Eager to Know How to Pre-Plan Funeral Expenses?

HowtoPre PlanFuneralExpenses
By Published On: June 30, 2020Categories: Blog, Funeral PlanningTags: ,

Secure Your Funds Today to Prevent Financial Stress for Your Loved Ones

Funerals in Canada can cost anywhere between $5,000 and $15,000, depending on the number and nature of the arrangements. At present, you may have to pay approximately $8,755 for a burial or $6,260 for a cremation. However, these costs will continue to rise year after year. Hence, it is important to pre-plan your funeral expenses and save your loved ones from financial stress when you pass away.

Options for Pre-Planning Your Funeral Finances

  1. Buy funeral insurance: Purchase a funeral expense insurance policy or pay into a whole-life policy:
    • Cover the costs of your end-of-life arrangements: This includes burial or cremation costs, cemetery or funeral home fees, as well as costsfor other aspects, such as the urn, vault, casket, headstone, flowers, and even transportation of the casket.
    • Save your loved ones from future financial hassle: Your family does not have to bear any out-of-pocket expenses after your passing as both the policies offer fairly prompt payouts.
  1. Enter into a pre-payment contract: Select a licensed funeral home, pre-plan and personalize your funeral arrangements, and enter into a formal pre-payment contract.
    • Have your funds held ‘in trust’ by an independent trustee, trust company, or your bank. When the time comes, your beneficiary will get access to these funds.
    • Your beneficiary enjoys financial security under:
      1. Ontario’s Funeral, Burial and Cremation Services Act, 2002: No additional expenses, even if the interest earned on your pre-paid fund does not offset the funeral cost inflation.
      2. Prepaid Funeral Services Compensation Fund: Get compensation if the pre-paid money is not available when due.

Funeral Expenses
To learn more about securing funeral expenses, speak to the funeral pre-planning specialists at First Memorial Funeral Services. Call 613-860-2424 or contact us online.

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