Final Expense Plans Made Easy: How to Choose the Best Policy

Published June 26, 2023

Despite being one of our most purchased plans, Final Expense policies remain unknown to people looking for insurance. This article is all about making Final Expense plans easy and helping you figure out if it’s the right plan for you.

What Is Final Expense Insurance?

Before jumping into things, let’s make sure you have the basics down. So what exactly is Final Expense Insurance?

Let’s get a common headache out of the way: Final Expense plans are life insurance plans. Final Expense plans are whole life insurance plans that serve a specific purpose.

Final Expense planning is all about ensuring that your family is taken care of when you're gone, as a replacement or supplement to estate planning. It's a way to make sure that your final expenses are paid for when you die, so that your loved ones won't be burdened with them.

And what are “final expenses”? Just like the name implies, they’re the last expenses you’ll ever have to cover. The most common final expenses are things like:

  •   Funeral and burial costs (sometimes Final Expense plans are also called Burial Insurance or Funeral Insurance)
  •   Medical fees
  •   Nursing home costs
  •   Outstanding debts
  •   Leaving behind an inheritance for your family

…or anything else that can be covered with a tax-free lump sum payout.

The death benefit of Final Expense plans in Canada typically ranges from $2,000 to $50,000.

Final expense plans are designed for seniors who want their family to be taken care of when they pass away. They typically also offer guaranteed coverage - meaning that you cannot be denied for pre-existing medical conditions, unlike most other life insurance policies. There are also no medical exams and minimal questions involved in underwriting.

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Assessing Your Needs and Options

The best thing about Final Expense plans is that they are flexible. But that means that if you want the best Final Expense plan, you need to make the most out of their flexibility. Finding out what you and your family’s needs are, and what Final Expense options you have available to you is key to choosing the right plan.

If you want to make sure that you’re assessing your situation properly, nothing beats seeking the help of an insurance expert. A professional can help you make an informed decision about the best coverage for your situation and budget. They have the experience needed to answer any questions you have, and guide you through the process. A good insurance company will always have licensed insurance advisors to help you.

Another thing is to understand what your end-of-life expenses will look like. For example, the average burial in Canada costs between $5,000–$10,000, but the average cremation costs about half as much. Your choice of cremation or burial will change how much you’d need from a Final Expense plan.

Ultimately, Final Expense planning is all about finding the right coverage for your specific needs and budget. A higher coverage amount, while providing a higher payout to your beneficiaries when the time comes, also comes with higher premiums.

Comparing Plans and Providers

While insurance experts are an amazing resource, it’s important to remember that they’re not unbiased. Experts will always try to sell you insurance from providers they are affiliated with, and what they offer may not be the best option for you.

The best way to account for an expert’s bias is to do your own research and compare what is being offered to you. You can contact different experts from competing companies and compare each professional’s advice and offers.

But you don’t need to stick to expert opinions. You can always do your own research online and read things for yourself. You’ll come across reviews from past or current clients that might give you the insight you need to make your choice.

While this may seem like a lot of work, it isn’t as much research as it seems. Since Final Expense Plans are straightforward, there are only a few things you’ll really have to worry about when comparing plans and companies:

  •   Premiums, which can vary between companies for the exact same coverage.
  •   Company-specific discounts and incentives.
  •   Potential extra fees or hidden costs. A lot of providers still hide behind the fine print!

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Getting Final Expense Insurance in Canada With A Serious Health Condition

If you have pre-existing health issues, life insurance can be extremely pricey — if you can get approved at all. This is especially true if you’re a senior. But good news: Guaranteed Issue Final Expense Policies are specifically designed to help seniors who would otherwise have difficulty finding and getting approved for affordable life insurance protection..

Guaranteed Issue means that you cannot be denied on the basis of your health history or smoking status. And there is NO medical exam and NO invasive health questions you have to answer.

At Insurance Supermarket, any Canadian resident between the ages of 18-74 can qualify for a Final Expense Plan. Life insurance doesn’t get any simpler than this!

The only catch is that Guaranteed Issue policies have a waiting period (usually 2 or 3 years) before death benefits become available. If you pass away during your waiting period, your beneficiaries won’t receive your death benefit. (But don’t worry—they’ll be refunded all the premiums you paid up to that point.)

Getting the Most Out of Your Final Expense Plan

With the right coverage, you can make sure that your family can mourn your passing without the burden of shouldering your final expenses. But you don't have to stop there. There are several ways to maximize the value of your plan and get the most out of it.

There are three main parts to each policy that you need to understand clearly: its benefits and its exclusions.


  1. Benefits are what your plan offers you. This can go from the dollar amount of your death benefit, all the way to whether you can increase the face value of your plan or use it as an investment. This is what you’re paying for.
  2. Exclusions are situations or cases in which your provider will not pay out your death benefit. Be extra careful with these!
  3. You should also make sure to take advantage of any discounts or incentives offered by your insurance company. Providers will often make offers such as discounts from paying your premium on an annual rather than monthly schedule. Spotting one of these discounts can be the cherry on top!

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Life insurance doesn't have to be complicated. Luckily, Final Expense Plans are often one of the simpler types of policies to purchase and understand. With the right approach, you can navigate the process of selecting a plan that meets all your needs. By understanding your own situation, reaching out to professionals, and doing your own research, you’ll ensure you have the right Final Expense policy for you.

Now that you have the basics of Final Expense planning, you can take the steps needed to secure your family's future today. With the right policy in place, you can rest easy knowing that your loved ones are taken care of.

Find The Right Final Expense Plan in Canada For You Today

With Insurance Supermarket's straightforward and simplified approach, you can get the protection your family needs without having to navigate complex industry jargon or mysterious underwriting processes.

Our quick and easy application process will get you the right policy in no time, and our expert advisors and customer support teams are always on hand to provide helpful advice and support. Take control of your financial future today and secure your family's future with Insurance Supermarket's reliable and straightforward life insurance planning services.

Act now to secure your family's financial future — get started today!

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