As we’ve mentioned before, the Canadian Pension Plan death benefit only grants us a maximum of $2,500 for funeral expenses. According to Service Canada the average death benefit payout as of July 2013, was $2,282.50.
With the costs rising, that number won’t be able to help most Canadians cover the expenses they would like.
One way we are able to protect ourselves from rising average funeral costs is to plan ahead. By making our funeral arrangements in advance, we are able to
- prepare for all necessary expenses.
- protect our families from making large financial decisions in a short window.
- give ourselves more time to find better deals.
- lock in today’s prices, protecting ourselves from inflation.
What’s The Average Cost Of A Funeral In Canada?
We’ve highlighted the average cost of a Canadian funeral in our blog in previous entries. Why? It’s a really common question, but one that provides an answer that may not be as helpful as you think.
The reason why it can be tough to base your estimate on the average cost of a funeral is there are so many variables that would skew the total costs from one funeral to another. How many guests are there going to be attending the wake? It’s far more costly to feed a room of a hundred than a group of 20. Will the body be cremated or buried? In a previous blog post, we highlighted the differences between choosing a traditional burial or cremation. Both ceremonies are vastly different in both the ritual and the total costs. Essentially, cremations on average are considerably more cost-effective.
The average funeral could cost anywhere from $1,000 – $10,000. Unless you plan in advance and figure out all the details ahead of time, you won’t be able to get an idea of how much the final costs will be.
How The Final Needs Planning Program™ Works For You
One helpful thing to do is to first get a rough idea of the type of funeral you would like to have. With our funeral planning checklist, you are able to see for yourself all of the services and items that need to be purchased ahead of time.
When you work together with a consultant with the Final Needs Planning ProgramTM you will get free professional advice, a custom-built plan tailored to you, with low cost plans as low as $5 per month. The best part is, you are able to lock in costs for tomorrow at today’s prices. Meaning the rising costs of Canadian funeral can be one less thing you have to worry about.
Contact one of our consultants today to see how you and your family can benefit from your own custom Final Needs Plan.
Are you interested in hearing more about how the Final Needs Planning Program™ from Elephas Group works? Read more on our website.
