar amount changes by age. To compare, convert each plan to a cost per $1,000 of coverage. A hypothetical example for a 65-year-old woman using published figures:
- Colonial Penn: one $9.95 unit buys $1,258 of coverage at 65, per Choice Mutual (retrieved March 9, 2026), about $7.91 per $1,000 a month.
- Mutual of Omaha Guaranteed Whole Life: $10,000 costs $56.23 a month on its rate chart, about $5.62 per $1,000.
Both plans take everyone in their age range and limit illness payouts in the first two years, yet Colonial Penn’s cost per $1,000 is about 40% higher here. The gap can change with age: for a 75-year-old man, one Colonial Penn unit buys $549 (about $18.12 per $1,000), while Mutual of Omaha’s chart shows $118.99 for $10,000 (about $11.90 per $1,000). Samples, not a quote.
Check the date on every rate. Choice Mutual published $50 a month for a 65-year-old woman for $10,000 of Mutual of Omaha guaranteed coverage, valid as of April 6, 2026, while Mutual of Omaha’s own chart effective August 1, 2026 shows $56.23. When you read reviews of the best final expense insurance companies, check whether the writer compared the same amount, the same plan type and the same age. Our licensed agents can run this comparison across many carriers for your exact age, health and state.
How an independent agent compares final expense carriers
When we help a client compare the best final expense insurance companies for their situation, we follow the same steps on this page. First, we go through the health questions once and match the answers to each carrier’s rules, so you don’t apply blindly and collect declines. Next, we price the same face amount at each carrier that would offer a level benefit.
Then we check each finalist’s financial strength rating, complaint record and state availability. Finally, we walk you through the fine print, including the graded period, premium lock and riders, before you decide. There’s no cost to you for this review, and you choose whether to apply. If no carrier offers you a level benefit, we’ll explain your guaranteed issue choices side by side, including each plan’s waiting period and age limits.
Final Expense Companies FAQ
Which company is best for final expense insurance?
It depends on your age, health, and state. Mutual of Omaha and Aetna/CVS Health offer simplified issue plans with high limits; Gerber Life and Colonial Penn are known for guaranteed acceptance.
What is the oldest age to buy final expense insurance?
Many carriers issue up to age 85, and some, such as Aetna/CVS Health’s Accendo plan, list issue ages up to 89.
Do final expense policies have waiting periods?
Simplified issue level plans usually do not. Graded and guaranteed issue plans typically have a two-year waiting period for deaths from illness.
How much final expense insurance do I need?
Add up the funeral you want, final medical bills and small debts, then subtract savings. The NFDA’s 2023 median for a funeral with viewing and burial was $8,300, before cemetery costs. Most people choose $5,000 to $25,000.
Related Coverage and Guides
Sources: Mutual of Omaha; Gerber Life: life insurance questions; Colonial Penn FAQ.
Important: Octans Insurance agents are licensed in the states in which they operate. Coverage availability and rates may vary by state. Premium examples, when provided, are illustrative samples from published sources, not quotes. Final rates are determined by the insurance carrier based on underwriting and applicable policy criteria. Policy terms, exclusions, limitations, riders, and availability vary by carrier and state.
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