Happy older couple enjoying the peace of mind that comes with life insurance

Understanding Canadian Funeral Costs in 2023

Published September 1, 2023

Life is expensive. And as more people are coming to realize, death is often expensive, too. And while things such as inflation and funeral expenses are often out of your control, what IS within your control is your preparedness to handle these matters. That's why understanding funeral costs has never been more important than now.

In this article, we delve into the matter of funeral costs in 2023, reveal how they could impact your family, and show you how effective life insurance solutions can mitigate these potential future burdens. 

Let's begin!

The Real Costs of a Funeral in 2023: More Than You Might Expect

Compared to a decade ago, the costs of ordinary life events, including funerals, have seen a significant increase. With rising inflation and cost of living, the average cost of a funeral in Canada today starts between $5,000 and $15,000.

However, this is just the basic cost. Add in extras like flowers, obituaries, venue rental, and catering for a reception and you could be looking at costs in excess of $20,000. And these costs are only set to rise each year.

Old couple looking up funeral costs

But this is just for traditional burials. With how the costs of funerals are rising, more and more Canadians are turning to cremation instead of burials. Cremations are, on average, half as expensive as burials.

If you already know whether you want to be buried or cremated, that’ll help you figure out a big part of how much coverage you’ll need from your life insurance plan.

Plan Ahead

While covering funeral costs may not seem a significant burden when we're alive and earning, it can become a heavy financial load on the loved ones we leave behind when the time comes.

It’s also important to remember that funeral costs aren’t the only final expenses you may leave behind. Nursing home costs, privates nurses/PSWs, and personal debt are some common expenses associated with one’s end-of-life. Planning for these inevitable expenses early can help ease this potential future stress.

Luckily, there are solutions designed to do just that.

Final Expense Plans: A Comfortable Solution

A Final Expense Plan is designed to cover these types of costs, so you don’t have to worry about burdening your family with them. It's an affordable, practical solution that offers a lump sum, non-taxable death benefit up to $50,000  to cover funeral and other final expenses.

If you’re not passing down a significant amount of inheritance to your family, a Canadian Final Expense Plan can be a useful alternative to ensure your family members are left with something to take care of your last expenses and more…without breaking the bank!

Life is unpredictable, but with a solid life insurance plan in place, the future doesn't have to be. A well-thought-out insurance strategy can provide the assurance of a secure financial future for you and comfort for those you leave behind.

Happy elderly couple

Conclusion

Funerals are an inevitable aspect of life. Understanding funeral costs and planning for them now means less financial stress for your loved ones later. It’s best to get ahead of things, especially with how unpredictable funeral costs can be!

At Insurance Supermarket, we provide comprehensive life insurance solutions. Our Final Expense Plans that are tailored to your individual needs, providing you with peace of mind.

 

Embark on Your Journey to Financial Stability at Insurance Supermarket

Are you ready to build a secure future? Discover our carefully designed Final Expense Plans and Term Life Insurance policies. Ensure your hard-earned money is there when your family needs it the most. Start planning your secure future with Insurance Supermarket today!

Path Towards a Secure Tomorrow Starts with Insurance Supermarket's Tailored Policies

Let's Begin Your Journey. Get a quote Today!

Get Started

Like this article? You might also like these...

Final Expense Plans Made Easy: How to Choose the Best Policy
Learn all about Final Expense plans with this quick and easy guide!
Unlock Your Financial Stability with Affordable Life Insurance for Young Adults
Get the scoop on affordable life insurance for young adults, their features, benefits, and how it's an investment in your long-term financial stability.
Canada's Life Expectancy Just Went Down: Why It's Important
Statistics Canada released a new report outlining health in Canada. Generally, things are looking good for Canadians, but not without some notable differences compared to the previous decade. In this article, we’ll run you through this new report and tell you why the new developments in Canadians’ health matters for you and your family.  The […]
Back to Blog