Average Cost of Funerals
Across Canada - 2022
Ontario: $5,000 to $20,000
Alberta: $3,500 to $12,000
British Columia: $1,500 to $12,000
Quebec: $5,000 to $12,0000
Manitoba: $6,000 to $10,000
Saskatchewan: $7,000 to $10,000
Newfoundland & Labrador: $5,000 to $10,000
New Brunswick: $6,0000 - $11,000
Nova Scotia: $6,000 - $12,000
Prince Edward Island: $6,000 - 12,000
One of our biggest assets is our home! Do you have the best coverage to secure your mortgage?
Safeguard Your Home; Why Life Insurance?
Individual Life Insurance
The insured is the owner of the policy. The insured chooses the beneficiaries. The beneficiaries of the Life Insurance can receive this Lump Sum Amount Tax-Free
The coverage will follow the insured even if the insured changes mortgage lenders.
The cost of insurance is locked in for the duration of the term of the policy.
The insurance amount enforce remains the same for the entire duration of the policy.
The policy can remain enforce after the mortgage loan has been paid. The insured may convert his or her term life insurance policy to a permanent life insurance policy.
Mortgage Life Insurance Offered by a Lender
The lender is the owner of the policy. The lender generally names itself as the Sole Beneficiary.
The insured will lose their coverage and have to re-qualify if they change lenders.
Premiums are not guaranteed and may increase depending on the claim rate of the group covered under the insurance.
The insurance amount is generally decreasing meaning the amount payable corresponds to the mortgage loan's outstanding balance.
Coverage ends once the final mortgage payment has been made.
Provide your family with the stability of an individual life insurance policy.
Individual & Family Protection
Providing Peace of Mind for yourself and your family is priceless!
What are some aspects to think about during the unexpected?
How will our loved ones be financially affected by our passing?
Will they be able to maintain their current standard of living?
Will they be able to continue paying the bills / payments?
Who will cover your funeral expenses and how?
Will there be any additional taxes / fees that have to be settled with your estate?
will there be any new additional costs / expects for your family members?
How will our lives be affected by injury or illness?
Will you continue to have enough of an income coming in to pay your bills / expenses?
Will you have to use your savings to maintain your current standard of living?
Will you have to go into debt in order to keep your bills / expenses paid?
There can be new potential costs from having a disability or illness (Hospital parking, travel costs, medications, hospital meal, childcare, rehabilitation with a physiotherapist, etc)
Our objective is to help build a financial foundation to protect your financial house
How Can You Protect Your Family?
One way to do that is by implementing a Life Insurance Policy.
Life Insurance can provide a Tax-Free Lump Sum in the event the insured person passes away to the person(s) they wish.
One method to find the proper amount of life insurance is called the LIFE method.
Liabilities / Debts + Income Replacement + Final Expenses + Education
= Recommended Life Insurance Amount
Ultimately, you decide what amount of coverage fits your needs and/or your family's needs.
Liabilities / Debts
Life Insurance can be used to pay off outstanding debts and provide peace of mind to your family.
Below are common examples of Liabilities/Debts. Do any of these apply to you?
Debts such as
-> Mortgage(s)
-> Student Loans
-> Car Loans
-> Credit Cards
-> Personal Loans
Income Replacement
Determine how much is needed to have enough Income Replacement to allow your loved ones to maintain your current standard of living or even improve it.
A major need for life insurance is to replace your income. If you are the sole provider for your dependents and make $50,000 a year, as an example, it is recommended to have a policy payout that is large enough to replace your income for a period of time.
A suggested amount is typically 6 to 10 years worth of your annual salary. However, more coverage is recommended if you have young children that would otherwise be dependant on your income for a period longer than 10 years.
Example: $50,000 X 10 Years = $500,000 of Income Replacement
Final Expenses
What is enough to provide for Final Expenses?
In Canada, funeral costs can range from $1,500 to $25,000 depending on location as well as individual preferences, culture and values.
Below is a rough estimate of what you may expect to pay for a funeral depending on the provice you live in.
Education
Do you want to ensure there will be enough funds in place to have your children's education paid for in case of the unexpected?
Stat's Canada shows that the average Canadian's tuition fees for an undergraduate is almost $6,700 per year. Keep in mind this isn't also including the cost of books/travel/food/rent/etc. How about the additional cost of inflation each year when your child is finally old enough to go to post-secondary education?
How Can You Build a Financial Fortress?
What if you could supplement your income in the event of an injury or illness?
There are different options available to implement this protection.
1. is a Disability Insurance which can provide a tax-free monthly income in the event of an Injury and/or Illness
2. Is a Critical Illness Income Protection which can provide an Upfront Tax-Free Lump Sum if a person is diagnosed with a critical illness such as cancer, heart attack, stroke, MS as well as other illnesses.
(covered illnesses can vary depending on the policy purchased)
Better yet, what if you could put this protection in place and have an option to return some or all of the premiums you paid for this coverage if you never use it?
Coverage like this does exist!
How much do you spend on a monthly basis?
How much do you need for 6 or 12 months of income replacement?