Choosing a life insurance company is a long-term decision. You’re not just buying a policy; you’re buying a promise that your family will be protected.
But for a senior, “best” means something different. You’re not looking for a massive $500,000 term policy. You’re looking for a simple, permanent, and affordable plan to cover final expenses.
At Sagewise, our editorial team has reviewed dozens of providers. We focus on what matters most to seniors: reliable financial strength, simple (no-exam) applications, and a great track record for paying claims.
Key Takeaways
- Best Overall: Our top pick for most seniors is Mutual of Omaha due to its balance of cost and trust.
- Best for Health Issues: For those with serious health issues, Colonial Penn and AIG Direct offer guaranteed approval.
- Best for Brand Trust: AARP (by New York Life) offers rock-solid reliability from two of the most trusted names for seniors.
- Your First Step: Before you shop, you must determine if you need a “Simplified” plan (cheaper, with health questions) or a “Guaranteed” plan (no questions).
The Best Senior Final Expense Companies at a Glance
|
Company
|
Sagewise Rating
|
Best For
|
No-Exam Type
|
|---|---|---|---|
|
Mutual of Omaha
|
5.0 / 5.0
|
||
|
Colonial Penn
|
4.5 / 5.0
|
Guaranteed Acceptance
|
Guaranteed
|
|
AIG Direct
|
4.0 / 5.0
|
High-Coverage Guaranteed
|
Guaranteed
|
Best Overall: Mutual of Omaha
Sagewise Rating: 5.0 / 5.0
Bottom line: Mutual of Omaha is one of the most trusted names in senior insurance. Their “Living Promise” final expense plan offers a perfect balance of fast approval, reliable coverage, and affordable, locked-in premiums.
- Financial Strength: A+ (Superior)
- No-Exam Options: Yes (Simplified Issue)
- NAIC Complaints: Far fewer than expected
- Policy Type: Permanent (Whole Life)
Sample Monthly Rate (Female, 65): $50 – $65 for $15,000
Sample Monthly Rate (Male, 65): $65 – $80 for $15,000
Pros:
- Extremely strong, trusted brand (founded in 1909).
- Simple phone or online application.
- Fast approval (often instant) for its “Simplified Issue” plan.
- Offers an “Accelerated Death Benefit” rider for free, so you can access your benefit early if diagnosed with a terminal illness.
Cons:
- You must answer health questions to get the best (Simplified) rate.
- Not available in New York.
Why we picked it: It’s the best all-arounder. You get the reliability of a major, century-old company combined with a modern, simple application process. It’s the “gold standard” of final expense policies for seniors in average health.
Best for Brand Trust: AARP (by New York Life)
Sagewise Rating: 4.5 / 5.0
Bottom line: The AARP brand is one of the most trusted in the senior market. Their life insurance program is provided by New York Life, one of the world’s strongest and oldest insurers.
- Financial Strength: A++ (Superior – New York Life)
- No-Exam Options: Yes (Simplified & Guaranteed)
- NAIC Complaints: Far fewer than expected
- Policy Type: Permanent (Whole Life)
Sample Monthly Rate (Female, 65): $60 – $75 for $15,000
Sample Monthly Rate (Male, 65): $75 – $90 for $15,000
Pros:
- Backed by two of the most trusted names for seniors.
- Offers both “Simplified” (with health questions) and “Guaranteed Acceptance” (no questions) options, so they can find a plan for you.
- Your rate is locked in for life.
Cons:
- You must be an AARP member to apply.
- Can be more expensive than other providers.
Why we picked it: For many seniors, “trust” is the most important factor. With AARP and New York Life, you are getting a policy from two organizations with a rock-solid reputation for serving seniors.
Best for Guaranteed Acceptance: Colonial Penn
Sagewise Rating: 4.5 / 5.0
Bottom line: You’ve seen the TV ads. Colonial Penn’s plan is simple: if you are in the eligible age range, you cannot be turned down for any health reason. This is the ultimate “peace of mind” for those with serious health conditions.
- Financial Strength: A- (Excellent)
- No-Exam Options: Yes (Guaranteed Issue)
- NAIC Complaints: About average
- Policy Type: Permanent (Whole Life)
Sample Monthly Rate (Female, 65): $64 – $75 for $10,000
Sample Monthly Rate (Male, 65): $85 – $95 for $10,000
Pros:
- Guaranteed Approval. You cannot be denied for health.
- No health questions and no medical exam.
- Simple application process.
