AARP Life Insurance Review
Overall, Mutual of Omaha is the best burial insurance company because there is no waiting period,
and the cost is generally lower than other providers. Plus, they have been in business for over 100
years, have an A+ rating with A.M. Best, and are known to pay claims quickly.
Written by
Hanna Young
Updated on January 09, 2025
Fact Checkedby
Hanna Young & David
11 minute read
!Disclosures
Key Takeaways
- Most companies on TV, like Colonial Penn or AARP, are often the most expensive and frequently
impose a 2-year waiting period. - No company will be the best option for everyone, so comparing multiple insurance providers is
vital before deciding. - A licensed agent who partners with multiple companies can be beneficial in helping you find the
best final expense policy.
Best Burial Insurance Companies
Best for no waiting period: Mutual of Omaha
Best for elderly seniors: Aetna
Best for low coverage amounts: Aarp
Best for tobacco users: American Amicable
Best for people with diabetes: State Farm
Overall Score
4.75 out of 5
Rating methodology
5.0
Price of Coverage
5.0
Price of Coverage
4.0
No-Waiting-Period Coverage
5.0
NAIC Complaint Index
Pros No waiting period—If approved, you’re fully covered immediately for any
natural or accidental death.
No exam coverage up to $50,000—You can buy up to $50,000 in coverage
without having to take a medical exam.
Fast approvals—Most applications are approved within 24 hours.
Pros Agent phone call required—To buy the no waiting period policy, you must
verbally speak with an agent to apply. If you buy Mutual of Omaha life insurance for
seniors through the mail or on their website, there is a two-year waiting period and a
maximum coverage amount of $25,000.
Will not mail out duplicate policies—Will not mail out duplicate
policies—After you get the initial policy, they will not mail you a duplicate (they will
only email it). However, at any time, they will send you a policy summary with all the
pertinent information.
Why We Chose It
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because
its prices are regularly on the lowest end of the spectrum. Also, you can qualify for up to
$50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha has best-in-class financial ratings and a lower-than-average
number of complaints with the NAIC compared to most life insurance companies. After policies are
in force, it’s remarkably simple to update your coverage, which can often be done verbally or by
email. In contrast, most other companies require paper forms to be filled out, signed, and
mailed back for any policy changes.
They also have the best life insurance for children if you need coverage for a
minor.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Mutual of Omaha review
Overall Score
4.75 out of 5
Rating methodology
5.0
Price of Coverage
5.0
Price of Coverage
4.0
No-Waiting-Period Coverage
5.0
NAIC Complaint Index
Pros Up to age 89 can apply—Aetna will issue a new policy to seniors as old as
89.
No exam & very lenient underwriting—You can get no waiting period
coverage despite having a wide variety of chronic conditions such as COPD,
Parkinson’s, Multiple Sclerosis, and much more.
Discounts available— If you have certain Aetna senior
products, you might qualify for a 10% discount.
No NAIC complaints— Aetna Life Insurance Company’s subsidiary Accendo
Life Insurance has no registered complaints with the National Association of Insurance
Commissioners, which is incredibly rare and impressive.
Pros No guaranteed issue option—Aetna requires you to medically qualify for
their coverage by answering health questions, which means you can be denied. They
presently have no guaranteed issue life insurance options.
Slow policy mailings— Customers often report that policies take around
three weeks to arrive, which is slower than other providers.
Long phone call hold times—Both agents who represent Aetna and their
customers often complain that it can take over 15-25 minutes to speak with a
representative.
Why We Chose It
Many companies offer life insurance for seniors over 80 but not over 85, which
makes Aetna unique because they accept new applicants as old as 89.
Their senior burial insurance has competitive rates and will approve applicants for
a no-waiting period policy despite high-risk health conditions. Also, Aetna has no weight
limits, so they’re an excellent option if you’re severely overweight.
Aetna has no complaints with the NAIC, an A rating with AM Best, and an A rating with the Better
Business Bureau. Over 98% of applications are approved or declined in less than 15 minutes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Mutual of Omaha review
Overall Score
3.75 out of 5
Rating methodology
5.0
Price of Coverage
5.0
Financial Strength
4.0
No-Waiting-Period Coverage
1.0
NAIC Complaint Index
Pros Excellent rates for young adults—Aflac often has some of the lowest
prices for adults in their 50s. The prices are still competitive above 60
Strong financial strength—Aflac is a renowned, trusted brand-name company
with high financial marks with all major rating agencies, such as AM Best.
Discounts available— If you have certain Aetna senior
products, you might qualify for a 10% discount.
