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:
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?
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.