Tell us what you want the money to be for. A verified insurance professional who covers your postal code will get in touch to explain how funeral insurance works, how it compares with prepaid funeral plans, savings and other coverage, and what to ask before you commit.
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None is right for everyone. Ask for the total cost and the payout, side by side.
A premium for a lump sum paid when you die, usually with a low amount of coverage.
You pay a funeral provider in advance for a specified funeral.
Money you set aside yourself, which you can still use for something else.
Standard coverage, often better value if you are in good health.
The cost is paid from your estate, with no premiums but no earmarked money.
The first conversation is about which option suits your situation.
How long before the full amount is paid, and what is paid if you die earlier.
For life, or until a certain age, and what happens if you stop.
Add up what you may pay in over the years and compare it with what is paid out.
And how much it has risen in the past.
Who is named, and how to keep that up to date.
Which causes of death or circumstances aren't covered.
Ask for the licence number and check it with your provincial insurance regulator.
And after that.
At different ages, in dollars.
Ask for the cost of each.
Whether coverage ends and whether anything is paid back.
The free-look period, and any fees after it.
We'd rather connect you with the right provider once than flood your inbox with a dozen you'll never call back.
Premiums can add up to more than the payout if you live a long time. You hear how to work out whether it is a fair deal.
Funeral insurance, prepaid funeral plans, savings and life insurance do different jobs. You hear how they compare for your situation.
You get the options explained. Whether to buy, and from whom, is always your decision.
It's a small whole life policy that pays a lump sum when you die, meant to help cover a funeral and final costs, often called final expense insurance. It usually has a low amount of coverage and few or no health questions. It is different from a prepaid funeral plan, where you pay a funeral provider in advance.
Premiums can add up over many years, and if you live a long time you may pay in more than the policy pays out. Many guaranteed-acceptance policies pay only a limited amount, often your premiums back plus interest, if you die of illness in the first two years. If you stop paying, you usually get little or nothing back.
It depends on your age, health and how long you live. Ask the adviser to show what you would pay in total against what would be paid out, and compare it with other options, including regular life insurance if you are in good health.
You choose and pay a funeral provider in advance for a specified funeral. Prepaid funeral contracts are regulated by each province, and the money is usually held in trust or insurance. Ask what is guaranteed, what happens if you move, and how you would get a refund.
Setting money aside in savings, a regular life insurance policy that gives more for the money if you're in good health, or leaving the cost to your estate. The Canada Pension Plan may pay a one-time death benefit to the estate of an eligible contributor, though it is a modest amount.
It usually means you can't be turned down on health grounds. The trade-off is often a waiting period before the full amount is paid, higher premiums and a lower payout in the early years. Ask exactly what is paid if you die in the first couple of years, and what is paid for an accidental death.
Be cautious. You don't have to say yes on the phone, and good firms won't pressure you. Ask for the details in writing, check that the firm and agent are licensed with your provincial insurance regulator, and take time to compare.
The beneficiary you name. Naming a beneficiary can mean the money goes directly to them rather than through your estate. Ask the adviser how to set that up and keep it up to date.
Individual life policies usually come with a free-look period, often 10 days. The terms differ, so check what applies and read your documents.
Complain to the insurer first. If you're not happy with the answer, you can take it to the OmbudService for Life and Health Insurance, or in Quebec the Autorité des marchés financiers. These services are free to use.
Your age, roughly how much you'd like the payout to be, whether you smoke, and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It doesn't sell insurance or funeral products, or give advice. Any quote or advice comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
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Namoye is a free matching service. It is not an insurer, funeral provider, broker or adviser, and it doesn't give insurance, tax or legal advice. Any quote or advice comes from the firm that contacts you. Check that an agent or adviser is licensed with your provincial insurance regulator before you share personal or payment details.
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