The difference between Life Insurance and Final Expense Insurance.
Unlike life insurance, final expense policies have a much lower face value because they are intended to only cover costs related to a person’s final expenses. Therefore, these policies can often be purchased at low or reasonable premiums.
Here are some of the features of final expense policies:
- Premiums do not increase, ever
- As long as make you premium payment, policies will remain effective
- Guaranteed death benefit
- Some policies can be written similar to whole life policies, meaning they may earn dividends