Life Insurance and Final Expenses

Life Insurance can be an ideal way for Canadians to create peace of mind when searching for alternatives to cover final expenses.

For the purpose of this article let’s exclude big ticket items like paying off a mortgage or line of credit. For a full analysis of your insurance needs you can visit the attached link How Much Life Insurance Do You Need

Final expense costs – consist primarily of burial expenses.  The Canadian Press reported the average funeral in Canada cost about $7500 but that does not include the cost of a cemetery plot and monument, according to figures compiled by the board of Funeral Services.

Most Permanent life insurance policies have a minimum face amount of $10,000 to $25,000.  Premiums are generally level for life and many policies can be paid up in a limited number of years. Best of all the money is paid out tax free.

When is the best time to take out a life insurance policy? As soon as possible. 

The reason being the cost of obtaining life insurance increases as you get older and depending on your health you may be placed in a different risk classification due to certain illnesses as you age. Sample pricing is below:

Male 40 Non-Smoker

  1. $25,000 Term 100 – $20.99 a month

  2. $25,000 20 Pay – $28.71 a month

Male 65 Non-Smoker

  1. $25,000 Term 100 – $75.25 a month

  2. $25,000 20 Pay – $89.82 a month

Term 100

  • Fixed Premiums

  • Lifetime Protection

20 Pay

  • Fixed premiums and policy is fully paid up after 20 years

  • Lifetime Protection

If you would like me to design a plan for your particular situation please contact me at  1.866.899.4849 or visit our instant quote page Life Insurance Quote

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  • Pao Vang
    January 29, 2014 at 11:30 pm

    I am interested in how final expense insurance works, I am license in Health and Life, and was wondering how the your companies compensates its agents,

    • LSM Insurance
      January 30, 2014 at 10:15 am

      Thanks for the note. Life Insurance companies generally pay a commission to the broker when a life insurance sale is made. This amount is already built into the premium as part of the distribution cost similar to advertising etc. It is not something the consumer pays.

      The commission vary with each carrier.

  • Mary Ann ragozzino
    June 12, 2013 at 9:55 pm

    I want a quote for both term and whole for 200,000.i am a non smoker always have been born ….. ,.no cancer,diabtetes etc.please advise

    • LSM Insurance
      June 13, 2013 at 10:08 am

      Thanks for the note. The premiums depend on the type of plan. We will send you a separate email now.

  • LSM Insurance
    August 9, 2012 at 10:07 am

    The premiums will depend on your age, smoking status and the type of plan. We will send you a separate email now.

  • Helen
    August 8, 2012 at 8:22 pm

    I have life insurance coverage for $100,000. If I increase it by $20,000 how much would be the monthly premium? Thanks

  • LSM Insurance
    September 26, 2011 at 12:45 pm

    Thanks for the note – we are happy to help and will send you an email now. Regards, LSM

  • Maher
    September 26, 2011 at 9:37 am

    I am 73 years old. male. non-smoker. non=dronher. I would like to have insurance for final expenses.
    $20,000. How much will be my monthly premiumÉ Please advise. Thanks

  • LSM Insurance
    August 30, 2011 at 1:17 pm

    Hi Sue,

    Thanks for the note. Life insurance is paid out tax free and can be used to cover final expenses or whatever other expenses / debt the insured may have.


  • sue
    August 29, 2011 at 11:45 pm

    Exactly what does a final expense policy cover? Isn’t it safer to pay a funeral home?

  • LSM Insurance
    January 6, 2010 at 1:00 pm

    Thanks Alex – I’m happy to help out and will send you a separate email shortly. Regards … Lorne

  • Alex
    January 5, 2010 at 10:23 pm

    53 year old male smoker….final expenses 15,000$. Please give a quote for the monthly premium.
    Thank you