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Whole life provides life-long protection and a set amount of coverage, as long as you pay the premiums your entire life. It also carries a savings component called "cash value.” The insurer invests parts of the premiums to build cash value; this allows you to access the cash as the funds grow. A whole life contract is designed so that you can take advantage of the cash value. Your beneficiaries only receive the death benefit when you die, not the value that's accumulated.
Term life is often considered the simplest and most affordable life insurance. Term life insurance serves the basic function of ensuring that your beneficiaries receive a payment if you die while the policy is in effect. Depending on the type of policy you choose, premims can remain the same or increase over time. Guaranteed term is the most common form of term life, where you can pay the same premium for the entirety of the policy.
Final expense insurance, also known as burial insurance or funeral insurance, covers just that. A final expense insurance policy is usually one with a low face value that you purchase directly from your insurance company, and it’s usually simple to set up. Final expense insurance could be a good choice if you can’t get a term or whole life policy. This might be because of your age or health.