Additionally, a whole life policy accumulates cash value against which you can borrow money throughout your lifetime. When you pass away, your surviving beneficiaries will receive less money if any loans remain unpaid.

You won’t have to go through a medical exam or give the insurance company access to your medical records if you apply for final expense insurance. However, you will need to respond to a few health-related questions. Not everyone will be eligible for a policy with coverage that begins on day one because of the health questions.