Femme qui prend une assurance vie pour couvrir ses frais funéraires

Let life insurance take care of your funeral expenses


Woman taking out life insurance to cover her funeral expenses
Since 2001, we have helped hundreds of thousands of Quebecers and Canadians find their insurance products at the best price.

Is it better to pay your funeral expenses in advance, or rather to take out life insurance?

Let us admit at the outset that the idea of ​​funeral prearrangements alone is not very encouraging, especially since it stems from the false belief that it is “immoral” to leave any financial burden whatsoever on your family. relatives in the event of our death. This belief, however, tends to erode over time, as funeral prearrangements have gradually lost their appeal, for several reasons. First and foremost, more and more people started to do various calculations to realize that it was considerably cheaper to purchase life insurance than to pay for funeral expenses up frontor even that it was preferable to take out life insurance for a higher amount to leave to loved ones in the form of a certain “inheritance”.

Take the example of a person wishing to spend some $ 15,000 in funeral prearranged costs. First of all, it is important to know that these pre-arrangements don’t cost what they cost a few years ago barely. In this case, we are talking more about a sum of around $ 10,000, considering that everything usually takes place in one and the same day and not according to the ritual of yesteryear (which stretched over two, even three days).

Note on the other hand that the Régie des rentes du Québec grants a sum of $ 2,500 to anyone who has contributed to the said Régie for a minimum period of five years between 1966 and today, a sum that will help you cover your funeral expenses. As the amount of this $ 2,500 benefit is not indexed, it is taxable once the estate takes possession of it.

And what would happen if the death occurred outside Quebec? How much should your loved ones pay if you have not taken out life insurance (or life insurance at a lower cost)? well this question alone should be enough for you to opt for life insurance rather than pre-funeral arrangements.

In fact, leaving life insurance for your loved ones is a form of inheritance and is meant to be a sign of love and respect.

It is not uncommon to see people name the beneficiaries of their choice and find that they add a certain amount. After all, it is okay to leave money for those you love!

It is also strongly recommended to take out life insurance covering the most essential needs, namely the mortgage of the house, the car loan, the personal loan … In this way, your beneficiaries will be able to pay both your personal debts and your funeral expenses. So please, let your life insurance take care of it! It’s not at the funeral home to see it.

Also be aware that your insurance check will be sent to you quickly, directly in your bank account. And if unfortunately you have a life expectancy of less than 24 months, an “advance” made up between 25 to 50% of the amount of your insurance can even be paid to you before death (called “humanitarian benefit”).

For nearly 20 years, SoumissionAssuranceVie.ca has been helping families experiencing bereavement so that they do not have the slightest financial hassle following the death of a loved one.

Do not hesitate to contact us if you wish to know the costs of a life insurance (or for any information or for any advice), by calling toll-free 1 866 370-7677.

We are here to help you!

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