While both final expense and traditional life insurance provide a death benefit, they serve different purposes and have distinct features. Understanding these differences is crucial for Las Vegas residents considering their insurance options.

5 Key Differences Between Final Expense and Traditional Life Insurance

1. Coverage Amount: Traditional life insurance often offers higher coverage amounts, sometimes in the millions, while final expense insurance typically ranges from $5,000 to $25,000.

2. Purpose: Traditional life insurance is designed to replace income or leave an inheritance. Final expense insurance specifically covers end-of-life costs like funeral expenses and medical bills.

3. Underwriting Process: Traditional policies usually require a medical exam and detailed health questionnaire. Final expense insurance often has simplified underwriting with few or no health questions.

4. Age Limits: Traditional life insurance can be challenging to obtain after age 65. Final expense policies are available to seniors, often up to age 85.

5. Premium Stability: Final expense insurance usually has level premiums that never increase. Traditional term life insurance premiums can increase dramatically upon renewal.

For many Las Vegas seniors, final expense insurance offers an accessible and affordable way to ensure end-of-life expenses are covered. Its simplified underwriting and guaranteed acceptance options make it an attractive choice for those who might not qualify for traditional policies.

When deciding between final expense and traditional life insurance, consider your age, health, financial goals, and the needs of your beneficiaries. A local Las Vegas insurance agent can help you navigate these options and choose the best policy for your situation.