What is final expenses insurance?

Final expenses insurance vs. life insurance: what’s the difference?

Final expenses insurance is also sometimes called funeral insurance or burial insurance or guaranteed acceptance life insurance. While your life insurance policy can offer peace of mind and might help protect your loved ones’ financial future long term, final expenses insurance provides an immediate payout to your loved ones at a time they need it most.

The reason? Life insurance is designed to replace lost income over a longer period of time after you pass away. It often takes longer to pay out, which can make it challenging for your loved ones to use it for immediate costs.

Unlike most traditional life insurance products, FiftyUp Final Expenses Insurance doesn’t require a medical exam to determine the cost of your policy (your premiums) - acceptance is guaranteed. Instead, you can select the coverage amount and payment frequency that works for your needs.

Learn more about How final expenses insurance works.

Final expenses insurance for people who travel

If you’re a snowbird who always migrates to the same spot each year, or you simply love to travel abroad for long periods, good news: final expenses insurance can work for you.

With FiftyUp Final Expenses Insurance you’re covered anywhere in the world if you’re a Canadian resident (excluding Quebec). However, you must not have plans to move internationally when you apply for coverage.

How much final expenses insurance should I get?

Planning how your final expenses are paid for is just as important as planning and saving for other aspects of your life. Your loved ones – whether a spouse, child, parent, legal partner, sibling or someone else – will be responsible for paying for your final expenses. And final expenses insurance means there’s one less thing to worry about when the time comes.

In the case of FiftyUp Final Expenses Insurance, you can select a coverage amount between $3,000 and $25,000. Your beneficiaries will also receive triple the payout if your death is accidental.

Our team of licensed advisors can help guide you on the best level of coverage for your needs, with the following factors important to consider:

• How you want your loved ones to honour your memory (e.g., the style of funeral you want)
• Your savings and your family’s savings
• Additional insurance policies you may have
• Government support (e.g., financial assistance for veterans)
• Personal bills or debts you may leave behind

Think about your loved ones’ circumstances, too. They might face out-of-pocket costs they’re not prepared for, like having to travel or take extra time off work to deal with your funeral arrangements and other financial matters.

With FiftyUp Final Expenses Insurance, you can leave them with a financial helping hand, along with happy memories – not extra stress due to debt they may not be able to manage.

How much does final expenses insurance cost?

Final expenses insurance can be affordable for many people aged 50 and up. Your premiums will be based in part on the coverage amount you choose, between $3,000 and $25,000. Select an amount that works best for you and what your loved ones will need when the time comes.

The cost of final expenses insurance will also depend on other personal factors, including your gender, your age and smoking status. You can get an estimate of the cost of coverage quickly and easily over the phone from one of our licensed advisors.

In the case of FiftyUp Final Expenses Insurance, our policies are specifically designed to meet the varying needs of our over 50 community and we’re committed to providing flexible coverage that helps you stay in control of your premiums. Plus, after age 90 you’ll no longer need to pay premiums and your policy will remain active at no further cost to you.