It’s completely understandable if you’re feeling confused about all your insurance options. Making sure that you’re on the right track is important, but it can be a hard thing to do, especially if you’re new to learning about insurance. There are lots of different policies available and it can be challenging to know which ones make the most sense for you.
Let’s talk about the differences between final expense and whole life insurance. If you still have questions after reading this blog, then feel free to reach out to us and book an appointment.
Final Expense Insurance Explained?
Final expense is a specific type of life insurance. Final expense typically has a smaller death benefit than other life insurance options. One of the reasons for this is because final expense is typically only intended to cover end-of-life costs. Most people use the final expense death benefit to cover costs such as credit card debt and medical bills.
End-of-life costs can be overwhelming, so it’s important to make sure that you have the right insurance options in place. Without final expense insurance, your family could end up covering your end-of-life costs. Final expense is less expensive than other life insurance options, as it is not intended to replace income.
What is Whole Life Insurance?
Whole life insurance is a type of life insurance policy that doesn’t have an expiration date. This means that your family will be receiving the death benefit, regardless of when you pass away.
Unlike final expense, the whole life death benefit is large enough that it can be used to cover some of the lost income that would result from a death. However, because the death benefit is larger, that also means that the monthly premiums will be more expensive.
Let’s Discuss Your Options!
If you’re making the choice between final expense and whole life insurance, then it can be helpful to speak with a professional. We’re here to help you make your insurance choices simple, so that you can be sure you’re on the right track.
If you’re looking to make an appointment, give us a call! We’ll find a time when we can discuss all your insurance questions and provide you with the answers that you need to make the best choice.