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griponlifes

When it comes to finding a way to protect your family’s financial future and leave them with funds to cover any funeral and estate costs, there are many different types of insurance policies to choose from. Two very different types of insurance to consider are Final Expense Insurance (sometimes known as Burial insurance) and Life Insurance. Here we will discuss the differences between these two options and the benefits of each one.

Final Expense Insurance

Final Expense insurance is a type of whole life insurance designed to provide coverage for any burial or funeral expenses as well as other estate costs that may arise after a person’s death. It is generally given to those who may not otherwise qualify for a traditional life insurance policy due to health issues or age.

    • Pros:
        • Typically does not require a medical exam.

       

        • Premiums remain the same for the life of the policy.

       

        • The death benefit can be used for any purpose.

       

    • Cons:
        • The death benefit is typically much lower than a traditional life insurance policy.

       

        • The policy can be more expensive in the long run than other types of insurance.

       

Life Insurance

Life insurance is a type of insurance that pays out a lump sum, tax-free death benefit in the event of a person’s death. This death benefit can then be used to provide for a surviving family or to pay for any other costs associated with the death of the insured.

    • Pros:
        • The death benefit is typically much higher than final expense insurance.

       

        • Premiums may increase over time, but will remain level for longer than final expense insurance.

       

        • The death benefit can be used for any purpose.

       

    • Cons:
        • A medical exam is usually required.

       

        • The premium may be more expensive in the long run.

       

 

In conclusion, Final Expense insurance and Life Insurance are two very different types of policies that can provide protection and secure a family’s financial future. Final expense insurance is typically best suited for those who cannot qualify for a traditional life insurance policy due to health or age, while life insurance works best for those who can qualify and are looking for a higher death benefit amount. Whichever option you choose, it is important to review the policy and make sure you understand all of the terms and conditions before signing up for coverage.

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