Final expenses are a broad set of costs that commonly occur after someone passes away. 

These includes such things as:

• Funeral costs (funeral home services, caskets or cremation, transportation, flowers, memorial service, etc.)

• Administrative & Legal fees (probate, executor or estate fees, legal paperwork, etc.)

• Outstanding debt (credit cards, mortgage, car loans, personal loans, etc.)

• Estate and taxation (help cover income taxes and other applicable taxes that are triggered at death)

• Other costs (travel for family members, charitable donations, etc.)

Final expenses can vary from person to person depending on their financial needs. Funeral costs are at the heart of final expenses. If you are looking to cover more than funeral costs, we recommend reaching out to our team in order to ensure you are getting to right amount of coverage to fit your needs.

Average funeral costs in Canada vary by province and region, but typically ranges from $8k to $15k. The type of funeral arrangement and the choices of services and products (ex: types of caskets) will also factor into the total costs.  

Seeing as our insurance solutions are not tied to a funeral home and all amounts are paid to your designated beneficiaries, we recommend getting a minimum of $10k to $20k. That way, should your loved ones not require the full amount to pay for funeral costs, they will at least be able to use the remaining funds to help with other expenses that are sure to arise.

Firstly, life insurance offers several unique financial advantages that savings or investment solutions do not, such as:

• Tax-free benefit – proceeds are not taxable to your beneficiaries.

• Bypasses probate – money goes directly to your named beneficiary, avoiding delays, fees, and public process.

• Fast access to funds – claims are typically paid in as little as 72 hours; once all claim forms and information are received.

• Flexible – paid directly to your beneficiary, not the funeral home. Use the funds for any arrangements or other needs when the time comes.

Leveraging life insurance also helps to manage your current cash-flow. 

Not everyone has $10k to $20k to immediately set aside. Simply saving $100 per month would require 17 years* - should the unexpected happen before you've accumulated enough, then your loved ones may incur financial stress. 

• With a life insurance policy, you still pay monthly (same idea of saving each month), but the difference is that you are covered right away!**

• Instead of paying $10k “out of pocket” today, EverAssist includes life insurance as a monthly financing solution.

• Keep your money to invest, pay debts, or help with other expenses.

• Example: 70 year old man only need to pay $76 / month for $10k of life insurance. It would take 11 years to save up that same amount*.

*The number of years in the examples simply represents the time required to save and does not consider any investment gains or interest in this scenario.

**Most of our insurance solutions offer immediate (day 1) coverage. However, based on your health conditions, there may up to a 2-year deferred period before your full coverage kicks-in. This will be explained and indicated at time of application to ensure you understand your coverage.

No. We DO NOT require any medical exams.

All our insurance solutions are "simplified issue" or "guaranteed issue" products. This means they simply require that you answer a medical questionnaire to help determine the appropriate insurance level (ex: Bronze, Silver, Golden, Platinum)

We offer 4 levels of whole life (permanent) insurance solutions; all underwritten by Assumption Life:

• Platinum Protection

• Golden Protection

• Silver Protection

• Bronze Protection

Available coverage amounts can vary from $5k to $750k for people aged 18 to 80 (up to 85 for some exceptions).

All products are issued quickly and coverage is usually in place in a matter of 2-5 days.

Your premiums are levelled and guaranteed, meaning they will always remain the same (no surprises).

For more information about these products, or insurance in general, please contact us to talk with one of our licensed experts.

Pierre Life is a fictional life insurance distributor. This site is designed to illustrate the technology capabilities of Lavvi - an InsurTech company helping insurance carriers and distributors to facilitate insurance sales online.

Established in 1903, Assumption Life (Assumption Mutual Life Insurance Company) is a leading simplified issue life insurance provider operating across Canada. Assumption Life was the first B Corp insurance company in Canada, demonstrating their commitment towards their community, employees, the environment, and social causes. Learn more about Assumption Life at: www.assumption.ca