Home
Types of Final Expense Life Insurance
There are two basic types of final expense life insurance and these are term
life and whole life.
Term life will cover you for a specific period of time or often to a set
age. Once the time period has elapsed or the set age is reached the policy
will expire.
Whole life as the name implies will cover you for the whole of your life.
A final expense policy is distinguishable from another type of insurance
policy by the wording used in the policy. A final expense or funeral policy
will specify that the proceeds of the policy be used for a burial, funeral
or medical costs. The funeral or last expense policy is often very similar
to a traditional insurance policy in where a beneficiary can be named such
as a spouse or a family member who can then use the proceeds to pay any
costs or bills that need to be settled.
