Note: Prepaid arrangement services are only available in Ontario, Nova Scotia, and Saskatchewan at this time.
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The purpose of life insurance is to leave money for those left behind; to provide your surviving family members with funds to cover costs for a broad range of things, from mortgage payments and rent to basic necessities. One of the first expenses that must be covered after someone dies is funeral arrangements. A portion of those funds may need to be allocated for this. However, this may take a couple of weeks to receive the benefit, and that delay will hold up planning.
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You also leave your loved ones in the position of having to make difficult, emotional decisions regarding your final arrangements. These decisions can become troublesome quickly, especially if those left behind are not in agreement regarding what should happen.
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Funeral insurance eliminates the need for this because the funds have already been set aside to cover these costs. And these funds are made available in a very short after death. This can help take away some of the stress involved with funeral planning, and eliminate difficult decisions regarding your wishes. Pre-payment using funeral insurance also guarantees that the cost of your funeral plan will not increase, no matter when it’s used.
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Life insurance and funeral insurance are both there to assist your family after your death. However, they each play a different role. Funeral insurance adds an additional layer of protection, and is an integral part of a well planned estate.