Burial Insurance Quotes and Insurance Tips

Burial Insurance Quotes

Burial Insurance Guide: Intro

Welcome to your burial insurance quotes guide. This page will give you a good understanding of burial insurance, and will inform you of savings opportunities, as well as provide a number of other useful tips based on our publications.

Burial insurance is often used as a synonym for funeral services insurance, or final expenses insurance.  The burial expenses in Canada are significantly higher than cremation expenses. The cost of a burial can vary between $3,000 and $15,000, with $7,500 being the average amount. It’s no wonder that more and more Canadians make a decision in favor of cremation, with average costs of only $700, though it could reach as much as $2,500.

Typically, permanent life insurance is the best way to take care of burial expenses without leaving your loved ones with multiple unpaid bills or debts. These life insurance policies can be either traditional life insurance, simplified issue life insurance, or guaranteed life insurance.

Get a free Burial Insurance quote

What is the difference between life insurance policies covering burial costs?

All life insurance policies covering burial expenses should be permanent life insurance, meaning that the coverage exists till death. There are, however, significant differences between the three life insurance policy types:

1. Traditional permanent life insurance, in the form of a Term 100, Whole Life, or Universal life Insurance, requires a medical exam (blood test, blood pressure check etc.) and completion of a full questionnaire of health-related questions.

 2. Simplified issue life insurance would still have a set of health questions but does not require a medical exam.

 3. Guaranteed issue life insurance does not require you to answer any medical questions and there is no medical exam.

Obviously, guaranteed and simplified issue insurances are typically more expensive than term life insurance, since the insurer considers it to be more risky due to the absence of a medical exam and (for guaranteed life insurance) health questionnaire.

How can you save on burial (life) insurance?

  • Be healthy, save on insurance: If you are in a good health and have a good build when you apply for a life insurance policy, insurers will reward that with lower premiums. Insurance companies use a so called BMI index (body-mass index, a ratio of your height and weight)  to determine your premiums.
  • Family history: Having a healthy family without any serious diseases lowers your life insurance premiums as you are less likely to face a critical illness. Known serious issues in your family’s medical history can increase the premiums by 50% to 250%.
  • Stay Happy – otherwise it can become really expensive: Mental health matters – those with a history of depressions pay between 50% and 200% more.
  • Rounding mathematics matters: If you decide to buy a life insurance policy, make sure that your age rounds down and not up, i.e. if you are going to be 60 years old on December 31, buy the policy in the first 6 months of the year where your age is still rounded down to 59 and not 60.
  • Driving safe, save on life insurance: Ensure you have a good driving record before applying – a bad driving record is punished by life insurance provider (as by auto insurers) – your premiums will go up by extra 25-50%.
  • Time goes by, driving offenses disappear (almost): If your driving record improved while you have a life insurance policy, you can review your premiums with your insurer and get them reduced (typical time for smaller offenses to come off your driving record is 3 years).
  • Other tips: Contacting an experienced, licensed broker (see a button below) will help you to find other ways to reduce insurance premiums of your life insurance premiums. Discussion with broker is entirely free and there is absolutely no obligations to buy.

Get a free Burial Insurance quote

Our Publications related to Life Insurance

111 Insurance Myths – Everything You Must Know

111 Insurance Myths – Everything You Must Know

Hundreds of websites on the Internet perpetuate insurance myths. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life Insurance etc. If interested, you can unlock another 20 additional [...]
Funeral Insurance in Nova Scotia: What You Must Know about its Recent Changes

Funeral Insurance in Nova Scotia: What You Must Know about its Recent Changes

Nova Scotia has just passed a new amendment to change two acts that affect the funeral service industry. We decided to zoom in on this topic to provide more clarity and to also get a consumer-focused perspective. What are the Recent Changes Related to Funeral Insurance in Nova Scotia? In the p[...]
Life Insurance for HIV Persons - Rates and Must-Know Tips

Life Insurance for HIV Persons - Rates and Must-Know Tips

Life Insurance for HIV Persons in the Past Historically, HIV patients had a lot of difficulties in getting life insurance. In fact, the only type of insurance that was available for them was guaranteed issue life insurance, which costs the most and covers the least. The maximum amount people with H[...]
Life Insurance and Zika Virus – What You Must Know

Life Insurance and Zika Virus – What You Must Know

Table of Contents (click on a section to jump) General Info about the Zika Virus Zika and Insurance Risks Zika Virus and the Ability to Get Life Insurance What Life Insurance plans and rates do Insurers Offer for Zika Cases? Canadian Protection Plan (CPP): Insurance plan and its c[...]
32 Items Hijacking Your Life Insurance Rates - Infographic

32 Items Hijacking Your Life Insurance Rates - Infographic

Understanding what aspects increase or decrease life insurance rates is very important because it means you will be able to get better coverage to make sure your family and loved ones have enough financial protection if anything happens to you. The infographic below offers an overview of the top thi[...]