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Funeral and Burial Insurance: How Seniors Are Avoiding Sudden Costs for their Families
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Generally speaking, there are three varieties of burial insurance: simplified issue, guaranteed issue, and pre-need.
Cover for funeral and burials when the unfortunate happens can safe guard your loved ones from financial hardship.
Canadian seniors need merely select the amount of coverage they desire and name the beneficiary upon their demise. As soon as feasible after the passing of the insured, the beneficiary should contact the insurance company to initiate the claims procedure. The beneficiary may be required to submit identification along with a claims form and a certified copy of the decedent’s death certificate.
Burial insurance implements no restrictions on how the compensation can be utilized. Your beneficiaries may choose to use the reimbursement from your burial insurance for funeral arrangements, including visitation and service, burial costs, including interment, and cremation costs, among other things. Making end-of-life arrangements in advance can reduce financial tension for you and your loved ones. Compare these affordable funeral and burial insurance options here and get the cover you need for you and your loved ones in 2023.
Generally speaking, there are three varieties of burial insurance: simplified issue, guaranteed issue, and pre-need.
Cover for funeral and burials when the unfortunate happens can safe guard your loved ones from financial hardship.
Canadian seniors need merely select the amount of coverage they desire and name the beneficiary upon their demise. As soon as feasible after the passing of the insured, the beneficiary should contact the insurance company to initiate the claims procedure. The beneficiary may be required to submit identification along with a claims form and a certified copy of the decedent’s death certificate.
Burial insurance implements no restrictions on how the compensation can be utilized. Your beneficiaries may choose to use the reimbursement from your burial insurance for funeral arrangements, including visitation and service, burial costs, including interment, and cremation costs, among other things. Making end-of-life arrangements in advance can reduce financial tension for you and your loved ones. Compare these affordable funeral and burial insurance options here and get the cover you need for you and your loved ones in 2023.
Funeral and Burial Insurance Can Cover a Wide Range of Costs for Canadian Seniors
Final expense insurance has no limitations on how the payout may be used; it is intended to cover the costs your loved ones will incur in the event of your passing. Your beneficiaries may decide to utilize the proceeds from your funeral insurance for:
• Plans for a funeral service and viewing
• Costs of burial, including interment
• Cost of cremation
• Medical expenses
• Existing debt
• Legal fees
Given the lower coverage amount, your death benefit might not be much, if any, left over after your beneficiaries have paid for your final expenses. Consider a policy that can hold more significant value, such as a traditional whole life policy, if you want to leave behind a larger sum of money.
Funeral and Burial Insurance is Very Affordable for Canadians Seniors Starting at Just $53 Monthly
Even for older applicants, burial insurance is sometimes regarded as one of the most reasonably priced life insurance options owing in part to its lower coverage levels. Final expenditure life insurance prices with leading insurance providers start at only $53 per month for coverage levels ranging from $5,000 to $35,000. Premiums may be paid either on a monthly or yearly basis.
Many insurance providers allow for flexible plans and offer combined discounts for Canadian seniors when they take out a whole-life policy. The earlier you start paying into your policy the more your loved ones can benefit when the unfortunate happens, safe guarding them from the financial shock that generally follows a family members death.
Coverage for Funeral and Burial Costs Can be Taken Out from the Ages of 50 to 85
Usually, those between the ages of 50 and 85 may get coverage. One advantage of funeral insurance is that there is no medical examination necessary to be eligible. Even Canadians without health insurance or who have a pre-existing disease may often receive full coverage, depending on the kind of policy you are looking for.
Canadian seniors that begin their coverage at 55 years of age can expect as much as $35,000 or more to be passed on to their beneficiaries. That being said, there is no limit on the amount of contributions above the base line that a Canadian senior can pay, meaning that it is never too late to make sure that your family, friends and loved ones have a substantial sum of money at their disposal in the time of death.
Canadian Seniors Can Choose from Three Types of Funeral and Burial Insurance Policies in 2023
Simplified issue:
• A medical exam is not necessary; the insurer will assess your health based on a series of questions about your medical history. Pre-existing conditions, smoking, or engaging in dangerous behaviours are a few examples of characteristics that might result in being refused coverage.
Guaranteed issue:
• You won’t have to do a medical check-up or provide any answers to queries about your health. However, your cost will probably be significantly higher because the insurer bears a greater risk with this kind of policy. This insurance may also include a clause for reduced benefits, which would delay the availability of the entire death benefit until after the policy has been in force for a set amount of time. Normally, full benefits are awarded in the case of an accident fatality.
Pre-need insurance:
• A contract with your funeral home is required for this sort of protection. This specific agreement specifies certain goods and services you choose via the funeral director, and the policy’s payment is made to them rather than to the specific beneficiaries you would choose.
