What is final expenses insurance?

Final expenses insurance, explained

Final expenses insurance, also known as guaranteed acceptance life insurance, helps your loved ones pay for immediate expenses after you pass away, including costs for a funeral, memorial or celebration of life, burial or cremation, or any outstanding bills you may leave behind.

Many Canadians aged 50 and up don’t plan for what will happen after they pass away. That’s easy to understand since funerals and bills aren’t usually something most of us want to think about.

However, final expenses can add up fast and securing coverage for those costs can take the burden off your loved ones during an already stressful time. That way, they can focus on celebrating your life and honouring your memory – not on how they’ll pay for it.

What does final expenses insurance cover?

Final expenses insurance provides a lump sum payout to your beneficiaries quickly (usually within five days of receiving completed claims documents). They can then put that amount towards the costs associated with honouring your memory, or any other final expenses.

Some examples of final expenses include:

Funeral service expenses (e.g., funeral home and funeral director services, costs associated with religious institutions, etc.)
Casket or urn
Burial or cremation costs
Death certificate
Flowers or other decor
Catering
Keepsakes for loved ones
Obituary
Immediate mortgage or loan repayments
Outstanding bills (e.g., medical costs, credit card bills, etc.)
Whatever is needed for your family at the time (e.g., tuition fees, car loans, groceries, etc.)

All of the above items can create financial stress for the people you care about most. Getting final expenses insurance is an important step to take if you want to help ensure your family aren’t left worrying about how to pay for these items.

From guaranteed acceptance to added benefits as you age, get to know the benefits of FiftyUp Final Expenses Insurance.

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Do I need final expenses insurance?

Anyone who wants to make sure their family can pay any final expenses they leave behind could consider final expenses insurance. It’s a positive step towards financially protecting your loved ones during a difficult time.

After you pass away, there are immediate costs to take care of – and your loved ones may not have the cash flow to handle them. Even a basic funeral, burial or cremation can cost thousands of dollars. These costs aren’t avoidable. Estate administration tax can also be a financial cost your loved ones don’t expect.

All of this comes at a time when the people you care about most have faced a personal loss.

Final expenses insurance can help ease that pressure. Depending on your coverage amount, your beneficiaries could get up to $25,000 quickly after you pass away, to help deal with immediate costs.

I’m healthy. Should I get final expenses insurance?

Even if you’re healthy and expect to live a long life, final expenses insurance can be a simple way to have peace of mind for the years to come. However healthy you are when you go, your final expenses – from funeral costs to unpaid bills and more – can climb quickly. The people you care about most will have to cover those costs, and final expenses insurance can be a big help at a time when they need it most.

As we age, our insurance needs also change. Getting trustworthy coverage to help your loved ones can be more challenging as you get older. FiftyUp Final Expenses Insurance offers guaranteed acceptance for Canadian residents aged 20 to 80 (excluding Quebec), plus coverage for any cause of death.

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.

Considering final expenses insurance?

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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.

Want to know how much coverage will cost you?

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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.

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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: