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Final Expense Funding and Insurance Plans


Funeral, cemetery, crematorium fees and costs of grave markers or memorial products are the most obvious “final expenses” we often think about. However, FInal Expenses may include many other costs that need to be addressed within days or weeks of a death in a family.

Other “Final Expenses” can easily exceed funeral costs. Omitting them from pre-planning can leave a family with a significant financial burden and no access to frozen accounts, investments or other assets.

Traditional life insurance may play a role in providing cash for these costs. However, existing health issues and age can result in costly premiums.

The solution? Funds for many final expenses can be set aside or insured through an “Eligible Funeral Arrangement” plan under Canada Revenue Agency rules.

Canada Revenue Agency allows as much as $35,000 to be set aside under an Eligible Funeral Arrangement (EFA). Like a TFSA, interest earned under an Eligible Funeral Arrangement plan is tax-free .

Regardless of age or existing health issues , an Assurant insured savings plan will be a financially wise Final Expense solution with these benefits:

  • IMMEDIATE Tax-free CASH when needed. Funds bypass Probate.
  • Tax-free growth to keep pace with inflation.
  • Can qualify under CRA rules as an Eligible Funeral Arrangement savings plan.
  • Single payment or flexible deposit plans to suit ANY budget. You’re in control.
  • Those you love are fully protected against financial loss should death occur before all deposits are made. Pre-existing health issues never result in higher costs for this peace of mind.

Thoughtful pre-planning NOW can reduce or even eliminate many final expenses. We have the knowledge and tools to help. We are your advocates!

Contact us for help to determine the best solutions for you and your family. Remember, just having the knowledge and tools to plan can reduce final expenses in the future.

Here are just a few common “final expenses” for which cash is needed, usually within days or weeks of a death. Which ones might apply to you? Which ones can be reduced or eliminated through thoughtful pre-planning?

  • In Ontario, the Estate Administration Tax (often called “Probate tax”) is payable with the Executor’s application for appointment as “Estate Trustee”. In some circumstances, Probate is mandatory.
  • Legal, appraisal, Certified Executor Advisor , financial or Final Document preparation professionals may be required, with or without Probate.
  • Cash for ongoing property maintenance, utilities, taxes. Insurance, etc. Real property cannot be sold until AFTER an Estate Trustee receives the Court’s Certificate of Appointment.
  • Moving services, storage fees, downsizing service companies.
  • Executor Errors & Omissions Insurance premiums or bonding fees may be prudent or necessary.

Plus many more… Let us help put YOUR plan in place TODAY.

Assurant Annuity and Insurance products are underwritten by Assurant Life of Canada. Assurant is a member of Assuris , protecting all plans up to $200,000 per certificate.

As licensed professionals, we are regulated by the Financial Services Commission of Ontario and are supported by one of Assurant’s oldest and largest General Agencies, My Final Wishes. We are proud of our association with this group of dedicated “Final Wishes” pre-planning professionals.


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