Funding Options For Funerals In Canada

Funding Options For
Funerals In Canada

Paying for funerals is this thing no one wants to talk about. It is either an unaffordable expense or a private matter of insurance policies or family banking. However, because no one talks about it (at least not as much as they should) many people do not know all of the options available to them when a death has occurred. Some funding options are proactive and some are reactive, but just remember that there is help available to you no matter what your situation is. Here is a quick guide to some of the primary funding options available to Canadian families. 

Insurance

A funeral insurance policy is a proactive funding option that will see the death benefit paid out after the death has occurred. This is usually in excess of the cost of the funeral itself because the premium is paid over time and not always allocated to specific prearrangements. Like other types of insurance, funeral insurance will provide your family with the peace of mind in knowing that everything will be taken care of, no matter what happens. Also, most funeral professionals are well versed with handling insurance assignments, which is the method of paying for a funeral using a death benefit directly. 
Learn More About Funeral Insurance

Splitting Costs With Family

Paying for an entire funeral can be a large burden for many Canadian families, especially if the death is sudden, unexpected and unplanned for financially. Splitting the costs with extended or immediate family can be a viable option and it is one plenty of people turn to in the event of an untimely death. There should be no shame associated with asking for help, and your relatives are one of the first places that can be comfortable to turn to when you need it. This funding option can be planned in advance as well, with families contributing to trusts or funds over time that are reserved for funeral expenses. 

Prepayment

Pre-paying for a funeral is one of the most effective ways to ensure that all end of life expenses are covered. Working with a funeral director, many Canadians that pre-arrange their funerals also choose to pay for the service in advance. This proactive funding option is available through most death care service providers and allows people to put money into a trust so that it incurs interest over time while locking in their services, price, and arrangement with a good layer of protection. 

Crowdfunding

In recent years, crowdfunding has become an extremely popular funding option for Canadian families that need help covering funeral costs. Crowdfunding works by starting an online campaign through a site like GoFundMe, that can be shared on social networks and in the community, with the purpose of soliciting donations. In many cases, we have seen tens and even hundreds of thousands of dollars donated to families by other people who just want to help. These campaigns start as a way to cover funeral expenses but often end with a life-changing result for the impacted family. 
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