Funeral Insurance

Funeral Insurance is designed to cover all the costs related to your final expenses including funeral or burial costs. It usually covers your end-of-life expenses. No one likes to think about their own funeral or a loved one’s funeral, but the truth is that when the time comes someone will have to pay for those expenses. The question is will it be your grieving family or the insurance company? The estimated cost of funeral expenses ranges from $5000 to $15000 in Canada. Funeral costs range from $1,500 to $20,000 in Ontario. Funeral Insurance covers these costs and lifts the burden off of your loved ones. That’s why it is highly recommended that you should plan ahead and opt out for funeral insurance to cover your final expenses so your grieving family has one less thing to worry about.

The two main funeral options available in Canada are cremation and burial. Cremation costs typically between $1,500 and $5,000 and is less expensive compared to in-ground burial that could cost between $3,500 and $20,000.Funeral insurance is a small life insurance policy that is big enough to cover all these final expenses. Funeral insurance policies are affordable and accessible to everyone and are the best way to ensure your funeral costs are covered. As these policies are mostly bought by seniors, these plans are easy to qualify for even without a medical examination and fall under simplified issue life insurance and guaranteed issue life insurance plans.

Traditional Life Insurance is designed to help your family replace the lost income and pay the remaining debts and loans. On the other hand funeral insurance is specifically designed to cover the final expenses only. The type of plan you pick will decide the amount of benefit your beneficiaries can receive and how they can spend the benefit. If you buy funeral or burial insurance then the benefit can be only used for final expenses whereas funeral expenses and other end-of-life costs can be covered with guaranteed issue life insurance, providing more flexibility for discretionary spending and a dependable payout to your grieving family to manage your funeral expenses without financial burden.

When it comes to buying funeral insurance in old age many seniors think that they will not qualify for any insurance due to their health issues. But our simplified and guaranteed issue final expenses policies that can help cover final costs such as funeral expenses and final bills are specifically designed for those that do not qualify for traditional life insurance. That is why no one is denied and everyone is guaranteed to get coverage no matter what. Funeral Insurance plans offered by an insurance company give you more flexibility. A seniors’ funeral insurance policy is designed to be a much smaller policy, providing enough money to cover only the funeral and burial expenses. It is much easier to get in comparison to larger life insurance policies. Death benefits can range from as little as $5,000 all the way up to $50,000 and beneficiaries can use the benefit as they wish.

What Funeral Costs Need To Be Considered?

Funeral costs can vary greatly depending on your personal wishes and the services you would like to include which can consist of multiple categories. So it’s always better to first decide whether you would like to have a cremation or burial. Cremation costs range from $1,500-$5,000 whereas burials are more expensive and could cost as much as $20,000 or more. If you are interested in cremation then a funeral insurance plan of $5,000 is sufficient. On the other hand for burials you should have at least $10,000 to $20,000 of funeral insurance coverage. There are many factors that affect the cost of funerals and the following list shows the approximate costs that should be considered.