4 Best Burial Insurance Companies

Mutual of Omaha offers a suite of attractive features for those interested in a final expense policy. To start, the company is A+ rated by AM Best, which means it has a superior ability to honor its insurance obligations, such as paying claims. You can also apply online for quick coverage of up to $25,000. But you also have the option to apply with an agent for a larger coverage amount and extra perks (not all companies offer this). With an agent, you’re eligible for a death benefit of up to $40,000, and may be able to get a policy without a graded death benefit and with a terminal illness rider. Mutual of Omaha is one of only a few companies to offer a final expense policy without a graded death benefit. It’s also the only company on this list to offer a terminal illness rider (on some policies) and burial insurance to 85 year olds.

One strike against the company is that it doesn’t do as well as its peers when it comes to customer complaints. Mutual of Omaha received slightly more complaints than expected for a company of its size, as measured by the National Association of Insurance Commissioners (NAIC). All other companies in this list received fewer.

SBLI is a financially stable life insurance company that receives few customer complaints and offers instant-issue burial insurance policies for up to $35,000 in coverage. What’s great is that the company doesn’t put special coverage limitations on online applications. For instance, Mutual of Omaha offers final expense policies for up to $40,000 in coverage, but you can only get that amount if you apply with an agent—the maximum death benefit available with online applications is $25,000. 

Once you submit your online application with SBLI, you’ll know right away if you’re approved. This is one reason we think it’s the best for instant-issue burial insurance. SBLI is also offers some final expense policies without a graded death benefit; once you’re approved, you’ll find out whether your policy has one. But if it does, be aware that SBLI’s graded benefit period lasts for three years—one year longer than every other company on our list. That means if you die a natural death within that timeframe, your beneficiaries will receive a reduced death benefit. 

TruStage Life Insurance Agency, whose policies are underwritten by CMFG, offers a very straightforward final expense policy that’s easy to apply for, which is why it’s our pick for best company for guaranteed-issue life insurance. There are zero health questions, the application is completely online, and it only consists of a few steps. You’ll name your beneficiaries, provide basic personal information, and make your first payment. Once your payment clears, you’re covered. 

If you’ve been refused life insurance before and want to get something in place without hassling with health questions, this policy may be one to consider. Just know that there is a two-year graded death benefit on all policies, and the maximum death benefit available is $20,000. 

State Farm is a powerhouse of a life insurance company. It received an A++ financial strength rating from AM Best, which is the highest grade possible. That means the credit rating agency thinks State Farm has a superior ability to honor its insurance obligations, including paying claims. Plus, State Farm was the top-ranked company for customer satisfaction in J.D. Power’s 2021 U.S. Individual Life Insurance Study. Unsurprisingly, the company has received very few customer complaints over the past few years, according to NAIC data. We should also mention that its final expense policies are eligible to earn dividends. 

So why isn’t it our top pick for best burial insurance company? Because the only coverage amount available is $10,000—that’s half as much as what TruStage offers and one-quarter the amount you can apply for with Mutual of Omaha. Plus, you can’t get coverage online—you’ll need to talk to an agent to apply.