What is Funeral Insurance

Insurance Glossary - Letter - F

What is Funeral Insurance? Funeral insurance has several names, including final expense insurance and burial insurance. Funerals typically come with a number of expenses that quickly become a burden for the family that has to settle all the bills. Funeral expenses can quickly add up to thousands of dollars. According to insurers’ studies, organizing a funeral in Canada costs a minimum $2,500. The best approach to eliminate that burden is to use life insurance to cover these costs. In this case this insurance is called funeral insurance.

Funeral costs, consist of multiple categories. The list below shows an approximate overview with a range corresponding to average values. These numbers can vary strongly depending on the location and personal wishes of the family.

1. Laboratory, thanatopraxy, products: $300 – $400

2. Chapel and musical services: $150 -$300

3. Coffin: $1,700 – $2,100

4. Funeral salon, 2 days: $400 – $500

5. Pall bearers: $150 – $300

6. Funeral van (from the salon to the laboratory): $150 – $300

7. Professional and administrative services: $300 – 600

8. Hearse: $150 – $300

9. Limousine: $150 – $250

10. Vehicle to transport flowers: $100 – $200

11. Transport of the deceased: $0.75 per kilometer

Thus total funeral cost easily add up to approx. $3,600 – $5,300. In some cases though it can reach $10,000 – $15,000.

Funeral insurance policy protects family members and loved ones from these unexpected costs. This insurance type  is often purchased by seniors.

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