Understanding Insurance & Funerals

Understanding Insurance & Funerals

Insurance is one of those things that can help us throughout life, whether it be after a traffic accident, covering medical expenses or the enjoyment of coverage provided by work benefits. It allows us to pay for our own protection in advance and provides some peace of mind in this constantly changing world. When it comes to funerals, insurance is no different. With funeral costing thousands of dollars on average in Canada, many people rest better knowing that they and their family won’t have to pay out of pocket should a death occur. Though it is a great service, not every insurance company offers policies that are dedicated to final expenses, but some do, and others have built end of life considerations into other types of policies. 

The Benefit of Funeral Insurance

Death can be expensive and with the cost of funerals in Canada, paying all end of life costs can be difficult for some families. Funeral insurance guarantees that your family will not be straddled with cumbersome costs and a large bill when you pass away because your final expenses will already be covered by your policy. 

Ways to save on funeral insurance

Like other types of insurance, funeral insurance has different rates for different people and circumstances. According to InsuranceEye, there are five ways to save money on a life insurance policy. 
  • Buy the policy in the first 6 months before your birthday to ensure the best coverage rates (insurance companies round up for your age. 
  • Have a good driving record, it works the same as ensuring a driver - safety matters
  • Group life insurance can save you money if it is available through your employer - however, it is not permanent because it is tied to your job. 
  • Don’t believe the hype of “guaranteed” plans. If you are a healthy Canadian, just get a health exam and lower your rate that way. 
  • Renew or buy as long after your last driving infraction as possible 

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