If there is one thing we know to be true in this life, it is the fact that we are all going to die one day. What is unknown is how or when we will die.
Depending on your personal situation your death may have a profound impact on the people you leave behind. For example if you have a spouse and dependent children, how will they be affected financially from a long-term perspective if you are the major breadwinner?
Leaving your loved ones money to cope financially tends to be the primary concern when most people purchase life insurance but what if you have no dependents to worry about? Would you still need life insurance?
According to Canadian Funerals, a Canadian funeral planning service, the average cost of a funeral can be anywhere from $15,000 to $20,000 but can vary considerably and depends a lot on the type of funeral services you choose. Service fees generally cover funeral home staff, vehicles, the facility, embalming (if chosen) and the actual funeral service. Burial details can also add to your expenses.
Purchasing a small permanent life insurance policy earmarked to cover funeral expenses is a great way to make sure that your funeral can be paid for and because the death benefit is typically small on policies designed to cover funeral costs, premiums can often be very affordable.
Reach out to me directly and I will be happy to guide you through the process of choosing the right insurance product for your unique needs.