The main difference between a final expense and a term life insurance policy is the length of coverage provided. A term life policy is temporary, while a final expense policy is designed to last your whole life.
A term life insurance policy provides coverage for an allotted period of time (usually 10-30 years) and pays out if you die within that timeframe. However, with this plan, your coverage ends once the term has expired—even if you are still alive.
On the other hand, a final expense policy is usually more expensive than a typical term plan but lasts longer. It will cover any funeral costs or debts left behind when you pass away and doesn’t expire until you are gone. Additionally, it typically requires no medical exam for approval because it covers specific needs instead of traditional fully underwritten Whole Life Insurance plans.
In short, if you need some financial security in case of your death and have limited funds available, Final Expenses can be an ideal option for securing peace of mind during these difficult times!