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Final Expense Insurance
Having a final expense insurance policy means you are covered for your entire lifetime including funeral expenses and burial costs. It also provides those left behind the means and the ability to pay any remaining expenses or outstanding debts. One of the largest differences between final expense life insurance (which is also often final expense insurance) and traditional life insurance is that there is a huge difference in the costs. Specifically, the face value of most final expense policies is much lower than that of traditional life insurance.
You may purchase a traditional life insurance plan that amounts to the amount of debt you have, including mortgages, and provides for the living expenses for your family over a long period. However, many of the policies for final expenses insurance only have a face value of $10,000 to $25,000, sometimes even less. The goal of these funds is to pay for your actual funeral expenses. Also note that this also means that the cost of final expense life insurance is much lower than the cost of a traditional policy to you. It does not pay as much and therefore does not cost as much to you.