Is the cheapest always the right choice?

No. The cheapest carrier you don't actually qualify for is useless. The real question is: which carrier offers the lowest rate for YOUR exact age, gender, and health profile? A licensed independent agent answers that in one call.

Why is Colonial Penn not on this list?

Colonial Penn is heavily advertised but typically prices 20–40% higher than Mutual of Omaha or AIG for the same coverage. Their $9.95/unit advertising is misleading — each unit is far less than $1,000 of coverage.

How do I lock in the lowest rate possible?

Three rules: (1) apply when you're healthy, before any new diagnosis, (2) be tobacco-free for 12+ months before applying, and (3) work with an independent agent who quotes 5+ carriers — not a captive agent locked to one brand.

Cheapest final expense companies

The right answer depends on who you are.

The short answer

For most buyers (60–75, healthy non-smoker), Mutual of Omaha is the cheapest. For guaranteed acceptance, AIG is. For diabetics or people with health conditions, Aetna's Accendo subsidiary often wins. Cheapest isn't a single carrier — it depends on your situation.

1. Mutual of Omaha

★ 4.8 / 5

Best price for: 60–75, healthy non-smoker

Cheapest for the most common buyer profile. The default carrier most agents quote first.

2. AIG / Corebridge

★ 4.7 / 5

Best price for: Guaranteed acceptance, 50–80

Price leader when you need no-health-questions coverage. About 15% cheaper than Gerber for the same face amount.

3. Foresters Financial

★ 4.4 / 5

Best price for: 50–65, very healthy

Competitive for younger, healthier buyers. Member benefits (scholarships, legal services) add real value.

4. Aetna / Accendo

★ 4.5 / 5

Best price for: Diabetics, COPD, controlled conditions

Not the cheapest in absolute terms, but the only major carrier that accepts insulin-dependent diabetics at standard rates instead of guaranteed-issue prices.