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How does final expenses insurance work?

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How final expenses insurance works in Canada

Final expenses insurance, also known as guaranteed acceptance life insurance, can provide valuable financial assistance to your family to help pay for your funeral and other unpaid bills after you pass away. Here’s how it works.

When you have guaranteed acceptance life insurance coverage, your beneficiaries will get a lump sum payment shortly after you pass away, which can help with immediate costs. In the case of FiftyUp Final Expenses Insurance, you can choose a coverage amount for your beneficiaries to receive up to $25,000.

Final expenses insurance can help you feel empowered in the knowledge that expenses you leave behind will be taken care of, taking some of the weight off your loved ones’ shoulders during an emotional time.

Learn more about FiftyUp Final Expenses Insurance.

Get a free info brochure

See more details about FiftyUp Final Expenses Insurance in our free product information brochure.

Who can get final expenses insurance?

It works in a similar way as other types of life insurance, but it’s often easier to get coverage, especially for Canadians aged 50 and up. That’s because there are no health questions, medical tests, or complicated forms to apply. What you pay (your premium) will be based on factors including your age, smoking status, and the level of coverage you need.

With FiftyUp Final Expenses Insurance, you can decide whether to take out coverage for yourself on a single policy or choose a multi-life policy to cover your partner, too. You can also decide who will receive the payout (your beneficiary).

Even though final expenses insurance is designed with those over 50 in mind, all Canada residents aged between 20 and 80 (excluding Quebec) are guaranteed acceptance with FiftyUp Final Expenses Insurance.


Trusted coverage when you need it most

How final expenses insurance helps Canadians

At FiftyUp, we make final expenses insurance easy to get, even as you age. Acceptance is guaranteed for residents in Canada aged between 20 and 80 (excluding Quebec).

And, for people with FiftyUp Final Expenses Insurance, there are additional benefits as you get older.

Some of the benefits of FiftyUp Final Expenses Insurance for seniors include:

  • Early cash out option at 85: After your 85th birthday, you can choose to cancel your coverage and receive 75% of your benefit amount.
  • Payments stop at 90: Once you reach age 90, you no longer have to pay premiums and still keep your coverage.

How much final expenses insurance coverage do I need?

At FiftyUp, we know people 50 and up have a lot in common, but that everyone has unique circumstances, too. The right coverage amount for you will depend on your personal finances, family needs and more.

With FiftyUp Final Expenses Insurance, you can select a coverage amount between $3,000 and $25,000. To figure out how much you’ll need, you may want to consider:

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

If you’re unsure, FiftyUp’s licensed advisors can also help guide you on the best coverage for your needs.

Is final expenses insurance affordable?

At FiftyUp we’re committed to providing flexible coverage that helps you stay in control of your premiums. Premiums can be affordable for many people in Canada, especially since you have the flexibility of choosing your coverage amount.

Our licensed advisors are available to talk you through the best coverage options for you based on your needs. Plus, after age 90 you’ll no longer need to pay premiums and your policy will remain active at no further cost to you.

How do you buy final expenses insurance?

Buying final expenses insurance can be as easy as a quick phone call. With FiftyUp, there are no medical tests or forms required to get coverage.

In fact, FiftyUp Final Expenses Insurance guarantees acceptance for Canadian residents from age 20 all the way up to 80 (excluding Quebec). It’s especially designed to support people aged 50 and up, offering reliable, valuable coverage – even as you age.

Talking to your loved ones is a good first step when buying final expenses insurance. Whether it’s simply a courtesy, or you want to involve your loved ones in decisions about honouring your memory, final expenses insurance ultimately benefits them – and during a time when they need it most. So, consider including your family in any discussion around your end-of-life plans so they know they won’t have to worry about how to pay for your funeral costs when the time comes.


Getting coverage is quick and easy

How much will final expenses insurance cost?

We’re committed to providing flexible coverage that helps you stay in control of your premiums. How much you pay each month 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. One of our licensed advisors can provide a quote over the phone in minutes.

FiftyUp Final Expenses Insurance can also be budget-friendly even as you get older, as premium payments stop entirely at age 90 – but you get to keep your coverage.

Is final expenses insurance cheaper if you’re healthy?

FiftyUp doesn’t assess your medical history in the application process, however, if you’re a non-smoker, your premiums will be lower than a smoker’s.

It’s always the right time to consider final expenses insurance, even if you’re healthy. You never know what’s around the corner, so it’s important to get coverage in place. That way, you can stop worrying about what the future holds, and focus on enjoying life.

Paying for final expenses insurance

Once you have coverage in place, you will pay your premiums monthly. Our licensed advisors can walk you through the payment process when you apply for coverage, so you know what to expect when the time comes.

If your circumstances change, at age 85 you can take an early cash out option. And as we’ve mentioned, premium payments stop entirely at age 90 with your coverage continuing at no additional cost to you.

Learn more about the benefits of FiftyUp Final Expenses Insurance.


Cover the people that matter most

What you get with FiftyUp Final Expenses Insurance

Guaranteed acceptance

FiftyUp Final Expenses Insurance makes getting coverage simple. Canadian residents (excluding residents of Quebec) aged 20 to 80 are guaranteed acceptance.

No medical tests

Applying for FiftyUp Final Expenses Insurance is a fast and simple process, with no medical or blood tests needed.

Immediate coverage

Once your policy is in place, you are immediately covered for accidental death, and for any cause after 12 months (excluding death by suicide for 24 months).

Triple payout for accidental death

If your death is the result of an accident, your loved ones will receive triple your coverage amount, because we understand these costs would be unexpected.

Choose your cover amount

FiftyUp’s licensed advisors can help you choose a coverage amount from $3,000 to $25,000 that your loved ones can use towards your final expenses, including funeral costs.

Choose single or multi-life coverage

Our coverage options are flexible and can work for your family's needs. Take out a policy for yourself or get multi-life coverage.

A quick payout

Your loved ones can expect a fast payout without unnecessary delay to cover funeral costs or whatever else they wish to spend the money on.

Early cash out

Once you turn 85, you can choose to end your policy and receive 75% of your benefit amount paid to you.

No payments after 90

FiftyUp Final Expenses Insurance stays budget-friendly even as you get older as premium payments stop entirely at age 90; but your coverage remains in place.

Manageable premiums

At FiftyUp we’re committed to providing flexible coverage that helps you stay in control of your premiums. Our licensed advisors are available to talk you through your options.

How to get cover

FiftyUp Final Expenses Insurance is available to permanent residents in Canada from 20 to 80, excluding residents of Quebec. Acceptance is guaranteed and we provide coverage for any cause of death.

Getting covered is simple:

1. Request a quote

Get in touch with our team of licensed advisors who can provide you with a quote in minutes.

2. Choose your coverage

Our licensed advisors can help you choose a coverage amount and tailor your policy to your needs.

3. Get covered

Protect your loved ones from being left with your final expenses.


Get guaranteed acceptance life insurance today

Help your loved ones cover your final expenses. Speak with one of our licensed advisors to discuss the best coverage for your needs.