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Markham Funeral Insurance

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Markham Funeral Insurance: The Coverage Overview

Markham Funeral Insurance Overview

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Funerals are a celebration of a person’s life and it should be well-organized. However, the arrangements for funerals are usually done at one of the most difficult moments of one’s life and most people don’t have the right experiences and knowledge to organize a successful funeral.

This is why you should hire an accredited funeral director in Markham to handle your funeral. By doing this, you will make the funeral less burdensome for your dependents. A Markham funeral director provides several services but the services are all aimed at helping you to have a successful funeral. The funeral director will render maximum assistance to make the wishes of the deceased and those of his family fulfilled.

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Markham Funeral Insurance Details

Markham Funeral Bonds

Funeral bonds are money reserved for the purpose of a funeral in Markham. It is intended to cover the entire cost of the event. However, money invested in a funeral bond is only paid out when you die and it must be used for the purpose of the funeral.

The bonds are backed by capital guarantee; they are a flexible, portable and reliable investment and usually not tied to your specific location in Markham. In addition, funeral bonds in Markham do not have a maximum limit and they are annually indexed. Contact your funeral director in Markham to get more information about funeral bonds.

Here are the benefits of funeral bonds in Markham:

  • The money you earned from funeral bonds does not affect your personal income tax position in Markham.
  • Funeral bonds in Markham do not have an entry or exit fee.

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Markham Obituary and Mortality Rate

According to a 2008 report, Markham Stouffville Hospital had the highest death rate in Canada. However, a 2018 Maclean’s ranking of the most dangerous places in Canada listed the York Region among the safest places in Canada. The region is ranked 201 out of 229 places. It reported a homicide rate of 0.69 incidents per 100,000 people below the national average of 1.68.

Obituaries are considered essential in Markham. When a resident dies, it is customary to announce to the public about the exit of the person and also write a succinct biography of the deceased in the obituary.

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Markham Funeral Homes Listings

  • Humphrey Funeral Home A.W. Miles-Newbigging Chapel Limited – 1403 Bayview Ave, East York, ON M4G 3A8 – (416) 487-4523
  • Chapel Ridge Funeral Home & Cremation Centre – 8911 Woodbine Ave, Markham, ON L3R 5G1 – (905) 305-8508
  • Highland Funeral Home – Markham Chapel – 10 Cachet Woods Ct, Markham, ON L6C 3G1 – (905) 887-8600
  • Dixon-Garland Funeral Home – 166 Main St N, Markham, ON L3P 1Y3 – (905) 294-2030
  • Chapel Ridge Funeral Home & Cremation Centre – 8911 Woodbine Ave, Markham, ON L3R 5G1 – (905) 305-8508

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Markham Funeral Insurance Related Pages

Markham Funeral Insurance News

Policy makers in some provinces are reconsidering rules involved in the distribution of funeral insurance products. This is important because funeral insurance has become a popular method for residents to fund their eventual funerals.

Regulators strive to provide a balance on sufficient availability of products with requisite consumer protection but the result of this depends on the province concerned. In some provinces, it implies a stricter rule for financial advisors selling the products but in some other provinces, it implies a greater competition in distributing funeral insurance.

Greg Pollock, president and CEO of Advocis, a Toronto based company said that it is a balance between providing a fairly open market for clients and ensuring that suitability and good standards as regards the product sales are ensured.

The Ontario government is restricting the marketing of funeral insurance products in the province. The government amended the Insurance Act to prohibit life insurance agents from making contacts either in person or by telephone to sell funeral insurance. The only exception is if the person has asked the insurance agent to contact him.

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Markham Funeral Insurance FAQ

What Does Funeral Insurance Cover?

Markham funeral insurance pays an agreed sum of money to your estate in the event of your death. The coverage amount is usually $15,000.

What Happens When a Family Can’t Afford a Funeral?

In a situation that you cannot afford the cost of the burial, cremation or funeral for a deceased, you can contact the coroner’s office to sign a release form stating that you are unable to cater for the cost. The city or county will pitch in to either bury or cremate the body.

What Is the Difference Between Life Insurance and Funeral Insurance?

Life insurance is similar to funeral insurance. However, life insurance offers long-term financial security but funeral insurance takes care of short-term expenses. Also, life insurance pays a lump sum greater than funeral insurance.

Who is Legally Responsible for Funeral Costs?

The cost of the burial, funeral or cremation falls on the deceased’s estate and the executor of the deceased’s will or his/her next of kin is required to take care of the burial. However, if there is no money for the burial, funeral or cremation, you can contact the city or county’s coroner’s office and sign a release form so that the city or county can cater for the burial.