LIFE INSURANCE
Final expense insurance
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A permanent contract of modest size, built to pay quickly to the person who takes charge of the funeral and the bills that arrive with it.
What decides a final expense contract
- Speed is the point, not sizeThe proceeds go to the named beneficiary without waiting for the will to be verified or the estate to be settled.
- A named beneficiary keeps the money out of the estateWhat is payable to a person named in the contract goes to that person directly. What is payable to the estate joins everything the liquidator must settle, and creditors are paid before heirs.
- Permanent means there is no expiry dateThe contract stays in force as long as it is kept in force. That is what makes it usable for a cost that has no date.
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No price appears on this page, and none is sent by email. What a contract costs depends on the person and the design, and no honest figure can be produced from three answers.
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What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
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About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.