Life insurance
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Whole Life
Whole life insurance is just that: life insurance that lasts for your whole life. You can't outlive whole life, it's designed to be in place no matter how long you live. Benefits generally include:
- Premiums never go up
- Tax-free death benefit
- Death benefit doesn't go down
- Accrues cash value over time
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Term Life
Term life insurance is designed to remain in effect for a certain amount of time- this period of time is the term. Terms of 10, 20, and 30 years are most common. Benefits of term life include:
- Premiums more affordable than whole life
- Policies are generally straightforward and easy to understand
- Insureds can usually get a higher death benefit
- Tax-free death benefit, Return of Premium option, Critical Illness Coverage
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Final Expense
Usually designed to cover end-of-life expenses like final medical bills, funerals, burials, cremations, religious services, flowers, headstones, etc. Final expense plans usually offer lower face values than traditional plans, usually between $5,000 and $35,000. Benefits include:
- Short approval process with no medical exams or blood draws
- Affordable premiums for fixed incomes
- Usually effective for insured's whole life
- Guaranteed-issue plans have no medical questions