Buying life insurance for your parents in Canada is a smart way to help cover future expenses like funeral costs or unpaid debts, and to ease the financial burden on your family. To do this, you’ll need their consent and proof of insurable interest. It’s important to compare policies, consider their age and health, and ensure the coverage fits your budget and goals.

If you're new to life insurance, start by confirming if you need it. Choose between term and permanent coverage, calculate how much you need, know what affects your premiums, and pick a trusted insurer. These tips help you buy the right policy with confidence.

As of 2025, the average cost of a burial in Canada ranges from $4,000 to $15,000, depending on the type of service chosen. A traditional burial is the most expensive, typically costing $10,000 to $15,000, while direct burial and green burial are more affordable, averaging $3,000 to $7,000. Cremation with ash burial and aquamation are the most cost-effective options, ranging from $2,000 to $5,000. Final costs vary by region, funeral provider, and the level of customization.

To choose the right funeral insurance in 2025, estimate your end-of-life costs, assess how much coverage you need, and pick a suitable policy type. Compare providers based on price, coverage, and reputation. Consider regional cost differences and consult an advisor to ensure your plan fits your needs.

Funeral insurance helps Canadians in 2025 save money and reduce stress by (1) locking in prices, (2) preventing overspending, (3) spreading costs, (4) avoiding debt, and (5) offering flexible, tailored policies.

Life insurance does more than cover funeral expenses. In 2025, it offers powerful yet often missed benefits—like tax-free wealth transfer, living benefits, debt protection, and income replacement. These features can help you build wealth and secure your family's future while you're still alive.

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