Permanent life coverage designed to handle end-of-life costs such as funeral, burial or cremation, medical bills, probate fees, and small debts. Typically modest face amounts ($5,000–$50,000), level premiums, lifetime protection, and quick, simplified underwriting. Death benefit paid tax-free to beneficiaries, helping liquidity while estates settle.

• Rising funeral and cemetery prices across provinces, with many families facing $7,000–$12,000 for traditional services and $3,000–$6,000 for cremation-focused arrangements
• Canada Pension Plan death benefit fixed at $2,500, leaving meaningful gaps
• Avoiding high-interest debt or asset liquidation during a stressful period
• Faster access to funds versus probate-delayed estate assets
• Increasing cremation rates and inflation in service fees, boosting demand for dedicated funding

• Coverage amount: align with local funeral pricing, debts, final medical costs, and a buffer for inflation
• Underwriting type: simplified-issue (health questions, faster approval) versus guaranteed-issue (no medical questions, usually graded benefits for first 24 months except accidental death)
• Waiting periods and graded/level benefits: confirm timelines for full payout
• Premium structure: level and guaranteed for life; confirm no future increases
• Cash value and policy loans: understand growth, access rules, and impact on death benefit
• Exclusions and contestability: suicide period, misrepresentation, lapse risks
• Beneficiary designations and potential funeral home assignment for direct payment
• Provincial cost differences, smoker status, age bands, and medication history affecting pricing

Typical monthly premium ranges (non-smoker, illustrative only)
- Age 50: $10,000 coverage ≈ $25–$40; $20,000 ≈ $45–$75
- Age 60: $10,000 ≈ $40–$70; $20,000 ≈ $75–$130
- Age 70: $10,000 ≈ $80–$150; $20,000 ≈ $150–$290
Guaranteed-issue versions often price higher than simplified-issue. Smoker rates and certain health conditions increase costs.

• Independent insurance brokers with access to multiple carriers
• Direct-to-consumer insurers and online application platforms
• Banks/credit unions partnering with insurers
• Comparison marketplaces offering instant or near-instant decisions
• Distinction from prepaid funeral contracts: life insurance provides portable, beneficiary-directed funds rather than vendor-specific services

• Precise needs analysis and province-specific cost benchmarking
• Carrier and product comparison, including underwriting niches for complex health profiles
• Structuring ownership, beneficiary designations, and funeral home assignment when appropriate
• Coordinating with CPP/OAS, TFSA/RRSP/RRIF, and estate plans to optimize taxes and liquidity
• Navigating waiting periods, riders, replacement of existing coverage, and long-term affordability
• Ongoing policy service, claim assistance, and periodic reviews to keep plans aligned with goals