Humana

Humana is the third largest health insurance company in the United States, and has been doing business for over 55 years. Humana offers burial (also known as final expense) insurance through a plan called the Memorial Fund. The Memorial Fund is a whole life insurance plan that allows you to choose your death benefit in $1,000 increments up to $25,000. Humana sells the Memorial Fund in either graded-benefit or immediate-benefit plans. The immediate option features immediate payouts upon your death, but also features higher premium costs. The graded option pays out 25% of the policy in the first year, 50% in the second year, 75% in the third year, and 100% in the fourth year and beyond.

Humana requires that applicants answer eight health-related questions. These will determine whether you’re eligible for the immediate plan or the graded plan.

How much does a burial insurance policy cost?

Final expense and burial insurance costs differ based on your location, your health or any medical conditions, your age, and the type of insurance that you prefer. If, for example, you smoke, drink alcohol, or have a family history of things like heart disease, you will have higher final expense premiums than someone who does not. On the other hand, if you’re toward the low end of the burial insurance age requirements (typically 50 to 85) and you have no major health issues, you’ll probably be able to get lower insurance premiums. Many insurance companies stop offering final expense policies once you reach age 85 (or sometimes 80, depending on the company). If you are close to these ages, you can expect to pay high premiums for the insurance that you’re able to obtain.

How long does a burial insurance policy last?

Burial insurance policies last until the policyholder passes away. After this death, your policy’s beneficiary will receive a lump-sum payout for the balance of your policy. Final expense and burial policies do not expire, though they may be canceled in the event of insurance company fraud or lack of premium payments by the insured individual.

How to get started

If you are already a Humana insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can obtain a quote and start the application process by calling the company using the information below. Alternatively, you can get a quote on the Humana One website. You may also shop for policies using our comparison tool by clicking on the following link.

Financial Strength Ratings

AM Best – A, Stable outlook
Moody’s – Baa3, Possible upgrade
Standard & Poor – A+, Watch negative

Company contact info

Humana Inc.
500 West Main Street
Louisville, KY 40202
(800) 486-2620
Call Monday – Friday, 8:00 a.m. to 9:00 p.m. Eastern
Saturday, 8:00 a.m. to 5:00 p.m. Eastern