How Can I Buy Funeral Insurance for my Parents?

While most people do not enjoy the conversation, it is important that we talk about final arrangements and the finances that go along with them. As most people know, funerals, burials, and final rites can be quite costly, often easily within five figures. That will require a plan or, more likely, a policy. For most, this comes in the form of funeral insurance.

Funeral insurance in Canada, or burial insurance, is a specific kind of policy that will cover the costs of a funeral and related expenses. Depending on the policy, it will offer a lump sum to cover all of the costs, including headstones and plots. Some policies will even let you take any remaining and cover expenses like hospital bills and costs incurred immediately before death. Of course, this depends on the policy.

How to Talk to Parents About Funeral Insurance for Seniors

If your parents do not have funeral insurance or a funeral aspect to their current life insurance policy, then they may require some convincing. This is a conversation that no one enjoys having but must do anyways. When doing so, be sure to keep these tips in mind.

1. Make sure you can do it: Many people do not have financial control over their parents’ money even in the last stages of life. If this is the case, then you will have to encourage them to buy the policy themselves, which may be more difficult for any number of reasons. If you do have that control, the conversation should still be had and their permission given if they are able to do so.
2. Ease into the conversation: Convincing your parents to buy funeral insurance may be a lot like eating a giant sandwich: it’s just easier if done in smaller bites. Don’t plan on having the entire conversation in one go. Instead, talk to them slowly over time to warm them up to the idea.
3. Get help: Since these conversations can be so tricky, use siblings and spouses for help. Don’t overwhelm your parents or make them feel like they are being teamed up on, but have support as you need.
4. Be sensitive: This is a very touchy and sensitive topic for almost anyone, so be mindful of how you speak to your parents about funeral insurance for seniors. Give them space to feel and explain their feelings.
5. Never pass judgement: If you do not have decision-making power over your parents’ finances then the decision to get funeral insurance is out of your hands. All you can do is offer your advice and concern. But if they decide to not take the insurance, then you have to accept the decision. By being judgement-free and understanding, then you may have an opportunity to bring up the topic again in the future.

How Funeral Insurance in Canada can Save You Money

While many life insurance policies can cover some funeral expenses at the time of death, many seniors do not actually have policies that will offer comprehensive coverage. As funeral costs continue to rise, it is important that some coverage is offered. This is where insurance like funeral insurance for seniors or even no-medical life insurance policies can help you save money and prepare for the future.

No-medical life insurance is a form of life insurance that doesn’t require a medical. It is generally more expensive than policies that require a full medical exam, but they are also perfect for people without good policies nearing the end of their life. Depending on the policy, this type of insurance can offer a lump sum payout at the time of death to help with expenses like funeral costs and hospital costs. For someone nearing the end, funeral insurance and no-medical life insurance are two options that can help cover funeral and other end-of-life expenses. They can even help you save money overall if you have someone guiding you through the policy buying procedures.

If you are considering buying funeral insurance in Canada or talking to your parents about it, know that we are here to help. We can offer advice for your specific situation and provide free quotes to help you price out the right option for you and your parents. We can not only help you find the insurance that you need, but help with the discussion as well.

Hi! I'm Stevie, and I'm interested in everything that surrounds the topic of personal finance. I hope my articles will be of some use to my readers!