Term vs Whole Life Insurance After 50
Term insurance is cheaper at the start and whole life costs more but never expires. Which one fits depends on what you need the…
Read the article: Term vs Whole Life Insurance After 50Funeral and Final Expense Insurance for Seniors, Explained Clearly
QRS Life Group is an independent insurance agency based in Atlanta, Georgia. We help adults from about 50 to 85 compare whole life policies made to cover funeral costs and other final bills, and we explain every option in plain language.
The basics
What is final expense insurance?
Final expense insurance is a small whole life insurance policy. It is meant to pay for the costs that arrive at the end of life, so that your family is not left to cover them. People also call it burial insurance or funeral insurance.
When the insured person dies, the insurance company pays the benefit to the beneficiary named in the policy. That money can help with:
- Funeral, burial or cremation costs
- Medical bills that insurance did not cover
- Credit card balances and other small debts
- Travel and time off work for family members
Coverage options
Types of coverage we help you compare
The right policy depends on your age, your health and what you want the money to do. These guides explain each option, including what it does not do.
How it works
Three steps, at your pace
Tell us what you need
Call us or send the quote form. We ask about your age, state, general health and the amount of coverage you have in mind.
Compare your options
A licensed agent explains which policies you may qualify for, what each costs and any waiting period, in plain language.
Apply if you choose to
If a policy fits, we help you complete the application with the insurance company. The insurer makes the approval decision.
Who we help
For seniors, and for the families who help them plan
Most of the people we talk with are between 50 and 85. Some are planning for themselves. Many are adult children helping a parent put things in order.
Health conditions do not automatically rule out coverage. Depending on your answers to a few health questions, you may qualify for a policy with full coverage from the first day, a policy with a waiting period, or a guaranteed issue policy that asks no health questions at all.
What to know before you buy
- Price depends on you. Premiums are based on your age, sex, health, tobacco use, state and the amount of coverage. We give you real quotes instead of a headline number.
- Some policies have a waiting period. Graded and guaranteed issue policies usually limit the benefit for death from illness during the first two or three years.
- Approval is the insurer’s decision. We help you apply to a company that fits your situation, but no agent can promise approval.
- You get time to review. States require a “free look” period after a policy is delivered. If you cancel in that period, the insurer refunds the premium you paid.
Common questions
How much does final expense insurance cost?
It depends on your age, sex, health, tobacco use, state and the coverage amount you choose. A 55-year-old pays less than a 75-year-old for the same amount. The only way to know your price is to get a quote based on your own details, which costs nothing.
Do I need a medical exam?
Most final expense policies do not require an exam. You answer health questions on the application, and the insurer may check prescription and insurance records with your permission.
Can I get coverage with health problems?
Often, yes. Some conditions lead to a policy with a waiting period instead of full coverage from the first day. Guaranteed issue policies ask no health questions, but they cost more and always have a waiting period.
How much coverage do people usually choose?
Most final expense policies are sold in amounts from a few thousand dollars up to about $25,000 to $50,000, depending on the insurance company. A good starting point is the cost of the funeral you want plus any bills you expect to leave.
Is the benefit taxed?
Life insurance benefits paid to a beneficiary because of the insured person’s death are generally not treated as taxable income by the IRS. Interest paid on top of the benefit can be taxable. Ask a tax professional about your own situation.
Resources
Helpful reading
Final Expense Insurance vs Pre-Need Funeral Plans
Both are ways to pay for a funeral in advance. One pays cash to your family, the other pays for a specific service. Here…
Read the article: Final Expense Insurance vs Pre-Need Funeral Plans
Graded Death Benefits and Waiting Periods Explained
Some final expense policies do not pay the full benefit right away. Here is what "graded", "modified" and "level" mean in plain language.
Read the article: Graded Death Benefits and Waiting Periods Explained