According to Sabo, “If you can afford to buy a larger policy to meet the minimum death benefits required by your company, then you are better off buying regular life insurance.”
Martin concurs. According to him, the majority of insurance companies require traditional whole life or term insurance to have a face value of at least $50,000 to $100,000.
Even though coverage costs less per $1,000 than a final expense policy, the higher face amounts will result in higher premiums than some individuals can afford.
He said that because they only want coverage for $20,000 or $30,000, many of his clients who could easily qualify for a traditional whole or term policy choose final expense.
Besides, claims on these strategies are frequently paid quicker than claims on bigger approaches.
