Final expense insurance is generally a smaller amount of permanent life insurance designed to help with expenses such as:

• Funeral or cremation costs
• Burial expenses
• Outstanding bills
• Other final expenses

Because it is intended to remain in force for life, it can make sense for someone who wants coverage specifically for expenses that will eventually need to be paid.

Term life insurance covers you for a specific period, such as 10, 20 or 30 years.

It is generally used when someone needs a larger amount of protection for a defined period—for example, to help replace income, protect a mortgage or provide for dependents.

The important difference is that term coverage has an ending point.

That depends on the job you need the insurance to do.

Final expense may be something to consider when:

You primarily want to cover funeral and other final expenses.

You want permanent coverage.

You don't need a large death benefit.

Your health makes traditional life insurance more difficult to qualify for.

You want a premium you can budget for over the long term.

Term life may be something to consider when:

You need a much larger death benefit.

You need coverage for a specific number of years.

You still have a mortgage or other significant financial obligations.

Someone depends on your income.

You are able to qualify for affordable term coverage.

It doesn't always have to be either/or.

Someone could have term insurance for a larger, temporary financial obligation and separate permanent coverage intended for final expenses.

The right answer depends on what coverage you already have and what problem you are trying to solve.

Need $15,000 to help with final expenses for the rest of your life?

Look at final expense coverage.

Need $500,000 of protection while you're raising a family or paying off a mortgage?

Term life may be something to