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Funeral Insurance Guide and Quote

    How much does funeral insurance cost?

    Funeral insurance is quite affordable because its only purpose is to cover one type of expense, which is outstanding final expenses, or funeral costs.

    Here are a few example of funeral insurance quotes:

    Female, 80 years old, non-smoker Simplified Issue life insurance Coverage of $8,000
    Best quote
    Standard: $74 / month

    Male, 75 years old, non-smoker Simplified Issue Life insurance Coverage of $10,000
    Best quote
    Standard: $92 / month

    Female, 82 years old, Guaranteed Issue Life insurance Coverage of $7,500
    Best quote
    Standard: $219 / month

    Funeral Insurance: Expert explains

    “Funeral Insurance is a Life Insurance policy that is designed to cover funeral expenses. Funeral costs in Canada have been going up but still you can usually get by with a Life Insurance policy to cover funeral expenses somewhere about the $10,000- to $25,000-range – are what most people will use if they are looking for a life insurance policy to cover funeral expenses and you likely gonna wanna a permanent policy, one where the rates gonna be level for life (i.e. stay constant) and you gonna have the coverage for life.

    The reason you wanna a permanent policy is (that) you don’t know when you are gonna pass away and you know that you gonna want it for funeral expenses. So, if you pass away in your eighties or nineties, you gonna wanna have a permanent policy and you can either have a traditional policy where it is fully underwritten or you can have a simplified issue policy where there are no medical tests, so you can just have a short series of health questions and you can get coverage generally on many pieces.”

    What is funeral insurance?

    Funeral insurance (also called burial insurance or final expenses insurance) is a life insurance policy that is big enough to cover all the costs associated with final expenses, including funeral or burial costs. That would mean that you will not leave your loved ones a large bill to pay.

    Given that funeral insurance is mostly purchased by seniors, these insurance plans are easy to qualify for. They often fall into one of two categories: simplified issue life insurance, and guaranteed issue life insurance. Our insurance specialists are intimately familiar with various funeral insurance plans to ensure that your loved ones do not have to carry any financial burden.

    What are typical funeral costs?

    Funeral costs quickly add up with averages reaching ~$13,500. That includes items such as a casket (~$3,500), professional services (~$2,500) including permits, certificate, preparation, transportation, funeral and burial services, funeral home reservation, etc. Gravestone and plot costs at a cemetery add ~$2,000 and ~$500 in costs, respectively. Other items could include expenses such as church services, reception, obituary, “Thank You” cards, pallbearers, and flowers.

    If you have special wishes, these often can lead to additional costs too. Without funeral insurance your loved ones will likely be responsible for taking care of all these bills.

    funeral cost breakdown

    Are funeral costs different across Canada?

    Yes, costs may vary significantly across Canada – here are typical ranges for different provinces. Please consider that personal preferences may strongly impact the final price tag.

    funeral cost province
    • Alberta: $6,000 – $12,000
    • British Columbia: $4,000 – $12,000
    • Manitoba: $7,000 – $10,000
    • Nova Scotia: $8,000 – $11,000
    • New Brunswick: $8,000 – $10,000
    • Newfoundland and Labrador: $10,000 – $12,000
    • Ontario: $5,000 – $20,000
    • Prince Edward Island: $8,000 – $10,000
    • Quebec: $8,000 – $10,000
    • Saskatchewan: $9,000 – $10,000

    How does funeral insurance work?

    Once you are clear on the amount of coverage you need, you can get a funeral insurance quote by completing the form above. If you are satisfied with a quote and decide to move forward, you will be paying monthly premiums.

    In case of your death, your beneficiary will be paid the entire coverage amount, e.g. $10,000, which will help them to cover final expense bills and cover the cost of your funeral or burial. Don’t leave your loved ones with an unnecessary financial burden.

    Benefits of Funeral Insurance

    The following benefits of Funeral Insurance are hard to ignore and important to know:

    • The death benefit is paid out tax-free. Life insurance proceeds are paid with after-tax dollars. Hence, the benefits are paid out on tax-free basis.
    • Funeral expenses in Canada are on the rise. The average funeral in Canada can cost anywhere between $8,000 and $20,000.
    • Many life insurance policies set-up for final expenses are available for less than $1 a day.
    • Life insurance can be set up with a gradually increasing death benefit, giving the insured an edge against inflation.
    • Many life insurance policies are now available without medical tests. The one caveat is, these policies generally have a higher premium than traditional life insurance policies.