Final Expense Life insurance is sometimes also referred to as Whole Life, Guaranteed Issue, Graded Life. Whole life is different from Term Life insurance which expires at the end of the "Term," usually 10, 20 or 30 years.

There are two primary reasons to consider a Whole Life Insurance Policy: 1) To cover the costs of your funeral and any outstanding expenses such as loans and debts, and 2) To protect your estate. To accomplish these two goals you need a "Whole Life Insurance Policy." Whole Life, unlike Term, is guaranteed renewable for the rest of your life.