4 Best Funeral Insurance Companies of 2024

4 Best Funeral Insurance Companies of 2024

Funeral insurance, also called final expense insurance, is a type of whole life insurance policy that covers end-of-life expenses, such as burial, cremation, and other related costs. With the average funeral with casket and burial costs exceeding $8,000, such costs can be substantial. For this reason, if you decide to go for a more comprehensive life insurance policy, burial insurance can be valuable.

CNBC Select analyzed funeral insurance providers based on customer satisfaction, access to coverage and other factors and selected the best options so you can make an informed choice. (See our methodology for more information on how we chose the best funeral insurance providers.)

State Farm Life Insurance

  • The cost

    The best way to estimate your costs is to request a quote

  • Application available

  • Key policy points

    State Farm offers a variety of term, whole and universal life insurance products to choose from, in addition to other types of insurance. It is highly rated for financial stability and customer service.

  • A++ AM Best financial strength rating
  • Highest rating for customer satisfaction
  • There is no possibility of medical examination

  • Low coverage limit for no medical examination option

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Who is this for? State Farm is a top choice if you want a provider with a proven track record of customer satisfaction. The company ranks first in JD Power’s life insurance customer satisfaction ratings with 843 points out of 1,000.

Prominent benefits: State Farm’s final expense life insurance offers $10,000 to $15,000 in coverage. The policy has no medical questions and does not require a medical examination. Coverage is immediate and will not be denied. The company also guarantees that premiums will not increase.

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Ethos Life Insurance

  • The cost

    The best way to estimate your costs is to request a quote

  • Application available

  • Key policy points

    Ethos advertises term and permanent life insurance products and offers a free will and wealth planning tools with one policy.

  • No medical examination
  • Guaranteed acceptance option
  • Immediate coverage
  • Application completely online

  • Limited customization options
  • Not available in all countries

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Who is this for? Ethos is ideal for those who want a quick policy. It offers a simple online application process and instant coverage.

Prominent benefits: With the guaranteed whole life insurance option, you’ll be immediately approved for coverage of $10,000, $15,000, $20,000 or $25,000 for ages 65 to 85. This policy does not require health questions or medical examinations. Your monthly premiums will remain the same for the life of your policy. Other advantages include a free will and access to estate planning tools.

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Omaha Mutual Life Insurance

  • The cost

    The best way to estimate your costs is to request a quote

  • Application available

  • Key policy points

    Mutual of Omaha offers term universal life, whole life, indexed and universal life policies, giving many options.

  • Policies available up to age 85
  • There is no possibility of a medical examination

  • Limited to $25,000 for guaranteed whole life policies

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Who is this for? Age restrictions are common for funeral insurance or guaranteed whole life insurance. However, Mutual of Omaha guarantees acceptance for ages 45 to 85 (in NY, 50 to 75), which means you can get coverage earlier in life.

Prominent benefits: You can get up to $25,000 in guaranteed whole life insurance coverage. You will not have to take a medical exam or answer health questions to get this policy. Your insurance rates will remain the same as long as the policy is active. Plus, according to the provider, most claims are paid within 24 hours.

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AARP Life Insurance

  • The cost

    The best way to estimate your costs is to request a quote

  • Application available

  • Key policy points

    AARP offers term and permanent life insurance products through New York Life, along with other types of insurance.

  • No medical examination
  • Guaranteed acceptance option
  • Financial strength rating A++

  • Must be an AARP member to apply
  • Not available in all countries

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Who is this for? AARP members have access to exclusive life insurance offers through New York Life.

Prominent benefits: You can get up to $25,000 in coverage to help your beneficiaries with funeral costs, unpaid bills and more. AARP guarantees that you will be accepted for this coverage, without requiring a medical exam or health questions (benefits are limited in the first two years). What’s more, your rates won’t increase.

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State Farm is a well-known name in the insurance market. Founded in 1922, State Farm is a group of insurance companies that offer various types of coverage – from life insurance to auto and homeowners insurance.

Requirements for medical examination

no

Waiting period

Payment may be limited to the first two years.

Age appropriateness

Not advertised

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Ethos is a digital life insurance agency that partners with life insurance companies to provide term life and whole life insurance coverage. Carriers include Legal & General America, Ameritas Life Insurance, TruStage® Financial Group, Inc., Senior Life Insurance Company and Mutual of Omaha.

Requirements for medical examination

no

Waiting period

Limited payment in the first two years

Age appropriateness

65 to 85

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Founded in 1909, Mutual of Omaha is a leading insurance provider offering life insurance and certain types of health insurance. It also offers a limited selection of financial products and services.

Requirements for medical examination

no

Waiting period

Limited coverage in the first two years

Age appropriateness

45 to 85. In New York, 50 to 75.

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AARP is a large nonprofit organization focused on issues facing Americans over age 50. It offers an annual membership that provides access to special offers and discounts. The organization also endorses several types of insurance plans, including life, health, pet, auto and homeowners insurance, through partner providers.

Requirements for medical examination

no

Waiting period

Limited coverage for the first two years

Age appropriateness

50 to 80 years old, spouses or partners aged 45 to 80 years old. In New York, ages 50 to 75 for insureds and partners and spouses.

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Frequently asked questions

Is it worth buying funeral insurance?

Funeral insurance can be a worthwhile investment as it can help your family members cover your final expenses and avoid debt.

What is funeral insurance?

Burial insurance is a whole life insurance policy designed to help your beneficiaries cover your end-of-life expenses, such as a funeral or cremation.

Which is better: life insurance or funeral insurance?

Burial insurance is very accessible as it usually doesn’t require any medical exams or health questions, but a more comprehensive life insurance policy can be more affordable and offer more value.

How long does burial insurance last?

Since funeral insurance is a type of whole life insurance, it is permanent and has no term.

Funeral insurance can help your family and loved ones take care of funeral costs and other final end-of-life expenses when you die. Take your time shopping around for a reliable provider to get the coverage you need at a fair rate.

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Any insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners for many offers and links, we create all of our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Check out our methodology for more information on how we choose the best funeral insurance companies.

To determine the best life insurance companies, CNBC Select collected data points for dozens of US life insurance companies with a variety of policies.

When selecting the best funeral insurance companies, we focused on insurance companies that offer final expense life insurance or guaranteed whole life insurance. From there, we considered ratings from JD Power’s life insurance customer satisfaction ratings, AM Best’s financial strength ratings (which measure a company’s ability to pay debts), and market share data from National Association of Insurance Commissioners. We have also taken into account age requirements, waiting periods, availability of online quotes and medical exam requirements.

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Editorial note: The opinions, analyses, reviews or recommendations expressed in this article are solely those of the Featured editorial staff and have not been reviewed, endorsed or otherwise endorsed by any third party.

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