The death of a loved one can create an unexpected financial burden for those left behind. Funeral expenses in Canada can range anywhere from $1,500 to $20,000. From embalming costs to cremation fees, the price of a respectful funeral service can quickly add up. Faced with these expenses, many families are forced to take out a loan or borrow money from friends. These financial decisions, however, are an added stress during this already difficult time.

Because death is a painful subject, many people choose not to discuss the inevitable. But with today’s tough economic times, the cost of dying is a very important matter that should be explored.

Final expense insurance avoids burdening family members with funeral costs when you die. By taking care of matters beforehand, your loved ones can focus their efforts on supporting each other during this painful time. For this reason, final expense insurance is seen as the last gift you can give your family. But if you’re still unsure whether funeral insurance is worth it, here are some reasons why this valuable coverage is necessary.

1. Fulfilment of your wishes

When you invest in final expense insurance, you’ll most likely discuss your funeral wishes. Perhaps you want a cremation instead of a traditional burial, or you prefer a small ceremony with immediate family only. Whatever your wishes, final expense insurance gives you an opportunity to let your preferences be known. Your loved ones will also appreciate this because it’ll be very important to them to make sure they’re honouring your final requests.

The cost of your funeral will largely depend on how simple or elaborate you want the service to be. When deciding how much insurance coverage is necessary, consider what type of funeral you want before signing on the dotted line.

2. An affordable funeral

Coverage amounts for final expense insurance are usually much lower than traditional life insurance. This means monthly premiums tend to be much cheaper too, making this an affordable way to pay for your funeral. Unlike traditional life insurance that expires if you outlive your policy, final expense insurance stays with you until you die. Your benefits will be paid out immediately upon your death. These funds can then be used to pay for your funeral.

3. Death benefits can be used elsewhere

Final expense insurance offers flexibility. Death benefits do not have to be used for funeral expenses only. Your named beneficiary will have the option to use the money for other purposes too. For example, if your daughter believes the money should be used to pay off your medical bills instead, she’ll have every right to use the funds in this way, without the need for outside approval.

It’s important to note that final expense insurance differs from pre-need insurance. Pre-need policies are usually purchased from funeral homes. They’re also designed to cover your funeral expenses — but only that. This is because benefits are paid out directly to the funeral home to cover the cost of services, which you’ve already pre-arranged before your death. Although this is an efficient way to ensure your funeral is planned out and taken care of, there’s no flexibility in what you can do with the money.

4. Peace of mind

Aside from the financial benefits, final expense insurance will help you sleep better at night. Have peace of mind knowing your death will not create additional hardship for your family. Although some relatives may have felt funeral insurance wasn’t worth it, they’ll certainly realize its benefits upon your passing. Allow your loved ones to grieve without the added stress of having to plan and pay for your funeral.

With the price of funerals consistently on the rise in Canada, final expense insurance can be an effective way to cover these expenses. Don’t force family members to take out a loan or spend their savings. By putting aside a bit of money each month, you can ensure funds are available when they need it most. Final Expense Ontario has a number of policy options to suit your individual needs. Our insurance experts would be more than happy to help determine the right coverage level for you.

For more information on final expense insurance, please call Final Expense Ontario at 1-833-751-4925 or contact us here.