Final expense insurance is a type of life insurance that covers the costs of your funeral and other end-of-life expenses.

Term life insurance is a type of life insurance that provides coverage for a specific period of time (usually 10, 20, or 30 years).

Many people don't know the difference between final expense and term life insurance, but it's important to understand the differences before you purchase a policy.

Final expense insurance is typically more expensive than term life insurance, but it can be worth the investment if you're concerned about covering your end-of-life expenses.

Term life insurance is usually less expensive than final expense insurance, but it only covers you for a specific period of time.

What is final expense insurance?

Final expense insurance is a type of life insurance specifically designed to cover end-of-life expenses, such as funeral costs.

It is generally a whole life insurance policy with a relatively small death benefit (usually $5,000 to $25,000), and it does not require a medical exam.

Premiums for final expense insurance are typically higher than those for term life insurance, but the coverage is guaranteed for your lifetime as long as you continue to pay premiums.

Because it is designed to cover specific expenses, final expense insurance can be an affordable way to ensure that your loved ones are not burdened financially after your death.

If you are considering purchasing life insurance, be sure to speak with an agent about all of your options in order to make the best decision for you and your family.

What is term life insurance?

Term life insurance is a type of life insurance that provides coverage for a set period of time, typically 10-30 years. This type of insurance can be an affordable way to get the life insurance coverage you need, as premiums are typically lower than those for whole life or universal life policies. Unlike whole life or universal life policies, term life insurance does not build up cash value over time. If you die during the term of your policy, your beneficiaries will receive a death benefit payout from your policy.

Differences between the two types of insurance

Final expense insurance is designed to cover expenses related to your death, such as funeral costs and outstanding debts. Coverage amounts are typically lower than under term life insurance, but the cost of coverage is usually higher because it is specifically designed for people with health issues that make them uninsurable. It's important to note that a final expense policy begins immediately while coverage under a term life policy may not begin for several years after the policy is purchased.

Pros and cons of each type of insurance.

Final expense insurance is designed to cover end-of-life costs, such as funeral expenses.

Term life insurance provides coverage for a set period of time (usually 10-30 years), and can be used for any purpose.

Final expense insurance typically has lower premiums than term life insurance, but the death benefit is also smaller.

Term life insurance usually requires a medical exam, while final expense insurance does not.

Final expense insurance policies are often "guaranteed issue," meaning they cannot be refused due to health reasons.

Which one should you choose?

Final expense insurance is specifically designed to cover end-of-life expenses, such as funeral costs.

Term life insurance, on the other hand, is a type of life insurance that provides coverage for a specific period of time (usually 10-30 years).

So which one is right for you? It depends on your needs and circumstances.

If you're looking for coverage to cover final expenses, then final expense insurance would be the better choice.

However, if you're looking for more general life insurance coverage, then term life insurance would be the better choice.