Funerals. It’s something we’ve all had to become familiar with. A proper Goodbye to a loved one is an emotional and profound event, and should be handled with the appropriate care and respect. But what about your own funeral?
It’s not a comforting thought we like to entertain but it is completely necessary. If you have ever helped plan a funeral, you may know how the process works and how taxing it can be. This is especially true if it is for someone who was close to you.
You should want to make this process as easy as you possibly can for yourself, but more importantly, for your loved ones. After you retire your financial commitments may very well shrink, you may not need to worry about mortgage payments or paying for your children’s education. So what then is your next financial challenge? As bleak as it is to say: it’s your funeral (after all.)
At the retirement stage of life, you should be enjoying your time off and live each day to the fullest. But you should also be thinking about your family after you pass. With a little thought, planning, and a helpful dose of final expense insurance, you will be protecting your family in the long run.
You Need to Plan Your Funeral, But What Will It Cost You?
It’s no secret that there are many expenses involved in a standard funeral, and the days and nights leading up to the event leave little time to grieve as the whirlwind of getting things in order can get in the way. While cost is not usually the first thought that can cross the mind of those who just experienced the loss of a loved one, in planning your own funeral it’s a huge factor.
The cost of a funeral can drastically vary depending on what is included in the service. In Ontario alone a funeral home services can cost upwards of $4000 to $5000, a cost on its own is one you do not want to leave for your family during such a mournful time.
But unfortunately, there are other expenses that need to be considered. The next major cost for your funeral would be your casket (if you decided on a burial) which can be as much as half the cost of your funeral services! Your casket’s price can range depending on its make and materials, but you could be facing costs of up to $2000.
Cremation prices can also vary from province to province but still tend to be much lower than a burial. If you are looking to save more for your final resting place considering a cremation can be a smart move. For example, a cremation urn can obviously cost significantly less than a casket as you can find some for a low as $100 and as high as $600.
In the end, both types of funerals can put a financial strain on your family during a time where nothing should be more important than honoring the life of the deceased. There is one very important step that all people thinking about their funeral should take, looking into a Final Expense Plan.
Taking the Focus Away from Finances in a Sorrowful Time
A good basis about what a final expense plan can do for you is cover the cost of final affairs after you pass away. It’s a plan that is set out to make the application process as easy as possible; the time you will be planning for is already going to be trying and costly, your insurance plan shouldn’t be.
With a Final Expense plan, you only need to be between the age of 18 and 74 and have a permanent Canadian residence. Also, there are no medical requirements necessary in order to get coverage. This means that you cannot be rejected because of a medical condition, or any other risk factors other insurers would label you with.
These factors take any fear away from the application process, but what can this plan do for you with regards to your funeral? With a Specialty Life Insurance Final Expense plan, you can cover the costs of your funeral so your family doesn’t have to or leave the ones you love with a final parting gift to use as they wish. The Final Expense plan gives you more freedom of choice about who your gift can help and how it is put to use.
Finally, you can add an accidental death benefit for no extra cost with guaranteed acceptance. This optional policy can be added to your final expense plan to fully maximize your coverage and protect you in the event that your death is the result of an accident.