No exam and favorable underwriting— Adults with various health issues
(even chronic conditions) can still obtain a policy with no waiting period.
ProsLow age cap—Only seniors up to age 80 are eligible.
New to the market— Aflac has only been offering final expense
insurance since 2022, which means there’s a higher chance (compared to other seasoned
providers) of administrative hiccups if you need service on an existing policy
Why We Chose It
Aflac’s funeral life insurance is a marriage of competitive premiums (particularly
for younger adults) and lax underwriting. You can get no waiting period for
high-risk chronic conditions like COPD, Parkinson’s disease, lupus, multiple sclerosis, and
diabetes, to name a few. Like Aetna, Aflac has no build chart, so your height-to-weight ratio
doesn’t influence your eligibility or cost.
Aflac has an A+ rating with AM Best and the Better Business Bureau. Additionally, they have
incredibly high marks from all the major insurance company rating agencies, such as
S&P and Moody’s. You can trust that they have the financial means to pay their claims.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Prosperity Life Group review
Overall Score
1.5 out of 5
Rating methodology
2.0
Price of Coverage
4.0
Financial Strength
1.0
No-Waiting-Period Coverage
2.0
NAIC Complaint Index
Pros No health questions or exam— Approval is guaranteed, so you cannot be
declined due to your medical history.
Very low guaranteed acceptance prices— AAA is typically the cheapest or
very close to it relative to other providers that offer coverage with no health questions.
Discounts available— If you have certain Aetna senior
products, you might qualify for a 10% discount.
Highest interest— All guaranteed issue policies only refund
premiums plus interest for the death during the first two years. AAA will refund 130%,
whereas every other company is roughly 110%.
Pros Mandatory waiting period–You’re not covered for natural causes of death
during the first two years.
Limited coverage choices– You must choose from $3K, $5K, $7K, $10K, $15K,
$20K, or $25K. Most burial insurance companies allow you to choose any increment you
desire.
Why We Chose It
In addition to the very low prices, AAA will also pay out double the death benefit if you die
from an accident, which is something no other guaranteed policy will do
If you want to buy funeral insurance online, AAA allows for that, or you can apply
by calling them.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Aarp review
Overall Score
3.25 out of 5
Rating methodology
5.0
Price of Coverage
4.0
Financial Strength
3.0
No-Waiting-Period Coverage
1.0
NAIC Complaint Index
Pros No exam and no waiting period–Applicants with health conditions like
COPD, kidney disease (even dialysis), heart disease, and many more can obtain immediate
coverage. Keep in mind that you must still answer health questions.
Low coverage options–Transamerica will allow you to buy a death benefit
as low as $1,000. Most funeral insurance companies have a minimum of $2,000-$5,000.
Pros Complicated application–The application is unusually lengthy, and it’s
very difficult to make any changes after submission.
Long telephone hold times— Getting in touch with Transamerica via
telephone can often take a long time (much longer than with other providers).
Why We Chose It
Transamerica is an A-rated company that has been in business for over 100 years. Their final
expense insurance is typically one of the lowest-cost policies, especially for seniors
over 70.
They accept applicants who have health issues that most companies would outright deny, and they
are among the few companies that will allow you to pay with a Direct Express
Mastercard from Social Security.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Transamerica review
Overall Score
2.75 out of 5
Rating methodology
3.0
Price of Coverage
3.0
Financial Strength
4.0
No-Waiting-Period Coverage
3.0
NAIC Complaint Index
Pros Multiple paid-up policy options—Baltimore Life offers a 20-pay plan,
where you pay only for 20 years, which makes the policy paid up for life. They also have a
single-pay option, where you cut a check for a single amount, which gives you lifetime
coverage with no additional premiums due.
Excellent underwriting–Applicants with many high-risk conditions can
obtain no waiting period coverage.
Pros Nearly all policy changes require a wet signature– Unfortunately,
Baltimore Life is behind the times and requires a wet signature on paper forms for
virtually all changes to an application or active policy. Most other providers allow
policyholders to execute changes verbally or electronically.
Lower ratings than other providers– Baltimore Life only has a B++ rating
with AM Best, which is lower than most final expense insurance companies.
Long telephone hold times– In our experience, you often have to wait over
15 minutes to speak with a customer service representative.
Why We Chose It
Baltimore Life doesn’t have the lowest rates compared to other providers. However, they made the
list of the top companies because they approve clients for immediate coverage that most other
companies decline. Applications are typically approved within 10 minutes, and they accept
seniors as old as 89.
Some people may be turned off by Baltimore Life’s B++ AM Best rating, which is understandable.
