Final expense life insurance is a specific type of insurance policy written for a very specific purpose: to take care of your funeral costs and other small debts lingering around after you’re gone.
Term life insurance policy is good for a specific period of time; that can be one year, 10 years, 20 years or even up to 30 years.
Universal life insurance, also commonly referred to as a “UL” policy, is a form of life insurance that offers flexible premiums, a level or increasing death benefit, and a tax-deferred investment opportunity to the insured.
Whole Life Insurance is designed to provide coverage for the life of the insured. Whole life policies generally offer fixed premiums, guaranteed death benefits and are designed to build tax deferred cash value. For that reason, a whole life insurance policy can be described as life insurance protection with a savings feature.