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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