Final expense insurance is a form of whole life insurance. But there are many distinctions between final expense and standard whole life policies, and this is why final expense insurance stands on its own among other policies.
What Does Final Expense Have In Common With Other Whole Life Policies?
There are two main similarities between final expense and other whole life policies – the policy life, and the death benefit’s uses.
The death benefit isn’t limited to any one particular use. And like other whole life policies, the death benefit is disbursed as a single lump-sum payment.
How Is Final Expense Different From Other Whole Life Policies?
Final expense insurance is different from other whole life policies in areas such as premium costs, death benefit amount, and ease of obtaining the policy.
Final expense premiums are more comparable to term life premiums than standard whole life premiums. For example, a standard whole life policy may cost hundreds of dollars every month, whereas a final expense policy wouldn’t reach $100 in premiums unless an individual enrolled around age 75 – the same age that may result in policy denial for other forms of whole life insurance.
Part of the reason why final expense premiums are so affordable is because of lower death benefit amounts. Death benefits range from $2,000 to $50,000, which are much smaller than other whole life policies, which can be up to $1 million.
The death benefit is low because it is geared toward covering funeral expenses, and final expense insurance is an inexpensive approach to keeping your loved ones from having to spend upwards of $12,000 out of their own pockets.
It’s also incredibly easy to qualify for. Many insurers allow individuals of up to 80 years of age to sign up. There’s no medical exam. At most, you will only have to answer a medical questionnaire.
What Is The Better Choice?
There are advantages to final expense and whole life policies. If you’re having a difficult time finding an affordable policy because of adverse circumstances, final expense is the better choice. If you’re younger and are in good health – and if you can afford the premiums – whole life may be the better route.
We’ll Find You The Policy Of A Lifetime
Game Changing Benefits is your number one choice for finding you excellent lifetime insurance coverage. Whether you need a policy that gives a massive payout, or if you just need something to help relieve your loved ones from covering funeral costs, we are at your service. Call us today at 972-331-1060 to learn more.