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9. Final Expense Insurance — Small Policy, Big Difference
Final expense insurance is a small, permanent life insurance policy — typically $5,000 to $25,000 in coverage — designed specifically to cover funeral and burial costs. Most policies don’t require a medical exam, premiums are affordable, and the death benefit is paid out within days of a claim.
$25–$50/month for healthy adults in their 50s and 60s. $10,000–$15,000 coverage is enough to cover most Canadian funerals. No medical exam required for most applicants.
Combined with the CPP death benefit, a small final expense policy gives most families enough to cover the full cost of a funeral without dipping into retirement savings or other long-term investments. The application takes under an hour, approval is often within 48 hours, and coverage can start immediately.
For Canadians with pre-existing health conditions — diabetes, heart disease, cancer in remission — simplified-issue and guaranteed-issue policies exist that don’t require a medical exam. Coverage is typically lower ($2,000 to $25,000) and there’s a 2-year graded death benefit, but approval is guaranteed.
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This article is for informational purposes only and does not constitute financial, tax, or legal advice. Benefit amounts, eligibility criteria, and program rules change frequently. Always verify current conditions with the relevant government agency (Service Canada, CRA, or provincial) before making any decision. Some links in this article are affiliate or partner links — we may receive a commission if you apply through them, at no extra cost to you.
