Final expense insurance is a type of insurance that provides coverage for the costs associated with end-of-life expenses, such as funeral and burial costs. This insurance is designed to help families cover these expenses without having to pay out-of-pocket or take on additional financial burden.
The average cost of a funeral in Canada is around $15,000 , which can be a significant expense for many families. Final expense insurance can help to cover these costs, as well as other end-of-life expenses, such as outstanding medical bills or probate fees.
It is important to take out final expense insurance, as these costs can add up quickly and can be difficult for families to pay out-of-pocket. In addition, the government only provides a one-time payment of $2,500 to help cover funeral costs, which may not be enough to cover the full expense.
For example, a traditional funeral can include a variety of costs, such as a casket, funeral director fees, burial plot, and headstone. The cost of a casket alone can range from $1,000 to $4,000, depending on the material and design. By taking out final expense insurance, you can ensure that your loved ones are not left with the financial burden of covering these costs.
One advantage of final expense insurance is that the premiums do not increase over time and there is no need for a medical examination. This means that you can lock in a premium at a young age and be protected throughout your life, without having to worry about increasing costs or being denied coverage due to health reasons.
In conclusion, final expense insurance is an important type of insurance to consider. It can help to cover the costs associated with end-of-life expenses, such as funeral and burial costs, and can provide financial security for your loved ones. By taking out this insurance, you can ensure that your family is not left with financial burden at a difficult time.
