“Whole Life” generally refers to “Ordinary Whole Life,” an insurance policy that will stay in force for the length of your life as long as you pay the premiums. Most whole-life funeral insurance policies are “ordinary” whole life. A “Term” life insurance policy runs for a selected time period, typically 1, 5, 10, 15, 20, or 30 years. Being aware of your policy type is essential since the beneficiary payment will only occur if the insured dies within the specified period. Be sure to read the fine print if you are considering a final expense or burial insurance policy to ensure it is a whole-life policy. Because if it is a term policy and you die after the expiration period, there will be no funds to cover funeral expenses.