But consider that AM Best classifies B++ as “Good” and claims the insurer has “a
good ability to meet their ongoing insurance obligations.” Also, Baltimore Life has been in
business since 1882, which clearly indicates that it is a stable company that will
be in business for the foreseeable future.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Americo review
Overall Score
3.5 out of 5
Rating methodology
3.0
Price of Coverage
4.0
Financial Strength
4.0
No-Waiting-Period Coverage
2.0
NAIC Complaint Index
Pros Low prices for smokers–American Amicable is usually one of the
lowest-cost providers for applicants who smoke cigarettes.
Unique optional riders—For an additional cost, you can add multiple
riders to your policy that would provide an enhanced level of protection.
Understanding underwriters—American Amicable is one of the few companies
that will allow you to explain why you were prescribed certain medications or provide
details about your medical history. Most companies operate on a strict set of guidelines
that determine your eligibility independent of any feedback you may provide.
Pros Not the lowest cost for healthy applicants– If you’re in moderate to good
health, multiple other companies are about 5%-15% less expensive.
Higher than average complaints— The number of complaints with the NAIC is
higher than what’s expected for a life insurance company.
Why We Chose It
American Amicable made the list primarily due to the underwriting. For seniors with a
challenging medical history (particularly if you have an extensive medication list), they are
often the only path to coverage with no waiting period
Their prices for smokers are typically the lowest, and they’ll allow you to apply at a
non-tobacco price point if you occasionally smoke cigars or a pipe.
They have a convenient live chat service where you can typically communicate with a company
representative within 60 seconds. Also, nearly all policy changes can be executed verbally or
electronically.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our State Farm review
Overall Score
3.5 out of 5
Rating methodology
3.0
Price of Coverage
4.0
Financial Strength
4.0
No-Waiting-Period Coverage
2.0
NAIC Complaint Index
Pros Incredibly diabetic friendly–People with diabetes will typically qualify
for coverage with no waiting period. That’s true even if you use insulin or are severely
overweight (there’s no weight limit).
Very few declines—It’s rare for applicants to be declined. Most who apply
are approved for coverage with no waiting period. They are very accepting of most medical
conditions seniors typically have.
Pros High prices for seniors in their 50s– Royal Neighbors rates are not
competitive for seniors from age 50 to 60. If you’re below 60, look elsewhere unless you
have health issues that would make Royal Neighbors your best option.
Ownership transfers are difficult– The policy owner is the person in
control of everything and owns any cash value that has accumulated. In contrast, the
beneficiary receives the death benefit when the insured dies. Let’s say you want to
transfer ownership of the policy, perhaps to comply with Medicaid
eligibility. Royal Neighbors requires a form signed by a notary. Virtually no
other company requires notarization for ownership change.
Why We Chose It
Royal Neighbor’s prices over age 60 are competitive with other companies, and their
underwriting is incredibly forgiving, which leads to most applicants being approved for
immediate coverage. That’s true even if you have conditions such as COPD, Hepatitis, multiple
sclerosis, diabetes, and much more.
Royal Neighbors is a financially strong company with a rich
philanthropic background. Every policy comes with a Charitable Giving Rider, which
provides 1% of the death benefit immediately payable to the charity of your choice. Also, all
policyholders can access various member benefits at no additional cost.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
Mutual of Omaha’s “Living Promise” policy is the best plan on the market because its
prices are regularly on the lowest end of the spectrum. Also, you can qualify for up
to $50,000 of no waiting period coverage even if you have common health issues such
as diabetes.
PDF Downloads
To get even more details, read our Progressive review
Final Expense Insurance Companies Cost Comparison
Most AARP final expense policies have a price increase every five years and ultimately
terminate on your 80th birthday. On the other hand, the AARP life insurance program does
offer permanent life insurance. However, it usually has a two-year waiting period for people
with pre-existing conditions and is extremely costly.
AARP life insurance rates for seniors 75-80 are usually very low relative to
other companies. Also, New York Life underwrites the policies (not AARP), an A++ rated
company known for excellent service and promptly paying claims. Finally, AARP allows you to
quote and buy their coverage entirely online, through the mail, or by calling them.
Globe Life insurance is a term life policy that expires at age 80 or 90 (varies
by state), and the premium payments increase every five years. Globe’s prices are initially
lower than whole life final expense policies, but that’s because A) the prices increase every
five years and B) it expires on your 80th or 90th birthday
But let’s assume you are okay with a policy that will likely end before you die. You probably
won’t qualify unless you’re extremely healthy. Seniors who’ve had past heart attacks,
strokes, diabetes, or other common ailments have an extremely high chance of being declined.