Cons:
- This policy has a 2-year graded benefit (as do most guaranteed plans). This means if you pass from natural causes in the first two years, your family gets a refund of all premiums plus interest.
- It is more expensive per dollar of coverage, which is the trade-off for guaranteed approval.
Why we picked it: For seniors who have been turned down for other insurance, this is the best and most straightforward way to get coverage. It removes all fear of rejection.
Best for Higher Guaranteed Coverage: AIG Direct
Sagewise Rating: 4.0 / 5.0
Bottom line: AIG Direct is another excellent “Guaranteed Issue” option, but with a key difference: they often offer higher coverage amounts (up to $25,000) than other guaranteed plans.
- Financial Strength: A (Excellent)
- No-Exam Options: Yes (Guaranteed Issue)
- NAIC Complaints: About average
- Policy Type: Permanent (Whole Life)
Sample Monthly Rate (Female, 65): $65 – $80 for $10,000
Sample Monthly Rate (Male, 65): $88 – $100 for $10,000
Pros:
- Guaranteed Approval. No health questions or medical exam.
- Higher coverage available (up to $25,000) for those who need to cover a more expensive funeral and other final debts.
Cons:
- Also has a 2-year graded benefit.
- Premiums are at the higher end of the market.
Why we picked it: If your health is a major concern but you still need more than a basic $10,000 policy, AIG Direct is one of the best and only options to get that higher coverage amount, no questions asked.
How We Rate the Best Final Expense Companies
At Sagewise, our ratings are focused on what matters to a senior on a fixed income. We are not looking at factors for a $1M policy; we are looking at the factors that guarantee a smooth, reliable process for a final expense plan. We weigh these factors carefully:
- Financial Strength (40%): We use AM Best ratings. A life insurance policy is a long-term promise, and this “grade” proves a company is financially sound and will be able to pay the claim for your family, even decades from now. We prioritize companies with an “A” rating (Excellent) or higher.
- Ease of Application (30%): We give higher scores to companies that make it simple for seniors to get coverage. This means clear “no-exam” options, including both “Simplified” (for healthy seniors) and “Guaranteed” (for all seniors) plans. Companies that offer a fast approval process (often instant, over the phone) receive a higher rating.
- Consumer Complaints (30%): We check the National Association of Insurance Commissioners (NAIC) complaint index. This data shows how many complaints a company has relative to its size. A low complaint ratio is a strong indicator that the company provides good service and, most importantly, pays claims to beneficiaries in a fair and timely manner.
Your 4-Step Buyer's Checklist
Use this simple, non-interactive checklist to find the right policy for you.
- [ ] 1. Assess Your Health: This is the most important step. Are you in average health (you’ll want a ‘Simplified’ plan) or do you have significant health issues (you’ll need a ‘Guaranteed’ plan)?
- [ ] 2. Calculate Your Coverage: Find your ‘Peace of Mind’ number. Do you need $10,000, $15,000, or $25,000?
- [ ] 3. Check the Company’s Rating: Is the company you’re considering rated ‘A’ or higher by AM Best? Don’t settle for less.
- [ ] 4. Compare 2-3 Quotes: Never take the first price. Use an independent broker (like Sagewise) to get multiple quotes to ensure you’re not overpaying.
Stop Wasting Money. Get the Right Insurance.
Compare prices from trusted life insurers.Get a free quote today and see if you’re overpaying.
Frequently Asked Questions (FAQ)
The cheapest company for you depends on your health. If you are healthy, a Simplified Issue policy from a company like Mutual of Omaha will be your cheapest, best option. If you have serious health issues, a Guaranteed Issue plan is your only option, and you should compare rates from providers like Colonial Penn and AIG.
Because most “best of” lists (like NerdWallet’s) are rating companies for all types of insurance, including massive $500,000 term plans for 40-year-olds. Our list is only focused on the best companies for senior final expense insurance.
A company that offers Guaranteed Acceptance (or “Guaranteed Issue”). Colonial Penn and AIG Direct are two of the most popular and reliable choices. You cannot be turned down.
No. All the companies on this list are rated for their “no-exam” options. You will either answer a few simple health questions on an application (“Simplified Issue”) or you will answer no health questions at all (“Guaranteed Issue”).
This is a very rare but smart question. All insurance companies are backed by their State Guaranty Association. If your insurer were to fail, this association steps in to protect your policy and ensure your benefit is paid. This is why we only recommend companies with high financial strength ratings.
