Assurant Life of Canada provides a service that is different from regular life insurance companies. Assurant helps to provide families and individuals with funeral funding and final expenses.
The company was founded in 1902 by two brothers, who owned the Pierce Brothers Family Mortuaries. The brothers witnessed both the emotional toll, as well as the financial strain on families who had lost loved ones.
In response, the brothers bought a life insurance company. This company would offer portable insurance, that also offered benefits payable in cash.
Beneficiaries could use this cash to pay for end-of-life expenses, regardless of where the person died or who ran their funeral arrangement.
While the company was only worth a mere $20,000 at the time, Assurant Life of Canada is now the top provider of end-of-life solutions and holds more than $1.9 billion in assets.
Why End-of-Life Expenses are Important
Many people don’t consider what will happen after they die. Unfortunately, those who do not plan ahead often leave financial turmoil for their families.
The cost of a funeral in Canada can be as low as $1,500, or it can cost more than $20,000. These numbers al depend on the wishes of the deceased, and how much their loved ones can afford.
Some of the expenses people forget to take into consideration include:
- Death certificate
- Cremation fees
- Casket or urn
- Transferring the body
- Ceremonies (funerals, visitation, etc.)
- Burial plot
The average cost of a funeral differs from province to province. Alberta and British Columbia have two of the highest caps, at $12,000.
Assurant Life of Canada knows that these costs can be a huge problem for family members. Aside from their loss, they may also face huge expenses or debt to meet the wishes of their loved ones.
In order to refrain from leaving your family in financial strain after your death, consider the options provided by Assurant Life of Canada.
These options help people to prepare for their own end-of-life expenses, so others don’t have to.
Assurant Life of Canada Funeral Protection
Assurant has options which are insurance-funded and which gain interest over time. These policies help people to pre-plan their own funerals, meeting their own wishes while helping their families financially.
Assurant Life Funeral Insurance
This policy is ideal for people who want complete control over their end-of-life decisions. This means choosing the burial style, the casket design, and more so family members don’t have to make those decisions later on.
- The insured takes care of all decisions ahead of time
- Detailed contract created
- A policy is built around the contract, to ensure the individual’s wishes will be covered
- Assurant will work with your funeral home, to allow the family to grieve without stress
Assurant Life Final Expense Insurance
People who choose this kind of plan get to work alongside an Assurant agent to create a full plan. This plan includes the insured’s specific wishes but allows loved ones to make some decisions.
- Loved ones can make some personal decisions
- Beneficiaries use policy funds as they see fit
- Peace of mind that loved ones won’t be put in a tough situation
- Immediate financial relief that is provided in less than 24 hours to beneficiaries
- No one can touch the money invested into this policy, including lawyers and nurses
Assurant Executor Protection
An executor is usually a close family member or friend, who is given the responsibility of make sure end-of-life wishes are met.
To minimize the strain put on these individuals, Assurant offers this policy.
In this policy, an Assurant advisor will work with the executor to go over prices and recommend a policy value. The policy value is based on things like monthly expenses.
The executor gets the lump sum to take care of immediate expenses.
- Fast, reliable payout so that executors can do their job diligently
- The executor is the first to access funds
General benefits of these plans:
- Clients pay policies up-front, quarterly, monthly or annually
- Payment terms range from 3-20 years, depending on the age of the insured when the policy was put in place
- Beneficiaries claim payouts in full, regardless of how much the insured paid
- Medical examinations are not necessary
Assurant Life of Canada Add-Ons
Additional features can be added to a policy, in the event that the insured wants more coverage. Some of these beneficial features include:
Assurant Travel Protection
If the deceased is more than 100km away from home when they pass, Assurant will step in. They can help ensure that the body gets home quickly and safely, whether the body is close-by or out of the country.
- Assurant takes care of paperwork needed to bring the body back
- The body will be taken to a funeral establishment near their place of death, where they will be prepped for the trip home
- A paid trip for one individual to accompany the body back home
- One next-of-kin will also receive arrangements to accompany the body back home
Final Documents Service and Identity Theft Restoration
Assurant will prep all of the needed documents so that the family doesn’t have to. At the same time, they’ll also attempt to maximize any potential benefits.
- The company completes necessary paperwork
- Handling of paperwork
- A full year of support following the death
If an identity theft occurs after the death of a loved one, or fraud is suspected, Assurant will take the steps to protect the insured’s information and estate.
- A full investigation into potential fraud
- Restoration of credit accuracy to credit bureaus
- Fraud alerts issued to national bureaus
Assurant Life of Canada provides a different approach to expenses that occur after passing. With their policy options, people can choose how much control they have over their funeral, and help them to plan ahead.
By doing so, people can ensure that their loved ones grieve properly, without having to worry about looming expenses.