Hi Beverly,
The basic difference between term and whole life (Final expense) has to do with the guarantees on the premiums and death amount. For example on a term policy the premium and face amount (death benefit) is guaranteed for a certain period of time such as 1yr, 5yr, 10yr, 20yr, etc. whereas whole life locks in the premium and face amount for life of the insured. Although there are other differences these are the two primary.
Although term insurance can cost a lot less it really isn't the best choice for all situations. Usually someone would buy term when their main objective was to have life insurance for a specific amount of time such covering a mortgage. car loan, other loans or while children were still in the household.
If someone is more interested in final expense (burial, estate taxes, etc) then most likely whole life would be a better obtion. Although this is a lot more expensive the premium won't increase.
Premiums can vary by hundreds of dollars per year from one company to another. Based on your age it would be very beneficial to you to requests quotes from several companies or agents. There are free quoting services available on line that can make this process easier. These services will forward your information to several companies and agents that do business in your area making the process a little easier.
Some of the more reliable and more popular sites are:
If you are willing to take the time to request a quote from each of these companies and free services you shoukd be able to fine the best policy for you.
