Matching the policy to the need
Term life is the efficient choice for temporary obligations — a mortgage, years of income while children are at home, or a business loan. Whole life is permanent and builds cash value, which suits estate planning and lifelong needs but costs several times more for the same death benefit.
Final expense is a small whole life policy, generally $5,000 to $25,000, sized for funeral costs and remaining bills, with approval based on health questions rather than an exam.