How does a final expense life insurance plan compare to term life insurance?
They are different types of insurance policies used for different purposes.
Final expense insurance is a type of small permanent life insurance policy that provides lifetime protection.
This type of life insurance is used to pay for someone's final expenses, including the cost of their burial and funeral.
Some of these plans are offered with guaranteed acceptance, which means you cannot be turned down for coverage if you meet the age requirement for approval.
With guaranteed issue final expense policies you will not have to take a medical exam or answer any health questions.
On the other hand, term life insurance is a type of temporary life insurance coverage lasting for a duration (policy term) of either 10, 15, 20, 25, 30, 35 or 40 years.
People usually buy term life insurance to protect their temporary life insurance needs lasting for 30 (or up to 40) years or less.
For example, a young family may buy term life for the main breadwinner of the family to replace his or her income should that person die unexpectedly.
Term life offers the most life insurance protection at the lowest price.
Learn more about final expense insurance vs term life.
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