In Canada, funerals can cost between $5,000 to $10,000, depending on where you get your funeral service, the type of arrangements you choose, and whether you decide to have a burial or cremation. Funeral insurance helps cover these costs, which would otherwise fall into the hands of your loved ones.
What Are The Characteristics Of Funeral Insurance?
Funeral insurance is a unique form of life insurance. It’s active for a lifetime, so when you purchase it, the policy will not expire.
The death benefit is smaller in comparison to most life insurance policies, maxing out at $50,000. But this also translates to lower monthly premiums relative to other types of life insurance – the standard monthly premium doesn’t even reach $100 until applicants reach 60 years of age.
It’s useful for any purpose – not just funeral costs. While many use the death benefit strictly for funeral expenses, funeral insurance can help your loved ones pay off personal debts and your estate costs.
Who Can Get Funeral Insurance?
Funeral insurance is among the most inclusive life insurance policies on the market. Age and poor health typically result in unaffordable premiums or being rejected from a policy altogether, but with funeral insurance, you are able to have an affordable policy without having to worry about your age or health working against you.
In fact, funeral insurance allows you to choose whether you’d like to disclose your personal medical information. This is the main difference between the two forms of funeral insurance – simplified issue and guaranteed issue.
Should I Get Simplified Or Guaranteed Issue?
Simplified issue has a medical underwriting process, but unlike other types of life insurance, no medical exam is required. You only have to answer medical questions. This is ideal if you’re younger and in reasonably good health. If this describes you, this policy will help you get lower premiums.
If you’re at an advanced age and/or have severe health problems, guaranteed issue is the better choice. With guaranteed issue funeral insurance, you won’t need to provide any medical information at all. The premiums may be higher, but it’s also the fastest way you can acquire a policy without having to worry about rejection.
FiduSure Financial Can Help
When you get services from FiduSure Financial, you are getting peace of mind for yourself and those you care about the most. We can help you get the best funeral insurance plan so that your loved ones will not feel overburdened by steep funeral costs, and possibly assist them with their own expenses. We are just one phone call away, and you can reach us today at (647) 567 4702.