Globe Life is an A-rated company, so you can rest assured that they have the financial means
to pay their claims. Also, they offer a variety of ways to apply, such as online or through
the mail. Finally, they have a convenient mobile app that allows policyholders to manage
their coverage and make payments.
TruStage life insurance prices are competitive, but most of the time, many other
burial life insurance companies have lower premiums.
For example, a 70-year-old female would pay $105.75 monthly for $15,000 in coverage with
TruStage. The same policy with Mutual of Omaha would cost $78.26.
TruStage is convenient because you can buy online without completing a medical exam. They
offer both term life insurance and whole life, and the company has an A rating with A.M Best.
The primary problem with Lincoln Heritage life insurance is that their coverage is roughly
25%-300% more expensive than other final expense life insurance companies.
In addition, many health issues common among seniors are forced into buying their modified
whole life policy, which has a 2-3 year waiting period and a significantly higher premium.
For example, The Lincoln Heritage Funeral Advantage program would cost a 70-year-old female
$183.75 monthly for $25,000 in coverage.
A company like Mutual of Omaha would only cost that same woman $128.29 monthly.
Lincoln Heritage is an A-rated company, which means it has the financial means to honor its
claims. They are also known to pay death claims quickly if you die after the policy has been
in force for two years or more.
The biggest reason to avoid State Farm final expense insurance is because it’s a guaranteed
acceptance policy that will only refund 110% of premiums if you die in the first 24 months.
State Farm does not offer final expense insurance with no waiting period. Moreover, it’s
tremendously expensive compared to other companies
State Farm has impeccable financials and consistently ranks highly (typically #1) in
customer satisfaction surveys from companies such as
Lincoln Heritage is an A-rated company, which means it has the financial means to honor its
claims. They are also known to pay death claims quickly if you die after the policy has been
in force for two years or more.
When shopping for any form of life insurance, you should be open to companies
you’re not familiar with. – David Duford
According to Statista, there were 727 life insurance companies in the USA in 2022.
At best, 1% of them advertise on a mass scale to become household names like State Farm or
Farmers.
The other 99% of companies unfamiliar to you aren’t untrustworthy or financially unstable.
They are every bit as reliable as well-known funeral insurance companies.
Those “unknown” companies simply have a different business model that relies on agencies such
as RestAssured.org to sell their products.
Being open to buying from these lesser-known companies will significantly expand your options,
exponentially increasing your chances of paying the least and avoiding a waiting period.
Factors you should consider
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Key Considerations
for choosing a Final Expense Policy
Every company has different rates based on your age, gender, and health. Price is not the only consideration, but it’s a very important factor to weigh, especially for seniors on a fixed income.
It’s best to opt for policies that totally cover you from day one. However, a partial or full waiting period is sometimes inevitable
Plans with health questions can have no waiting period and typically have the lowest rates. Any policy with no health questions will always have a waiting period. Completing a health questionnaire will give you access to the best options.
Only consider burial insurance companies that A.M. Best rates with a score of B or higher.
The vast majority of final expense companies only sell their coverage (particularly ones with no waiting period) through licensed agents. If you’re unwilling to consult with an agent, you’re limiting yourself to a tiny fraction of your overall options.
Frequently Asked Questions
Dozens of final expense life insurance companies offer no waiting period, including
Mutual of Omaha, Transamerica, Aetna, and Alfac, to name a few. It’s important to
remember that you must qualify for a no-waiting period policy. At a minimum, you
must answer health questions (no medical exam required).
Dozens of final expense life insurance companies offer no waiting period, including
Mutual of Omaha, Transamerica, Aetna, and Alfac, to name a few. It’s important to
remember that you must qualify for a no-waiting period policy. At a minimum, you
must answer health questions (no medical exam required).
Dozens of final expense life insurance companies offer no waiting period, including
Mutual of Omaha, Transamerica, Aetna, and Alfac, to name a few. It’s important to
remember that you must qualify for a no-waiting period policy. At a minimum, you
must answer health questions (no medical exam required).
Dozens of final expense life insurance companies offer no waiting period, including
Mutual of Omaha, Transamerica, Aetna, and Alfac, to name a few. It’s important to
remember that you must qualify for a no-waiting period policy. At a minimum, you
must answer health questions (no medical exam required).
Dozens of final expense life insurance companies offer no waiting period, including
Mutual of Omaha, Transamerica, Aetna, and Alfac, to name a few. It’s important to
remember that you must qualify for a no-waiting period policy. At a minimum, you
must answer health questions (no medical exam required).
