Canada Purple Shield’s Funeral Expenses Policies

Posted on December 2, 2012 and updated November 12, 2018 in Canadian Life Insurance Companies, Insurance Types, Life Insurance Canada News, Non-medical 2 min read

Purple Shield has been offering final expense solutions in Canada for over 50 years. Its policies are sold by its in-house sales team and are underwritten by Assurant Life, which is a member of the insurance company insurer Assuris.

A.M. Best has given Assurant Life an “Excellent” A rating as an indicator of its financial strength. Assurant Life of Canada’s parent company, Assurant, Inc., is a provider of specialized insurance products and related services in North America and selected international markets. Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange. It has over $24 billion in assets and $8 billion in annual revenue.

Purple Shield offers a full range of payment options, from a single payment to paying over 20 years. Depending on how the applicant answered the health questions asked, coverage can start from day one or the death benefit can be deferred, meaning if the insured dies within the deferred period, the death benefit is limited to a return-of-premium plus interest.

All policies come with a free Wishes & Memories Planning Guide and, for an additional cost, a Travel Assistance Rider can be added. The Travel Assistance rider helps out with numerous final expenses if something should happen to the insured while they are travelling.

Extra money can be put into the plan to help out with extra costs that might occur, such as cemetery expenses, donations, travelling expenses, and other incidentals. Some people choose to put extra money aside, just so that their family has immediate financial help. There are limits to how much money a person can shelter in a single plan, and these limits are impacted by the size of the policy and the insured’s age. The higher the contribution, the more that additional funds can be differed. Also, the beneficiary on these insurance policies can either be a funeral home or a named beneficiary.

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Judy
Judy

when talking with a representative one of the questions asked about health related to the lungs I said I has asthma and he asked COPD? to which I said ‘no’ so he said than your answer would be no to any lung health problem–I want to know if that is a problem–would that answer nullify my full policy payout

LSM Insurance
LSM Insurance

Hi Judy,

I would not want to comment without seeing the specific question. What I would suggest you do if you are unsure is take the question to your Family doctor or specialist and ask him/her how you should answer it.

Fernand
Fernand

Hi My policy # is
I would like an update of my
policy.

LSM Insurance
LSM Insurance

Thanks for the note. You would have to contact Purple Shield directly at 1.877.943.4447

SHELLY
SHELLY

I don’t have insurance I would like to no how much this cost for a month i’m turning 65 soon

LSM Insurance
LSM Insurance

Thanks Shelly. We do not offer Purple Shield plans they use their own in house sales team. But why have a full range of Simplified Issue Life Insurance solutions and will be in touch soon. Regards

LSM Insurance
LSM Insurance

Thanks for the note Don. The Purple Shield plans are only sold by sold by their in-house sales team.

LSM Insurance offers a variety of No Medical Life Insurance Solutions through Assumption Life, Canada Protection Plan, Industrial Alliance, Wawanessa and La Capitale if you would like a comparison quote.

Don
Don

Please provide the amount of the
monthly premium for the Maximum
$15,000.00 coverage you provide