Funerals in Canada average between $5,000 and $10,000. Even if it’s your funeral, you won’t be held responsible for funeral costs – your loved ones will. If you’re a senior, you ought to consider getting funeral insurance, because this way, your loved ones will be able to cover funeral costs without worry.
What Does Funeral Insurance Do?
When you enroll in a policy, you pay monthly premiums in exchange for your loved ones receiving a death benefit. The death benefit can go to anyone you choose as a beneficiary.
The death benefit is often used for covering funeral costs, but that’s not its only use. Funds can be used for anything, so it’s possible for your loved ones to cover burdensome debts if necessary. This is also tax-free.
This policy never expires. When you sign up, the policy is yours forever.
How Much Funeral Insurance Can I Get?
Funeral insurance policies offer smaller death benefits than other forms of life insurance. Policies normally offer payouts between $5,000 and $25,000, though some may have a death benefit up to $50,000. What you’re able to get depends on the insurer and what you choose.
How Much Funeral Insurance Should I Get?
If you’re strictly using it to pay for your funeral, it depends on the specifics of your arrangements. Funeral costs vary because the overall cost is based on a combination of itemized expenses. Costs may be as little as $1,500, or as much as $15,000.
Cremation costs less than burial. Cremations are between $1,500 and $4,500, depending on whether you have a viewing and funeral service.
In-ground burials cost more, with prices ranging from $5,000 to $15,000. Opting for a burial alone and a basic casket will be the least expensive. But if you want a burial with a higher-end casket, viewings and a funeral service, and police escort to the cemetery, then your costs will be closer to $15,000.
You should consider the type of funeral you want, have an estimate of the costs, and then choose a policy accordingly.
Why Is Funeral Insurance Ideal For Seniors?
Age can be a barrier when applying for life insurance. Seniors have difficulty acquiring policies because companies see them as too high of a risk. Age doesn’t have the same negative impact with funeral insurance.
You can get a No Medical policy, which only requires medical questions – no exam needed. How you answer will impact your monthly rate. The more questions you can truthfully respond “no” to, the lower your costs. Some policies don’t have medical questions at all, but they may impose a waiting period and higher rates.
Get Your Policy Today
At Fidusure, we’re here to make sure that you will be able to fulfill your final wishes, without causing a financial strain on your loved ones. If you’re a senior, there’s no better policy on the market. Call us today at (647) 567-4702 to learn more.