What is Burial Insurance and Why Do You Need It?
Your surviving loved ones will be responsible for carrying out your final wishes and its costs. What you can expect to have your family pay will depend completely upon how and where you wish to be buried. A casket alone will range between $500 to $5,000.
Cremation urns, not including the cremation itself, will cost approximately $150 to $500. Cemetery lots will range around $3,000 – $5,000. These prices are only for your final resting location and “bed”. This does not include the cost of the funeral ceremony itself. Your final expenses / burial expenses can easily add up to $10,000 – $15,000.
Purchasing a seniors’ burial insurance policy is an easy way to ensure that your loved ones do not have to bear the financial burden of your burial. Find out more about this insurance below.
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Burial Costs in Canada – What Are They?
There is a wide range of burial costs in Canada. If you are interested in a cremation option, the costs will be around $1,400 – $4,500 including a cremation urn. In-ground burials are more expensive, and the typical price range is between $3,500 and $15,000 including a casket and a plot of land. The chart below shows various burial options but, in any case, it is a significant financial burden on your loved ones, if you have no burial insurance in place.
Burial Insurance – What You Must Know
While a full life insurance policy allows your beneficiaries to continue their standard of living after your passing, seniors’ burial insurance is designed solely to cover final expenses.
Taking the step to ensure money is in place to carry out your final wishes is a huge relief to those tasked with making sure you get the loving goodbye your friends and family know you deserve. In the midst of their sorrow and grief, this kind pre-planning action on your part will bring them a measure of relief. This is why seniors’ burial insurance is so important.
Technically, seniors’ burial insurance is a small life insurance policy that will give your chosen beneficiary/beneficiaries the money needed to pay your final expenses. Since the value (also called insurance coverage) of the policy is much lower than the value of a full life insurance package, the premiums you pay will be significantly lower and easy to manage.
In many cases, these policies can be purchased without having to disclose your medical information (e.g. Simplified Life Insurance or Guaranteed Life Insurance). As these policies are geared towards an older generation, they are much easier to obtain.
How Can We Help You with Burial Insurance?
A seniors’ burial insurance policy is an affordable solution to accommodate those who have been excluded from standard life insurance policies (e.g. if not able to qualify due to age and/or health pre-conditions) or find them too expensive.
We will make sure that you have peace of mind knowing your family will not have to carry the expense of your burial. We are able to find for you the best affordable policy as we work with 20+ life insurance companies in Canada.
Talk to our insurance advisors about how much coverage is needed for your personal seniors’ burial insurance policy and we can provide you with associated costs and guide you through the entire application process.