Not all life insurance is created equal. There are a few different types from which to choose. While each type pays a death benefit, the way they function and their coverage can differ greatly.
It is important to understand these differences to ensure your loved ones are protected after you pass on. Final Expense Prime has a qualified staff of licensed life insurance agents here to help you understand the details of each type. But, here’s a general breakdown…
Term Life Insurance
Because a term life policy is the most affordable and cost-effective option, it’s an ideal choice to get the most coverage at the lowest cost. It usually lasts 10-30 years.
Whole Life Insurance
Although it lasts your entire life, whole life insurance is 5 to 15 times more expensive than term life insurance. Its high cost often leads to policy lapses — 45% are abandoned within the first ten years of being in force.
Final Expense Life Insurance
Final expense policies offer a comparatively low death benefit, but enough if you’re only looking for coverage for funeral expenses (and possibly final medical costs). It’s a lot costlier than term life insurance, but guarantees that your loved ones are covered financially.