Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Feb 12, 2021

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Facts You Should Know

  • American Memorial Life Insurance Company has been in the business of selling preneed and final expense insurance since 1955.
  • In 1996, American Memorial was purchased by Assurant and is now a part of the Assurant Solutions division of the company.
  • American Memorial Life Insurance Company sells two different kinds of final expense or burial insurance policies, preneed, and final need life insurance policies.
  • American Memorial Life Insurance Company keeps its product offerings simple and straightforward so you can be sure that you get the coverage you need.

If you have been concerned with burial insurance and covering the costs of your final expenses, you will likely want to read our American Memorial Life Insurance company review. This life insurance company specializes in final expense life insurance policies.

American Memorial has been operating for over 50 years. Back in 1996, the company was purchased by Assurant and joined the Assurant Solutions division of the company to beef up their final expense policy offerings.

If you need to find an affordable and small final expense life insurance policy, American Memorial Life Insurance Company specializes in saving consumers money while giving them the peace of mind that their family won’t be burdened by the costs of burial and other final costs.

Ready to buy American Memorial life insurance? Enter your ZIP code above to compare life insurance rates from the top companies in your area.

What is final expense life insurance?

Final expense life insurance is a type of whole life insurance policy, which means once you buy it, it will last for the duration of your life.

Let’s take a look at how much final expense life insurance costs on average based on age, gender, and the policy amount.

Average Rates of Final Expense Life Insurance by Age, Gender, and Policy Amount
Age at purchasePolicy Coverage AmountAverage Annual Rates (Men)Average Annual Rates (Women)
50$10,000

$15,000

$25,000
$361

$522

$844
$292

$419

$673
60$10,000

$15,000

$25,000
$508

$743

$1,213
$390

$566

$919
70$10,000

$15,000

$25,000
$841

$1,243

$2,047
$609

$894

$1,465
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Final expense life insurance is a lot cheaper than most other life insurance policies for a number of reasons.

  • There is no medical exam.
  • The benefits are generally capped at $50,000.
  • They are designed to cover the costs of burial and other final expenses only, but sometimes there may be a small amount of money left over that can be left to an heir.

Now that we know a little bit about final expense life insurance let’s take a look at the life insurance products offered by the American Memorial Life Insurance Company.

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What final expense insurance policies does American Memorial sell?

According to the American Memorial Life Insurance Company website, there are two distinct types of final expense insurance sold by the company. American Memorial calls their final expense policies “preneed” and “final need.”

Each of these life insurance policies are final expense policies, but each one has its own unique features that give consumers more options when it comes to covering their final costs. Let’s take a closer look at the details of these two American Memorial final expense life insurance policies.

What is preneed life insurance?

Preneed final expense insurance covers funeral costs and other final expenses, but it gives you, the policyholder, a lot more control over your arrangements and final costs.

Here is how it works:

You make your final arrangements with a funeral home. You work with the director of the funeral home to determine the costs of your final arrangements. Once you have all of those details figured out, you get a final expense policy that covers those costs in full.

When it comes time for your benefits to be paid out, the money goes straight to the funeral home that you chose. American Memorial claims that most funeral homes will be able to access your funds within 24 hours of the insurance claim being processed.

American Memorial allows you to pay the costs upfront, or spread payments over time. The choice is yours. Preneed insurance makes things easy for your relatives when you pass away. They won’t have to worry about making any arrangements or paying any costs.

What is final need life insurance?

This life insurance product offering is very similar to the preneed policy offering from American Memorial. However, this policy does not get set up with a specific funeral home.

Your beneficiaries will receive the money of your death benefit, and they will be able to use this money to make final arrangements and pay for costs.

At the end of the day, American Memorial’s preneed and final need life insurance policies are more or less the same.

The biggest difference is where your death benefits go. Preneed allows for you to make all the final arrangements for yourself, while final need leaves the final arrangements in the hands of your beneficiaries while providing them with the money to make them.

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What is the financial strength of American Memorial Life Insurance Company?

Financial strength is an important facet of an insurance company to consider. Companies with weak financial ratings may struggle to pay your death benefits or pay them in a timely fashion.

How strong is American Memorial financially? According to A.M. Best, an independent reviewer of financial strength, American Memorial has a financial rating of A- (excellent).

This means you can trust American Memorial to be financially strong enough to make their benefit payments in full and on time.

The last thing you want to do is partner with a life insurance company that is financially weak. You make your premium payments on time, and you need to get your benefits paid out on time too.

American Memorial Life Insurance Review: The Bottom Line

American Memorial specializes in final expense life insurance. They have two distinct product offerings: preneed and final need life insurance. The only major difference between these two policies is who receives your death benefit.

Final expense life insurance might be the only type of life insurance elderly people can qualify for, especially if they are sick. These policies require no medical exam, and they are often approved quickly within days.

Ready to buy American Memorial final expense life insurance? Enter your ZIP code below to compare final expense life insurance quotes from the top companies in your area.