How is Final Expense Different?
A final expense policy is life insurance specifically designed to pay for your funeral and final arrangements. These small, whole life policies are ideal for people in their 60’s and 70’s and usually have affordable premiums.
Final expense is different from a term policy because it is guaranteed to pay out a death benefit provided that you pay your premiums up until your death. It differs from a traditional whole life policy because the benefit amount is lower, typically between $2,000 and $30,000.
The low benefit amount is one of the ways final expense policies can offer lower premiums than typical whole life policies. This is ideal for people who can’t afford or qualify for large life insurance policies, as well as people looking to add additional protection specific to their funeral expenses.