Will a Final Expense Policy Ever Expire?

No, final expense does not expire—unless or until the policyholder passes away. This, however, is not “expiring,” so much as it is the end or completion of the policy.

Final Expense and Whole Life

Final expense is considered a type of whole life policy. This means that it lasts your “whole” lifetime from the time you purchase it. Whole life insurance, however, is also its own policy—what are, then, the similarities and differences between them?

The most important feature of whole life insurance, in this case, is its permanence. You purchase a policy and, as long as you keep up with monthly premiums, the policy stays in effect until you pass away and your beneficiaries receive the death benefit. 

This is the exact structure followed by final expense insurance. The differences, then, lie in the policies’ eligibility, function, and death benefit. You can qualify and enroll in final expense even if you are in poor health. Final expense is only geared towards issuing the death benefit, without a savings component like whole life. Lastly, final expense death benefits range from $2,000 to $50,000.

Whole Life vs. Final Expense—The Bottom Line

Compare this to whole life—applicants must be young and in virtually perfect health to qualify. It also has the death benefit with the aforementioned savings and investment feature. Finally, death benefits for these policies range anywhere from $100,000 to more than $1 million. Both final expense and whole life, however, are permanent, and will not expire.

Whole Life vs. Term Life

Is there a life insurance policy that does expire? Yes, it is called term life. Unlike whole or final expense, term life is not purchased for the policyholder’s lifetime but rather a period of time. Typically, this period lasts anywhere from 10 to 30 years. 

After this time has passed, the policy will “expire.” In other words, if you as the policyholder do not pass away within that period, you will either have to renew it, let it end, or find a new policy. 

Like final expense and unlike whole life, term life does not have a savings or investment component built-in. This, and the lowered risk of a shorter policy, means that term life is less expensive than whole life. Bear in mind, however, that you must meet the same age and health qualifications as whole life to enroll.

Final Expense vs. Term Life

There are many distinct differences between these three policies. Whole life and final expense are the most similar due to the way they are structured and their permanence, but term and whole life are similar in their eligibility requirements and sizable death benefit. You know the differences between whole life and final expense, but what about final expense and term life?

When talking about a policy’s “expiration date,” you should think of term life. These policies, however, are much harder to qualify for than final expense. So, if you are older or have health concerns, final expense is the better option. 

Final expense is also the perfect addition to your whole or term policy, which you can purchase at any time to cover small additional expenses not accounted for in your whole or term policy. Whether on its own or with another policy, final expense is a fantastic, permanent insurance policy without an expiration date.

Learn More and Get a Quote By Calling Final Expense Direct

We will help you with the best final expense insurance. To get started, call Final Expense Direct at 1-877-674-0236.

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