As you approach the end of your life, concerns about how your funeral will be paid for may arise. Questions like, “how much does the average funeral cost?” are likely to come up. Fortunately, funeral insurance can make this period more comfortable, as it allows you to live with the certainty that your funeral will be paid for.
How much a funeral costs varies, but on average you can expect it to be several thousand dollars. If you still have questions, here’s some more information about funerals and funeral insurance.
How Much Do Canadian Funerals Cost?
Funerals are expensive. That much we know. But how expensive they are varies depending on the preferences of the deceased and their loved ones. While cremations tend to be less expensive than burials, events like viewings can add to the cost. You also have to consider the additional costs of caskets, urns, flowers, and headstones. Together, these expenses can range between $5,000 and $10,000.
Why You Should Plan Your Funeral
Planning your financial arrangements in advance can remove much of the pressure from your loved ones. They should be free to mourn without having to deal with additional financial stress. This is where funeral insurance comes in. With funeral insurance, you can guarantee that your end-of-life expenses will be covered by the insurance company.
What Is Funeral Insurance?
Funeral insurance, which is typically known as final expense insurance, is an insurance product that provides a death benefit payment to the beneficiaries upon the death of the insured. The beneficiaries are people whom the policyholder has selected to receive the death benefit when the insured passes away. Anyone can be chosen as a beneficiary, so you don’t have to worry about funds being mishandled by someone you don’t trust.
Funeral insurance is a type of whole life insurance policy. Though, the rules of funeral insurance policies are somewhat different from traditional life insurance plans. With funeral insurance, the average death benefit ranges between $2,000 and $50,000. Life insurance plans, on the other hand, can provide benefits of more than $1 million. The main reason for this difference is that final expense insurance policies accept a wider variety of people than traditional life insurance plans.
Concerned About Funeral Costs? Contact Us.
While traditional life insurance plans require a full medical exam, final expense insurance only asks you to answer some medical questions. This makes it easier to qualify, increasing the cost of coverage. How much your funeral insurance will cost depends on what level of coverage you qualify for. To learn more about funeral insurance and to collect quotes, you should contact the insurance experts at Fidusure. Call us at (647) 567-4702.